NOTES OF THE DAY

Dominion, Volume 16, Issue 121, 7 February 1923, Page 6

NOTES OF THE DAY

One gathers from a somewhat hasty perusal of the official report of the Liberal Party meeting, which reached us at a late hour last evening, that the framers of tho resolutions had less concern for accuracy than desire to cast discredit on their opponents. the dominant note of the gathering appears to have been ‘‘party first and all tho time.” It is a bad beginning—a tactical blunder—which is not to bo obscured by the familiar and somewhat hackneyed array of benevolent professions of good intentions and claims to superior virtues. Mr. AVilford may be thirsting for another general election, but it is doubtful if many of his followers feel that way—nor does the country want it

A striking illustration of the fact vhat in "withholding aid from Europe the United States is pursuing,' a policy inimical to its own trading interests appears in the position with regard to exports of iron and steel, which was mentioned by the chairman of the National Provincial Bank (Sin H. Goschen) in a recent speech. Twelve years ago Germany acquired tho lead from Great Britain in exports of iron and steel, but five years ago the load passed to tho United Stites. America’s iron and steel! industries, particularly the latter, are very highly organised, and on this and other grounds she had much in her favour in attempting to retain the leading place amongst exporting countries which she won five years ago. For the first eight months of . last year, however, British exports of iron and steel exceeded those of the United States by approximately one-third. There is little doubt that America would have been much better placed in this and other classes of trade if she bad agreed in good time to co-operate in ridding the world of the incubus of international war debts.

Sib- Harold Beauchamp's generous gift to the Dominion Art Gallery, announced this morning, m»ans a great deal more to the advancement of tho movement it is intended to benefit than can bo measured by the financial value of the gift, substantial as that may be. The bequest conies at a most opportune time; it is in a form which ensures a permanent benefit to the galleiy and to the community; it is a public-spirited action which cannot fail to' have a good effect both as a stimulus to those who are working here in the cause of Art and as an example to citizens who are in a position to follow tho splendid lead given them. The gift is expected in about ten years’ time to yield a return oi about £5OO ft year, which is to be expended each year in the purchase oi works oi art for the Dominion Art Gallery. This stipulation is important, as it will incan that in years to conn the work of progressive periods will bo secured for tho gallery, which is preferable to a large sum of money being expended in any one year. The president and council of tho New Zealand Academy of Fine Arts have expressed their high appreciation of Sir Harold Beauchamp s public-spirited action, and their views will bo heartily endorsed by the public generally. The gift should hasten the day when we shall have an art galleiy in Wellington worthy of the Capital City of the Dominion.

Particulars of British oversea trade for the eleven months to the end of November last support the hopeful anticipations recently expressed of a steady movement of recovery. As compared with the corresponding period of the previous year, exports show a fairly substantial increase. Imports and the excess of imports over exports, have to a much greater extent declined. The leading facts appear in tho following table, supplied by the /j’conoziitjf.: — U-K. FOREIGN TRADE, ELEVEN MONTHS ENDED NOVEMBER 30.

For several months during 1921, exports from the United Kingdom were seriously restricted by the coal strike. On the other hand, many prices in 1922 were lower than in 1921. A comparison of quantities would show a greater increase in export trade than the figures of vahlO in the above table. Coal, iron, and steel bulk large in the increased exports from the United Kingdom, flic mining and metal industries led the way in drastic reductions of wages and working costs. They are now beginning to reap the benefit.

Imports British exiwrts Re-exports Total exports Excess of imports over total exports 1921. £ 1,001,4 22,825 643,821,532 97.848,481 741,670,013 1922. £ 909,031,435 661,613,399 95,298,305 756,912,199 Increase or Decrease in 1922. £ - 92,391,390 + 17,791,862 - 2,5-49,676 + 15,242,186 259,752,812 152,119,235 -107,633,576