TRADE DEPRESSION.

Otago Witness, Issue 3833, 30 August 1927, Page 78

TRADE DEPRESSION.

EXPENDITURE ON MOTORS.

CHRISTCHURCH, August 23. the past two years have found the Dominion passing through a period of depression and of trade difficulty,” said " Ir , F - 'V Hobbs (president of the Canterbury Employers’ Association) at the annual meeting this evening. ‘T intend to emphasise one point of interest, and that is the great part that motors have, had in bringing about this result. It is not many years ago that this item of our importation was quite a negligile one, but now the bill for motors, spirit and oil amounts to about £7,000,000 per annum, there has not been any appreciable saving of other importations which motors might have replaced, because the motor has only taken the place of the horse wagon and railroad. We have, therefore, to meet a new expenditure of £7,000,000 P°£., which, while fluctuating, is unlikely to be permanently reduced, and may be considerably increased. New sources of income to meet this expenditure have not come into view, but higher productions of our primary products have helped to some extent. Th® fact, however, remains that but for the big importations of motors and accessories our credit balance of exports during the past few years would have been so much greater that prosperity, instead of depression, would reign here to-day.”