TIME FOR OPTIMISM

New Zealand Herald, Volume LXX, Issue 21616, 7 October 1933, Page 13

TIME FOR OPTIMISM

BRIGHTENING OUTLOOK

REVIEW BY MR. FORBES

LABOUR PARTY'S GLOOM

DOMINION'S CREDIT ABROAD

[ny telegraph—special reporter] WELLINGTON, Friday

Directing attention to tho success of Now Zealand's conversion loan in London and to tho brightening outlook abroad, especially in Australia, where substantial taxation reductions have been announced, the Prime Minister, Mr. I'orbes, speaking in the House of Representatives to-day, .appealed to tho Labour Party to take a morn optimistic view.

"The Leader of the Opposition, Mr. H. E. Holland, has painted a very dismal picture of New Zealand," said Mr. I'orbes. "At one time I was called a prophet of gloom. 1 think my mantlo has been transferred to him. Whenever he surveys the position he sees nothing but disaster and gloom on all sides. He can only see the worst side of things. The better the morrow seems tho greater his gloom. There aro several features in this morning's papers, however, which ought to cheer him up." Cheering News Abroad

Air. Forbes said that regardless of popularity the Government had maintained a steady cotirso and had been actuated by the sole motive of improving conditions in the country. As tho results of its endeavours became more apparent the Labour Party's gloom increased correspondingly. Their attitude had not been a helpful one. That morning's papers contained some cheering news. One read that the Prime Minister of Australia, Mr. J. A. Lyons, who was a Labour man himself, had stated that Australia was entering a brighter phase.

A Labour Member: You mean he used to be a Labour man. Mr. Forbes said it was obvious that unless a Labour man continued to preach the gospel of his party he was no longer wanted. If ho was courageous enough to take the opposito view he was immediately invited to get out. However, there were definite signs of improvement, not only in Australia, but in England. Encouraging indications of a return to prosperity had been pointed to by Mr. Ramsay Mac Donald, Mr. J. H. Thomas and other prominent statesmen. Mr. R. Semple (Labour —Wellington East): What did you think of your Minister of Finance when ho ratted? The Speaker: Order. The honourable gentleman should not have used that word. Labour Party's Attitude Mr. Forbes commended the attitude of the American people, who had taken the stand of backing up their President. It was a spirit which might well be emulated. The Labour Party in New Zealand tried to throw sand into the bearings in the hope of creating some chaos, out of which they could make political capital. He had been gratified at the announcement mado by the BFjtish Chancellor of the Exchequer, in which he had stated that the slump was passing. Mr. P. Fraser (Labour —Wellington Central): Around the corner once more. (Labour laughter.) Mr. Forbes: I don't know whether that accounts for the gloom over the Opposition this morning. Certainly the member for Wellington Central seems to be downhearted.

"Anyhow, we have the statement from the British Chancellor that the present improvement is no mere flash in the pan," continued the Prime Minister. "That would appear to be the position in Australia, too. There is every hope that the upward trend will continue. The British Chancellor is an exceedingly cautious man and »one not given to flights of imagination. Ho has a reputation for not over-stating a case." Success of Dominion Loan Another satisfactory feature was the fact that the New Zealand loan had been over-subscribed, said Mr. Forbes. That in itself should be a matter for gratification. It was pleasing to know that the Dominion's reputation stood so high that in 35 minutes the loan was over-subscribed. That ought to "buck up" those in a state of gloom. It was indeed a source of pride to know that New Zealand had maintained its reputation for soundness and reliability. The Rt. Hon. J. G. Coates: A well governed community. (Labour laughter.) Mr. Forbes said he knew from experience that there was a general belief in the Old Country that New Zealand was coming through its difficulties and that the country was being well administered. Following a speech ho had given in London, leading papers in that city next morning contained editorial articles in which the phrase had appeared "well done, New Zealand." "Do wo ever hear a statement like that from the Opposition benches?" asked Mr. Forbes. "Do we ever hear that we have done anything well? The impression in England is that the country has been well governed. Quite a number of people said to me at Home, 'We have followed your legislation and we think it has been legislation that has been very sound and very wise.' "

AID FOR COAL COMPANY QUESTION ABOUT ADVANCE [BY TELEGRAPH —SPECIAL REPORTER] WELLINGTON, Friday Notice of his intention to ask tho Minister of Mines the following question was given by Mr. J. A. Leo (Labour — Grey Lynn) in the House of Representatives to-day:—"What induced tho Government to advance £7OOO at 7$ per cent to the Hikurangi Coal Company? Whether any member or relative of any member was a shareholder of the company, whether any other private business in difficulties has had an advance of the same nature against no security, whether shareholders entered into a joint and several guarantee, and whether an attempt has been made to get a refund of the amount advanced to prop up this collapsing company?" FRIENDLY SOCIETIES MEMBERSHIP AND FUNDS [BY TELEGRAPH SPECIAL REPORTER] WE\LINGTON, Friday Membership of friendly societies de-. creased during the year ended December 31, 1932, from 105,600 to 102,052, equal to 3.41 per cent, according to a report presented to Parliament. The total accumulated funds of the societies increased from £4,277,715 to £4,398,158, the average capital per member being £43 Is lid, as compared with £4O 9s 9d at tho end of 1931. Net interest credited to the sick and funeral funds during the year totalled £164,841, equal to a rate of £4 lis lOd per cent, as compared with £5 3s Id per cent during the previous year. The number of members who died was 834, equal to 8 per 1000 members at risk, as compared with 874 and 8.18 respectively during 1931. 1