AMERICA'S RECESSION

New Zealand Herald, Volume LXXV, Issue 22971, 24 February 1938, Page 18

AMERICA'S RECESSION

MR. ROOSEVELT BLAMED BUSINESS MAN'S VIEWS THE INFLUENCE OF LABOUR [BY TEI/EGTIAPH —OWN* CHRISTCHUROH, Wednesday The United States is now in the depths of what is termed, not a depression, but a recession, and one that is "more brutal" than the last depression, according to Mr. S. Bloch, representative of Julius Kavser and Company. Mr. Roosevelt, he said in an interview, had, through his indecision in defining his policy, caused fear for national investments, and business interests were concerned over the proposed 33 1-3 |>er cent tax on undivided (undeclared) profits. "Our Government is' not a Labour Government," ho said when asked whether he saw any points of similarity between Mr. Roosevelt's policy and that of the New Zealand Government, "but it has been too much influenced by Labour leaders such as Mr. John L. Lewis. Mr. Roosevelt is still telling us we have a Democratic Government without Socialistic tendencies. If he had continued the breathing space the country would be in a better position now, but Labour has been allowed to get out of control and lias been dictating to Mr. Roosevelt. It is not likely lie will run again for the Presidency. If he does lie is likely to be treated rather badly. .1 do not think he would be likely to be re-elected." Referring to the character of the present "recession" Mr. Bloch said that it was more brutal than the last depression in that the stock market had fallen much more quickly. He declined to express a very definite opinion on New Zealand politics, but said he found business men happy about the conditions at present and showing increased profits. He found, however, that there was some uneasiness about the future. "My experience," ho added, "is that every Labour Government turns Conservative when it has been in power for some time and has tasted authority."