THE ECONOMIC RACE.

Otago Daily Times, Issue 21032, 22 May 1930, Page 6

THE ECONOMIC RACE.

PREPARING FOR COMPETITION. AN IMPERATIVE NATIONAL NEED. Reference to world economic conditions and the intense competition that has made its appearance betwen the nations was made bj the pro-chancellor of the University of New Zealand (Mr J. A. Hanan, M.L.C.) in his address -'o the senate at Wellington. He referred to the great economic race that was uov being run, and remarked on the wise and prudent measures some nations were adopting in an endeavour to make their people worthy competitors in that race. “ There is no doubt,” said Mr Hanan. " that the greatest economic race in the history of the world has begun, and some nations are wisely training their people so that they may become well prepared and efficiently equipped to compete successfully in this competition. By reason of tbe extraordinary economic and social conditions obtaining in every country, and the fierce competition between nations, there never was in the history of our country a more imperative need than now to secure a higher standard of intelli gence. knowledge, and efficiency on the part of every producer, every worker, every business man, and every State official in order to promote the prosperity of our country and the well-being of oui peopje.” With a tughei standard ol knowledge and ability, both in our public and private services, much can be done to eliminate economic waste and extravagance. The Great War revealed great weaknesses in our economic and social system. It is a fact that during the Great War, Governments, because of difficulties encountered and mistakes committted, had to draw upon the advice and assistance of men and women from outside the government service. We must look well ahead, and. profiting by the experience acquired during the war. and more especially by the lessons learned in connection with our unpreparedness. equip ourselves to the best of our ability for the commercial, industrial. and economic warfare now obtaining.