MUCH BRIGHTER OUTLOOK

Taranaki Daily News, 13 October 1928, Page 15

MUCH BRIGHTER OUTLOOK

CONDITIONS IN DOMINION BANKING FIGURES GOOD READING LESSON OF ECONOMY LEARNED. BUSINESS LEADER OPTIMISTIC. By Telegraph.—Press Association. Wellington, Oct. 12. Addressing the annual conference of the Associated Chambers of Commerce, the retiring president, Mr. D. G. McGowan, 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 was particularly bright and, if the resources of the Dominion were husbanded and used wisely, a period of sound prosperity lay before them.

With regard to the banking statistics, fie 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 the British manufacturers becoming increasingly alive to the great possibilities of the market open for them in this Dominion, one might reasonably anticipate a much more substantial improvement next yes Cr. Mr. McGowan made reference to the claim of New Zealand secondary industries' on the people, and, regarding the recent industrial conference, remarked that 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 a stabilisation of industry which must result in an immeasurable benefit, to trade.

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 net increase in productivity in the primary industries, the figures being: Wool 5.7 per cent., butter 30.6, eheese 5.9, sheepskins 15, frozen lamb 23.8, frozen mutton 36, hides 18.4, tallow 36.4. The trade balance last Juno was a record for a year ending at June, and the trade statistics since June showed a 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 times of prosperity. Mr. McGowan also dealt with the transport question, stressing the growth of the motor. The chief problem presenting itself was a softening of the rigour of competition, which was always acute in transitional periods of economic delevopment. Multi-lateral development of the various means of transport could only mean national waste. The problem in New Zealand was a particularly complicated one. Mr. McGowan also touched upon the development of ports, and said that the question called for the wisest statesmanship in finding a solution which ■would be in the best interests of the country’s future.