DOMINION PROSPERITY.

Taranaki Daily News, 3 September 1920, Page 5

DOMINION PROSPERITY.

NO SIGN OF CHECK. MR. H. BEAUCHAMP'S VIEWS. Wellington, Sept. 1. Despite high prices, adverse rate o£ oxohange, kid post-war conditions generally at present, there is no check in the commerical prosperity which the Dominion has experienced, stated Mr. Harold Beauohnmp (chairman of the Bank of New Zealand) to an Auckland Star representative. "During the past three or four years, in most cases, goods imported by wholesale houses have been practically sold before they arrived notwithstanding the inordinately high prices which have to be charged for the greater part of the goods concerned, and the chief difficulty to-day is to get supplies of most standard lines, this, too, though the shipping conditions are distinctly easier, that is to say, vessels coming out for homeward loading have ample space for all outward car«o offering. During the past few months it has been noticeable that many classes of goods which have been on order for | several months have been coming forward much more freely, which indicates that the manufacturers in the Old Country are getting back to normal condi- * tions; still, as I have already mentioned, the difficuty is to get goods to come forward in sufficient quantity to enable merchants to replenish their stocks, In spite of the adverse rate of exchange, very large quantities of merchandise are still coming forward from- botli the eastern and western sides of the United | States of America. J "It will be noted," continued Mr. Beauchamp, "that there has lately been another fall in the rate of exchange, the pound sterling being recently converted as low as 3.59 dollars. It is significant to see the number of .steamship companies which are now making a bid for the inter-Dominions' and United States' trade. Amongst those just announced as being about to lay vessels on is the Steel Steamship Company, of Oalveston, U.S.A.. The trade from New Zealand to the United States is also expanding satisfactorily, aiid further largo shipments of lamb will be, made to that country during the next three or four months. It is hoped that the British Government will also be able to arrange for sale to the United States of a fair quantity of crossbred wool, of which there is now a heavy glut In tlie Australian and English markets. If these shipments to the States could be ar- ! ranged it would have an appreciable effect upon the rate of exchange, which will also? be favorably affected by the payment' of tl ( e £100,000,00 AngloFrench loan in October next. A reoent telegram announced' that the French Government had been able to provide for its portion of this indebtedness. "As to the immediate outlook," continued Mr. Beauchamp, "I have no apprenhension in that direction. It is true that we shall have to face an era of distinctly dearer money, and probably public bodies will have to pay in the vicinity of fl per cent, for their financial requirements, but having regard to the splendid prices we are likely to realise for some of our principal primary products we shall undoubtedly have, I think, enough money in this country for all reasonable requirements. It is to be remembered that the exports of dairy produce alone this year will probably amount in value to between fourteen and fifteen million pounds, whereas before the war they would be, speaking from memory, under five millions. In this connection it is interesting to note that the export of dairy produce for 1920-21 will exceed in value the export, of wool for the same period, tWs being the first time it has done so i in the history of the Dominion."