ENCOURAGING OUTLOOK.

New Zealand Herald, Volume LXI, Issue 18679, 8 April 1924, Page 9

ENCOURAGING OUTLOOK.

PRIME MINISTER'S REVIEW. EXPORTS EXCEED £51,500,000. TAXATION TO BE LOWER. END OF MORATORIUM. IMPERIAL TRADE AND DEFENCE. ;BT TELEGRAPH. —PRESS ASSOCIATION. WIXTON. Monday. The Prime Minister addressed a gathering of over a thousand persons this evenHe received an ovation on entering the hall and again when he rose to speak. Speaking of the country's prosperity, Mr. Massey said that last year's exports 01 butter and cheese were worth £18.000,000. He had been advised that, roughlj, exports during the last financial year totalled over £51.500,000, in spite of adverse conditions. Part of the increase was due to higher prices being received for wool, but all the same it was a great achievement. There was plenty of room, however, for even more improvement:. All over New Zealand there ■« ere p.aces where the surface was onlv scratched, but in a few years they would be as good as the best land in the Dominion, When over 50 millions were exported in a year, there was no need to worry about New Zealand's credit.

Imperial Preference. f Mr. Massey reviewed the recent political developments in Britain. He said the Empire was a wonderful collection of nations, which could supply ail their own requirements. Instead, they were going outside and buying from foreign countries. Egypt, India, and South Africa recently culled tenders for millions of pounds worth of railway materials. Not a penny went to British nrms. Under such conditions, it was impossible to carry on. He was sorry to have to say so, but in view of this, it seemed that the British Government was doing their best for everyone except their own nation. An instance was a contract for army meat, which was secured b-" the Argentine. Britain .was New Zealand's best market, and we would be very badiv off if Britain failed us. There was going to very keen competition. The Argentine could not compete in lamb, mutton and dairy produce, but if New Zealand wanted to keep the market, it must send the best quality "produce. New Zealand needed many more settlers but .they would have to be careful that tne rig tit type was selected.

; Singapore Essential. Speaking of Empire defence, Mr. Maxsey expressed tie opinion that an efficient navy could hold any nation in check till the army was trained. He believed the centre of danger was in the South Pacific, though there was no probability of war m the near future. America had fortified Pearl Harbour, Honolulu, and* experts haci. told him the place was impregnable. Britain had not objected, but if it was necessary for America to have a base there, it was necessary for Britain to have Singapore fortified. It would take 10 years to complete Singapore, and none might say what the position would be by then. Other countries ware building many ships of that size allowed by the Washington Treaty, and Singapore was absolutely necessary. If war came and we had not a navy sufficient to keep away our enemies, then God help the Empire. Turning to financial matters, Mr. Massey said the Post Office Savings Bank was the best financial barometer of. the country, and be was pleased to see the satisfactory state of that institution. The State Advances Act was working very well. During the financial year, £6,205,686 had 1 been lent to 7292 applicants. litis had relieved the acute house shortage. Advice to Mortgagors. The moratorium had saved many. men "but it would some to an end at the end of this year. Some whose security was insufficient- might be in difficulties, but he might be able to do something for them. He would advise Jthem to make their own arrangements. There was going to be a surplus, but he could not say how much, and if he wanted money, he could get it at the lowest possible rate. Taxation had been reduced in accordance with pledges made to the public. The total remissions in taxation, including amusements tax, and penny postage, had been £1,565-,000. He hoped to grant more this session. A commission on taxation would be set going, and the whole matter be ventilated completely. Sir Massey defended the appointment of Judge Sim as president, observing that the judiciary of New Zealand was quite above any suspicion of partiality. In conclusion, Mr. Massey dealt briefly with the interest-bearing assets, which, he 6aid, would in 10 years, balance tha national debt. There was not the slightest cause for anxiety. He closed by exhorting the people of the Dominion to "work card.