1920-1930
The Roaring Twenties did not overlook South Australia as the Elders businesses boomed. Profits more than doubled from 1918 to 1928, with Peter Waite as chairman until his death in 1922, followed by Tom Elder Barr Smith, son of Robert, as chairman. Heading towards 100 years of operation, 1928 was a record year for Elders. Rapid expansion of the branch network through SA and WA saw the family and company-owned landholdings continue to increase.
TE Barr Smith’s Chairman’s Address in 1930 echoes down through the years: “There are many troubles in Australia today of the people’s own making. As a community we have been over-borrowing and over-spending … we must live within our national income and everyone must join in the sacrifices.”
At the end of that year Australia, along with most of the world, plunged into the Great Depression.
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