CAUSES OF DEPRESSION

Poverty Bay Herald, Volume LIX, Issue 17951, 1 December 1932, Page 7

CAUSES OF DEPRESSION

A BANKER’S COMMENT POST-WAR ECONOMIC EVILS (Elec. Tel. Copyright—United Press Assn.) (Received Dee. 1, 11 a.m.) LONDON, Nov. 30. At the English, Scottish, and Australian Bank meeting, Mr Andrew Williamson, who presided, said the economic evils following the war were the root cause of the world depression. Subsidiary causes were prohibitive tariffs, exchange restrictions, and the maldistribution of gold, largely through 'the gigantic war debts, of which the principal creditor refused payment in anything but gold, thus completely depreciating silver, which reduced approximately one-half the purchasing' power, ‘‘Deflation,alone cannot restore purchasing power,” he said. “A scientific readjustment of currency on a national basis seems to be worthy of the closest expert consideration.” SHIPOWNERS’ PROTEST UNECONOMIC CONDITIONS RESTRICTIONS MUST BE REDUCED (Received Dee. T, 11 a.m.) PARIS, Nov. 30. 'Shipowners of all nations have issued a striking manifesto which is supported unanimously, despite the divergencies of national interests. It declares that uneconomic shipping subsidies arc destroying the basis of ocean transport, and access to the open freight market is essential. Creditor countries must accede to payment in goods and services, and trade barriers, currency restrictions, and international interference with trade must be reduced and ultimately abolished. Most favored nation terms should be restricted.