BRIGHTER TIMES.

Auckland Star, Volume LXVI, Issue 49, 27 February 1935, Page 8

BRIGHTER TIMES.

TRADE ON UP GRADE. STEADY PROGRESS MADE. MINISTER QUOTES FIGURES. (P.J- Telegraph. Own Correspondent.) WELLINGTON, this day. Facts and figure* supporting the claim that prosperity was returning to Now Zealand were quoted by the Minister of Industries and Commerce, in an addrew at the 71st annual meeting of the Wellington Chamber of Commerce last evening. In the course of his address the Minister replied strongly to the criticism that the Government was increaeingly interfering in business. Referring to Australia's apparent return to prosperity, Mr. Masters emphasised that if New Zealand thought to follow the Commonwealth policy of borrowing and of heavily subsidising industry with loan money, unemployment could be abolished to-morrow. He expressed the opinion that the more conservative programme being followed in this country was on sounder lines. Tn regard to the unemployment problem, the Minister said it was pleasing to realise that the position was very much easier. Tu October, 1933, the peak period, New Zealand had 75,240 registered unemployed. The figure had gone down to 52,080 at the end of December, 103-1, a drop of 23.000. On No. 5 scheme tho peak total was 44,743 and at the end of January. 1935, the aggregate workinir under' the scheme was 32.011. a fall Of 12.000. A large proportion had boon reabsorbed into industry and 23.000 were no longer a charge on the fund, and were contributing to the maintenance of their less fortunate fellows. Mr. Masters quoted figures showing that Australia bad resorted to a subsidy of £5.000,000 for the sugar industry, £5,300,000 for butter, £4 000,000 for wheat, £800,000 for rice and dried fruits, and £(>OO,OOO for other primary industries. These subsidies devolved as a direct cost to the consumer to maintain prices above world parity. The total annual subsidy on primary products was therefore £10,000,000. If New Zealand wished to pursue tho same policy, then the Government could give it to the country if it was considered a sound way in which to meet the position. Overseas Trade Brighter. Evidence of the active condition both of New Zealand's export and import trade was disclosed by the fact that last year's exports were valued at £47,000,000, a figure higher than in any year since 192!). Imports totalled "£31,281,000, a volume also higher than in any year since 1930. The balance of trade in favour of the Dominion was £10,000,000, a figure higher than at any period in the last decade. The Customs revenue for nine months ended December 31, 1934, had increased by £SOO,OOO, beer duty had shown a rise of £17,000, and sales tax, which was a clear indication of the spending power of the community, had increased by £300,000 in the period under review.

Continuing, Mr. Masters said the film tax, also a sure indication of freer public spending, had risen by £10,000 for nine months. Income tax retuVns had grown from £511,131 for the corresponding nine months of 1933 to £950,040"f0r nine months to December 31, 1034, an increase of nearly 100 per cent.

Politics and trade, concluded the Minister, were becoming more intertwined month by month. He predicted that Governments would be taking a larger part in trade and commerce in tho future. It was not a question of interference, but of co-operation.