A TEMPORARY DEPRESSION.

Otago Daily Times, Issue 21018, 6 May 1930, Page 5

A TEMPORARY DEPRESSION.

AUSTRALIAN PUBLIC HOPEFUL. WORK TO BE PROVIDED FOR THE PEOPLE. (Special to Dailt Times.) AUCKLAND, May 5. Australian business men who arrived by the Aorangi stated that the Commonwealth was taking her financial and industrial troubles philosophically. So far from there being any panic, there was a general feeling that the present depression was of a temporary character. It might last two or more years, hut nothing would shake their confidence in an ultimate recovery. Mr W. S. Robinson, who has powerful financial interests in Australia, amounting to several millions sterling,'including the Broken Hill Proprietary, the Zinc' Corporation, and the Imperial Smelting Corporation, said the present crisis was not unexpected. Countries in the process of development were bound to be affected by a movement in world prices. Much, perhaps, would depend on America, which to some extent had cornered the world’s gold. Australia, was a supremely confident country, and would certainly rise to the occasion, but a totally new idea of values must be absorbed by its people. The Australian worker, for instance, was perfectly equal to the occasion, but lacked proper leadership. Wise leadership in every sphere of. activity was more needed than anything else. The Federal Labour Government was doing all that could be done to ease the position, anclj Mr Scullin. was showing a comprehensive understanding of the position. Mr Robinson is proceeding. to London, via America, on business connected with his interests, and while in England will attend the Imperial Press Conference on behalf of West Australian and South Australian newspapers.

The advantages to be ’ reaped by inducing overseas firms to start manufacturing in Australia were urged by Mr Frank Goldberg, the well-known publicity expert, who is passing through New Zealand en route to the United States and Great Britain with the object of persuading certain large British and American concerns’ to open factories in the Commonwealth. “In spite of Australia’s high tariff wall, I believe the overseas manufacturers will see the folly of loosening their grip on the Australian market,” he said, “I am confident, that when they are confronted with actual' facts regarding prevailing conditions they will give serious consideration t' the possibility of actually manufacturing •within the Commonwealth. Already a number of British and American firms have made plans to do this, and it will be an important part of my present journey round the world to induce others to follow suit." Mr Goldberg mentioned the recent establishment in Melbourne of a cigarette manufacturing plant for the British firm of Godfrey Phillips, with a capital of £500,000, and the artificial silk manufacturing works of the Kayser Company “While it is strictly true that Australia is passing through a very difficult period,” said Mr Goldberg, “I find that her position is being completely misrepresented by certain calamity howlers, who regard every development through dark glasses. Australia is very sound, and will shortly occupy an even stronger position than formerly. Everywhere one meets the truth that the people are serious and determined in their intention to rehabilitate the nation’s industrial status. Communal and individual economy is universally evident, and the general' realisation that increased production is absolutely essential is being translated into actual practice. The depression which was naturally the immediate sequel to the Government’s drastic tariff plan has now been replaced by a widespread determination to make the very utmost of the opportunities provided by thr* plan. Australia is not enveloped in a fog of gloom. She has settled ( down ■to hard work, and hard work is the world’s finest antidote for pessimism.” ,