BRIGHT OUTLOOK

Southland Times, Issue 20615, 13 October 1928, Page 8

BRIGHT OUTLOOK

DOMINION TRADE SUCCESSFUL SEASON EXPERIENCED FUTURE PROSPERITY ASSURED (Per United Press Association.) Wellington, October 12. Addressing the Associated Chamber of Commerce at the annual conference, the retiring president. Mr D. G. Gowan, said they were met under happier trading conditions than a year ago. Evidently the lesson of economy had been learnt, at least for the time being. The outlook tfas particularly bright, and if the resources of the Dominion were husbanded and used wisely, a period of sound prosperity lay before them. Regarding the banking statistics, he said they made good reading. It was too soon yet to give full statistical evidence of the favourable effect of the revised tariff on British trade. With British manufacturers becoming increasingly alive to the great possibilities of the market open for them in this Dominion, they might reasonably anticipate a much more substantial improvement next year. He made reference to the claim of New Zealand's secondary industries on the people, and reference to the recent industrial conference. He remarked it was a most happy augury for peace in industry that such a conference had been enabled to discuss problems of mutual interest in happy vein. The Mond-Turner conference in England had resulted in stabilization of industry, which must result in immeasurable benefit of trade outlook. Mr McGowan said that the good season just past was due in some measure to the increase in production, and not entirely to the rise in export prices. There was unmistakable evidence that over the last five years there had been a nett increase in productivity in primary industries, the figures being: Wool, 5.7 per cent.; butter, 30.6; cheese, 5.9: sheepskins, 15; frozen lamb, 23.8; frozen mutton, .36 ; hides, 18.4 ; and tallow, 36.4 per cent. The trade balance last June was a record for the June year, and trade statistics since June showed sustained improvement. The visible trade balance for the eight months ended August was £14,182.641 against £6,677,322. The additional purchasing power available should see increased activity in business circles. Mr McGowan remarked, however, that they should profit by the experience of adverse periods and lay aside reserves in time of prosperity. Mr McGowan also dealt with the transport question, stressing the growth of the motor. The chief problem presenting itself was the softening of the rigour of competition. which was always acute in the transitional phase of economic development. Multilateral development of various means of transport could only mean national waste. The problem in New Zealand was a particularly complicated one, and called for the wisest statesmanship in finding a solution which would be in the best interests of the country’s future.