TIMID CAPITAL

Taranaki Daily News, 30 September 1929, Page 13

TIMID CAPITAL

UNSTABLE CONDITIONS. Auckland, Sept. 20. Factors that-are retarding the growth of .industry were commented upon by Mr. Albert Spencer, president of the Auckland Provincial Employers’ Association, in his addressj to inembers at today’s annual meeting.. Although there was plenty of free money available, salt! Mi’.' Spencer, investors were still shy’ of risking large sums in industrial enterprises under tho present unstable conditions of Arbitration awards and the thousand-and-ono petty Government restrictions pertaining to-day. Those . set-backs were having a far-reaching effect in restricting industrial expansion.' To meet difficulties of labour and competition, many firms had to curtail their stalls. It was urgent that production costs should be reduced to a more, economical level, so that the Dominion could successfully compete with other countries where conditions were more favourable to manufacturers. Touching on unemployment, Mr. Spencer said the policy of the Government in raising the pay on relief -works to tho full union rate had encouraged men who were making a living on their own account to apply for workmen Govcrninent fobs in

Department,” he added. “‘ln the meantime a steady, stream of _ unemployed has migrated from Australia. This invading army, if not speedily checked, will-prove a menace; _it) .is already hav-

viding relief works, and creating ne< playing grounds, which aro non-produs« tlvc. The only solution, to my mind, is of vigorous, sound encouragement i our secondary industries, and- jL-CQimlliaa