TOPICS OF THE DAY

Evening Post, Volume CXII, Issue 110, 5 November 1926, Page 6

TOPICS OF THE DAY

A month or two ago tie imports were running about a million and three-quar-ters behind the exports on the figures then available. This was not so great a relative fall in imports as had been expected, but the fall is now still less, as nine months' figures for tho calendar year (that is, to 30th September) indicate that the imports aro only £831,940 less than the nine months' figures of 1925. There may, of course, bo a considerable change before the financial .year closes on 31st March, 1927, but in the meanwhile it seems that the imports for the nine months of 1926 are not only within a million of .the 1925 imports, but are actually £57,448 in excess of exports. A borrowing policy, of course, tends to keep up imports. Or, to put it in another way, the credit available to New Zealand enables her to obtain goods, while the economically backward countries of Europe, for lack of credit, have to go without. Until stability is completely restored, the argument between Sir W. Runciman (the champion of BritishEuropean trade) and Sir Robert Home (a champion of inter-Imperial trade) will be rather lacking in its figure basis. New Zealand wishes to buy British goods, at the same time to keep a balance in trade, without which credit may be undermined and impaired. • • • It is, of course, possible to curtail New Zealand's purchases, and to restore a surplus of exports, without reducing imports from Britain. During the nine months Britain, sent New Zealand seventeen millions' worth of goods, the United States sent seven millions' worth. The adverse balance of trade between this country and the North American Continent, recently commented on by Mr. Coates, implies the advisability of a reduction of United States imports. In motor-cars, however, which hitherto have been bought chiefly from America,, the nine months' figures show an increase in numbers imported (17,375-16,154) though not in Customs valuation (£2,792,778-£3,049,087).. Admittedly, the test is service. If the United States supplies cheaper and better articles, the United States will in tho ordinary course get the business. But, other things being equal, it is in United States orders that tho "cut" should be made, rather than in tho trade with the country which is both our best customer and our biggest supplier of credit. • • * If the cable messages which we have received are a correct presentation of the American election atmosphere (and there is no. reason to suppose that they are not), the Prohibition issuo is bulking largely in the campaign, overshadowing personal values, and even international and economic policy issues. AVhether a candidate is "wet" or "dry" appears to count far more than his attitude to American participation in world politics, or his stand upon the tariff policy. America is not alone in this unfortunate experience. Even in New Zealand, where there is the opportunity for direct voting, we have had political issues clouded and even obscured upon occasions by the liquor control problem. It,.is possibly hopeless to expect that the passions and prejudices aroused upon this issuo should be subdued, but surely some means can be devised of keeping general politics and liquor politics apart. Prohibition is important, but it cannot be regarded, except by extremists, as transcending in importance all the groat questions of civil government. • • • Bearing in mind the changes which have taken place in the City Engineer's Department, and the fact that reorganisation is even yet incomplete, the Mayor cannot bo held wholly responsible for the delay in preparation of

the Te Aro replanning scheme. He is now able to announco, however, that the prepara/.ins aro considerably advanced, and that he hopes soon to be in a position to seek the advice and assistance of representative organisations and experts. We are pleased that he proposes to take these bodies (and we assume the general- public also) into his confidence before putting the plans into operation. It is much better to consult those who are able to help than to 'encounter their opposition when the whole plan is fixed and definite. We are convinced that there would not have been such opposition to the Kent terrace proposals if these had been open for public discussion before being put into operation and if those organisations specially interested in the advancement of the city and the preservation of its beauties had been given an opportunity of submitting their views. It is not too late, even now, to adopt this course, and to see if reasonable discussion cannot produce a modified plan which will meet the desires of all concerned.