THE STERLING GROUP

Otago Daily Times, Issue 22101, 3 November 1933, Page 9

THE STERLING GROUP

MARKED BUSINESS RECOVERY ARTICLE IN BANK REVIEW (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, November 2. (Received Nov, 2, at 10 p.m.) The Midland Bank Review, in an article on “ The Business Recovery in the Sterling Group,” says: “It is now recognised by almost everyone that a sustained recovery in the general economic conditions of this country has been taking place for some time. This is a matter for much more than national satisfaction, since Great Britain exercises almost unequalled influence in the trend of economic affairs throughout the world. Britain will become the centre of a vast area of trade, both national and international, in currencies based on the pound sterling, so that on physical measurements alone the behaviour of the pound in relation to commodities is perhaps the strongest single factor in world conditions, even allowing for monetary and political disturbances arising from other parts of the world.” The writer then surveys the course of economic conditions in the principal countries in the sterling area, citing especially the recovery of Australia and New Zealand, and he concludes by saying: “The main point emerging from the survey is that since our departure from gold our recovery has been steady. It has paid us already a handsome dividend and enabled us to follow a monetary policy well calculated to induce a steady revival in business. Consequently it has facilitated recovery over a very large part of the world and its benefits must in course of time extend to every quarter of the globe.”