Year Of Progress And Prosperity

Northern Advocate, 21 July 1938, Page 9

Year Of Progress And Prosperity

lSpecial to “Northern Advocate."] WELLINGTON, This Day. In introducing the Budget in the House of Representatives last evening, the Minister of Finance, the Hon. Walter Nash, said his task was made easier because, in common with its two immediate predecessors, the past year had been one of progress and prosperity. Sound and Satisfactory. ‘■The economic position of the Dominion is sound and satisfactory,” no said. “The trade returns for the year ended March 31 last (the June quarter’s statistics are not yet available) indicate that exports reached a total of over £65.000,000 —a record for the Dominion —and , representing an increase of £4.770,000 over that of the previous record in 1936-37. All the principal headings of exports contributed to this favourable result. Increased Export Returns. ‘•Butter exports totalled £18,027,000, representing an increase of £2.060,000 in value and 64,000 cwt. in quantity compared with .the results of the pre - vious year. In regard to wool, although there was a very substantial fall in world prices during the latter part of the year and the actual quantity exported from New Zealand showed a reduction of 22,500 bales, exports were valued at £16,012,000, representing an increase of £225,000 over the returns for the previous year. Chilled and frozen meat exports amounted to £14,492,000, an increase of 000 in value and 472.000 cwt. in quantity, compared with the results for 1936-37. Altogether the year was a most successful and profitable one. Improvement Within Dominion. “The increased spending-power within the Dominion during the year resulted in increased imports, which reached a total of £58.000.000. A large proportion of the total increase was in respect of capital goods—machinery, etc.—which will be utilised in revenueproducing activities within the Dominion. “The evidence shows that the value of total production and of farm production surpassed the results of any previous year, while farm incomes, and salary and wage payments reached record high levels. Similar records were also attained in respect of the

bank-note circulation and radio licenses issued, while a very material advance was made in building activity. In addition, as a rcs'ult of the development of secondary industries within the Dominion, the number of persons in remunerative employment reached record proportions. The high standard of material welfare which the Dominion enjoyed throughout last year was closely reflected in the banking statistics, and at March 31 last the amount at credit of depositors with trading banks stood at a total of £66.500X00. The savings-bank statistics perhaps reflect, more closely the position of the man of smaller means, and at March 31. 1938. the numbers of depositors had reached .record totals of 921,000 in the case of the Post Office Savings Bank and 261,000 as regards trustee savingsbanks, while the total amount at the credit of the depositors in bpth classes of banks was no less than £76,486,000, which also constitutes a record for the Dominion. Government Claims Some Credit. “These and other notable improvements," he said, “represent no mean achievement, for which Government measures must to a very large degree be held responsible. It is true. of course, that except by maintaining or improving the quality and increasing the quantity of the Dominion’s exports, ■ or by more orderly or efficient marketing, the Government cannot influence overseas prices: nevertheless, by the introduction of measures which ensure a more economic utilisation of oiir resources, together with a more [equitable distribution of the national income, the Government has been able so to influence prosperity within the Dominion as to be responsible to a large, extent for the satisfactory results which have undoubtedly been attained, “In overseas markets at the present time, political difficulties and trends in economic nationalism are having a somewhat disturbing effect on prices generally, but the long-range outlook is not an unfavourable one, and it is satisfactory to note that New Zealand produce is commanding excellent prices, compared with those of other countries. The possibility of extending existing markets and of developing new ones is constantly receiving the attention of the- Government, and ‘the negotiations which were completed as a- result of my visit abroad in 1937 have proved that the expense involved was an excellent investment.”