BEWARE OF DEPRESSION

Waikato Times, Volume 92, Issue 14368, 21 May 1920, Page 6

BEWARE OF DEPRESSION

THE FINANCIAL OUTLOOK. A WARNING BY MR MASSEY. Interesting reference to public finance were made by the Prime Minister at the annual dinner of I'lie New Zealand Dental Association. Mr Massey said lie did nol wonder thai there was to-day a great clamour fur public expenditure. Development, improvement, and expansion were wanted in every direction, and many of the claims were in themselves good. New Zealand, however, had only a certain amount or money to spend, and that point could not he emphasised fnn strongly. "It will take us all our lime In avoid a wave of depression." said Ihe Prime Minister. "We do nol want depression, and I believe thai it can be a\oided, but it can he avoided only by care, economy, and industry on the part of the people of. this country. We must curtail the extravagance that has been going on in town and country for a long t:me past. Money has been plentiful : n New Zealand, more plentiful, perhans, than in any other pari of the Empire. The people of Ihe Dominion concentrated during Ihe war. on doing everything they possibly could lo supply the heart of the Empire with Ihe products il. required for the use of ils people, and for the army and navy. The eorinequcncc has been that money has poured into this country in a way we had never experienced before. Rut a change is

coming over (he scene. You will have seen from London that already there lias been a drop in prices. The commandeer of our products is coming lo a:i end, and we must, not rxp"d to receive for our principal products tin' pries that we have been receiving. There is no question about thai. Some peopic will see consolation in a reduction of the cost of living. We all want to se the cost of living reduced, but remember that we are nol likely 1 > have the amount of money lo spend that >ve have had during the last few vears. Thai is why I wish lo impress upon the public of this country the necessity of being careful."