STEPS TO RECOVERY

New Zealand Herald, Volume LXX, Issue 21454, 30 March 1933, Page 9

STEPS TO RECOVERY

ACTION IN AUSTRALIA EFFECT OF LOWER INTEREST "You will be a little longer in reach, ing the point we have reached, because from what I hear conditions in Australia are a little better than here," sa'd Senator Massy Greene, Assistant-lreasuief of the Federal Government, when addressing business men. at a meeting of the Wellington Rotary Club. After describing the steps taken in Australia to meet the depression. Senator Greeno remarked that nothing they could do would restore the national income. That must come through a rise in woild prices, which they were helpless to achieve, but he hoped for results at the World Economic Conference that would relieve the burden of international debt. That was what the world was waiting for to make a start towards recoveiy. Senator Greeno stated that but for in» terest reduction, he was sure Australia would have been faced with a deficit of £40,000,000 in revenue. "We havo not reached the bottom in respect to interest rates," he said, "and the policy which the Commonwealth Bank is following, in close co-operation with the Government, although we do not countenance political control of the bank, is to get the internal interest rate lower still."