MONEY BUT NO WORK

Sun (Auckland), Volume III, Issue 693, 19 June 1929, Page 10

MONEY BUT NO WORK

WEALTH NOT INVESTED CAUSE OF UNEMPLOYMENT rress Association HASTINGS, Tuesday At the annual meeting ot the Hastings Chamber of Commerce, Mr. J. p. McLeod, president, in his address, re ferred to the hesitation ot people lo invest, and to the presence of so much unemployment when banks and individuals had plenty of money. He said the taxation of 4s 6d in the £ on industries might be responsible tur investors’ hesitancy. Referring to the American high tariff against our goods, Mr. McLeod said that New Zealand could not take too serious a view of this treatment which would continue unless the Chambers of Commerce organised against it. American cars were imported into New Zealand in graat numbers when inter-trade between New Zealand and Britain should be encouraged, especially as British cars were more economical in the end. He quoted figures showing the great prosperity of Canada and South Africa, asking why we had not the ability here to maintain similar conditions.