TRADE AND MARKET REVIEW

Star (Christchurch), Issue 16455, 17 June 1921, Page 8

TRADE AND MARKET REVIEW

ADJUSTMENT PERIOD AT HAND. CONFIDENT OUTLOOK. (Special to the “ Star.”) VvELj-il±>oriON . June 17. “ It may possibly be tnat, With so many causes comb.ning to make siieep and cattle raising less profitable tliau in tne past,*” said Mr ±l. Beauchamp in addressing the annual meeting of the Dank ot New Zealand in \\ eliington this morning, “ some of our fanners who own suitable land will turn their attention to the growing of wheat and other crops, for which there is a satisfactory local market. r l his may afford a certain measure of relief to the situation. “ How long the monetary stringency and industrial depression will last depends upon a variety of circumstances, but mainly upon the rapidity with which the economic unity of the world is restored. All the great wars of the past immensely stimulated the economic development of the world, and invariably gave a powerful impulse to the greater use of labour-sav-ing machinery. Probably we are on the eve of some such economic developments- After all, we must rely upon hard work and thrift and the moderation of party politicians in arranging the national affairs. liiere will be a continued demand for New Zealand’s products—our wool, meat, butter, cheese, hemp and tallow are all wanted ; the purchasers are willing to pay up to the limit of their purchasing power; that limit just now is a low one, but it will expand, and so will the demand for the products. Our trouble just now is in adjusting the cost of production to meet the changed conditions. As soon as prices of commodities show some signs of stabilisation, there will be manifest confidence in the situation, and on fhat confidence a new and enduring structure of trade and commerce will be built. The present is a time for the avoidance of extremes —extreme optimism and extreme pessimism. It is a time when conditions should he looked at squarelv and dealt with courageously. New Zealand is not feeling the pinch as seriously as some other countries, and if all sections co-operate for the common welfare the recovery will be speedier. ‘" Sustained effort in production, efficiency and economy should be the keynote of all classes of the community in these critical times.”