BRIGHTER FUTURE

Sun (Auckland), Volume III, Issue 842, 10 December 1929, Page 8

BRIGHTER FUTURE

’CHANGE CHAIRMAN’S VIEWS PESSIMISTS CONDEMNED Strong exception to the pessimistic view taken by certain sections of the community in respect to the future trend of New Zealand’s financial and industrial activities was taken by Mr. G. C. Creagh, chairman of the Auckland Stock Exchange, in his annual address to members today. “While there may be those who, partly as a result of recent happenings, are doubtful about the future, I see no reason for despondency," said Mr. Creagh. “As in the past, I would like to strike the optimistic note. With a country such as ours the poi> sibilities for future progress and prosperity are almost illimitable, and I do not think for one minute (hat there is anyone, however pessimistic, who will question the fact that New Zealand is only just getting into its stride. From the foundations which have been laid, there must spring a great, virile and prosperous country. “In a previous address from the chair I stated that it had always been difficult for me to listen patiently to ‘the gloomy forebodings of that class of society which always sees with the greatest clearness into the darkest perspective.’ A representative of this class is to be found in the president of the New Zealand Employers’ Federation who, in a recent address, painted a very dismal picture of what he considered the future held for the people of this country. His remarks were based largely on supposition. “It was but ‘the wail of the pessimist,’ and I need scarcely say that the pessimist is one who is not likely ever to do any good for this country. “Perhaps the most dependable, and certainly the most readily accessible , barometer of the trend of business in every country today is the Stock Exchange. The year just ending has been remarkable for the tremendous turnover in stocks and shares of all classes. “So far as the depression which recently has been affecting the Australian and New Zealand markets is concerned, I would like to express the opinion that the policy of rushing out of good and tried investments adopted by so many at such a time is not always the wisest, and only too often helps to make a weak market weaker. Holders of gilt-edge stocks would, I am convinced, in the majority of cases, act iu the best interests by holding on.”