The Gisborne Times SATURDAY, DECEMBER. 30, l933. THE PROMISE OF A BETTER YEAR.

Gisborne Times, Volume LXXIII, Issue 12140, 30 December 1933, Page 4

The Gisborne Times SATURDAY, DECEMBER. 30, 1933. THE PROMISE OF A BETTER YEAR.

Whilst the year 1933 will require to go down in history as one of tho most distressful, from an economic angle, that the world lias witnessed over a very lengthy period, it may happily be recorded that, lately, there have been signs of a very distinct silver lining to the dark economic cloud thuft has hung heavily over the troubled world. In the main, the improvement has, so far, been enjoyed mainly by Britain and some of her Dominions. As far as N.ew Zealand is concerned, on account of the enhancement of prices of most lines .of primary products, n6tab]y~'wddly : a m'ucTf healthier business tone lids begun to prevail. Tt had, of course, been hoped that, 'during the passing year, economic conditions would have biaghtened much more appreciably. That such h;i,s not been the ease is explained by the fact that it has, so far, been impossible for the major nations to reach ah agreement with reference to monetary problems. Up till now, none of them lias been milling A 0 have its currency regarded as inferior to that of tho others: hence the deadlock. Wliat is certain, however, is that this important problem cannot long remain unsolved. In a time of world-wide depression, it is ho advantage to a nation to have its vaults filled 1 with gold or silver. A modern nation that stores up gold without giving it air outlet in foreign trade merely wrecks its own domestic market and weakens its own competitive power abroad. Nations which can balance their budgets, and secure a balance,on the right side as regards trade will, assuredly, soph findl themselves in a position to dictate to other nations not so fortunately circumstanced. It may, wo think, be takeij. lor granted ..that the coming year will see the more Important of the world’s currency problems settled. The war debts question cannot linger in. its., present state ot uncertainty much longer. To-day, tiio United states •appreciates the fact tjStat its debtors cannot pay their .obligations i,n money. Jf, therefore, it is'unwilling to scale down the debts it must accept goods and .services. regards tho depression, there would have been sjg|is pf «-distract improvement- much earlier if. the other major nations had followed Britain’s lead by financing sales on the credit system, in this connection, it is satisfactory to learn that tiie’United States is now about to adopt a similar line of policy. There is, it is plain, every indication that world trade i. s on the mend. Such a condition of things js, pf course, 3*uj.t what is required in orclpr to ipcrea.se the demand for this Domin'oil's pro-' ducts. On every hand, it is now Realised that as the increased returns from exports filter through to the cities and the tjbwns there, will be a steady improvement. through the coming y.car, re-constiuct'on wjjl still require to be the keynote, put, with each stage ', of improvement, tjipro will bp an easing pf the economic burdens.' If this forecast should turn out to,be correct, tFpre will ibis great' rejbie'ng. during . the coming twelve months and, in the hope thwt siicii rriay, lie, the ca.se, we have great pleasure in wishing our readers—' . • " A ’ A . ■ : . A RApPY NENY YEAR. '