Reading the Warning

Wanganui Chronicle, Volume 73, Issue 103, 3 May 1930, Page 9

Reading the Warning

GREAT ECONOMIC CRISIS MEASURES FOR PREVENTION (By Telegraph—Press Association—Copyright] Received May 2, 7.40 p.m. WASHINGTON, Alay 1. Air Hoover, addressing the United States Chamber of Commerce, said that the country had passed through the worst of the great economic crisis and would recover. He proposed the creation of a body to study the recent experience and try to devise measures for prevention and remedy. He added that building construction had been accelerated beyond hopes and unemployment thereby had been decreased, but home budding had not progressed because credit had not been available.

He asserted that statistics enabled many to read the warning signals and avoid the maelstrom of speculation. “All slumps are the inexorable consequences of the destructive force of booms- The natural optimism of our people brings into being a spirit of undue speculation against the future and stimulates waste, extravagance and untold enterprise, with the inevitable collapse in panic. We are not yet entirely through the difficulties of our situation. We have need to maintain every agency and every force until wo are far along the road to stable prosperity.”