TRADE DEPRESSION.

Otago Daily Times, Issue 21163, 22 October 1930, Page 15

TRADE DEPRESSION.

-THE FEELING IN AMERICA. GRADUAL RECOVERY IN 1931. (Special to Daily Times.) WELLINGTON, October 21. Although the United States of America is suffering now with the rest of the world from the effects of the depression, business men there who look at the facts in a sober light are of the opinion that trade will start to recover gradually after the beginning of 1931. This view was expressed by Mr C. E. Patterson, of the Goodyear Company, who arrived by the Makura, “The first hopes that we would experience a rapid recovery,” said Mr Patterson, “have given way, to the belief now that it in going to be a long, bard pull. 1 suppose up to the time of the fall elections there will be a lot of talk about business recovery, b«t frankly that is political talk, and those business men who are more in possession of the truth don’t look for much relief until after the New Year, The suggestion that trade would recover in July and August of the present year did not materialise. They believe now that although business should brighten slightly at the end of the year it will be a slow, gradual increase with no spurts, just a long, steady pull. Everybody in the business world is proceeding very cautiously and slowly with periods of retrenchment. There is a tone of optimism, but it is not optimism of the kind that we had when the first crash came about a year ago. The optimism now is formed soberly, and rests on the true facts. Most business people are convinced that their sane optimism—shall we call it?—is justified. Those least affected by the present conditions seem to be the food providers who carried short stocks. The tyre industry has been hit badly, of course, because the automobile industry has been hit badly.” Mr Patterson is to spend a fortnight in New Zealand before continuing his journey to Australia.