ECONOMIC STRESS

Southland Times, Issue 21854, 3 November 1932, Page 5

ECONOMIC STRESS

CONDITIONS IN U.S.A.

AUSTRALIAN VISITOR’S IMPRESSIONS

READJUSTMENT NECESSARY

(United Press Assn.—Telegraph Copyright.) (Rec. 5.5 p.m.) New York, November 1. The Australian Press Association interviewed Sir Mark Sheldon, of Sydney, who is leaving for England from Boston on Saturday following an American business trip. He said that coming across the continent the further east one went the greater one found the shock of distress due to economic dislocations in the United States. The general body of the people had not yet realized that America could not be prosperous with the rest of the world in difficulties. Leaders of commerce, industry and finance saw one of three things or a good deal of each. Much must happen before a restoration of normality, namely, a revision of intergovernmental debts, a lowering of tariffs, and a resumption of further advances abroad. It would be idle to say that any one of these steps was yet generally acceptable. One must remember that probably 12| per cent, of the working population of the country was unemployed. “Get these back to work,” he said. “There must be a greater division of labour, a further readjustment of prices and wages, and continued deflation in the hitherto accepted standards of living.”