ECONOMIC OUTLOOK

Evening Post, Volume CIX, Issue 51, 1 March 1930, Page 11

ECONOMIC OUTLOOK

NO.NEED FOR PESSIMISM

(By telearaph.) (Special to "The Evenino Post.")

AUCKLAND, This Day.

i "The general economic outlook appears on the face of it less favourable I than it has been for some time past, and causes of the' present position in New Zealand will be found on analysis to bo repercussions of the adverse conditions which have materialised during the past twelve mouths in England, the United.States, and Australia," said the newly-elected president of tho Auckland Chamber of. Commerce, Mr. Malcolm Stewart, at the annual meeting of the chamber. These influences, accentuated by tho continued tendency for world prices to fall, have made the present outlook m New Zealand perhaps far from rosy,, said Mr. Stewart; "There.is, however, no need for serious pessimism, particularly in New Zealand, and especially in Auckland. Bather is there need of confidence that the Dominion will win through. It is true that there has been a substantial drop in wool prices, but as regards dairy produce, in which the Auckland provincial district is mainly interested, suck a fall in prices as has occurred has had its effects moro or less neutralised by increased production in sympathy with improved farm methods. The net effect is that for one year ended 31st December, 1929, exports from New Zealand have dropped only one per cent, in the aggregate value, as compared with 1928. "At the same time, however, there has been not an entirely healthy increase of some 9 per, cent, in the aggregate value of imports, the increase of which is mainly in luxury articles such as motor-cars, the need of importation of, which in such large quantities is problematical."