AMERICA’S RECOVERY

Southland Times, Issue 22734, 9 November 1935, Page 5

AMERICA’S RECOVERY

UPWARD TREND NOTED.

AUSTRALIAN’S IMPRESSIONS.

(United Press Assn.—Telegraph Copyright.) (Rec. 11 p.m.) New York, November 7. Interviewed by the Australian Associated Press Professor T. Hytten, Economic Adviser to the Tasmanian Government, who has nearly completed visits to America and Canada, said he was satisfied, having been present on the American scene during one of the most interesting transition periods, that economically the United States appeared to be definitely on the upward movement from the depression. He found that commentators hardly agreed on the exact cause of the improvement and it was hard to assign the exact role placed by the new deal. It probably helped in some respects and hindered in others, but the basic causes of improvement were still hidden and imperfectly' understood. One of the remarkable features of America’s present situation was the part played by beliefs or fears concerning America’s future or Europe’s future felt by Europeans themselves. Either many persons in the City of London felt that America’s recovery from the depression was fully assured or their fears of the Italo-Ethiopian situation were so acute that much European capital had poured into the United States with a result exactly contrary to America’s, best interests economically. Americans undoubtedly would wish to keep the sterling-dollar ratio at the status quo, but a continuous influx of gold must tend to bring the value of the dollar up. What effect that would have on the course of America’s recovery, or what new monetary steps it might compel the American Government to take, was one of the things that would bear close watching in the near future. Professor Hytten is leaving for Australia by the Maunganui.