STAGNATION IN TRADE

Otago Daily Times, Issue 18446, 6 January 1922, Page 5

STAGNATION IN TRADE

ESSENTIALS TO EECOVEEY. LOWEST LEVEL NOT! YET RfISACHED. Frees' Association—By Telegraph—Copyright. LONDON. January 4. (Received Jan. 5, at 8.30 p.m.) Sir Walter Rnnciman,' in an article in the Daily Telegraph, says: “ It is criminal that uninformed politicians in and out .of office .should’ toll the public that there is an improvement in trade. There is nothing but stagnation in every part of the world. The "ruth is that we have not ■yet reached the lowest depression. The cutting of waste, reduction of prices, the creation of confidence,’ the re-establishment of the gold'standard, the «toeeping away of obstacles to >a, free exchange, and reopening of international trading are essential before a recovery commences. ,It is flippancy fox the people to console; them-; selves that we shall never see pre-war conditions again- Of course we shall when we stop trying to regulate present conditions no owner ih his senses is going to incur an outlay for repairs which will far exceed the value of the vessel. Hence dry docks are empty, shipyards are under bare polos, and the Lancashire and Yorkshire mills are feeling, the drought badly. Also th£ coalfields, financial chaos and prohibitive taxation have knocked the spirit out of enterprising men. What encouragement is there to solvent traders to run a risk merely to increase their harden of taxation arid to have nothing left to carry on with?”-r-A. and NjZ. Cable. /