THE Hauraki Plains Gazette With which is incorporated THE OHINEMURI GAZETTE. Motto : Public Service. MONDAY, WEDNESDAY, FRIDAY FRIDAY, JUNE 5, 1931. A COUNSEL OF OPTIMISM.

Hauraki Plains Gazette, Volume XXXXII, Issue 2732, 5 June 1931, Page 2

THE Hauraki Plains Gazette With which is incorporated THE OHINEMURI GAZETTE. Motto : Public Service. MONDAY, WEDNESDAY, FRIDAY FRIDAY, JUNE 5, 1931. A COUNSEL OF OPTIMISM.

THOUGH it would be idle so soon to expect a rapid conversion of public opinion to a genuine belief in the existence of an improvement in the economic outlook, consequent on a betterment of the conditions in Great Britain, it would seem that prospects are far less gloomy than has been the case for many months. Signs of a revival of trade in the United Kingdom are not lacking at the present time, nor* is it difficult to adduce evidence of a spirit of optimism regarding the future of Great Britain. The cabled information with regard to the decrease of unemployment at Home and the recently announced reduction of the bank rate to 2J per cent, are both healthy signs. Unemployment figures in Great Britain have dropped to their lowest level for the current year, and no less an authority than the “Financial Times” asserts that there is no shortage of money for the development of trade and industry, and explains that “this arises from the simple fact that, whereas wholesale prices are back at pre-war, there is £5 in existence today for every. £3 in existence in 1913.” The view expressed by the “Financial Times” that a return to more prosperous times “will result from recognition of the fact that the fall in commodity prices has gone as far as it is likely to go,” is rendered more acceptable by the reduction of official discount rates virtually to a minimum. To what extent such hopeful indications may be expected to accelerate the flow of migration from the dominions back to the United Kingdom, reference to which is made in the British immigration returns for the first quarter of 1931, can be only a matter of conjecture. It is, however, fortunate for the, dominions that emigration from them at the present time should exceed immigration, since the slump in commodity prices in the overseas markets has temporarily deprived them of their capacity to relieve the population problem of Great Britain. Recognition of this fact by the Government in New Zealand is implied by the suspension of the scheme providing for assisted passages for immigrants. Great Britain, according to the “Financial Times,” is in many ways better equipped for an industrial recovery than her rivals, or, indeed, than she herself in her blacker moods is disposed to admit. A revival of trade and industry that will be an accompaniment of relatively stable prices is predicted, and the suggestion is made “that a movement in that direction may already have commenced.” Such counsel of optimism, besides drawing migrants back to the United Kingdom, may reasonably be expected to revive the drooping spirits of the producers of the Empire, whose recovery from the depths of depression awaits the development of greater price strength in respect of the commodities they export to British markets. Whatever has the effect of facilitating the restoration of financial and industrial balance in Grat 'Britain must be of ultimate advantage to this country, no less than to her sister dominions, since it must eveuntlaly make foi’ an increased demand for produce and raw material s at more remunerative values than have existed for the past twelve months. _The existence of an improved condition of affairs in the dominions’ most important markets should not lack appreciation among our own people at a time when favourable omens have been lamentably few.