AUSTRALIA TO-DAY

Taranaki Daily News, 14 April 1932, Page 10

AUSTRALIA TO-DAY

TURNED THE CORNER. “Australia has turned the corner, and a wonderful spirit of optimism is abroad that a greater country will be built on the ashes of the depression,” stated Mr. Calder Mackay, a Christchurch business man, who lias just returned from a visit to the Commonwealth. Mr. Mackay made many interesting observations concerning his trip. The improvement in the economic position, he said, was most marked in Victoria. Better business was reported on all sides, and there was a remarkable spirit of optimism. One noticed it all the more on returning to New Zealand, whore a spirit of dire depression prevailed. This was brought about by the Government not tackling the main issues.

A reduction of 22| per cent, in interest rates in Victoria had helped considerably to bring about a recovery. In New South Wales it was felt that the worst of the depression was over, although some uncertainty existed in the minds of people owing to the political situation.

“Both Victoria and Now South Wales have Labour Governments,” continued Mr. Mackay, “and taxation and unemployment have greatly increased. People in New South Wales believe that they have been tricked by politicians. Rosy promises from the hustings have nob been fulfilled, taxation is soaring, unemployment is unsolved, farmers arc not getting the prices they were promised, and there have been heavy retrenchments in the civil service.” The abolition of bus services had put from 2000 to 3000 on the dole, and there had been no appreciable increase in train and tram revenue.

“Lang is out to bring about a bloodless revolution,” said Mr. Mackay. “He is an acknowledged member of the Soviet Party.” It was a case of gradual SoVietisation by legislative enactment. Laiig admitted that fact in a recent public speech. He claimed that the revolution was already there, and that it had come without a shot being fired or a barricade erected in the streets. Mr. Mackay mentioned that there had ben a smaller demand on the banks and movements generally in the financial world in the latter months of last year supported the contention that Australia had definitely turned the corner. Deposits in the trading and savings banks at the end of the year amounted to £506,180,000, of which £213,811,000 was on fixed deposit, and, therefore, interest bearing.

There w as no evidence of depression, judging by the crowds that attended the theatres. One of the principal theatres in Melbourne showed nothing but British pictures. It drew crowded houses. In Sydney, also, British films were featiu'ed.