TRADE TIDE TURNING.

New Zealand Herald, Volume LXIV, Issue 19780, 29 October 1927, Page 10

TRADE TIDE TURNING.

IMPROVEMENT IN EXPORTS. "OUR SPENDING RECKLESS. ~ %■ GREATER ECONOMY URGED. [by telegraph —own correspondent.] CHRISTCHUBCH, Friday. "While New Zealand's income is a splendid one, the outgoings are too high/* said Mr. W. Machm, president of the Associated Chambers of Commerce, in his opening address at the annual conference to-day. "In threa years," he said, "our exports have realised £150,000,000, but our imports have cost us £148,030,000. In 1925 we were £5,000,000 to the good, and in 1926 we were over £3,000,000 to the bad. This year the tide in turning again in favour of our exports, which means an easier state of things. We are, however, still too prodigal. Both our overhead and our spending are recklessly disproportionate to our production." Mr. Machin advocated mot© thrift and economy. "We need to learn, he said, "that short cuts to prosperity are often illusory, but there are royal roads to it—old-fashioned roads well beaten by the feet of our forefathers. There are hundreds of small businesses and small farms in the Dominion which do net and cannot pay while the overhead is so high. What is needed is more production, less expenses, and mor» savings This sounds like plain fare, instead of the banquet we all desire."