The Waipukurau Press. PUBLISHED EVERY EVENING. MONDAY, JANUARY 30, 1933. A TRENCHANT CRITIC

Waipukurau Press, Volume XXVIII, Issue 32, 30 January 1933, Page 4

The Waipukurau Press. PUBLISHED EVERY EVENING. MONDAY, JANUARY 30, 1933. A TRENCHANT CRITIC

When men were found taking one view a month ago, and then, without conditions altering, taking a view diametrically opposite, then he would say their judgment was not to be trusted, stated the Mayor of Wellington (Mr. T. C. A. Hislop) in the course of his address at the recent meeting of Wellington business-men held to protest against the higher exchange rate, of 25 per cent., fixed by the Coalition Cabinet. "Which is the sounder?” he asked. "The opinion of a theorist or that of a

man with great economic knowledge, who has made a life-long study of economic subjects and has years of practical experience as Minister of Finance; who also has had recently in London the advantage of consultation with the ablest financial brains in the world and who returned to say that the idea of artificial inflation of exchange is wrong? “Whom would you rely upon? "We are not beaten yet,” Mr. Hislop added. "This country at the moment is committed to the proposition that the politician shall control business operations. That cannot last, because if we as a

community cannot stop it at some stage, economic forces themselves will stop it in utter confusion." Mr Hislop said they had been told by Australia that exchange inflation had been a benefit, but, he pointed out, there had been political changes and the spirit of confidence restored. As a recent Press Association message from Wellington informed us, a few days back, a remarkable improvement in the visible balance of the Dominion's overseas trade during the last 12 months is shown by the figures released by the Dominion Customs Department. Notwithstanding the extremely low prices ruling during the year, export values increased by over £1,812,000. Imports, on the other hand, decreased by more than £l,777,000, compared with 1931. The balance of exports over imports last year was £13,930,678, an increase of £3,590,608. The values shown for exports are the declared f.o.b. Values in terms of New Zealand currency, while imports are valued on the basis of values in the exporting countries, plus 1.0 per cent. Converting the year's import values into New Zealand currency at approximately £24,6 55,000, the “true” visible favourable baalnce stands at £12.309,780, which is by far the greatest during the last 12 years.

WHAT'S THE USE?

What is the use of Chambers of Commerce, asks an Auckland writer, who follows this up by the observation that “these organisations are composed of able business men who meet regularly and bring to bear on commercial problems trained commercial minds. They offer advice to the Government, and such advice is disregarded and flouted with a monotonous regularity. What is the use of the Manufacturers’ Association whose remits meet with the same fate? Of what use are Employers’ Federations? Every suggestion made by them is coldly received and then forgotten. What is the use of any body in the present state of New Zealand politics? Unless and until the citizen rises up in wrath and uses his vote for the purpose of effecting a complete clean-out of the Parliamentary stables, not one of these organisations is of any use. A clean-up of the litter that has been accumulating for half a century is what is needed, and this can only be brough atbout by an overwhelming vote against the Coalition Cabinet.” This does not mean of course that

that the Labour Party is the only ternative Government.

HIGHER COSTS OF COURSE

As is only to be expected, the busi-ness-people and in turn the consumers of imported goods, by reason of the higher rate of exchange also the increased freights, are being called upon to face a marked advance in the price of many lines. A typical wholesale advice is as follows: —“On account of the advance of 15 per cent.

in the exchange rate we are compelled to pass the extra cost on to ourv customers. Instead of altering aid! our prices to meet a charge which may be only temporary we will now add 15 per cent, to foot of all invoices for overseas goods, to cover this charge. In all cases where full 15 per cent, is not justified, such as dutiable goods, we will reduce our price to cover the difference. This advance will not apply to certain New Zealand goods, although they may advance in price slightly to extra cost of raw material.”