DOMINION’S FUTURE

Dominion, Volume 23, Issue 82, 31 December 1929, Page 10

DOMINION’S FUTURE

INDUSTRY AND THRIFT ESSENTIAL PRIME MINISTER’S WARNING NOTE While optimistic of the Dominion’s future, the Prime Minister (Rt. Hon. Sir Joseph ’Ward) in his New Year’s message published below issues a warning against uneconomical expenditure, maintaining that the need still exists for the application of industry and the practice of thrift- In reviewing the year’s activities reference is made to the national trade figures and the hope is expressed that the returns from the country’s staple exports will soon recover. The banking returns are stated to show the presence of ample funds for the financing of primary produce. An indication is given that during 1930 the Government will devote close attention to the interests and welfare of New Zealand’s manufacturing industries. The Prime Minister’s message is as follows:—

“Another year is just closing, and I avail myself of the privilege of extending to my fellow citizens my cordial good wishes to one and all for a happy and prosperous New Year. May I say how very deeply I have appreciated the kindly sentiments which have been extended to me in the indisposition which has unfortunately overtaken me during the past two months. I am deeply sensible of the generous consideration and sympathy which have been shown to me by all sections of the community, and I rejoice in the hope that in the near future I shall be able to take my accustomed place actively amongst you. A Successful Year. “I think that we may look back upon the year now closing as having been a successful one from many points of view, and that the Dominion has proceeded on its march of progress, especially towards that restoration of prosperity and employment which are so essential to the well-being of our people. Our national trade figures disclose a healthy position, although there has been a decrease in the value of exports, owing to a decline in prices in external markets. Our banking returns give no cause for any undue anxiety. On the contrary, they show healthy monetary conditions and ample funds for the financing of our primary produce. Financial Operations. “The Government has, since it came into office, been called upon to handle finance questions on an extensive basis, both in regard to our overseas debt maturing, and in finding money to carry on and promote those undertakings necessary for the country’s progress—such as State Advances, land settlement, and public works development. It must be a matter for congratulation that these large financial transactions have been successfully carried out, especially as the State Advances Department has thus been enabled to take its proper part in meeting the requirements of settlers and home-builders. It is also a source of satisfaction that the money required

for this latter purpose has been raised locally in New Zealand. The completion of the largest overseas debt transaction of the Dominion, in November last, was a noteworthy event in the country’s financial history, and its successful operation was favourably commented upon by authorities in London as an indication of the high credit of the Dominion and of our sound finance on progressive lines. Manufacturing Industries. “Just a word concerning our manufacturing industries. It can be said that during the year these have enjoyed a greater degree of industrial activity than they had experienced for. some time, and it is the intention of the .Government in the coming year to devote close attention to their interests and welfare. Business conditions should also show the improvement which has been manifest in our trade and commerce. While the prices of our primary products, particularly wool, have unfortunately' experienced a decline, it is to be hoped that, with the exercise of care and the maintaining of the high quality which has characterised New Zealand’s products in the past, combined with improved marketing facilities, the returns from our staple exports may soon recover. A Note of Warning. “While there is no ground for pessimism in regard to the future,' yet it may not be out of place for me to sound a note of caution against uneconomical expenditure. Industry and thrift are just as essential to-day as they have been in the past. I have a high sense of pride in the achievements of our country, and I am certain that the future holds for New Zealand still greater development, both commercially and industrially. The energy and virility, inherent in our population, will always stand to the Dominion, and with prudent administration we need have no misgiving regarding its progress in the years to come. “I sincerely trust that 1930 may bring to all our citizens a full measure of prosperity.”