New Zealand and the World's Bankers.

Press, Volume LXII, Issue 18677, 28 April 1926, Page 8

New Zealand and the World's Bankers.

It is pleasant to see the Dominion occupying three foil columns of what is probably the most remarkable financial publication ever issited in any language. Those who read the " Finan"cial Times" (which claims, and we are sure possesses, the largest circulation of all the financial journals of the world) will know how variously, exhaustively, and authoritatively it covers from day to day, and from week to week, all the financial and economic movements of both hemispheres. Last month, however, it added to one of its daily issues an International Banking Supplement in six languages which probably contained a more remarkable aggregation of financial articles from high authorities than has ever before appeared in a daily newspaper. All or nearly all of the articles were written by the Governors, Presidents, Vice-Presidents, or Directors of national banks, and, signed by themj and in the case of those articles that were not signed, or were attributed simply to "A Correspondent," it was editorially announced that the information in them was supplied from the highest official sources and checked at ■ the London Legations of the countries dealt' with. It can hardly be doubted, therefore, not only that this issue of • this famous newspaper was "written "with a full sense of responsibility, w but that the Editor was entitled to say of the articles in it that " their " accuracy in tenor and detail may be " relied on absolutely." The article on New. Zealand was written by Sir George Elliot, Chairman of the Bank of New Zealand, and is almost half a3 long again as the artiole written on

Australia by the Governor of the Commonwealth Bank, with which it shared a full.page. With a good deal of what Sir George Elliot had to say, since he was writing mainly for British and foreign readers, we need not now concern ourselves, though it is pleasant to find proof in such a place of the Dominion's continued prosperity. The only unpleasant paragraph is that which deals with our trade with the United Kingdom, and shows that there has been an appreciable increase in 25 years in our commerce with foreign countries, relatively as well as actually. But the most interesting section of the article to New Zealand readers is that which deals with our tariff preferences. Sir George Elliot does full justice to the effect of our preferences-r-from 45 per cent, to 25 per cent., for example, in the case of boots and shoes—on British trade, and thinks that it "might have been wiser in the bgjjin"ning because more understandable" if a general increase in duties on imported manufactured goods had .been made and a rebate granted on goods manufactured within the Empire. He is careful, however, to point out that New Zealand is essentially a primary producing country and "cannot hope " to sell her primary products if, at " the same time, she effectively bars "out the manufactures of the people "overseas who purchase those primary "products." That section of the commnniiy whiehis trying to have it both

ways, to reap the benefit of our'wonderful sales of raw produce and at the same time convert the Dominion into a manufacturing country by surrounding it with high tariff walls, should take heed, though we arc afraid they will not, of Sir George Elliot's warning that New Zealand would be a ruined community, at any rate until she had established her trade in other markets, if for any reason the United Kingdom were to stop paying for our wool and meat and butter.