RETURN TO PROSPERITY

Poverty Bay Herald, Volume LIX, Issue 17949, 29 November 1932, Page 9

RETURN TO PROSPERITY

AUSTRALIA’S GOOD POSITION .MR. K. PIEEPONT MORGAN’S VIEWS SYDNEY, Nov. 24. “There appears nd‘doubt that Australia will return to prosperity before the other nations, ” skid Mr K. Pierpont' Morgan, a member of the American banking family, on his departure from Sydney for Java by the steamer Nieuw Zeeland. Mr Morgan said that the depression had been caused by an adjustment of values after the prosperous years immediately following the war. These years were so exceptional that they could not last, and everything had to return to normal. The change had frightened people, and the psychology of fear once started had caused all the trouble. People would realise that the’ change had been only a return to normal, and then business • would improve. Mr Morgan said that the sane way Australia had faced tier difficulties, the realisation that improvement would be due do economic causes and not to legislation, and natural advantages would'lead the country back to prosperity in advance of' other continents. He said that the election of Mr Roosevelt’would improve conditions in America. A lower tariff would make trade more mobile, and assist to remove the problem of war debts. Repeal of prohibition, which had been a burden to America, would be a factor in the country’s advance. No one conversant, with American feeling concerning war debts could- believe that they would ever be wiped otit, but there would .certainly be a scaling-down.