OPTIMISTIC NOTE

Evening Post, Volume CXVI, Issue 71, 21 September 1933, Page 5

OPTIMISTIC NOTE

j TRADE IMPROVEMENT

CONFIDENCE RETURNING

i A MINISTER'S STJRYEY

A note of optimism as regards the future was struck by tho Hon. J. G. Cobbe, as Acting Minister of Industries and Commerce, at the Combined Shipping Companies' smoke concert. The Minister said there was in existence at the present time, not only in New Zealand, but in overseas countries as well, such an atmosphere of confidence as had not ,been in>evidence at any period during, the past three years.

Eecent -reports from tho United States stated that the change in economic conditions .had been remarkable, said Mr. doibbe, and cheerfulness had spread through the industrial and farming groups. Wholesale- markets had been most active and prices had shown appreciable, gains. In Canada reports showed that the improvement had not been so marked as in the United States, but the rise in wheat prices had considerably helped business generally. In i England there had been an atmosphere of more- confident assurance, business had increased, and unemployment had decreased. In New Zealand inquiries revealed that both wholesale and retail trade had been steadily maintained in reco?it moriths, and that in several directions the general tone of trade had shown improvement. "As instances of the improvement," said Mr. Cobbc, "it may be mentioned that a leading furnishing establishment in Wellington stated recently that the outlook has improved to,such an extent that extra hands are being engaged; that, one .leading, firm in the motor industry anticipates substantially increased importations, of cars and is increasing its staff in consequence; and that another leading firm in the same .industry anticipates that it will shortly be turning out seven or eight cars a day instead of two as at present, and that ■it proposes to increase- its staff by fifty or sixty men. "In support of these statements concerning tho motor industry it may bo mentioned that motor registrations for last month exceeded those for tho corresponding month of the previous year, the first time for two years that an increase has been recorded. . MOVEMENT OF PRICES. "Prices of several of our principal exportable products have shown marked improvement recently. At the beginning of April butter (salted) was quoted at 65s to 67s per «wt; cheese (white) at 37s to 38s .per cwt; and cheese (coloured) at 44s to 465. Since then fhere has been a steady upward tendency and latest quotations are: butter (salted), 99s to 108s per cwt; cheese (white), 52s 6d to 53s per cwt; and cheese (coloured), 53s 6d to 54s per cwt. Prices of wool showed a sharp advance at the recent Australian sales, and it is anticipated that they will -be' well maintained at the London sales commencing on the 19th instant. 'The 1933-34 series of wool sales in New Zealand will, commence at Auckland on November 27. "Prices of mutton and lamb have shown appreciable improvement in recent months, and the Ottawa Agreement is working strongly in favour of the New Zealand meat industry. Prices of other commodities such as hides, skins, and tallow have also shown definite improvement recently. STOCKS AND SHARES. "Prices of most classes of stocks, shares, and securities have advanced in recent months both in this Dominion and in other countries. In addition prices of many, different kinds of commodities have shown a marked increase in overseas markets. The rise has principally occurred in grains, live stock, cotton, wool, copper, lead, tin, zinc, silver, and other raw materials. The following share quotations are in-

dicative of the improved outlook so far as the meat industry is concerned: Quotations at Jan. 31, Current 1933. Quot'ns. £ a. d. £ 8. d. X.Z. Refrigerating Co., Ltd. (£1 share, 10a paid) 03 9 0 9 2 Canterbury Frozen Meat Co., Ltd. (£lO share, £7 10s paid) 4 10 0 9 15 0 Gear Meat Co., Ltd. (£1 share, fully paid) 1 SO 1 13 0 .Southland Frozen Meat Co., Ltd. (£1 share, fully paid) 2 1.0 2 11 0 "Tourist bookings for July and August of the current year show a substantial increase on the figures for the corresponding two months of 1932; a further indication of an improvement in economic conditions. PRODUCTION IN NEW ZEALAND. "Throughout the period of the depression production in Now Zealand has been well maintained, and present indications point to the coming season being no less successful in this respect. Tho dairying industry has opened well with an increase of 40 per cent, in butterfat production- for August, as compared with August last year. Gradings of butter for the same month show a similar increase, and cheese an increase of 48 per cent. • MARKETS. "Opening up of new markets and development of existing ones is a matterthat must inevitably come- more and more into prominence in the.future, and the Government can be relied upon to do everything reasonably possible in that connection." ~ • >'