WORLD OUTLOOK

Taranaki Daily News, 23 December 1932, Page 14

WORLD OUTLOOK

. WAY TO IREQOVERY CANCELLATION OF DEBTS. TAXATION BURDEN. -■ ■■ Dunedin, Dec. 20. Reviewing the conditions in the Dominion, Mr. Harman Reeves, who presided over the jubilee meeting of the Dunedin Stock Exchange to-day, said that though an improvement had been looked for during the past 12 months, the outlook so far as world trade and the position of the Dominion w.ere concerned was still obscure. Australia appeared to have got through the worst of her ’ troubles. They had had a wonderful season, bountiful wheat harvests, fair prices, for their’fine wools, an increased butter, export, a most gratifying recovery in production, which vzas expected to amount this year to at least £5,000,000, and a return to sane government in New South Wales. This latter, he believed, was the main factor in the restoration of confidence and general trade improvement. “With reference to world conditions,” Mr. Reeves proceeded, “there is little if any improvement. “I am still convinced, however, that tio improvement can possibly take place until there is a general cancellation of international, reparation and war debts. “How can the world possibly rise from its depression whilst the spending power of every citizen in every country is curtailed owing to the taxation he has to pay in order to find interest and principal to his creditor nation? A complete wiping of the slate is the only possible means of world recovery. Great Britain has offered to dp so if the United States will agree to do the same. “The forthcoming world economic conference, to be held early next year, should be the most important event since the war, as on it depends the future welfare of every citizen of every nation in the world.”