PUBLIC OPINION.

Star (Christchurch), Issue 17880, 23 June 1926, Page 8

PUBLIC OPINION.

WHAT OTHER WRITERS ARE SAYING. Abuse of Storage. Up to a certain point the storage of butter is not harmful to the butter and not unfair to the market; beyond that point storage is liable to offend in both ways; but to locate the exact point or dividing line is not easy, especially as it varies in different makes of butter. Some people attempt to answer the deterioration allegations by pointing to the comparatively high price in London of New Zealand butter, but this logic is by no means flawless, because price may be in part dependent on a scarcity arising either from storage itself or from extraneous factors like strikes. For instance, the fact that—for the first time, as far as memory serves—New Zealand butter has lately topped Danish is a legitimate occasion for congratulation, but New Zealanders must not shut their eyes to the fact that Danish was id over-supply through strike-effects in its own special marketing area. Storage sins, there are, whatever prices may say. Most authorities agree that, at ten months, storage has become emphatically a sin. And the abuse of storage long ante-dated the Dairy Producers’ Control Board era. It is the board’s business to find the golden mean.—“ Post,” Wellington.

Mark Tapley in Finance. Sir George Elliot, chairman of the Bank of New Zealand, is the Mark Tapley of our financial world. He is an incorrigible optimist, who positively revels in depressing circumstances which give him great opportunities for displaying his cheerfulness. His message to New Zealand, delivered at a meeting of the bank the other day, is “all’s right with the world.” but it sounds rather strangely in the ears of people who insist on facing facts as they are. It is well to place some of his most striking declarations in a prominent light: “The external trading figures for the year are anything but satisfactory. Compared with the previous year, exports show a shrinkage of over £6,000,000, whilst imports increased by over £3.200,000. Dairy produce, as the result of unfavourable weather conditions, fell off in quantity and value. Meat increased in quantity and in estimated exportable value, though it is doubtful if that value will be realised. Wool increased in quantity, but its value fell by over £4,000.000 as compared with the previous year, when abnormally high prices ruled.” It is amazing how in face of such a depressing and serious position any man can entrench himself in a fortress of vain delusions, and pipe his song of cheer, with nothing to justify his cheerfulness but a rather pathetic faith that, somehow, difficulties will vanish and prosperitv will come as by a miracle to bless the’land. But, if one is not hypnotised by the cheerfulness of the banker into remembering only the pleasant things and forgetting the facts that are gilded with such happy hopes one will realise that even on Sir George's showing the position of the Dominion is one which calls for the very gravest thought and consideration, rather than for an optimism based on mere pious aspirations.—“ Southland” News.

Trade and the Strike. The returns of British foreign trade for the month of May fully justify the special attention that has been drawn to them by the London “Observer,” for they represent a decline in the turnover of over £48,000,000, as compared with the corresponding period of 1925. This is a huge discrepancy and is the more significant in that May, 1925, was but an average month. The figures for the month of May are as follow; Imports. Exports. Re-exports. £ I £ 1925 3 04,275,000 64.204.000 14.405.n00 1926 81,211,000 45,764,000 7,5:12,000 The trail of the dislocating general strike and the subsequent semi-paralys-ing coal strike runs right across these records. The imports of foodstuffs have decreased by close on £6,000,000, a result which brings the uncomfortable suggestion that the workers of the Old Country have been reduced to the belttightening habit as a result of this insane industrial war. Imports of raw material for the textile and steel industries have decreased by many millions. a clear indication that the manufacturers in these basic industries have no confidence in their ability to get; orders and to fulfil' them. Exports, including re-exports, have fallen by over £25.000,000 to a figure which is much lower than any recorded since January, 1925. Bad as the position is there is no need to make it seem worse than the facts justify. Quite a substantial percentage of the decrease can he attributed to a fall in values and this is particularly the case in regard to tefcUles.~'‘Aucklaiid Star.”