WORK OF BANKS PRAISED

Press, Volume LXXII, Issue 21729, 11 March 1936, Page 18

WORK OF BANKS PRAISED

* RECOVERY FROM THE DEPRESSION VALUE OF TRADE TREATIES EMPHASISED CJUS3B ASBOCIATIOX TILKOBAM.) WELLINGTON, March 10. In his presidential address to the annual meeting of the Wellington Chamber of Commerce, Mr M. G. C. McCaul said the country could congratulate itself on successfully weathertog the greatest financial storm in the present generation. New Zealanders had every reason to be proud of the part played by the banks in salving the wreck caused by public and private extravagance in the past. He did not think they could expect permanently improved conditions until international trade was restored. The policy of self-containment now followed by many nations must inevitably result in a lowering of the standard of living. The object of many leading statesmen of the world appeared to be to make the world's goods dear and scarce. Surely cheap and plentiful would be a better motto. He regarded the trade treaty with Belgium as a milestone on the road of the economic life of New Zealand, and it should be the policy of the Government to extend the usefulness of the agreement and initiate negotiations with other highly industrialised European countries, and America, for the interchange of products on favourable terms. A very serious obstacle to such negotiations was New Zealand's obligations under the most favoured nation clause of the international treaties to which she was bound. He suggested that the new Empire policy should be to give first consideration to Empire countries and next to those foreign countries who were willing to trade on mutually satisfactory terms. Foreign nations whose policy was to sell to us but not to buy should be treated with every consideration, but no favours. Immigration Steps should be taken to encourage a steady flow of suitable immigrants to New Zealand. It was absurd that a beautiful and fruitful land should provide a livelihood for a population only equal to a large British town. "There is still time for New Zealand to choose the nationality and type of immigrant she would like," he said, "but if we do not choose, the choice, may be made for us." A hopeful feature about world conditions was the increased sense of responsibility exercised by rulers and leading industrialists in the care of working people, but modern legislation was going too far in directing and restricting the activities at the people. They were becoming Inclined to place too much reliance on the promotion of legislation, and too little upon the cultivation and exercise of their abilities as individuals for overcoming difficulties.