BRIGHT FUTURE

Ashburton Guardian, Volume 58, Issue 85, 20 January 1938, Page 3

BRIGHT FUTURE

PROSPECTS FOR THE DOMINION.

THE PREMIER’S VIEWPOINT.

(Per Press Association.)

WELLINGTON, January 19

“A stocktaking in New Zealand just now shows that the people have resumed industrial and business activities this year in conditions of remarkable buoyancy,” said the Prime Minister (the Rt. Hon. M. J. Savage), in an interview to-night. “It can be fairly claimed that two years of Labour Government have brought New' Zealand to the highest level of prosperity it has ever experienced. Official returns break all previous records. In fact, the latest Statistical Abstract giving the figures of production and general business last year is a recordsmashing number. “So far little or nothing has been said about results,” continued Mr Savage,- “but the people ought to know exactly wdiat is being done and how firm are the prospects for a continuance of prosperity. The chart has never been better. For example, the Government Stastician says that the value of production last year was £136,(009,6(001, representing an increase of 40 per cent, over the last ten years. This sum is £20,000,000 more than the previous record figure in the boom year, 1928-29. It follows that the gain in value of production will be reflected this financial year in the national income figures, which are likely to he much higher than the- total last year of £140,000,000. Production and Wages. ! “An outstanding record was also achieved in factory production. For the 1936-37’ year the value of production was. just on £106,000,000. This amount is far ahead of the previous record of about £91,000,000 in 19291930. Details show' that the people are earning their increased wages. These also reached a record level last year, the amount of factory wages being £18,383,000 as compared with £18,840,000 at the height of the boom eight years ago. Employment in our factories has shown an- increase of 21 per cent, in two years. The number employed is more than 96,000, this also being a record. The total wages paid in New Zealand within the last tw« years has risen from more than £67,000,000 to £94,000,000, an increase of 40 per cent. “The same buoyancy at reco.’d ’evi ls has been shown during the period in business activity as emphasised by the banking figures. Cheque transactions show an increase of 34 per cent, in the two years, while the note 1 circulation has increased, by 41 per cent. People have had more money to spend and they have spent freely to the benefit of business and the community generally. In other words, the policy of the Government in practice has established conditions which have made this record prosperity possible and are still maintaining it. All returns show that the people are enjoying their prosperity and that more people than ever before are sharing to a larger extent in the increased national income. If that were not so, it would be idle to talk of better times.”