A PROMISING OUTLOOK.

Press, Volume LX, Issue 18241, 27 November 1924, Page 8

A PROMISING OUTLOOK.

MR MASSEY'S COMMENTS. THE EXCHANGE PROBLEM. OJrsciu. TO "T3X rsii*,") AUCKLAND. Novejaber S. "I do not wish to discuss tions just afc presort." saAj the Ptna* Minister with a deprecatory snjfo day. "You know I am tj be havinc a re--, and change H«tst from all that pother." Mr Massey chatted informally. is®, ever, on the hopeful s-fcsci the season and market* had put rural affairs. "'I t.js chafing oo« tira~ er about the wealth cormnz to from his wool i.hp." said Mr ''Timlj "but he reminded me> that rcmr ago ho had to quit it at 3;d per IV This year's remit would or.lv hrfg> t» recoup him for that. It ran?-: cot forgotten that good years harp to set against bad Ivi-ire deciding ttsitaa sheep; armer is mak-ir - his torwaft/ i> Tho season had alsc opened *«SI ia the production of btttier-fat. aad tig, markets promised well tor lara\ b&. ton. arid wheat. Farmers vnuld it all however. The creat difficulty <3® iand to-day was tiuatv.-'. The exriauqp position complicated matters Vr up large sums in Loudon. It nu m very difficult problem. and tr.f> soisSaas was hard to &rd. Matters aofi helped bv tho largo act-cunt »r Ztmland was running with Australia. .\swaS a million pounds had to be paid fer wheat from the Commonwealth, apart from importations of coal, oats, dk»£, and the usual produce "lines.

So far as the Government xr*s cemcerned, the revenue was feeeptoc 5:? well. Advances to settlers vei» protwded with at a brisk rate; in f»«, the Department had its hsnds full with business. A proportion of tha sums feat were for paving off mortgages tff«eied hv the moratorium, hut not sH Vy means. The loan of five millions in London for advance? was of course. hut a good deal vtmU ba lost bv its transfer to Xw Zealwsd tt the present time. The Advaneei Department had been empowered to drsv on the loan, but so far as he few* this had not vet been necessarr. Tfee sum of £l,l23.ftW> lent hv the Bank «ff New Zealand had added to the ffiasb available locally.