DEPRESSION IN AUSTRALIA

Taranaki Daily News, 8 May 1930, Page 13

DEPRESSION IN AUSTRALIA

CORNER THOUGHT TO BE TURNED. BETTER TIMES AHEAD. That the corner has been turned on the rocky journey of financial depression being undertaken by Australia to-day, and that better times are ahead, is the opinion of Senator J. D. Millen, of Sydney, chairman of Coal Oil, Ltd., who is staying in New Plymouth. Speaking to a News representative Senator Millen said that the Federal Treasurer was fortunate in being able to raise loans in Australia with less difficulty than had been expected. He did not think conditions were as black as had been anticipated. The serious drop in the price of wool and comparatively small prices for wheat had given the country a big setback. The Federal Government, however, was doing its best to alleviate the position, but had found it almost impossible to cope satisfactorily with the position at once, because it was found that people were unable - to get money. Mortgages were taken up in New South Wales and let out in the United States so that money night be available in the Australian cities.

“There is only one thing that can assist Australia to rehabilitate itself,” said Senator Millen. “The country must produce more. There is only one royal road to wealth and that is hard work.”