OUTLOOK STILL DIFFICULT

Evening Star, Issue 18254, 19 April 1923, Page 6

OUTLOOK STILL DIFFICULT

TRADE DEPRESSION POSSIBLE AGAIN. EON. W. D. STEWART’S WARNING. [Pee United Press Association.] WELLINGTON, April 19. Tho Minister of Customs (the Hon. W. Downio Stewart) yesterday warned the members of tho Chamber of Ccmmorco against entertaining too confident a belief that the trade depression had_ passed and would not be felt again. The report of tho chamber, said ,Mr Stewart, was marked by a strong spirit, of optimism. Ho noticed in the opening paragraph this statement: “Wo can say with certainty that New Zealand has passed out of tho period of depression, and from now on there should bo progressive improvement leading to prosperous times again.” The evidence at present before tho business community certainly lent color to such a statement ; but ho thought the considered opinion of those who bad made a special study of the tendency of affairs was that one could not altogether roly on the maintenance of the present prices, or he assured that prosperity had definitely returned. Ho had recently received from an economist of some standing a letter stating that tho writer felt more than ever convinced that the outlook was very difficult, and the revival of prices (this authority thought) would not last more than two seasons at most. The country would pay very dearly for tho extravagance of the boom period, and tho prospects for tho 1924-25 season were fairly serious. That opinion was supported by other economists in different parts of the world'. Whether it was right or wrong, people should take advantage of tho present period to make everything snug ami shipshape in case trouble came. , They knew how suddenly the last depression had come, and how suddenly it had passed ; and if there was anything in the opinion ho had quoted tho Government and private finance should be adjusted to meet any change that might occur.