STRENUOUS YEAR.

Auckland Star, Volume LXIV, Issue 308, 30 December 1933, Page 6

STRENUOUS YEAR.

MR. COATES' REVIEW. "SATISFACTORY PROGRESS." DETERMINATION ESSENTIAL. (By Telegraph.—Press Association.) DARGAVILLE, Friday. "The year 1933 has been a strenuous one, and has not been without its disappointments, but on the whole the Dominion can reasonably regard with satisfaction the progress that has been made toward recovery,"' says the Minister of Finance, the Rt. Hon. J. G. Coates, in a New Year message. '•'Let us look at the revenue and expenditure, figures." Mr. Coates continues. "For the eight months ended November 30 revenue amounted to £11,029,000, which was £1,371,000 greater than was received for the corresponding period of last year. It is encouraging to note that, quite apart from new taxes, the revenue was up nearly £200,000. This means that business is improving, in spite of somewhat heavier taxation. On the expenditure side there is £253,000 less than in the corresponding period of last year. If the buoyancy of the revenue is sustained, we should be able to improve on the picture outlined in the Budget, and bring the year's deficit to less than was anticipated. This > is the beginning of the economic approach to budgetary equilibrium.

"The Post Ofiice Savings Bank figures, deposits and withdrawals, show that the community have definitely got back their confidence and have certainly more money at hand to spend. For the nine months ended December 31, 1931, the excess of withdrawals over deposits wae £4,720,300. For the calendar year 1932 the excess of withdrawals was £3,706,145. For 1933 it is safe to say that deposits will exceed withdrawals by £2,000,000. Customs revenue so far collected during the present financial year (up to November 30) amounted to £4,123,000, an increase of £146,000 over the figure for last year. From June to November, normally the slackest season of the year, sales tax receipts increased month by month —another indication of revival in business.

Improved Prices. "At the March and April wool sales crossbred wool averaged 3d to 4Jd per lb. Recent prices for tills type of wool are up to DJd and more per lb. Fine wools have been up to 18d per lb and over. Lamb prices per lb have increased since December, 1932, from 4id to Cid. Wether mutton during the same period has gone up from 2Jd per lb to 4Jd. These increased prices should be an influential factor in industrial revival. "Unemployment figures also show some indication of improving conditions. Applicants for work on the registers of the Government Employment Bureau were 53,044 in September, 50,5)40 •in October, and 40,950 in November. In prices realised for dairy products we have one major example where improvement is not shown. Our efforts to reduce costs, to improve quality, search for markets and to adjust the industry to changing circumstances must not be relaxed. Improvement In Business. """"" "The mercantile and trading community are almost unanimous in noting improvement in business conditions during - the last eix months. Merchants have definitely a more cheerful and optimistic point of view. Wholesale prices of locally-produced commodities have risen during the past year, yet in spite of rises in prices in other directions the cost of living figures are:— November, 1932, 800; November, 1833, 800. Railway returns are an excellent barometer of the movement of trade and industry within the community. The upward tendency shown during 1932 has been not only maintained, but substantially improved upon in 1933. Tourist Department bookings are reported as excellent. This should give material help to traders in the Dominion.

"The overseas trade figures for 11 months ended November, 1933, are £37,157,000 for our exports, an increase of about £3,")00,000. Trade agreements have beeu effected with Australia and Belgium. In the latter country lower rates of duty on cheese, apples and other articles have been secured. It will be seen that a trade opportunity of some magnitude has been opened to our exporters. It remains for New Zealand tradere, in co-operation with the Government, to take advantage of this opening.

"In the main the indications are all for the better, with the exception of dairy produce prices.; An improvement in this great industry will play a vital part in providing employment. This is all very encouraging, but let ue not deceive ourselves that all is well. There are many difficult problems to eurniouiit, and it will require steadiness and determination to overcome them. While New Zealand has this body of men and women eeeking employment, we cannot be satisfied with the position of this country.

. "The obtaining of budgetary equilibrium is one method of providing a eolid basis for improved conditions," Mr. Coates states, "but there is more to be done, and we cannot rest until the way is made clear for all to find permanent work." In conclusion, I wish to convey my best wishes to all for a prosperous New Year."