THE PROOFS OF RECOVERY

Otago Daily Times, Issue 22738, 26 November 1935, Page 12

THE PROOFS OF RECOVERY

IMPROVEMENTS IN ALL DIRECTIONS THE LOGIC OF FIGURES Opponents of the Government have, throughout the election contest, felt it necessary to resort to the expedient of discounting the claim that the Dominion is recovering from the depression which, carried on a wave from overseas, first attacked New Zealand in 1930. One Labour candidate in Dunedin has actually asserted that the effect of the policy has been to drive the country deeper into the depression! All the available evidence, provided by comparative statistics, shows conclusively that a recovery from the depression is being steadily and surely accomplished. The volume of unemployment has appreciably diminished and is diminishing. The number receiving rationed relief work or sustenance or awaiting replacement on relief a month ago, exclusive of men working full time in industries subsidised by the Unemployment Board, had been reduced to 39,681. This represented a reduction of over 2500 in one mouth. The number of persons engaged in manufacturing industries in New Zealand in the past two years has increased by over 12,000. This represents a substantial reabsorption of labour by industry. It represents also a very material increase in the amount made available for circulation in the form of wages. The deposits in the savings banks during the 12 months ended on March 31 last exceeded the withdrawals by £3,358,739. The excess of deposits over withdrawals in the preceding 12 months was £1,686,538. There was thus an improvement last year to the extent of £1,672,201. In the 12 months ended on March 31, 1933, the withdrawals exceeded the deposits by £2,742,167, and in 1931-32, during which ' year the effect of the depression was most severely felt, the excess of withdrawals was £5,994,834. Since 1931-32, therefore, the position with respect to savings banks' transactions has been so altered that, instead of an excess of withdrawals to the extent of £5,994,834, there was an excess of deposits to the extent of £3,358,739. This means an improvement to the extent of £9,353,573 in three years! The deposits in the Post Office Savings Bank now exceed £51,000,000 —the highest total ever recorded in the history of New Zealand. The registrations of motor vehicles at December 31 last, exclusive of " dormant" registrations, numbered 188,984. This was 11,593 in excess of the number a year previously. Included in the registrations at the end of last year were 131,356 motor cars, as compared with 129,173 at December 31, 1933. Despite the increase in the number of motor vehicles,' the number of passengeT tickets issued on the railways of the Dominion in the past financial year was 2.42 per cent, greater than in the preceding year. The railways parcels traffic increased by 3.62 per cent., and the goods traffic by 5.81 per cent. The number of new telephono exchange connections during the past financial year exceeded the relinquishments by 2237. In the previous year there was an excess of relinquishments over new connections of 775. The number of radio receiving licences issued has been almost trebled since the year ended March 31, 1930. In that year the number of. licences was 53,192. In the past financial year the number was 152,489. This represented the greatest proportionate increase in any year since wireless broadcasting was in its infancy in the Dominion. There are only four countries in the world In which the proportion of receiving licences to population is greater than it is in New Zealand. The investments on the totalisator are a fairly reliable guide to the economic condition of the country. They dropped from &1, 461,192 in the racing year ended on July 31, 1930 (in which year the tax was doubled), to £5,279,404 in 1931 and £3,680,008 in 1932. In 1933 they were £3,678,251. They increased to £3,904,948 in 1934 and* to £4,017,150 in 1935. They are still increasing. , For the two months ended September, 1934, they were £279,716, and for the two months ended September, 1935, they amounted to £343,589. There is no test that can be applied that does not point to an economic recovery.