Ashburton Guardian Magna est Veritas et Prævalebit. THURSDAY, DECEMBER 31, 1925. THE FUTURE OF BRITAIN.

Ashburton Guardian, Volume XLVI, Issue 10685, 31 December 1925, Page 4

Ashburton Guardian Magna est Veritas et Prævalebit. THURSDAY, DECEMBER 31, 1925. THE FUTURE OF BRITAIN.

At this time when so much dolorous talk is heard about conditions in Britain—from trade and commerce, social life and political progress down to (or should it be up to) sport, it is refreshing to dwell for a space upon a note of optimism regarding the future. Though New Zealand's destiny is largely in the hands of her own people to make or mar according as they labour industriously and act as wisely as is humanly possible, her progress and trade prosperity depend to a considerable degree upon the position of the people of the Homeland —the ehiefest of her markets and therefore the final arbiter of her financial standing. In a recent speech in London the Chancellor of the Exchequer (Mr Churchill) spoke most hopefully of the future of Britain. He gently eluded those who held the opposite opinion, saying he had been accused of not taking a sufficiently gloomy view of affairs, whereas all be had said j previously was that things were not getting worse and there was even a probability that they might get better. Dropping his humorous note, Mr Churchill said he could •>-ive twelve principal reasons — "Tbe Twelve Apostles of reassurance," he called them—that justified his conclusion. First of all the establishment of the gold standard had had a great and beneficial effect. The British share of the overseas trade of the world had not diminished since the war. It was true there was a reduced amount of world overseas trade, but of that reduced trade Britain possessed a slightly larger proportion than before the war. In no fewer than 450 typical businesses there had been an improvement of 11 per cent, in

profit-making this year compared with 1923. Concurrent with this was a considerable diminution in the cost of living, and the reduction in retail prices had received powerful assistance from the exertions of the Food Council. The yield of revenue fully bore out the expectations upon which the Budget had been framed. The consuming power of the people had not only been maintained, but in the case of many commo-

dities it had been increased. Proof of the improved position of the people was the fact that their savings in National Saving Ortifioates had increased by £7,000.000 in the present year. The latest estimate showed that so far from getting- poorer, or living on their capital, . the people of Britain were saving capital by hundreds of millions a year. In the world of labour a change for the better had taken place for far fewer days had been lost by strikes this year than last year.

Leaving out the exceptional con I ditions of the coal trade, therr were 250,000 more people ni work in the general trade of iho country than there were a yen? ago. From the viewpoint of food supply also, Mr Churchill found cause for optimism. The world had had a great harvest—greater than last year—and the best of the harvest was on the right side of the 'Atlantic Ocean. The giigar

crop was very good. There had been a magnificent cotton crop, and prices were favourable. Lastly, there was the Locarno Pact, the surest guarantee we yet had of the maintenance of peace. Coining from the Chancellor of the Exchequer such an opinion should hearten those who were inclined to pessimism. The lesson for Britain—and for New Zealand also—is that faithful work and strict economy are the two main factors necessary for restoring (he country to the prosperity that is the foundation of true progress.