U.S. ECONOMIC CRISIS

Poverty Bay Herald, Volume LV, Issue 17249, 3 May 1930, Page 5

U.S. ECONOMIC CRISIS

AVOIDING A REPETITION INVESTIGATIONS TO BE MADE (Elec. Tel. Copyright—United Press Asm.) (Received May 3, 10 a.m.) NEW YORK, May 2. I’resident Hoover, addressing the United States Chambers of Commerce, said the country liad passed through the worst of the great economic crisis and woufd recover. He proposed the creation of a body to study the recent experience and try to devise measures for a pretention of its repetition and a remedy. Ho added :—•

“Building construction has been accelerated beyond all hopes and unemployed thereby decreased, but homebuilding has not progressed because credit find not been " available.” lie asserted that statisties enabled many to read the warning signals and avoid the maelstrom of speculation. “All slumps are the inexorable consequences of fbe destructive force of booms,” he added. “The natural optimism of our people brings into being a spirit of undue speculation against the future and stimulates waste and extravagance in untold enterprise, with an inevitable collapse in panic. We are not entirely through the difficulties of our situation. We have need to maintain every agency and every force until we are far along the road to stable prosperity.