Confidence in the Future

Dominion, Volume 26, Issue 49, 21 November 1932, Page 11

Confidence in the Future

Sir, —The following extract from a letter just received by me from a relative of mine, a retired solicitor, but who keeps in touch with current affairs, particularly large investments for which be is trustee, should serve to restore a measure of confidence in those who may still consider the financial situation doubtful. The letter is written from London and dated October 9. The writer says inter alia: “In what way can New consider themselves specially! suffering? 55 6 here are paying rates at 10/- in the £, income tax at 5/-, enormous death duties, and still we keep on smiling. In my case my pre-war income has been sufficient. One servant now. less expensive food, less to spend on self and daughter, no dividends coming in, in some cases, but still wc smile! Things will come right again. Seven years of leanness followed by many fat ones. I cannot see how things in the Colonies can be said to bo so bad when even your 3$ per cent, loan is above par, while the Australian ones are up nearly 50 per cent. Our giltedged securities here are rising rapidly, even the trust funds being worth £l5OO more than in December last, when I admit things looked very bad. As a whole the unemployed have taken their ‘cut’ well, bur, of course, there are always a few readv for a little riot —result, some fines of 40/- and a little hospital work. "Things are taking a decided turn for the better hero. The wonderful stock conversion, Ottawa, and cheap money and expectation of much from the National Government puts spirit into people. The prospect of a satisfactory adjustment of the, war debt problem with the U.B. m December is also a reassuring factor. I feel sure, unless something quite unexpected intervenes, the worst is now over, and we have every reason to feel confidence in the future, and go forward with lightened hearts.” Coming as they do from a man of Hie experience with business affairs, living in the great centre of the world's financial interests, these few cautious, reasoned criticisms should carry some weight.—l am, etc., H GTBgON j p Ngaio, November 16-