The Christchurch Star PUBLISHED BY New Zealand Newspapers Ltd. MONDAY, JULY 2S, 1930. A WORLD TRADE REVIEW.

Star (Christchurch), Issue 19133, 28 July 1930, Page 8

The Christchurch Star PUBLISHED BY New Zealand Newspapers Ltd.

MONDAY, JULY 2S, 1930. A WORLD TRADE REVIEW.

Gloucester Street and Cathedral Square CHRISTCHURCH NEW ZEALAND. Lradoa Representative* I R. B. BRETT & SON 24, NEW BRIDGE ST., LONDON, E.C.4.

IS THE PRESENT DEPRESSION of trade, which extends all over the world, part of a normal trade cycle, or is it a crisis of a special kind? This question was put to Chambers of Commerce in the leading countries of the world by M. Georges Theunis, president of the International Chamber of Commerce. He asked his correspondents to deal specially with:— (1) The fall in the price level, especially as regards raw materials and essential industrial products in each country; (2) The general view 7 of the stoppage or depression recorded in business during recent months; and (3) “ Are these conditions the expression of the alternately ascending and descending curve of normal economic life, or do they denote a crisis ?” In the replies there was a general agreement that the fall in wholesale prices was the main cause of the long-continued depression;some correspondents also mentioned the lag between the fall of wholesale and retail prices. The reports put down the economic crisis to over-produc-tion, which, in turn, had lowered prices and the rate of interest. Not only had buying slowed up considerably, but the great industrial nations were showing a distinct reluctance to take deliveries of raw materials for which they had already committed themselves. In summing up, the considered opinion of the International Chamber of Commerce is that the present depression is not merely the “ descending curve ” of a normal trade cycle, but appears to have “ deeper and less normal causes.” SNOW AND FROST. XTC TIIILE everybody is rhapsodf ▼ ising about the snow—and it is indeed beautiful, and stimulating to the imagination—a word of advice to householders may not be amiss. There is every likelihood that the snowstorm, continuing throughout the day, will be succeeded by a sharp frost, and unsunned paths and backyards will become a dangerous problem if they are, coated With a few inches of frozen snow. The occasion calls for some hearty long-liandled-shovel work. Indeed, there may be an opportunity yet for a little organising of a snowshovelling brigade from the ranks of the unemployed. THE GAME’S THE THING. r T''HE WINNING of the third Rugby test by New Zealand may have an influence on the Dominion’s selectors in either of two directions. They may still cling to the older players in the hope of scraping through in the fourth test, or they may be emboldened by the splendid and consistent form of the few young players to try out a comparatively new team of young and vigorous men. The adoption of the second alternative would do much to remove a reproach that seems likely to attach to their policy so far—that they have made the discovery and development of a new generation of All Blacks subservient to the mere winning of matches. BY-ELECTION ARITHMETIC. A CORRESPONDENT finds -*• amusement in an editorial reference to Mr M’Lachlan’s “ majority ” at the municipal byelection. He would laugh off a mere 9000 voles to 5000, on the assumption, which was fathered by the Mayor and echoed by Councillor D. G. Sullivan, that a majority has no significance unless it is a majority of the total roll number, and that everybody who stays away from the poll is a traitor to the Labour Party and an enemy of representative government. His reluctance to face the facts calls to mind those people of unfixed principle of whom Dr Johnson was so contemptuous. “ Truth,” he said, “ will not afford sufficient food to their vanity; so they have betaken themselves to error. Truth, sir, is a cow which will yield such people no more milk, and so they are gone to milk the bull.”