The Gisborne Times PUBLISHED DAILY THURSDAY, FEBRUARY 23, 1933. THIS TIME FOR DEEDS—NOT TALK

Gisborne Times, Volume LXXIII, Issue 11877, 23 February 1933, Page 4

The Gisborne Times PUBLISHED DAILY THURSDAY, FEBRUARY 23, 1933. THIS TIME FOR DEEDS—NOT TALK

1 The political wrangle over-Hie ..Dominion's economic pligli L continues unabatecl. Nobody seems seriously .to believe that' the Government’s latest, plan will result in all-round amelioration. ft is, officially admitted that, despite Ihe new measures, tbeie will lie an adverse balance in connection with the nationali ledger of .114,500,000 12 mouths hence. How the people generally; will fore during the coming State year no one can, however, profess to know. Strong hopes-’are, of course, held out that the producers at any rate will gain as a result of the adoption of the- system of higher exchange. Why the Government continues to overlook what may be regarded as the most urgent need at the present juncture, goodness only knows. It will, we suppose, he widely acknowledged that Australia is now getting out of the economic mire True she has a huge floating debt, hut the interest rate upon the- Treasury Bills which have been issued'in the Commonwealth is exceedingly light. To-day, Australia is proceeding with public works- and, what is more, she has stimulated her secondary industries. How different is the position in this Dominion. Here public works are practically at a standstill; some secondary industries are stagnant; and. until this year, but little had been done to assist the primary industries. In Australia, the position is hopeful as far as. the unemployed are concerned. But can a similar romark honestly be applied to the workless of this Dominion? What appear to be rays of hope have, however, begun to appear on this Dominion’s industrial horizon. The Minister for Employment hinted last week that it was not. unlikely that the Government might proceed on some national public works to assist the workless. A member of the rank and iiio of the Coalition party went further, suggesting that it was not improbable that the Government would raise a flarge internal patriotic loan at a low rate of interest. So far, so good. It would he nothing short of a calamity if the proceeds of the higher exchange were to be allowed to become ‘‘frozen.” Ii the Government, is, today, planning along the lines now mentioned trade and commerce within the Dominion stands a good chance of witnessing a much earlier revival. In the past, the Goiernment has ,assuredly, been at fault in supposing that private enterprise should be tho mainspring of tiny general movement for the stimulation of the Dominion’s industrial life. What Cabinet has not appreciated has been that most of the steps which it has taken have had the effect of restricting internal trade and development and, consequently, of creating more unemployment. All along, private enterprise has been looking m vain to the Government for a lead in the right direction. To-day, Mr. Forbes.and his colleagues have, seemingly. seen the error of their ways, ft has now been demonstrated that deflation alone will not, at a time °f economic crisis, assist a. nation to regain its feet. True it is that eve r y nation has had to readjust its costs, but only in ibis Dominion has the national policy been to mark time in respect of public works on a big scale If tile Government does not get moving soon, if is abundantly plain that it will be courting another very hard winter for the people of this Domin-