VAST IMPROVEMENT

Taranaki Daily News, 15 November 1934, Page 4

VAST IMPROVEMENT

CONDITION OF COUNTRY CLAIM BY MR. J. G. COATES MANX STATISTICS GIVEN SUPPORT FOR CONTENTION By Telegraph—Press Association. Wellington, Last Night A vast improvement in conditions in New Zealand was claimed by the Rt. Hon. J. G. Coates, Minister of Finance, in an address to the conference of the New Zealand Manufacturers’ Federation to-day. Mr. Coates cited figures relating to railways, savings banks, unemployment, exports and imports, banks and other business in support of his contention. Mr. Coates said the revenue of the railways during the last three years (to March 31, 1934) increased by £397,000. For the first two years the increase was obtained by a reduction of expenditure; last year it was obtained by an increase in revenue, the net increase being £235,000.

The same tendency was found in the Post Office Savings Bank returns. For the year ending September, 1933, there was an excess of withdrawals over deposits of £279,000 and for the year ending September, 1934, there was an excess of deposits over withdrawals of £2,934,000, a clear indication that the consumer h?~ more money at his disposal. During the first six months of the present financial year 4875 new motor-cars and 1901 new commercial motor-vehicles were registered, compared with 1858 cars and 994 commercial vehicles in the same period of the previous year. Coming to unemployment Mr. Coates compared the figures for the June, August and September quarters. He said that in 1933 the totals were 69,523, 72,966 and 75,134 and in 1934 they were 60,633, 62,451 and 61,489. IMPORTS AND EXPORTS. For the year ended June 30, 1933, exports were valued at £37,740,657. By the same date in 1934 the totals increased to £49,141,914. Imports into New Zealand for the first njne months of 1933 in New Zealand currency amounted to £18,992,000 and in the same months of 1934 the total was £22,386,000. The increase, said Mr. Coates, was due to the greater volume of imports, not to higher prices. Imports in July, August and September of the present year exceeded exports. That was a significant return to normal. The total turnover of the banks in the first ten months of 1933 was £466,000,000 and in the same months of 1934 it was £563,000,000. The increase represented greater business activity. This was also reflected in the average amount on current account from month to month. The average for last year was a little over £18,000,000. For this year it averaged over £22,000,000. Since August bank advances had increased, Mr. Coates added. One of the reasons for the drop in, advances was the repayment due to export returns! Wholesale and retail prices showed great steadiness, and there had been a sustained rise in share prices. On the basis of 1000 in 1926 the figures in April, 1932, were 666 and in October, 1934, they were 1006. The number of marriages taking place was increasing, steadily. Factory production and employment was improving. Sales tax increased from £1,020,000 from April to October, 1933, to £1,213,000 for April to October, 1934. Customs duties in the .same months increased from £3,546,000 to £4,170,000. LAND AND MORTGAGES. It had been said the proposal for a national mortgage corporation slowed up Land transfers and mortgage investment. The figures were: Land transfers, April to September, 1933, £4,548,000; 1934, £6,309,000; mortgage registrations, April to September, 1933, £3,736,000; 1934, £5,402,000. Elaborating his remarks regarding Government interference in business Mr. Coates said in many’instances industry frantically called to the Government for help and was thankful when any assistance was forthcoming. For instance last year, when the Government announced it would accept the responsibility for doing something to rehabilitate the dairy industry, there was a sigh of relief, but this year after the Royal Commission had reported on the subject and the Government proposed to take the necessary legislative action there was a public outcry that the Government was interfering again. The public’s memory was short It was always circumstances Uiat forced the Government to take action, and the ends to be served were always those of the public interest. Enlightened commercial opinion, continued Mr. Coates, was now recognising this fact Mr. A. M. Seaman told the Associated Chambers of Commerce conference recently that the traditional Chamber of Commerce attitude of blind opposition to Government action should be changed and that a more realistic policy was to recognise the inevitability of changed circumstances and work with the Government so that progress might be assisted by guidance instead of opposition by the commercial community. The manufacturers no doubt also shared that point of view.