DOMINION'S TRADE

Evening Post, Volume CV, Issue 136, 11 June 1928, Page 16

DOMINION'S TRADE

• A GREAT RECOVERY ; MINISTER OPTIMISTIC (By Telegraph.) (Special to "The Evening Po§,t."> AUCKLAND, This Day. An optimistic noto regarding the- Dominion's trade prospects was struck by the Hon. J. A. Young, Minister of Health, in an address at the annual meeting of the Auckland Commercial Travellers' Association on Saturday. The Minister reviewed the financial situation, and strenuously protested against the criticism levelled at the Government, which, in some quarters, was being held responsible for condi- * tions arising out of the world-wide depression. "The Prime Minister has been unduly criticised recently in various quarters for distress that has arisen from causes over which the Government has no control," said Jir. Young. "In spite of this, I s.fy the Prime Minister is a capable man, and the country will be doing only right in returning his party to power agaifei, in order to allow Mr. Coates to carry out fully the policy he lias inaugurated under great difficulties." The present Government, continued Mr. 'Young, was still faced with difficulties of imaginary high prices and depreciated currency values. Interest had to be paid upon loans raised during the war, while huge expenditure was necesasry in the redemption of debts and in pensions payments, which would have to bo met by the country for many years. Yet all this had to be provided from. the pockets of the people; and through tho various channels of the State's revenue. A great problem lay in tho fact that the wartime debts were incurred at greatly inflated price-levels, whereas to-day debts were being met on an entirely different standard of values. The only possible salvation lay in increasing tho productivity of the country in order to make up the difference. In spite of the great disparity" in prices and consequent hardship throughout the country the outlook was decidedly brighter at present. , ■ GREATER CONFIDENCE. The Minister said he had travelled almost the length of New Zealand during the past six weeks, and he had everywhere found a feeling of greater confidence in commercial circles. This feeling of optimism was no doubt the direct outcome of the remarkable recovery effected in tho Dominion's overseas trade during the past year. There had been a remarkable change during the past year, and the effects of the trade recovery were already being felt. The excess of exports over imports at 31st March, 1928, amounted to £10,----542,000, a remarkable figure in the circumstances, as the recovery was equivalent to about £13,000,000. During the year New Zealand had improved her external trade to an almost unbelievable extent. "It is gratifying to find that the Dominion has been importing less goods from the United States," the Minister said. "The United States has always been ready to sell goods to us, and unwilling to buy if she can possibly avoid it. The difference between the British and American trader is that the former will both buy and sell— that is, trade in the true sense of the word, but tho American will not buy if he can help it. There was a feeling at one time that the centre of the. world's money market* would shift from London to New York, but there is not the slightest possible hope of that occurring to-day." In. conclusion, the Minister made an appeal for a greater measure of confidence- throughout the country. Appreciation of the Minister's timely statement was later expressed by Mr. E; H. Dayis, vice-patron of the association. He said it was as well to remember that confidence was the mother of prosperity, and judging by the remarks of Mr. Young tho country had every reason to discard the pessimism which had been inclined to cloud the commercial outlook. Mr. Davis paid tribute fto the administration of the banking institutions during tho difficult period, and expressed the opinion that the present healthy state of the country's finance was largely due to the wise and careful administration of the banks.