SPECIFICS VERSUS NOSTRUMS.

Evening Star, Issue 21992, 30 March 1935, Page 14

SPECIFICS VERSUS NOSTRUMS.

With a good deal of scepticism and many expressions of dissatisfaction Parliament has consented to the plan of Mr Coates and his economic advisers for “saving the farmer ” over a period of five years. One hesitates to prophesy, but recent signs indicate that a far more natural cause will soon be operating with infinitely greater effect for farmers’' benefit—a rise in world markets for the commodities in which New Zealand is chiefly interested. At the latest London wopl sales, at this week’s Sydney sales, and at the Auckland sales yesterday the tone of the market has been distinctly firm. The reason is a revival of all-round competition ftom countries, formerly good customers, which thus late in the season have begun buying in earnest, the one exception appearing to be Italy. Currency difficulties have been quoted' in excuse for abstention, but these have not been overcome so suddenly as to explain foreign buyers’ present spurt. For example, at Auckland Germany bid strongly for coarse wools, although simultaneously a Berlin cable appears stating that, owing to a shortage of foreign currencies, the German wool controller has greatly curtailed April raw material allotments to woollen mills, and has imposed further restrictions on the use ,of wool, making available only one-fifth of last year's quantity. The exemption of wool obtained by barter does not explain Germany’s sudden buying activity in New Zealand, for we have heard of no such arrangement being negotiated recently. The fact appears to be that the attempt by European and Asiatic consumers of raw wool to compel Empire wool-growing countries to buy manufactured commodities from them rather than from Britain. under the threat of abstention from our wool sales, has broken down ; and possibly the time and opportunities lost earlier-in the 'season are- to be made up for in the next month or so. It may be that the increases in Continental standing armies, in being and contemplated, have something to do with activity in wool buying, for soldiers must he clad in serviceable uniforms, and, despite renewed claims for German ■“ synthetic ” substitutes for wool, it appears that the sheep’s back still provides the indispensable, raw material. Up to the present the New Zealand woolgrower this season has been mainly indebted to tjie Bradford demand although the lact cit a success!ul hid being made in a pronounced Yorkshire dialect is not an infallible guide to the ultimate destination of the catalogued lots secured. Nevertheless. Bradford is undeniably keen for supplies for its own mills. Official statistics show that the stocks in that textile area are 50 per cent, below those at a corresponding period of 1934. Britain’s buoyant Government revenue for the financial year practically ending tonight is strong corroborative evidence of her steady emergence from trade depression. Whether or not easier Government finances will permit ot a lightening of taxation, there is very strong presumptive evidence of an increase in the national income,' and therefore of increased purchasing power, which will surely, we trust, ho well enough distributed to permeate the great mass of the British public. In that case the markets for New Zealand exports cannot but be beneficially affected. Despite the heavy losses in the Yorkshire wool trade in recent years, ,as recently disclosed by the difficulties of firms of long standing in the trade, Bradford buyers are keeping in the van of revived and widespread competition, which indicates 'a belief in justification for dearer raw material. Perhaps, after all the recent universal discussion on the disastrous effect of trade restrictions imposed by Governments. the impression is gaining ground that the immediate future will sec the beginning of an abandonment of the throttling of trade. For, as M. Frederic Jenny recently wrote ; “ In the midst of this catastrophe (the 1930 collapse) public authorities, misguided in their conceptions of policy, acted clean con-

trary to the real interests of world prosperity, and by so doing, to the true interests of particular countries whose prosperity they were concerned to protect and defend. This policy, instead of overmastering the crisis, has rendered it far worse than it need have been.” There is one sentence in M. Jenny’s article which has special application to New Zealand; When once the depression has. been overcome and we look back at it, wo shall probably, remark that it was not the fall in prices, but their previous rise, provoked by speculation injudiciously fanned by the inflation of credit, which was the most catastrophic feature of all.” The introduction of Mr Coates’s special mortgage legislation this session is an elo-

quent recognition of the truth of M. Jenny’s observation and diagnosis. By itself this legislation will effect no cure. But, as wo hope, a real cure will be effected by removal of trade restrictions, increased world purchasing power, and a revival of that healthy economic activity due to consumption steadily on the increase.

A Wellington Press Association message states that the air mail which loft London on March 16 will arrive at Wellington by the Monowai on Monday, April 1.

A late Easter is commonly supposed to cause a limiting of such holiday movements as depend for success upon genial weather. The days are visibly shortening towards the middle and end of April, and though 1, the chances of line weather are as good at that time of the year as any other, ' the temperature *is cooling, so that outdoor sports are not likely to be so pleasureable as the earlier periods of the year. The Tourist Department, however, does not fear a decline in the usual Easter travelling. The manager of the Dunedin office of the department says that the reservations for Easter of this year are quite as numerous as in ordinary years at this date, and are likely to continue so. That is the experience generally. ’Persons who like to travel at holiday time have byApril recovered from the expenditure at the Christmas season and are ready to let loose a little more of their Spare cash. Although falling too late for the bulk of the seed crops, the recent rains in Otago and Southland will have the effect of freshening and strengthening the growth of pastures. The moisture will also be beneficial to the root crops. Before the rains the grounds in the districts were extremely dry and bard, but with a good soaking they have softened considerably, thus greatly facilitating ploughing operations for the autumn-sown crops. Due to the dry- weather,-the potato crops have been much earlier this season, and it is not expected that the rains will have any effect on these.

An unexpected obstacle developed in the House of Representatives last night in the reception of the Government’s amendment to the Commercial Trusts Act, and this threw out of gear carefully laid plans for early completion of the session. The only result of the day’s work was the seebnd reading of the Education Amendment Bill, which had a very favourable reception. Whether the Commercial Trusts Amendment Bill will again be considered is matter for grave doubt, as the whole ( of to-day’s sitting was occupied with the passage, of two Native Bills of importance and the final stages of the Education Amendment,' while Tuesday is already allocated to the debate on unemployment, and probably tHe passage through all stages of the legislation for winding-up the majority of the companies in the M'Arthur group. Delay has occurred in introducing the Finance Bill.—Parliamentary reporter. A first offender for drunkenness was fineci 10s, in default twenty-four hours’ imprisonment, by Mr H. W. Bundle S.M. in the Police Court this morning.

There was a .satisfactory at ten dance of the public yesterday al’tcnloon at the Dunedin Specialists’ Young Bird Club's annual show, which is'being held in the Fuller Hall, and to-day a number of country visitors turned up to inspect the exhibits. The club has every reason to congratulate itself on the success of the show, which has attracted entries from many prominent breeders. The postal authorities advise that the Monowoi left Sydney on Friday for Wellington with twenty-seven bags of Australian mail and sixteen parcel receptacles, also the London air mail of March 1(5 for Dunedin. The mail is due at the local office on Tuesday afternoon.

In the last two years New Zealand has lost its place in the eyes of Great Britain as the favourite dominion, according to Mr George Bujjncs, a visitor from London. Mr Burnes, who, was for thirteen years manager in Christchurch of the Australian Mutual Provident Society, has been living in London for the last five years. The main reason for .the change was, he thought (states the Christchurch ‘ Press ’), that the British people were realising that New Zealand was not trading fairly with their country. by. placing heavy duties on England's imports to the dominion. A falling off in the quality of foodstuffs exported ami the raising of the exchange rate'were other factor.-.

A chimney lira at the Grand Hotel received the attention ol the Cily Fire Brigade about 1.15 this morning before any damage resulted. 1

The .secretary of the Dunedin Returned Soldiers’ Association (Mr 0. L. Forens) stated yesterday that arrangements for the annual Poppy Day appeal, which is to be hold throughout Otago on Friday, April 12, are well forward. As in previous years, there will be street stalls in the city, and a thorough canvass of the suburbs will be made. The association is confident that the public will accord the appeal the same generous support as in the past.

Notification of Sunday services gs enumerated below appears in our Sunday services advertising columns: —Anglican; St. Paul'* Cathedral. All Saints’, St. Michael's and All Angels’. Presbyterian: First Church, Knox Church, St. Andrew’s, Chalmers, Musselburgh, St. Stephen’s, Roslyn, South Dunedin. Methodist; Trinity, Central Mission, Mornington, St. Kilda, Caversham, Dundas Street, Abbotsford. Baptist: Hanover Street, Caversham, Mornington, South Dunedin. Roslyn, Sunshine. Congregational: Moray Place. Church, United. Church of Christ; St. Andrew Street. Northeast Valley, South Dunedin. York Place Hall, Playfair ' Street Hall. Christian Science, Tbeosophical Society, Spiritualists. Orange Hall. The Otago Early SclMcrs’ Association will 1 hold their monthly old-time dance in the Early Settlers’ Hall bn Wednesday next. To-night, in Bogg's'Concert Chamber, Mrs 13. R. Noes and Miss Winifred Gardner will join forces in presenting an attractive programme of works for two pianos. Both are well-known pianists, and their collaboration in this recital should be followed with interest. The programme consists of five piano works and a bracket of'songs by Miss Meda Paine. In the Mozart double concerto the pianists will be accompanied by strings, led bv Miss Ngaio Garland.

A farewell social gathering in honour of the Rev. Mr and Mrs Cox will be held on Monday evening in the - Mornington Methodist Sunday School Hall. A cordial invitation is given friends cf the church to attend. The Southern Starr-Bowkctt Society announces the disposal of £2,500 by ballot and sale in groups 3,4, and son April 8. , The United Starr-Bowkett Building Society will distribute £2,000 by sale and' ballot on April 4. The Dunedin Starr-Bowkctt Building Society will dispose of £1.500 by ballot on April 5. The Railway Department advertises in this issue particulars of fares and special train arrangements in connection with the official opening of the new bridge and aerodrome at Balclutha on Saturday and Sun* day, April 6 and *7, The Dunedin Citizens’ Association reminds electors that the supplementary rolls close on Wednesday next, April 3, at the Town Hall, at 5 p.m. Finns holding an occupier’s qualification as tenants are reminded of this important factor. He secs welt who sees Stunner.—W. V.Stunner, Optician, 2 Octagon, Dunedin, Consulting Opticians—W. V. Stunner, A. R. Watson, E, R. Boyd.—fAdvt.i