AMERICAN PANIC

Poverty Bay Herald, Volume LXV, Issue 19622, 4 May 1938, Page 12

AMERICAN PANIC

CONFIDENCE LACKING WIDESPREAD DEPRESSION LOOKING TO PRESIDENT A well-informed commentary on industrial and political conditions in the United States was made by Mr. .!. R. Fairbairn, Dunedin, who has returned from a business visit to the North American continent. "The United States can be described as a land of extremes," said Mr. Fairbairn. "Times are either highly prosperous or very depressed. On no previous occasion have I witnessed panic such as is general today throughout the United Stajes. Nobody seems to have the faintest idea regarding the future, but throughout industrial and commercial circles there would appear to be unanimity of opinion in respect of the cause of the depression. "I may say that I could not find any substantial grounds for the present complete lack of confidence, and I believe that there will be a marked improvement before the close of this year. Behind Other Countries "President Roosevelt is roundly blamed for the present stagnation in trade and industry," Mr. Fairbairn said. "Certainly there would appear to be some grounds for uneasiness regarding the legislation of a far-reach-ing nature already jj&ssed, or in pro-

cess of consideration by the President and his advisers. The problems lacing the President are great and numerous, and it would appear to me that it is to him, and him alone, that the people look for a lead. Clearly the root of the cause of many of America's present-d3y troubles lies in the fact that she has been doing little or nothing, while other leading countries have been progressing rapidly. I consider the United States to be a quarter of a century behind oilier countries in social and industrial legislation affecting the welfare of the masses of the people. "My feeling is that although Mr. Roosevelt would appear to be losing some ground at oresent, he has vision to see that the old order must give place to a new, and has sufficient force of oersonality to carry through necessary" and far-reaching legislation m spite of the bitter opposition he is encountering, and will experience during the process. "I lefi the United States with the definite feeling thai people would be wise to hesitate before replacing President Roosevelt, should he decide to contest the election again, as I feel sure he will. Owing to the widespread industrial unrest throughout the country it is clear to me that Labour will shortly organise and become a separate varty in politics. > " "