INDUSTRY & THRIFT

Gisborne Times, Volume LXVIII, Issue 10727, 26 October 1928, Page 6

INDUSTRY & THRIFT

SPIRIT THAT WILL CONQUER,

(Special To The Times). WELLINGTON, Oct. 25. “Most important of the foundations on which this Dominion depends for its prosperity is an abundance of -capital saved in New Zealand and not borrowed by the Government available for development of our industries—farming and manufacturing—at a reasonable rate of interest, the efficient organisation of those industries and an industrious and thrifty population, remarked the Hon. T. S. Weston to members of the N.Z. Employers’ Association to-day. “The improvement m all these three points during the last ten years is,” he added, “most marked. When the war ended, the British Government with all its resources was paying 6 per cent for tiie money it borrowed. Industrial enterprises in London were paying 8 per cent. To-day 4J per cent is the rate for British Government leans and safe industrial enterprises in England can obtain the funds they require at 6 per cent. “Here in New Zealand the Government v as been the first of the Austra' LOJ States since the war to bo 1 at less than 5 per cent. Lhm’v >.e last twelve months, as a re?" *>f. a good season and the effortpi'jT-yyoS people, private capital has accumulated to such an extent that once more investors are finding a difficulty in obtaining good securities for their savings, in consequence, rates of interest have fallen at least -j per cent and given two more reasonably good seasons, a continuance of the spirit of indus-. try and thrift now manifested by the whole country, and Christmas 1930 should see’New Zealand back to the neighborhood of the 5 per cent rate upon safe securities prevailing in 1913.■

“The second sure foundation for future prosperity is the greater efficiency and economy shown by our people. In this respect the dairy farmer has given the rest of New Zealand a magnificent lead. By improved herd selection, more lextensive use of manures and more scientific cultivation he had increased the quantity of his production. Even if the price of his products owing to a world-wide fall in prices should drop during the next five years as much as 25 ner cent, there is no reason why ho should not increase the quantities of butter and cheese produced from the same number .of cows 50 per cent. This would mean .a net gain of 25 per cent on his returns. In addition he will have to the good, the advantage of the increased number of cows he will he ble to maintain upon the same acreage 'or .land, *. *. : j “No class .or individual, can pros-i per without sharing its'Or, >is.:prqs.penty. with the whole - community. The -benefit to .the ;whole..Dominion through the increased output of the dairy ; faripers- '.will, be •universal. .■ '■

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