A FORTUNATE COUNTRY

Evening Post, Volume CXIV, Issue 19, 22 July 1932, Page 8

A FORTUNATE COUNTRY

NEW ZEALAND'S POSITION

WARNING AGAINST OVER-

SPENDING

The opinion that New Zealand is one of the most fortunate countries ,in tho world in tho present state of depression' was* expressed by the chairman of the Associated Banks, Mr. J./T. Grose, in the course of a public address last night.

"I have been twice round tho world," said Mr. Grose, "and I am an observant man—at least, I believe I am—and in the places I have visited I have ti Iked to tho people about "'tneir country and tried to.find out as much about it as possible. Prom my 'Observations I ami satisfied that New v Zealand is one of the most fortunate' countries in all tho world. It is fortunate in several respects, but there is one danger which seems to mo to arise through that very good fortune, and that, is we are— or, perhaps, I should say, have been— rather inclined to tafie good things and good times too much ijor granted. I think that in the past when England loaned us large sums of money, and we were able to borrow >at a /low rate of interest, we laid the seods of our present trouble. Money was cheap, we used it freely, and we did well with it, and wo thought such times would always continue.

"I am speaking generally now, but it seems to me that we'in Now Zealand wero rather inclined: to rest on our financial oars, to Bpend largely what came to us and not make provision for a_ rainy day or for meeting our liabilities, and that now, in a timo of depression, we are caught moro hardly than we ought to have been.'*