TRADING CONDITIONS

Hokitika Guardian, 27 November 1928, Page 3

TRADING CONDITIONS

THRIFT AND HARD WORK ESSENTIAL.

AUCKLAND, November 22. , The dangers of over-optimism were referred to by Mr Albert Spencer, the president in his annual address to the Employers’ Association: He said that although the position has improved it was necessary to give ■ attention to better business efficiency and a. lowering of •production costs, to. the 'manufacturer' Greater thrift on the part of the individual and greater production on -the part of the worker would •also help to. restore . the Dominion’s economic position.

“Speculation in land lias been one steady, reckless gamble in the past-,” said Mr Spencer, “and many of New Zealand’s troubles are due to that. Another serious fault was the reckless trading of merchants who had refused to recognise the diminished purchasing power of the public. This had led to a vast accumulation of merchandise in the warehouses and shops. The hanks had to be heavily drawn on, with the result that many traders were crippled with heavy loans and interest charges. From these depressing conditions the country was gradually emerging, and provided the lesson was heeded and less speculation indulged in the future would hold something to he thankful for

The constant ami regrettable tendency of the population to drift to t 1 city had many causes, said the speaker,' among them being the fact that the younger generation had not been taught to recognise the limitations, with the possibility of improvement, of a rural environment. Instead of fostering an ambition to make a living from" the land, the education authorities encouraged the belief that a secondary and university education was essential to success in life. Ibis bad brought about a demand for specialised training at the expeuso of tin to qualify the young people to enter trades and professions which were already overcrowded.