BOTTOM HAS BEEN REACHED

Timaru Herald, Volume CXXXVII, Issue 19249, 1 August 1932, Page 7

BOTTOM HAS BEEN REACHED

HOPEFUL VIEW OF OUTLOOK

ECONOMIST’S OPTIMISTIC SURVEY United Press Association —By Electric Telegraph—Copyright (Received July 31, 5.5 p.m.) LONDON, July 30. “It is at least possible to hope that the bottom of the depression has been reached, even if recovery is destined to prove slow, and attended by many difficulties,” declared “The Economist.” This opinion is fortified by the improved tendency of the stock markets, the success of the conversion loan, and Senator Borah’s war debt pronouncement. to which the London financial circles attach great importance, and Wall Street's long delayed revival is also welcomed. In Britain, commodity prices show a better trend, especially butter, owing to the likelihood of the early withdrawal of the partial prohibitions against Danish butter entering Germany and Holland. Copenhagen's quotations have steadily risen during recent weeks. “The Sunday Times” expects an early trade agreement between France and the United States, as anticipated as a counter-blast to Ottawa, and forestalling the possible loss of trade with British countries. ARRESTING SPEECH BY PRINCE OF WALES. “NATIONS CANNOT LIVE TO THEMSELVES.” British Official Wireless 'Received July 31, 5.5 p'.m.) RUGBY, July 29. When the Prince of Wales visited, in London, the International Congress on Commercial Education, at which 35 nations were represented, the president, Mr Charles Boisserain, of Holland, introduced him as the “First Commercial Ambassador of the World.” During an address, the Prince said that the hard lesson of adversity had taught them that the prosperity of all nations depended in the prosperity of each. In these days of swift transport and communication, and interlocked commerce and finance, it was increasingly true that the nations could not live . to themselves alone. “That this truth,” the Prince said, “is penetrating the minds of Government policies and the actions of nations, in a growing measure, has recently been demonstrated most happily at Lausanne. This International Conference may well express its delight that at Lausanne the . lamps of j hope and confidence were lighted, and j the spirit of international co-operation j and goodwill is now burning more brightly than at any time within living memory. For this we may all be profoundly grateful. The world-wide trade depression and economic disturbance had been largely caused by maladjustment of distribution. The potential output is far greater than ever before. If all employable labour were employed for a reasonable number of hours per week, the world would have at its disposal a volume of commodities and services that would enI able the entire population to live on | a higher level of comfort and wellbeing than was ever before contemplated in the rosiest dreams of the social reformer. The urgent task is to bring consumption and production into proper relationship. This is not a simple, but is a quite possible task.” FACING BAFFLING PROBLEMS. UNITED STATES INVITED TO WORLD CONFERENCE. United Press Association—By Electric Tel egraph—Copyright (Received July 31. 5.5 p.m.) WASHINGTON, July 29. An invitation to the United States to attend the proposed Monetary and Economic Conference, has been received by the State Department from the British Embassy. The invitation provides that reparations, debts and tariffs will not be discussed. The invitation says that among the monetary matters to be discussed is the question of silver. No time or place for the conference is given. The State Department had already indicated that it would accept such an invitation. LEAGUE OF NATIONS TAKES LEAD. FINANCIAL PARLEY PROPOSED. United Proas Association—Electric Telegraph—Copyright WASHINGTON, July 29. An opening wedge to a World Economic Conference along the lines proposed by Senator Borah was given the United States to-day, an informal invitation being received by the State Department from the League of Nations to participate in a world financial parley.