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BOTTOM REACHED. BETTER FOR THE SLUMP. (Per United Press Association.) Wellington, August 29. The opinion that New Zealand has seen the worst of the depression was expressed at the Rotorua Rotary Club by Mr J. T. Grose, chairman of the Associated Banks, in the course of an address on the methods of banking in the Dominion. Mr Grose said that in Ins opinion New Zealand was one of the most fortunate countries in the world to live in. For some years we have been on a rising tide and had thought prosperity would continue. We had been inclined first to meet current liabilities and not reduce the mortgages and other liabilities which had led us into a position of resting on our oars. This inclination had now been cured and he believed New Zealand would work her way out of the difficulties which encompassed her as she had done in former years. “I believe we have seen the bottom of the depression,” he continued. “The advice I have received from London indicates that it is considered there the bottom has been reached. Although it is thought probable the improvement will be slow, New Zealand has a sound country, people and banks and will pull through and be all the better for it.”
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https://paperspast.natlib.govt.nz/newspapers/ST19330830.2.70
Bibliographic details
Southland Times, Issue 22107, 30 August 1933, Page 7
Word Count
214WORST OVER Southland Times, Issue 22107, 30 August 1933, Page 7
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