BUSINESS IN AMERICA.

New Zealand Herald, Volume LXIX, Issue 21113, 22 February 1932, Page 10

BUSINESS IN AMERICA.

STABILISING OF CONDITIONS. FIRMING TENDENCY NOTED. PROMINENT TOURISTS' VIEWS. ..Business conditions in United States show little sign of improvement, although there is a stabilising movement apparent, according to the views of prominent American business men who arrived at Auckland by the Mariposa on Saturday. "We have reached low levels in business, but there are hopeful signs in the present firming tendency," said Mr. J. D. Mooney, vice-president of General Motors, Limited, who is in charge of overseas Mr. Mooney,. with his assistant, Mr. C. R. Osborne, and Mr. T. Simpson, a director and works manager of Vauxhall Motors, Limited, England, is making a survey of conditions in the motor trade in Australia and New Zealand.

Mr. Mooney said the motor-car trade •had suffered along with all others. The position had not been eased by the tariff barriers raised by various countries. "All round the world people seem to be busy throwing tariff rocks at one another," he said. "When they have hurt each other sufficiently, I suppose they will decide that a little co-opera-tion would not be out of place." "After a severe winter, with a great deal of unemployment, new hopes are coming with the spring," said a retired business man from Detroit. He said many banks had been badly hit owing to their possession of frozen assets and this had naturally resulted in the restriction of credit. It was suggested that the Federal Reserve Bank would take over the assets after examination and make advances, upon them. This would have a very beneficial effect in easing the position. \

"People are now using their old motorcars and are making their clothes last longer," lie said. "This has checked the consumption of manufactured goods for some time past. However, they \v:ll have to buy shortly and it should not be many years before the demand overtakes the supply." "There is a definite opinion in the United States that affairs are stabilising," said Mr. J. C. Hanson, of Chicago. "Prices for grain are better and those for Scrap-iron are somewhat improved. Manufacturers are finding relief in the lowering of wages. These factors and others should serve to halt the depression." Mr. Hanson said in spite of this \the present position was not regarded lightly. There was an end to every depression previously experienced bv the world and American business men had a firifi conviction that the country was sound at heart. However, sound opinion was that the improvement in business conditions would be slow.