The Auckland Star WITH WHICH ARE INCORPORATED The Evening News, Morning News, The Echo and The Sun. THURSDAY, NOVEMBER 15, 1934. DOMINION RECOVERY.

Auckland Star, Volume LXV, Issue 271, 15 November 1934, Page 6

The Auckland Star WITH WHICH ARE INCORPORATED The Evening News, Morning News, The Echo and The Sun.

THURSDAY, NOVEMBER 15, 1934. DOMINION RECOVERY.

For the cause that lacks assistance, For the wrong that needs resistance, For the future in tht distance, And the good that we can do.

As an economic observer Mr. Coates must find his role much more congenial than a year ago. In addressing the Manufacturers' Conference in Wellington yesterday he had no lack of material at hand to convince his listeners that the Dominion was definitely on the road to recovery, and, taking such varied phases of the position as trade, banking, transport, motor development, employment, and business activity, he was able to show evidence of substantial progress. Take trade, for example. Exports for the production year ended last June were up by nearly £,12,000,000, and on the import side of the picture there was a definite turn for the better late in the autumn. Mr. Coates naturally attaches much importance to more activity in importing, for the Dominion's trade, especially under high exchange conditions, has been too lopsided to be healthy. Hesitant buying betrayed lack of confidence, but there are to-day signs that confidence ■is returning in many directions. The turnover of the banks reflects the freer flow of money, more buying and selling in the shops, a general loosening of purse-strings. The railways have felt the benefit, unemployment figures have fallen, and there has been more work in factories producing for the local market. Unemployment is a particularly sensitive indicator of the general position, and the figures are therefore of special interest. An improvement began over twelve months ago, and continued through the recent winter, although some relapse might have been expected. To-day seasonal influences arc reinforcing the general upward movement, and monthly reductions should be recorded. Banking turnover should rise under the spur of low borrowing rates and expanding business, and the holiday trade should attract money which has been accumulating in the savings banks. Generally, the outlook is distinctly brighter.