Waihi Telegraph WITH WHICH IS INCORPORATED THE WAIHI MINER SATURDAY, APRIL 23, 1932. THE PASSING CLOUD

Waihi Daily Telegraph, Volume XXIX, Issue 8301, 23 April 1932, Page 2

Waihi Telegraph WITH WHICH IS INCORPORATED THE WAIHI MINER

SATURDAY, APRIL 23, 1932. THE PASSING CLOUD

Here stall the Press the People ■ Right maintain Piuwed by influence and unbribed by gain Heto Prtriot Truth hei glorious precept* drew. Pledged to Religion Libwrt-v and Law

A glimpse o£ the silver lining to the cloud of industrial depression at present hanging over the Dominion Avas afforded in the recently-publish-ed bank returns, and another glimpse is supplied this Aveek in the Customs figures relating to external trade. The banking returns shoAved that as at the end of the first quarter of this year an indebtedness of the public to the banks, amounting to over £3,000,000 as at the end of March, 1931 (represented by excess cf advances over deposits), had been converted into a credit of £1,233,77 0. Taking these figures together, the discharge of public liabilities to the banks and Avhat the banks oavc to the public, there is a financial gain of over £4,314,000 in twelve months. The overseas trade position is equally satisfactory, for it shoAvs that, notAvithstanding the lamentable decline in the values of all exports, and especially of avool, there is a credit balance to the Dominion, represented by excess of exports over imports, of £10,416,300 for the tAvelve months ended 31st March last as compared with the position at that date last year. AlloAving for the 10 per cent, auverse exchange, and adding that to the value of the imports, there remains a credit of £9,400,000, which cannot be regarded as other than most heartening. Low prices is the root cause of almost all Noav Zealand troubles to-day, but their inclination to improve, as noon as the international atmosphere shows signs of clearing, together with reduction in cost of production and marketing, point not so much to a return to past high prices, but to that confidence in trade which has noAV been too long deferred. . There are undoubtedly good omens for New Zealand in the banking and the external trade returns for the past, twelve months. EXAGGERATED'REPORT^

A request that the Government should censor cable messages to prevent exaggeration drew from the Prime Minister oh Tuesday the reply that "the Government was considering the matter with a view to taking action if necessary.” We cannot too strongly deprecate alarmist and exaggerated reports of New Zealand These may do great harm to the country. At the same time, censorship invojyes the risk of even greater harm being done, When wo receive advice from some other country, say from the Balkans, that messages are being censored, what is the immediate c.ncJuslon? That the trouble i j very much worse than we have' ije.G/i told. Of course, the Government may say that it would not suppress anything .that was true and not exaggerated, but between what is true and what la false there fa room for a difference of opinion depending on interpretation of facts. We have that illustrated every day in thp widely divergent views on the position of tire country expressed by Labour speakers, fjw Government, and the farmers. It i# best, unless the gravest emergency arises, ,tp leave the s correction to be made by, the usual methods. Sensible readers overstay? will quickly learn to reject information jfrpm sources which have been shown t,y bj? unreliable.