PROSPERITY RETURNING

New Zealand Herald, Volume LXV, Issue 20087, 26 October 1928, Page 14

PROSPERITY RETURNING

FOUNDATIONS NOW SECURE. EFFICIENCY AND ECONOMY. DEVELOPMENT OF INDUSTRIES. TRIBUTE TO DAIRY FARMERS. [dv telegraph.—-own correspondent.] WELLIN GTO N. Thu ml a y "We can congratulate ourselves that to-day most of the difficulties following upon the war have been finally overcome, and that the prosperity now steadily returning is based upon secure foundations" said the Hon. T- Shailer Weston, M.L.C., in his presidential address at the annual meeting of tho Now Zealand Employers' Federation to-day. "Most important of these foundation?, aro an abundance of capital saved in New Zealand and not borrowed by the Government availablo for development of our industries at a reasonable rate of inteiest, tho efficient organisation of those industries and an industrious and thrifty population. The improvement in all these three points during the last ten years is most marked."

Second Sure Foundation. After referring to the fall in rates of interest, Mr. Weston continued"Tho second sure foundation for future prosperity is tho greator efficiency and economy shown by our people. In this respect the dairy farmer has given the rost of New Zealand a magnificent lead. By unproved herd selection, more extensivo use of manures and more scientific cultivation ho has increased tho quantity of his production. Even if tho price of his products owing to a world-wide fall in prices should drop during.the next five years as much as 25 per cent., there is no reason why ho should not increase the quantities of but-, ter and cheese produced from tho same number of cows 50 per cent. This would mean a net gain of 25 per cent, on liis returns.

"No class or individual can prosper without sharing its or his prosperity with the wholo community. Tho benefit to the wholo Dominion through tho increased output of tho dairy fanners will bo universal. Our timber and coal industries are reconstructing thomselvos and co-oper-ating earnestly with tho Board of Scientific Research with a view to reducing the costs of production and making better use of their products." Progress by Manufacturers.

Dealing with New Zealand manufactures the president said a visit to any industrial exhibition was an eye-opener as to the progress already made. Considering that tho population did not amount as yet to 1,500,000 their quality and excellence were a subject for congratulation. Favoured by a wise tariff which would not givo an unduo artificial stimulation and bringabout excessive growth and competition among themselves, the manufacturing interests, through tho prosperity of the farmers, would bo secured a better home

market. Tho best assistance for thein now was a definite determination by the New Zealand public to uso their products ip preference to tha imported article. At the same time somo people had an uneasy feeling that New Zealand cities and towns wore perhaps ■ over-developed. „ Thero wero too many engaged in distribution. The retail and wholesale trades were over-engined. The country wanted more producers, especially primary.

Land Settlement Problem. How lo expedite land settlement was a difficult problem. Much of the land now held in New Zealand in large areas was purely pastoral country which was moro efficiently worked in such areas. It was agricultural and dairying land, where production by subdivision could bo largely increased, that it was desired to soe more closely settled, and unoccupied land now outside the margin of cultivation that must be brought into bearing. An increase of the graduated land tax was an unscientific solution of this problem. It would injure the pastoralist and the manufacturer and the trader who were doing good national work. Somo other solution must be found.

"Personally, I believe this country is on the eve of an era of steady, if not startling, prosperity," said Mr. Weston in conclusion. "It depends, however, much upon ourselves. If we make up our minds to cultivate habits of self-reliance, if wo realise that self-reliance is one of the greatest of all virtues and that nothing in this world is worth getting unless we have to work for it, if we avoid quack and get-rich-quick methods as .ways to individual and national prosperity tho fntnro should bring success and happiness to us all."