HOPE FOR REVIVAL.

Star (Christchurch), Volume LXVI, Issue 20260, 21 March 1934, Page 4

HOPE FOR REVIVAL.

Movement in Goods and Prices. MR W. MACHINE ADDRESS. When the Parliamentary Union opened its session in the Chamber of Commerce last night the “ GovernorGeneral’s ” address was delivered by Mr W. Machin, who remarked that everyone was hoping for a business revival to lift the country out of the depression. ‘‘Movement in goods and prices is becoming apparent,” he said, “and it is our earnest hope that it will increase, and carry us back to better times” Referring to the "recent Economic and Monetary Conference in London, the speaker said that while the material benefits had not been great, the contact the representatives had had with foreign statesmen would be of value. There were signs that Britain was regaining her position as leader of the world’s trade, and New Zealand would recover along with her. New Zealand's exports for the year ending December, 1933, were valued at £41,250,000, an increase in value of £1,250,000 over the period ending in December, 1932, and of £6,000,000 over the period ending in December, 1931. To a certain extent these increases were an embarrasment, because the markets were already glutted with the products supplied by this Dominion. Increased Demand for Wool. Wool, however, was in increasing demand. Manufacturing centres in England now realised that there was a real danger of a shortage of wool. For 1933, the Dominion exported 430,000 cwts more wool than in the preceding year, representing an increase in income of approximately £1,750,000. The speaker said that he hoped the increase for 1934 over 1933 would be at least five or six millions. The export of lamb carcases during the same year had increased by 800,000, representing £250,000. In the butter market there had been an increase of 450,000 cwts, and even with the depressed state of the industry this represented £1,000,000 in New Zealand currency. Cheese had increased in the volume exported, but had dropped so far as receipts were concerned. The importance of the central bank was stressed by the speaker. It had brought New Zealand into line with the majority of the countries of the world, and could speak for New Zealand with one voice in the Bank of International Settlement. He expressed the hope that the bank see its way to charge less interest on money borrowed than was charged at present. In conclusion Mr Machin dealt with the unemployment problem, and the need of reducing the numbers on relief. Though the number had fallen, it was due partly to seasonal work, and the decrease should not be over-em-phasised. The speaker at the session was the Honourable John Rigg, who was for some years speaker in the Legislative Council. The formal procedure adopted in the House was followed at the meeting. The role of Sergeant-at-Arms was occupied by Mr P. W. Meyer, and the various Ministers and parties were seated in appropriate benches.

Mr Machin was heartily thanked for his address, at the conclusion of the sitting.