DOMINION TRADE AND FINANCE
g; r _T W o articles in your issno of 13th inst. provoke comment. First, under the caption "Smaller Exports" you continue, "New Zealand's reduced production," and "shortage of farm labour." This suggests cause and effect, and you'quote a number of opinions that farm labour should now be exempted from military service. But is tho reduction -A exports due to shortage cf labour? Take' wool: Has .tho number of sheep decreased?. No.
Are they adopting "a go-slow vfiw' 1 and growing less wool per sheep? Nov Aro they going unshorn for laok or labour? Certainly not. Than why the decrease in quantity exported? The answer is twofold. We aro using an ever-increasing quantity locally ia clothing our troops, and tho balance is in store awaiting shipping space. Mutton and lamb follow the same ■ line of questioning. Our flocks are not decreasing; nor aro they abnormally increasing. Why, then, ;less shipped? Because all the freezing companies have ; their cool storage gorged with meat awaiting shipping facilities. Into the financial year, 1915-16, was carried forward large quantities of all our primary products for lack of shipping spaco. That caused the decrease in i the years 1914-15. Into the financial i year, 1916-17, wo are carrying still larger quantities and for the same reason, viz., an even greater lack of shipping. If farm workers are to be exempted from military service, let it be decided on the merits of the position, and not ion a comparison which is so incomplete as to be. misleading. Before it cau be said our products are shrinking, we must know the quantities awaiting shipment at the three periods you contrast. Secondly, in a sub-leader, you compare the banking returns of March 1917 with those of March, 1916. but you leave out one most important factor, viz., the_ ten million Government loan raised in the Dominion during the year. That loan would be at least thrico reflected in the 1917 figures, viz.:— 1. It would increase the Government deposits. 2. It would reduce other deposits through withdrawals ta contribute to the loan. 3. It would increase advar.ces by reason of the' hanks assisting customers to subscribe to tbn loan.' ' Do not these facts somewhat discount your conclusion that the increase in pdvances "proves that credit can be profitably employed iusfc now" ?—I am, etc,, •':..'.■'■• OBSERVER.
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Bibliographic details
Dominion, Volume 10, Issue 3053, 14 April 1917, Page 10
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391DOMINION TRADE AND FINANCE Dominion, Volume 10, Issue 3053, 14 April 1917, Page 10
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