A BRIGHTER OUTLOOK.

New Zealand Herald, Volume LXIX, Issue 21232, 12 July 1932, Page 10

A BRIGHTER OUTLOOK.

SIGNIFICANT INDICATIONS. SOME MARKETS TEND UPWARD DAIRY PRODUCE AND WOOL. FRESH HOPE IN EUROPE. Not for many a long day have those who scan tho world's news for signs of better times had so much causo as they have to-day to take fresh courage. From many quarters near and far come the indications eagerly awaited that the outlook for the world is growing definitely brighter. Some of these indications are great world events like the settlement of reparations at Lausanne, and others may be mere trifling movements in local prices. Tho significant thing is that they all are pointing in tho same direction.

Tho settlement achieved at Lausanne is tho greatest factor at present in bringing new hope to tho world. It is a portent full of hope not merely in itself, but in the better spirit it indicates, and in the ever-spreading results that may be reasonably expected to flow from it. Of scarcely less significance to the wellbeing of the world is tho vast and immediate success of the British war loan conversion scheme. Thft, stimulating effect of this on British credit has been most marked, and credit is tho life-blood of commerce. Other Cheering Signs. There are other cheoring signs of immediate significance to tho primary producer. It is reported that tho London butter market is at last showing 6igns of recovery and cheese is also in a more hopeful position. Cable messages indicate a strong market for dairy produce in London, with the prospect of prices going higher. Even to the soroly-beset wool grower crumbs of real comfort are being offered. There was strong Home and foreign competition at Friday's wool sales in London jyid a definite riso in prices of crossbred offerings. Values generally were reported to bo "firm with a hardening -tendency." Similarly, the frozen mutton trade is reported to bo "brighter, with a better demand."

A number of raw products of the greatest importance have shown definite advances during the present month. Thus cotton has moved from 4.65 d to 4.87 d a lb.; jute from £l4 12s to £ls Is 3d a ton; South Sea copra from £l3 5s to £l3 12s 6d a ton. Among the metals, too, movement in an upward direction can be detected. On Thursday last spot electrolytic copper in London showed an advance from the previous day of 10s to £3l; spot lead advanced by Is 3d to £lO Is 3d and tin by £3 10s to £127 12s 6d. In view of the importance that is attached to the movements of base metaj prices as an index of general prosperity these figures are not without their encouraging message. Coal Strike Settlement.

In New Zealand the complete and orderly settlement of the coal industry dispute gives ground for very solid satisfaction. Its effects reach far beyond the industry immediate]y_conccraed. Australia, of course, took the turn toward the dawn of a better day when New South Wales indignantly expelled Mr. Lang and left the way clear for a united facing of the Commonwealth's difficulties and an agreed sound policy of reconstruction. And in all these signs of better things account may well be had of the cumulative effect of any returning prosperity. So inter-related is the whole commerce of the modern world that no one industry can experience a revival without immediately helping others. Spreading Prosperity. An increase of primary produce stimulates shipping and all transport industries. Renewed activity in the coal trade assists the revenues of the country through the railways. A revival in any manufacture means prosperity to its employees, which is bound to be shared to a greater or lesser extent through their expenditure in the community. Taking all these facts into consideration, only a confirmed pessimist who has been thoroughly enjoying the depression could read his newspaper yesterday without finding, good cheer and ground for fresh hope on every page.