THE NEW YEAR

Southland Times, Issue 22210, 30 December 1933, Page 6

THE NEW YEAR

A BRIGHTER ERA

MR FORBES’S MESSAGE

CONFIDENCE IN FUTURE

IMPROVEMENT AT HOME'

(Per United Press Association.)

Wellington, December 29.

A strong and confident belief that Bn era of prosperity is once again dawning was expressed by the Prime Minister in his New Year message. Mr Forbes states:— “With the advent of another New Year I extend my sincere wishes to my fellow citizens that they may all share in a greater measure of prosperity during 1934 than has been their lot during the past three years of the economic depression period has directly affected hope is now definitely passing. A large section of our population has suffered severely, especially through unemployment, and all those who have been more fortunately situated will, I am sure, join me in expressing our earnest sympathy and our hope that these people will share to the full in the prosperity that is approaching. Improvement in WooL “New Zealand is probably dependent to a greater extent than any other country upon her overseas trade, and therefore the disastrous fall in prices ruling in external markets during the depression period has directly affected the general welfare of the Dominion. However, I can speak to-day with greater hopefulness as to the outlook in this respect than I did twelve months ago. While with some of our main products marketing conditions during the past year have continued to be difficult and the returns relatively small, a most welcome recovery in wool, together with reasonably good values for lamb and increasing returns for the by-products of meat freezing works, has materially aided the sheepfarming industry. It is earnestly hoped that this may foreshadow better times also for dairy farmers and fruitgrowers in the coming year. “Marketing conditions in the United Kingdom are undergoing changes in some respects, but I am confident that those engaged in our great primary industries will exercise careful thought and sound judgment in meeting these changes to the best advantage. The quality of our products, the most important factor, continues at a high level. A particularly gratifying feature in this connection is the recovery of our cheese from its temporary setback. Hope and Confidence. “Another pleasing feature has been the distinct improvement of conditions in Great Britain, where a new spirit of hope and confidence, fully justified by facts, is replacing the depressing effect of the past years. While the clouds have not yet passed away, the outlook for increased buying power in our overseas markets can certainly be regarded as most promising, and the primary producing industries can look forward to the New Year - in a hopeful spirit. The characteristic grit and perseverance in producing quality goods which have helped them to carry on during the bad times should bring their due reward as world conditions improve.

“Realizing that the prosperity of all in this Dominion mainly depends upon the prosperity of the primary industries, my message to the people of New Zealand at the setting of the old year is therefore inspired with a strong and confident belief that an era of prosperity is once again dawning, and that with the exercise of mutual helpfulness and teamwork on the part of all sections of our community we shall definitely succeed in overcoming the obstacles that have so long and so sorely beset the path of national progress and happiness.”

MR COATES’ MESSAGE HEARTENING SIGNS. CUMULATIVE INSTANCES. (Per United Press Association.) Dargaville, December 29. In a New Year message the Rt. Hon. J. G. Coates (Minister of Finance) StcltCS!— “The year 1933 has been a strenuous one. It has not been without its disappointments but, on the whole, this Dominion can reasonably regard with satisfaction the progress that has been made towards recovery. “Let us look at re/enue and expenditure figures for the eight months ended November 30. The revenue amounted to £11,029,000, which was £1,371,000 greater than was received for the corresponding period of last year. It is encouraging to note that, quite apart from the new taxes, the revenue was up nearly £200,000. This means that business is improving, despite the somewhat heavier taxation. On the expenditure side there is £253,00t> less than that of the corresponding period for last year. If the buoyancy of the revenue is sustained we should be able to improve on the picture outlined in the Budget and bring the year’s deficit to less than was anticipated. This is the beginning of an economic approach to budgetary equilibrium. “The Post Office figures of the deposits and withdrawals show that the community have definitely got back their confidence and have certainly more money at hand to spend. For the nine months ended December 31, 1931, the excess of withdrawals over deposits was £4,720,300. For the calendar year 1932 the excess of withdrawals was £3,706,145 but for 1933 it is safe to say that the deposits will exceed the withdrawals by £2,000,000. Wool Prices Up. “The Customs revenue so far collected during the present financial year (up to November 30) amounted to £4,123,000, an increase of £146,000 over the figures for last year. From June to November is normally the slackest season of the year. Sales tax receipts increased month by month, another indication of the revival in business. At the March and April wool sales crossbred wool averaged 3Jd to 44d per lb but the recent prices for this type of wool are up to 9Jd, and more, per lb. Fine wools have been up to 18d per lb and over. Lamb prices per lb have

increased since 1932 from 4ld to 6jd, while wether mutton during the same period has gone up from 27-8 d per lb to These increased prices should be an influential factor in the industrial revival.

“The unemployment figures also show some indication of the improving conditions. The applicants for work on the registers of the Government Employment Bureau were 53,044 in September, 50,940 in October and 46,950 in November.

“In the prices realized for the dairy products we have one major example where the improvement is not shown. Our efforts to reduce costs, and to improve the quality, our search for markets and our attempts to adjust the industry to changing circumstances must not be relaxed.

Merchants’ Optimistic.

“The Mercantile and trading community are almost unanimous in noting an improvement in business conditions during the last six months. Merchants have definitely a more cheerful and optimistic point of view and the wholesale prices of locally-produced commodities have risen during the past year. Yet despite the rises in other directions the cost of living figures are: November 1932, 806 and November 1933, 800. The Railway returns are an excellent barometer of the movement of trade and industry within the community. The upward tendency shown during 1932 has been not only maintained but substantially improved upon in 1933. “The tourist Department bookings are reported as excellent. This should give material help to traders in the Dominion.

“The overseas trade figures for the 11 months ended November 1933 are £37,187,000 for our exports, an increase of about £3,500,000.

Trade Opportunities.

The trade agreements have been effected with Australia and Belgium. In the latter country lower rates of duty on cheese, apples and other articles have been secured. It will be seen that a trade opportunity of some magnitude has been opened to our exporters. It remains for New Zealand traders, in co-operation with the Government, to take advantage of this opening. “In the main the indications are all for the better with the exception of dairy produce prices. An improvement in this great industry will play a vital part in providing employment. “This is all very encouraging but let us not deceive ourselves that all is well. There are many difficult problems to surmount. It will require steadiness and determination to overcome them. While New Zealand has this body of men and women seeking employment we cannot be satisfied with the position of this country. Obtaining budgetary equilibrium is one method of providing a solid basis for improved conditions but there is more to be done and we cannot rest until the way is clear for all to find permanent work. “In conclusion I wish to convey my best wishes to all for a prosperous New Year.”