LONDON VIEW.

Star (Christchurch), Volume LXIV, Issue 853, 29 August 1933, Page 5

LONDON VIEW.

Worst of Depression Now Over. MESSAGE TO BANKERS. Per Press Association. ROTORUA, August 29. The opinion that New Zealand has seen the worst of the depression was expressed by Mr J. T. Grose, president of the Associated Banks, in the course of an address on the methods of banking in the Dominion. Mr Grose said that in his opinion New Zealand was one of the most fortunate countries in the world to live in. For some years we had been on a rising tide and had thought that prosperity would continue. We were inclined to first meet current liabilities and not reduce mortgages and other liabilities, which led us into the position of resting on our oars. This inclination had now been cured and he believed that New Zealand would work out of the difficulties which encompassed it, as it had done in former years. “ I believe we have seen the bottom of the depression,” continued Mr Grose. “ Advice I have received from London indicates that it is considered there that bottom has been reached, although it was thought possible that an improvement would be slow. New Zealand has a sound country*, people and banks, and will pull through and be better for it.”