THE OUTLOOK

Nelson Evening Mail, Volume LVI, 16 June 1923, Page 11

THE OUTLOOK

BANK CHAIRMAN’S VIEW WELLINGTON, June 15 In these uncertain times, it is dilticult to say what the future lias in store for our Dominion, since we rely for our prosperity on the prices our primary products "realise abroad, said Sir George Elliot, chairman of the Bank of New Zealand, in concluding bis remarks at tile annual meeting yesterday afternoon. We are. thus dependent on conditions entirely outside our own control. The purchasing power of our principal customer •—Great Britain—means good or bad times for this Dominion, and the pureiiasiYig power of Great Britain again depends upon conditions which prevail in other countries. One can scarcely think that the present exceedingly strained relations between France and Germany can long continue. Nor should the, recovery of Russia he a matter of more than a few years. With Germany settled down to a grim determination to retrieve its position. and Russia resolved to conduct its life on common-sense lines, resolved* also to develop its immense resources, new economic problems will arise, the result of which it, is impossible to forecast. Prudence dictates that the, people of this Dominion should so conduct their affairs that they shall always he “equal to either fortune.” I have not hesitated to indicate some defects which exist amongst us, and which are dangerqus to the well-being of many of the people of this country, but. on the other hand, 1 must- point out t hat. the vast majority of our settlers are in e. thoroughly sound position. We are in a most favourable position to form an accurate estimate of the actual financial condition of the country, for nearly 50 per cent. of Hie banking business of the Dominion is transacted by our Bank. The information thus obtained, the knowledge which we possess as to the spirit in which the great majority of our people have met the difficulties of the past two or three years, lead me to look forward with confidence to tho future of the Dominion, and to expect that the years to come will witness steady progress. New Zealand is a land peculiarly fortunate. It is a young country, but its very youth should be its chief asset. Every day it is making its own history, and its own traditions; if it remembers the value of co-operation between the classes, that history should make pleasant reading in the future.