UNDER-CONSUMPTION

King Country Chronicle, Volume XXVI, Issue 3447, 19 November 1932, Page 5

UNDER-CONSUMPTION

“TROUBLE WITH THE WORLD.” HIS EXCELLENCY’S VIEW. 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 Gov-ernor-General, Lord Bledisloe, when speaking to farmers at Otaki on Wednesday. “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 London market, but don’t be troubled, better times are coming.” These would come when the world overcame the present trouble of maldistribution of primary products and instituted some equitable medium of exchange. . Farmers, 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 getting better prices for their goods because they have put products of uniform quality on the market, something which you have been unable to do so far, concluded His Excellency.