TROUBLED TIMES AND CHANGE
The Great Depression was triggered in 1929, when the New York stock market crashed. The economic and social effects rippled rapidly around the Western world. New Zealand was vulnerable because it depended on Britain buying its agricultural exports. As export earnings plummeted, farmers stopped spending – with drastic effects. Jobs and wages were slashed, and soon many families were desperate.
Next, the retail industry in New Zealand was thrown into pandemonium by the government of 1938 when strict import controls were imposed. The next year, the business was to face a major challenge when founder John Thomas was struck down with a serious attack of pneumonia, dying one week later. Given this, Terence attempted to persuade brother-in-law Austin Andrews to leave The National Bank and join Thomas’s.
"Impossible,” he declared, "my career is in banking;” two weeks later, he resigned. Austin’s wife Ellie and Terence’s sister Patricia also joined the team, and plans were made for a vibrant, innovative and profitable future. All these plans were scuppered soon after however, when World War Two was declared in September 1939. Thomas’s had 6 male members of staff at the time, 3 of whom served overseas during the war.