AN OPTIMISTIC OUTLOOK.

Press, Volume LIX, Issue 17742, 19 April 1923, Page 10

AN OPTIMISTIC OUTLOOK.

MINISTER SOUNDS NOTE OF WARNING.

(PBESS ASSOCIATION TELEGBAM.) WELLINGTON, April 18,

A note of optimism. was struck by Mr W. F. Cuthb'ertson. president of the Wellington Chamber of Commerce, in his presidentia! address at the annual meeting ana luncheon held to-day. While admitting that during the past t«u years a most trying period of trad© had been passed through, he rejoiced to feel that the lowest point in market conditions, had been reached. "\\e had yet to rise to heights of prosperity, but it was very pleasing to note that an optimistic feeling prevailed. Trading conditions had unproved, and he believed that at a very early date New Zealand could look lorward to satisfactory and more stable trading conditions. Ho stressed the need for a reduction in the onerous burden of taxation, especially in the company tax. He expressed the hope that tlie Taxation Commission's recommendation of 5s as a maximum rate, would at least be adopted. Trade could not stand the burden much 'longer. Tho commercial community, lie added, viewed with misgiving, the growth of the tax-free fcitate and municipal enterprises, and contended that thoy should _ share equally with commercial enterprises in the obligations of the Dominion. He also spoke of the need for increasing inter-imperial trade. The Minister of Customs (the Hon. W. Downie Stewart; stated that the Prime Minister had already announced that incvie-tax was to bfc reduced,. but the speaker could not say by how much it would be possible to reduce it. While welcoming the note of optimism m the president's address, he must say that the economic experts advise that the present prices were not likely to last more tlian a couple of seasons. Whether the experts were right or wrong, that ifcdicated that it would be wise for the Government, business "men, and private individuals, to take advantage of the present improvement in trade to make everything ship-shape to face the storm, if it should come. The Government aesired to encourage inter-Imperial trade as much as possible, as the substantial British preference given by the tariff should dp. He congratulated the Chamber on its successful year.

TRADE STABILITY.

BETTER POSITION REACHED. (SPECIAL TO "THE PBIBS.") WELLINGTON, April 18. The chairman of the Wellington Chamber of Commerce, at the annual meeting to-day, in the course of a lengthy address, said: "Traders have by now cleared most of the high-priced stocks they had accumulated for the most port on a falling market and at heavy loss, but it says much for the recuperative' power of this country that there- have not been any insolvencies of any great magnitude, although many of even the larger and old-established firms have had to fall back on their reserves to meet the heavy losses that have been entailed. ..The managements of many concerns have experienced many anxious moments, but the reputation of the Dominion and its people for stability has been sustained. Evidence of this was afforded from the reception from the Home money market that New Zealand loans received ; and it may'well bo affirmed that the credit of New Zealand on the HJome market is of the very highest. Some years ago criticism was levelled at what was . called experimental Labour legislation, but the British public has learned that we are not such a radical type as they were prone to imagine. Some of this change of opinion is no dou.Tyfc -the reflex of the good conduct of our New Zealand soldiers- whilst in England, but those in Britain now realise that there is a saneness in our politics and in our Press, and that public opinion in New Zealand stands for stability." The Bon. W. Itownie Stewart, Minister of Customs, who was one of those invited! to attend, in the course of a short speech, sounded a slight note of warning, and urged, business men to still -exercise oare, so as to make their i financial position still more stable.

A SHARE TRANSACTION. (PBESS ASSOCIATION TELEQBAM.) AUCKLAND, April 18. Judgment for the defendants was pronounced by Mr Justice Stringer in the Auckland Supreme Court, in the action in which George Roy William Macdonald sought a decree against Wairakei Limited, cancelling an allotment to him of 3000 shares, and ordering that the company should return the money paid by him in respect of such, shares.

His Honour held tfhat the statutory conditions precedent to the valid'allotment of shares under Sestion 95 of the Companies Act had not been oi:«erviad>, and the directors had improperly proceeded with allotment. Plaintiff wad entitled to repudiate his contract to take shares on the ground that the condition he laid down had not been fulfilled, namely, that 40,000 shares must be applied For. The Court held that such meant applications upon which allotments could properly be made, and the elimination of 3000 shares applied for by C. L. Johnstone, whose cheque was dishonoured at the date of allotment, made the condition unfulfilled: but the plaintiff, knowing the facts, had delayed too long in taking action. His long delay, coupled with his subsequent payment of moneys due on the shares, and his having acted as director of the company, operated aa an election on his part to retain the shares. Judgment was therefore given for the defendant company. A MAIZE SHORTAGE. ' (BT CABLE —PBESS ASSOCIATION—COPTEIOHT.) (AUfiTBALIAN AND N.Z. CABLE ASSOCIATION.) SYDNEY, April 18. The Hon. Austen Chapman (Minister of Trade) has announced that the maize shortage) anticipated from the yield of the , Commonwealth in 1923 is 460,000 bushels. *tequirements -are 8,110,000 bushels.. A shortage is also reported from South Africa. LONDON WOOL SALES. LONDON, April 17. The quantities to be offered at the London wool sales, which will open on April 24th, are 62,080 bales of 8.A.W.K.A., 12,700 bales of free.