AMERICA’S POSITION.

Star (Christchurch), Volume XLIV, Issue 601, 3 November 1932, Page 1

AMERICA’S POSITION.

Three Tilings Needed for Her Restoration. United Press Assn.—By Electric Telegraph—Copyright. NEW YORK, November 1. An interesting review of affairs in the United States -was given by Sir Mark Sheldon, a prominent Australian business man who is just leaving for England after a business trip to America, when interviewed by the Australian Press Association. Sir Mark Sheldon said that “ coming across the continent, the further east one gets the greater one finds the shock of distress due to the economic dislocations in the United States. The general body of people have not yet realised that America cannot be prosperous with the rest of the world in difficulties.

“ Leaders of commerce, and finance see three things in connection with which a good deal must happen before normality is restored. They are the revision of inter-governmental debts, the lowering of tariffs and the resumption of further advances abroad. It would be idle to say that any one of these steps is yet generally acceptable.

“ One must remember that probably 12} per cent of the working population of the country is unemployed. To get these people back to work there must be a greater division of labour, a further readjustment of prices and wages, and a continued deflation in the hitherto accepted standards of living.”