The Gisborne Times PUBLISHED DAILY. TUESDAY, FEBRUARY 24, 1931. WHERE IS SIR OTTO NIEMEYER'S REPORT ?

Gisborne Times, Volume LXXII, Issue 11448, 24 February 1931, Page 4

The Gisborne Times PUBLISHED DAILY. TUESDAY, FEBRUARY 24, 1931. WHERE IS SIR OTTO NIEMEYER'S REPORT ?

f There, is much speculation in business circles throughout, the Dominion us to wliat legislative changes in connection with banking, exchange and currency arc comremplatod by the Government. It will bo recalled that the Government, sumo six months back, invited Sir OttoNiemeyer to visit New Zealand in order to advisq it on those important problems.. Dut the eminent financier kept his own counsel as far as tho public was concerned, and all that was vouchsafed by Mr. llansoin, then ActingPrime Minister, was that Lhq distinguished visitor held that this Dominion should be able to escape extreme adverse economic ‘ conditions similar to tlioso prevailing in Australia. It will bo noted that the keynote of the Government’s new policy is a heavy reduction in the cost of administering tho Dominion’s affairs. Seemingly that stop is regarded as a condition precedent to financial as well.as economic rehabilitation. There is no likelihood (according to eminent financiers) of any l country with an unbalanced Budget making a speedy economic recovery. It is Australia’s disinclination faco that fact that, is lidding her up. Thus it may he taken for. granted that, if tho Government of .thia Dominion tackles the/problem of balancing its Budget in roal earnest, .and without further delay, the outlook , hero will much more rapidly improve than; will bo tlio case as far as Australia is concerned. What is troubling some of th 0 leading busi-ness-men is, however) just jibw far the tra.ding banks ,in a -position to assist in, easing the position. According to Mr. .Malcolm Stewart, president of tho Auckland Chamber of Commerce,, Die Dominion’s funds in London, are believed. to have, become seriously depleted. “It is” ho says,, “well-known 'that our export 'figures have dropped seriously, but this condition of things ; has /been' counteracted to a largo .extent by..the large drop in the ■■ volume :.of i iknports, assisted byt-he' adverse exchange rates, the cautious credit policy, of the banks and i the tariff' increases ... of . 1930.” ; What truth, there/is," (however, in his ’ further statement - that; the. .view.'! is, commonly ( held; that /New ’-'Zealand'' funds in,London are being’transferred ; to .the credit of'Australia cannot ,b» . said. In.i this,./connection,;[ it is r :' of. I course,, only natural /that -a hank doling business both in Australia' and in New Zealand’should use its own funds ; to- its own best advantage. Mr. Stewart, however, is one 4 of. many busi-ness-men, wjjiQ./ hold ..‘that , a bank’s Dominion funds sbould'bq used only [fpr, the' benefit , of (its 1 clients in • this ’country-both/here and., abroad., It in ay be the. case, as bo supposes, .that ,tho; Government contemplates legislajtivo action with that object iu view/ ’<jtyut; it i f § open, to/grave .doubt,, seeing. sugh a. mqasiire inight be. regard-: ied/ats '•high'time/tliat Sir Otto NiemeyerV report; was ■ made available ' to tho people of thie Dominion.. i /... •: I / -.-..-t--