The Star MONDAY, OCTOBER 9, 1922. THE FINANCIAL OUTLOOK.

Hawera & Normanby Star, Volume XLII, Issue XLII, 9 October 1922, Page 4

The Star

MONDAY, OCTOBER 9, 1922. THE FINANCIAL OUTLOOK.

Delivered every evening by 6 o'clock in Haw?ra. j Manaia, Norrr.anby, Okaiawa, Eltham, Macgatcki, Kaponga. Awatuna. Opunake, O*akeho, Manutahi, Alfccm, Hurleyville, Pafea, Waverley, Mokoia, Whakamara, Ohanpai, Meremere, Fraser Road, and Ararat*. ■

■ ■■ —_—+ _ One of the most welcome items of n&ws published for a long time was the brief summary of the banking returns for the period ended September 30, which appeared in the Star on Saturday. The figures indicate a steady improvement in the country's financial condition, and are definite proof that the corner has been turned. The notable features of the returns are the drop in advances and the reduction of the note issue, while there has been an' increase in | fixed deposits and in the gold held by the bank. These are important facts and indicate that the future will show a steady improvement. The wonderful season experienced for dairy produce has no doubt had a good deal to do with the improvement, and there has been maintained an excess of exports over -imports, an essential factor for the Dominion's progress. It is well known that the flood of high-priced imports in 1920, coupled with the break in the prices which were paid for our produce on the London markets, was largtly the cause of the depression. The country will not have such an experience again for many years, unless j a world war breaks out. The DoI minion's future is, we think, very i bright, though there are still many problems to be faced. The adjustment of mortgages on farming lands has been fairly extensive and is still taking place. Mortgagees are well advised to do their best :to meet those who have fallen into difficulties, for in every case where a reasonable adjustment is effected the country as well as the parties concerned benefit. The mortgagee writes off some of the mortgage—in- many cases it is a paper mortgage and the loss to the mortgagee is more imaginary than real — the mortgagor is enabled to remain on the farm and contribute through his industry to the country's wealth. Indirectly everybody benefits. While writing on mortgages we would again appeal to those holding large mortgages on house properties in the towns to try and make adjustments with their mortgagors, some of whom have suffered by the depression, which is affecting employment and wages. What all lovers of this fine country desire to see is a return of prosperity in which everybody may have a share. We believe that the great bulk of the people realise that the 'only way to bring that about is by hard work and economy and by mutual sacrifices. If it is necessary for the worker and the. farmer to accept smaller returns for their labours then it is equally fair to ask professional people and mortgagees to make a sacrifice. The country needs to get back to normal conditions and it is the duty of all classes to assist it to do so. No doubt the banks, which have had to handle a difficult situation, will find, conditions sufficiently improved before many more months have passed |o sreduee the rate of in- ( terest. The ioiltlook is very promising, and provided the people do their part there is every reason, as far as we can see, to anticipate a continuance of the improvement which is now definitely indicated by the bank returns.