TIES OF KINSHIP.

Auckland Star, Volume LXIII, Issue 227, 24 September 1932, Page 9

TIES OF KINSHIP.

N.Z. AND MOTHERLAND Jfr. Downie Stewart Honoured At London Luncheon. OPTIMISTIC SPEECH. (United P.A.-Electric Telegraph-Copyright) (Received 10.30 a;in.) LONDON, September 23. Jlr. Downie Stewart, New Zealand Minister of Finance, replying to a toast proposed by Sir Thomas Wilford, at the New Zealand Society's luncheon at the Savoy,, in the presence of 200 New Zealanders and others, said that overseas trade was the lifeblood both of New Zealand and Britain.

The value of New Zealand's exports fell4o per cent in the past two seasons, notwithstanding an increased quantity of exports in most staple products, "but the decline was less than the world average, while the constriction of imports was greater than the- world average. He reviewed the depression's effect on the national finances, and described the equality of sacrifice with which economies had been achieved. New Zealand was' still battling in the face of the storm, against heavy unemployment, low prices and high taxation, but there were signs of recovery, including a great improvement in .the trade balance. . The banking position was sound, and the Customs revenue had recently risen substantially. ' There had been a slight rise in world prices of New Zealand's staple exports, and unemployment tended to fall. There was also a distinct note of optimism throughout New Zealand, and he expected the forthcoming Budget to show a substantially lower deficit. The Dominion was grateful for the British Government's and the London financial, .representatives' advice and assistance in trpubulous times. "They appreciated our difficulties and refrained from reproaching us for our borrowing of the past." , Mr. Stewart paid a ' tribute to Britain's courage and tenacity in her crisis, which, he said, wae an inspiring example to New Zealand. Mr. Thomas Appeals for Unity. Mr. J. H. Thomas, Dominions Secretary, toasting Sir Thomas Wilford, said that it was widely reported that the Ottawa agreements would lead to serious political consequences. ' "I can only say, as one of those responsible for the agreements, that we do not need to apologise for them.. I much prefer Britain to be accused of generosity than of niggardliness to the Dominions, wHo came to the aid of Britain in 1914." Mr. Thomas described Mr. Stewart's speech as a "bullpoint" for the Stook Exchange, and paid a tribute to iii 3 mental conquest over physical martyrdom, also his, far-sighted, skilful and unselfish attitude at Ottawa. Mr. Thomas, apparently appealing to the Liberals to remain in the Cabinet, said: "A year ago some Labour members of the Cabinet subordinated party to the nation at a grave period which, to-day is not less grave. There is,now still less justification for a split involving Empire policy. "How could we face the World Economic Conference if Ottawa failed, and the other Powers taunted us with tho accusation of being unable to agree among ourselves? If the Dominions crash .what hope remains for the surplus population of Britain, for which the Dominions is a natural outlet ?"