BUSINESS MEN MUST PUT HOUSES IN ORDER

Manawatu Times, Volume LIV, Issue 6921, 29 May 1929, Page 5

BUSINESS MEN MUST PUT HOUSES IN ORDER

NEW ZEALAND OVER STOCKED

BORROW FOB THE COUNTRY NOT FOR THE DISTRICT. The necessity for curbing all borrowing not necessary and along economic lines, was stressed by Mr. L. Asli-croft-Edwards, of Wellington, in the course of an address to the Palmerston North Citizens’ Luncheon club yesterday. Some part of the present lack of confidence evident in New Zealand business, was to be held, duo to the fact that there had been members of Parliament who had got up and promised a new station here, or a railway deviation there, regardless of the economic justification for the work. They justified their promise on the grounds that nnpncy would be spent in the particular district affected which would benefit accordingly.

What had really to be considered was whether the borrowing was justified, whether the money would bo spent to the best purpose, and for the expansion of the country.

“Wo have got to face business conditions as they arc,’’ «aid Mr AshcroftEdwards. “You cannot bluff yourself tliat all is well with your business if you have not put everything connected with it on a sound basis.

“What New Zealand business men have go-t to do, is to weed out de-ad and unprofitable lines and reduce stocks in conformity with turnover—or in other words, increase turnover. “New Zealand at the present time, is seriously over-stocked in a number of lines and these have got to be cleared out. We must get down to rock bottom and reduce overhead expenses. “We must get back to normal, and I would suggest that we all endeavour to put our houses in order; if that is done, then New Zealand will look after herself and we will sec, I am sure, a restoration of confidence in business.”

It Is said that tourists in Italy are worth about £30,000,000 a year to the country.