IN TOO FEW HANDS.

Otago Daily Times, Issue 20958, 22 February 1930, Page 10

IN TOO FEW HANDS.

AMERICA’S SAVINGS. “We have heard a good deal in New Zealand in regard to the enormous savings constantly boasted about as proving the unprecedented prosperity of the United States,” observed Mr Will Appleton in the course of a. conversation with a Post reporter recently. “ But I made some inquiries on this, point and found that in Detroit, for instance, one automobile king” has a deposit of something like 22.000,000 dollars in the savings department of one of the big banks. _ Something like 200,000 wage- ? r nfmnnn n i n* le . Ka / ne ci A y have about 3,000,000 dollars between them, in amo'unts ranging from one dollar upwards. So it will be seen that this one automobile magnate had more than seven time-* the f , mon , ey in this one bank'that the 200,000 workers had; and 1 would not be a bit surprised to know that the motor man had many other millions deposited in other banks. Nowhere else-in the world are the financial resources bunched is they are in America The prosperity boom that we have heard so much about has only served to pile up the fortunes of the 14.000 American millionaires and to make millions of poor people. I am sorry to say that while i was in some of the big cities in America 1 noticed a great deal of poverty; more so, in fact, than I bserved in England. Men and women who never before had to ask tor tree lodgings from the charitable societies are now doing so. I am afrajd _ that the words ‘ optimist ’ and optimism have been overworked and a great deal of distress will have to be gone through in America before conditions come back to normal.”