ECONOMY WANTED

Evening Star, Issue 19638, 18 August 1927, Page 15

ECONOMY WANTED

MR HOGG ON DOMINION'S POSITION In the course of his presidential address before tlio Manufacturers’ Association last evening Mr James Hogg dealt at some length with tho financial position of tho dominion. Our exports, ho said, for tho twelve months ended Juno JU, 11)27, showed an increase of £69,583, Tho position with our imports called for dose attention. Although there was a decrease against last year, the figures showed an increase of approximtaoly £2,GU0,000 over 1924 and £7,000,000 over 1920. This is an indication that imports were still much 100 high, and that the industries of the. dominion were suffering accordingly. Taking the figures for the last three years, they found that the exports have not quite paid for the Imports, and thus left them with no provision for our outside indebtedness in the way of interest on Government and local body loans. Only greater effort by all sections of tho community and increased production, combined with a restriction of importing, will restore a favorable trade balance. “If wo recover from the present slump,” he said, “ as quickly as in 1921 we have nothing to fear, and certain staple primary products already show a slight upward tendency. Indications point, however, to the progress of recovery being slower and more .painful, and the position calls for the greatest economy in both public and private expenditure, and a drastic curtailment of borrowing except for land and industrial development, and for only essential public works.”