THE WORLD'S BUSINESS

Otago Daily Times, Issue 21144, 30 September 1930, Page 9

THE WORLD'S BUSINESS

A RECOVERY COMING. GENERAL DAWES OPTIMISTIC. (United Press Association.) (By Electric Telegraph— -Copyright.) LONDON, September 28. Nothing is more certain than a comI D ®inn^? ness recover y- The business fool in 1929 was he who had no fear. Now the fool is he who has no hope,” said General Dawes, speaking at Belfast. I do not think the world’s business left its normal trend before 1927, two before the collapse of Stock Exchange prices with most nations. If I am right in this, and other things being normal, may we not hope to see normality by the summer or autumn of 1931, which marks the end of the two years period? The truth is that both the Stock Exchange and business depression is due to the fundamental change of atti- / tude of the average man who has lost confidence. The first public manifestation of this is visible in the Stock Exchanges.” BRITISH COMMODITY PRICES. THE BOTTOM NOW REACHED. (British Official Wireless.! RUGBY, September 27. (Received Sept, 29, at 5.5 p.m.) Mr William Graham (President of the Board of Trade), speaking at Carlisle last night, said that within an aggreincome of approximately £4,000,000,000 per annum there was considerable room for direct saving and for redirection of expenditure from nonessential to essential services and commodities that would provide a greater volume of employment. British taxation at £ls or £l6 per head was undoubtedly the heaviest in the world Meanwhile British trade had encountered a first-class economic storm and commodity prices had moved rapidlv downwards since last October. • There were, however,. signs that the bottom Had now been touched, at all events in certain leading commodities. There would be no general world recovery until the upward movement was of a definite character. Certain critics placed the improvement at the end of the present year, and others in the spring, but all agreed that it would be gradual in character. Sir Basil Blackett (a director of the Bank of England), at Buxton yesterday, said_ that the world as a whole was not storing up capital as fast as it ought to do, and new capital was not bein» produced at a sufficient rate to secure for next generation that advance and well-being which it was entitled to expect from this generation. Only savings could create new capital, and at present the gospel of saving was out of fashion. Referring to the taxation question, he said that, quite apart from any theory of Protection, there was a very stroim case to-day, as was recognised by a large number of Freetraders, for a-revenue tariff in order to raise the revenue needed by the Exchequer. GENERAL WORLD REVIVAL. ■ SCHEMES FOR BRITAIN. (British Official Wireless.) RUGBY, September 28. In a speech at Exeter yesterday. Sir Herbert Samuel, one of the leaders of the Liberal Party, referred to the conferenees between* the Government and the Liberal Party on unemployment and schemes for stimulating trade. He said the conferences had come to close quarters wjthimany of the principal aspects cfw-t P r °f lem ‘ Nothing could be a substitute for a general world revival of trade. That had been understood 9P "I from , the beginning, but there had been under discussion a large programme of immediately practicable measures. It was not for him to anticipate any statement on the subject which the Government might make, but he had reason to believe-that within a brief period the country would be in- “ ° f th - nature of the proposals under discussion, and the Liberal Party would declare in due course the specific measures it desired to see adoptcT