AFTER TEN YEARS

Hokitika Guardian, 28 September 1928, Page 3

AFTER TEN YEARS

THE WORLD’S RECOVERY. It is nearly ten years since the last shot in, the Great War was fired, and for the past decade the world in general has' lbeen engaged chiefly in recovering from the effects of that gigantic struggle. Naturally the process of convalesence has been painful and slow, and pessimists have even been heard to declare that no real imjprovement was being recorded, ' but that civilisation had received its death-blow. But we believe that it can now ibe confidently asserted that the turning-point has been reached, and that the economic outlook for the world at large is brighter to-day than ever it has been since peace came. Some interesting evidence - that points in this direction is contained in a review of Britain’s financial and commercial position issued lately by the Westminster Bank. So far as Britain is concerned, this authoritative statement fully confirms all that we have heard of late of the recovery in her staple industries, more especially in the iron and steel and shipbuilding trades. But the promising outlook extends far beyond the ’boundaries of British ■ commerce and industryv

The world’s harvests—the sources of oiir food supply—-have been exceptionally bountiful; America, the world’s greatest centre pf industrial activity, has recovered from the setback that its markets recently experienced; and Europe is' no longer menaced by that “wave of economic depression” which for the time threatened to' overwhelm and engulf her. Jn this optimistic survey of the economic horizon all portions of the Empire are included. ' “At the other side of the world.” we are told “the outlook for a period of political peace and economic reconstruction is reasonably bright. But in this country we hardly need to look so far afield for such an assurance. The hopeful view taken by the Westminster Bank of onr industrial and commercial prospects is amply confirmed in the latest bulletin issued by the Canterbury College ■ Department of Ecoiiornit*s and the local ’Chamber'of Commerce: There it is pointed’out that the'"balance of trade for the year ending' .Tune Inst was in our favour to the ex Lent- of over £12,000,000,' which ' menus air

improvement on ; last year’s balance, ■of over : £13,000’,000. "Of coorse we, cannot expect to maintain so large n$ surplus permanently, but tile . figures'; are very encouraging. ■’ This jimprovement in thb , cbndition of our external trade is fully borne:out by the bank returns; and the recovery in the financial position lias been marked ; by the lowering of the. bank rate, which, as this bulletin’ Observes, should have an appreciable effect in restoring general confidence, in commercial and financial circles.. As- to internal trade, judged by all; the evidence available, though the process of revival is slower, it is already beginning to respond to the general improvement in our circumstances. ; v,

“The increased demand which calls for larger imports will almost certainly call also for increased internal production, trade and emplbyrnent; there are, in fact, many signs that movement in this direction has already begun.” A general survey of the (Dominion’s trade, industry and finance appears’to justify the conclusion that the outlook is “decidedly brighter than at any time since the end of 1925.” These facts should encourage us to look to the future with greater confidence that most people have manifested here of late, more especially as the improvement in our own prospects is, confirmed and strengthened by the general reviva ( l of! from which 'the whole world is profiting to-day.