UNDER-CONSUMPTION

Hokitika Guardian, 22 November 1932, Page 2

UNDER-CONSUMPTION

“TROUBLE WITH THE WORLD.”

OPINION OF GOVERNOR-GENERAL

WELLINGTON, November 21

The view that the world was suffering from under-consumption and not permanent over-production, 'as some people seemed to ,think, was expressed by his Excellency the Governor-Gen-eral, Lord Bledisloe. “Times are bad,” said his Excellency. “The price of butter is falling, cheese is low, wool has' gone to the winds, and'meat is being given away on the Londdn 4 market, but don't be troubled, bett^ctiihds.yasre coming.” Thlelses would cb&W ‘ vtflien; the world i overcame the present trouble of maldistribution of primary products and instituted some equitable medium of exchange. Fanners, his Excellency continued, were told' that permanent over-pro-duction was the trouble of the world, but he did not believe it and was convinced that the trouble was underconsumption. One third of the population of the world was only half clothed and was half starving, yet there, was a glut of wool, and! meat on the market. The other two thirds of the world’s population was So poor that it was purchasing one-third less than before the war.

To overcome the difficulty farmers should adopt co-operative measures wherever possible and strive for a product of uniform quality, “I stress uniform quality because your competitors are getltug better prices for their goods because they have put products of uniform quality on th© market, something which you have been unable to do'so far,” coneludted his Excellency.