PESSIMISTIC NOTE
BUSINESS IN AMERICA CONFERENCE OF LEADERS ANOTHER DEPRESSION FEARED (United Press Association) (By Electric Telegraph--Copyright) NEW YORK, Dec. 8. (Received Dec. 9, at 1 a.m.) An extremely pessimistic note was struck at a conference of business and industrial leaders. Mr Lewis Douglas said American democracy should be strengthened against the danger of being overwhelmed by a world-wide wave of authoritarianism. He feared another depression as the result of an economic collapse in all great democracies,. whereupon collectivism would triumph. Mr Virgil Jordan, president of the National Industrial Conference Board, which is a research organisation supported by the largest employers, declared that the resumption of inflation was overwhelmingly likely. He predicted a breakdown of the present economic and political system within five years. Mr Lammot Du Pont was responsible for the only cheerful note. He said that although private enterprise would be forced to invest 25,000,000,000 dollars in order to absorb 3,000,000 unemployed, industry would welcome the bulk of the responsibility for future betterment if conditions, taxes, wages and hours could be stabilised.
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Bibliographic details
Otago Daily Times, Issue 23370, 9 December 1937, Page 11
Word Count
174PESSIMISTIC NOTE Otago Daily Times, Issue 23370, 9 December 1937, Page 11
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