AUSTRALIA’S RECOVERY

Taranaki Daily News, 1 December 1934, Page 9

AUSTRALIA’S RECOVERY

IMPORTANT STEPS MADE COMPLACENCY NOT JUSTIFIED. EFFECT OF EVENTS ABROAD. ! dangers of export limits. By Telegraph—Press Assn.—Copyright. Rec. 10.30 p.m. Sydney, NoV. 30. Addressing the annual meeting of shareholders of the Bank of New South Wales ; to-day the. chairman, Mr. Buckland, said Australia had made substantial and important steps towards recovery, but there were no grounds so far which justified complacency, while the trend Of events abroad had done little to make Australian problems easier. The habit of placing quantitative limitations upon imports had dangers for the Commonwealth and New Zealand, which were likely to suffer serious losses. Economic nationalism was a major cause of the setback, and nobody could seriously doubt that economic nationalism meant economic loss. The bank’s balance-sheet disclosed a net profit for the year ended on September 30 of £439,738, compared with £439,616 last year. The dividend is unchanged at 5 per cent, and requires £439,000. Deposits show an increase of £5,523,000. Treasury bills amount to £8,455,000, representing a decline of £3,743,000.