CONFIDENCE REVIVING.

Taranaki Daily News, 19 July 1929, Page 8

CONFIDENCE REVIVING.

The banking returns for the June quarter, which were recently reviewed, gave, as was indicated, clear and convincing evidence of returning confidence, and this is confirmed by the latest'monthly abstract, which deals with figures up to the end of May. Bankruptcies arc a very true indication of trade, so that when there is a distinct shrinkage in the number of bankruptcies it can be safely agreed that there is improvement. In May of last year the number of persons adjudged bankrupt was 78, of this 57 being in the North Island and 21 in the South Island. In May of this year the total fell to 66, a reduction of 12 ocmpared with May last year, a drop of over 15 per cent. The number of deeds of assignment declined from 23 to 15 by the same comparison. For the first fi'c months of this year the bankruptcies numbered 286, while for the corresponding five months of last year the number was 327, so that in the period there were 41 fewer bankrupts. The number of assignment fell from 93 in the five months of 1928 to SO in the five months of this year. This is very gratifying, for it indicates that we are steadily clearing the “lame ducks” in business and are gradually getting back to the normal of business mortality. Another good sign, and one that is very encouraging, is the increased attention that is being paid to country lands. In the two months of April and May there were 1335 transfers of country land, and the consideration was £2,000,940. Tn the corresponding two months of last year the transfers numbered 1120, and the consideration £2,349,270. From this it will be seen that although thgre were 215 more transfers in the two months of this year, ..the consideration was £311,670 less. Buyers of country lands are operating with caution, and the inflation in values is being squeezed out, lut a good deal more must be done in that direction. There is no doubt that confidence is reviving, and it will gain momentum in the months to come, provided the busybody politician does not cause fresh alarms with proposals for interference in business. Of course, there is the possibility, if not the pr bability, that produce prices in the coming season may not be as good as in the past; this may cause a check, but it should also hasten readjustment in numerous directions that even now seem to be imperative.