DIFFICULT PROBLEMS

New Zealand Herald, Volume LXXI, Issue 21874, 9 August 1934, Page 15

DIFFICULT PROBLEMS

FINANCE AND TRADE ADDRESS TO BUSINESS MEN "The difficult times in which we find ourselves are entirely of our own making, and those people who are just' waiting for something to turn up are the greatest enemies we have," said Mr. J. A. C. Allum when addressing the annual meeting of the Auckland Creditmen's Club yesterday.

Two things seemed necessary, Mr. Allum said, in facing the future—a newview of finance and a now view of business. The new view of finance would result in the casing of indebtedness by reduction of interest, reduction of principal or by some form of inflation. There was a new view coming in business. The old slogans, "Competition is tlie life of trade," and "Let the buyer beware," were no longer acceptable. Unrestricted competition was the death of trade, and a proper code of business ethics protected the buyer. There was also a growing realisation that unrestricted monopoly was not good for anyone. Mr. Allum said he could not help feeling that we had come to the culmination of a doubtful financial e y®" tem, which was perbaps spelling the death of trade. That view was widely helcl, and even so conservative a body as the London Chamber of Commerce said there was no hope for trade and industry until there was a change in the financial system. It was their duty to listen to what any earnest man said, and he regretted the very peremptory way in which some were swept aside. Men had only to say something a little unusual «ind they were told tliev were unpatriotic or Bolshevist, whatever that might mean. Things bad come to a sorry pass when men could not say in honesty what they believed. Of course, they must not speak with the intention of being mischievous or upsetting the public . unreasonably. They could not have men' advocating using force and disrupting society. But there would be important changes in the social system in the next few years, and the more these things were discusised the better would be the result. "It is our plain duty to stand very steady at a time like this —not to be panicky and not to bo muzzled," he said. "We have a very great responsibility to support authority, and our criticism ought to be constructive and helpful. If ever public men wanted help and suggestions now is the time."