ROAD TO RECOVERY

Poverty Bay Herald, Volume LIX, Issue 17950, 30 November 1932, Page 6

ROAD TO RECOVERY

PROGRESS IN AUSTRALIA EFFECT OF LAND VALUES “Parliament should not interfere with the working of financial institutions, which know their own business best, said Mr. A. M. Loewenthal, president of the Australian Mutual Provident Society Federal field staff, who returned to Sydney by the Aorangi this week, in reference to the exchange controversy in New Zealand. “There is no parallel between Australia and New Zealand. Australia is a large manufacturing country. Land'values should be tackled first and exchange will settle itself.” Mi*. I.oe.wcnthal, who. has been tonring New Zealand on business since ■October 13, said Australia was definitely “round the corner.” “The specific factor which bus helped New South Wales on tiie road to recovery,” lie said, “is a determination to readjust land values. People arc not waiting for the Government to do it, but are taking the law into tlie.ir own hands, as far as reducing property and rental values is concerned. This means that- rates and taxes must, automatically be reduced.” Mr. Loewenthal said the present state of financial affairs was largely a mental condition, and'the main tiling necessary for a. return to normality was the regaining of confidence. Mr. Loewenthal is a member of the board of management of the Royal Alexandra Hospital for Children at Camperdown. He said they claimed that ibis was the best-equipped children’s hospital in the world. It- was supported by voluntary contributions supplemented by the proceeds of lotlevies. One ward was supported entirely nv commercial travellers of New South Wales, whoso contributions, in spite o F tho difficult times, had shown no falling Of. Tiiev had contributed £25.000 to date.