THE OUTLOOK

Southland Times, Issue 18969, 16 June 1923, Page 2

THE OUTLOOK

FUTURE DIFFICULT TO FORSEE. A BANKER’S VIEW. WELLINGTON, June 15. “In those uncertain times, it is difficult to say what the future has in store for our Dominion, since we rely for our prosperity on the prices our primary products realise abroad,” said Sir George Elliot, Chairman of Directors of the Bank of New Zealand at yesterday’s meeting. “We are thus dependent on conditions entirely outside our own control. The purchasing power of our principal customer—Great Britain—means good cr bad times for this Dominion, and the purchasing power of Great Britain again depends upon conditions which prevail in other countries. “One can scarcely think that the preeent exceedingly strained relations between France and Germany can long continue. Nor should the recovery of Russia be a matter of more than a few years. With Germany settled dewn to a grim determination to retrieve its position, and Russia resolved to conduct its life on common-sense lines, resolved also to develop its inynense resources, new economic problems will arise, the result cf which it is impossible to forecast. Prudence dictates that ihe people of this Dominion should so conauct their affairs that they shall always be ‘equal to either fortune.’ “I have nor hesitated to indicate some ! defects which exist amongst us, and which j are dangerous to the weil-be.ng of many of the people of this country, but, on the | other hand, I must point out that the vast ; majority of our settlers are in a thoroughly sound position. We are in a meet favourable position to form an accurate estimate of the actual financial condition of the country, for nearly 50 per cent, of the banking business of the Dominion is transacted by our Bank. “The information thus obtained, the knowledge which we possess as to the spirit in which the great majority of our people have met the difficulties of the past two or three years, lead me to look forward with confidence to the future of the Dominion and to expect that the years to come will witness steady progress. “New Zealand is a land peculiarly fortunate. It is a young country, but its very youth should be its chief asset. Every j day it is making its own history, and its i own traditions; if it remembers the value of co-operation between the classes, that history should make pleasant reading in the future.”