TRIBUTE TO NEW ZEALAND.

Manawatu Standard, Volume IV, Issue 221, 19 August 1931, Page 6

TRIBUTE TO NEW ZEALAND.

“New Zealand, as is inevitable, is suffering from the world-wide stagnation of industry and commerco; yet, badly as she ha*s been hit, probably no part of the Empire is sounder at the core or better equipped to face any difficulties,” said the London Times Trade Supplement, in an editorial reference to a monograph on New Zealand issued by Messrs Erlangers. liemarking that it emphasised the “essential strength” of the Dominion’s position, the Times continued : —“lt is pointed out that New Zealand lias consistently resisted the temptation to attempt to develop industries of a nature foreign to the characteristics of the country. Out of a gross manufacturing production of £93,172,222, or, including the building industry, £102,876,284, possibly only 5 per cent, may be said to be completely foreign to the trend of the Dominion’s natural development. Eighty-seven per cent, of the output of the manufacturing industries is of direct benefit to the primary producers, either elaborating their raw material, supplying them with essentials for their production, or performing social services which are of purely local concern. '.die opinion of the eminent bankers responsible for the monograph is that ‘unless the impossible happen and any of tile political parties put self-interest before State interest, and thereby ruin their magnificent heritage, the Dominion should weather almost any storm. Her record is clean, her credit good, and borrowed money has been spent on productive work's.’ A fine tribute and one that must surely be read with feelings of pleasure not only in New Zealand but—if only because the Dominion is so thoroughly British in sentiment and in her trade policy—in the Mother Country, too.”