DANGERS AHEAD.

Auckland Star, Volume LX, Issue 293, 11 December 1929, Page 14

DANGERS AHEAD.

NEW ZEALAND'S FUTURE. DEPENDS ON LAND SETTLEMENT. QUICK ACTION' ONLY HOPE. There was a particularly large attendance at the luncheon given by the Auckland Creditmen's Club yesterday afternoon, it being the final meeting of the year. Mr. A. J. Hutchinson presided, and had associated with him on the platform Mr. W. J. Holdsworth president), Mr. M.' J. Bennett (chairman of .the Karangahape Road Businessmen's Association), Mr. H. T. Merritt (president of the Auckland Chamber of Commerce), and Mr. Stewart (vice-presi-dent). In the course of his remarks, the chairman said the next meeting of the club would be held early in March. The total membership had reached 163, and it had become a real live association in the city's life. Mr. W. J. Holdsworth, who was the principal. speaker, prefaced his remarks by saying that the club had reached its first milestone. The executive felt confident that the high standard set would be maintained in the years to come. They appreciated the fine addresses they had heard from various speakers during the first session. Mr. Holdsworth proceeded to address the members on " The Restoration of National Economic Confidence."

Credit and Confidence. "Credit is the tangible expression of confidence. Therefore anything that destroys confidence naturally destroys credit," said Mr. Holdsworth. New Zealand's financial standing in the Old Country had stood high, because of confidence in the Dominion. That had been shaken, however, during recent years. New Zealand was an agricultural country, and that fact should not be forgotten. Ninety-eight per cent of its exports came from the soil. Its first setback had come through inflating land values, consequently hundreds of men had to walk off their properties. A deflation of land values would have saved that appalling situation. But those who had walked off had experienced no difficulty in getting accommodation from the Government of the day up to 95 per cent to build homes for themselves in the suburbs, and thus unemployment was helped. Notwithstanding a favourable trade balance and two good years, this country was still far from the position it should be in. Under these conditions, and with the many railways that were noh paying, it was not surprising that the Government had received a hint to keep off the London financial market. Unsettled Land a Danger. When Lord Lovat and Mr. Amery visited the Dominion they both under-

took to find reasonable means of finance for land settlement, said Mr. Holdsworth, but the Government of the day refused to accept it. Canada did, however, and she was now prosperous and prospering. West Australia had cooperated with good results, and during the last three years had received £9,000,000 from the British Government to place people on the land. It was the most profitable Australian State to-day. Similar lines had been adopted in South Africa, also with good results. There was competition for British settlers, and New Zealand was being left very far behind. Quick action was the only hope. So far, the Government had failed to deal with the most important subject, or proposition, facing this country. Land settlement affected every man, woman, and child in the Dominion. The Government had set up commissions to deal with unimportant secondary industrial matters, and had left the essential one alone. The question had often been asked, Are people willing to go on the land? To which he would answer emphatically, Yes. Mr. Holdsworth then proceeded to give facts and figures. "f

New Zealand's undeveloped; lands, he I said, might easily prove a danger to this country in years to come. Peoples of Eastern nations were looking for outlets, and the speaker gave comparative figures of the number of people to. the square mile in China and Japan to those in New Zealand and Australia. The only sound and sane policy was to settle Dominion lands with our own kith and kin. He believed that the people of -New Zealand still had the will to do; all that was wanted was opportunity. The curse of this country to-day was that party came first. As long as that state of affairs was maintained the confidence, of overseas people could not be maintained. The dwellers here could not get on to prosperity if the primary industries were neglected. So it was of primary importance to give the matter earnest consideration.