TRADE OUTLOOK

Waikato Times, Volume 94, Issue 14585, 7 February 1921, Page 2

TRADE OUTLOOK

A BUFPERINQ WORLD. BRITISH PREMIER'S REVIEW. The Prime Minister was the principal guest at the dinner of the Federation of British Industries at the Hotel Cecil, London, on November i!0. He said he was glad that the great business community, the directing brains of industry', were coming together, were federating and combining and co-ordinating, and were, he hoped, prepared to give a common counsel to the Government. "Your chairman has reminded you that the 'boom' times are over for the time being, and that we are getting Into the slack time, the period of depression. "Whether it is going to be long, or whether it is going to be short, there Is no doubt it is going to be serious. The question is not whether anything can be done to avert it—t am afraid It is inevitable —but whether something can be done to shorten it and lo mitigate its evils. "Before you can do anything to cure a condition of things, or to mitigate them, you must have a clear indication of causes and a readiness to acknowledge them, whatever they are. All Suffering Alike. "The causes are not peculiar to outcountry. They are something that affects Hip whole world. It is. not an atmospheric depression that affects one roast, one country: it, girdles the earth —the United States, Japan, China. India, France. Italy, Germany, as well as the United Kingdom. The whole world is suffering from it. It is important when you come to think of remedies to get that fundamental facl into your minds, so that we 'Should not run into remedies that may be applicable to one country and not to another. "Countries with totally different economic systems are suffering alike — Protectionist countries. Vrcn Trade countries, countries with good Governments and with had Governments — (laughter) —countries whose Governments, in the eyes of Lord Northolirfe, can do no wrong, and countries, whose Governments, in his lordship's clear eye. can never do right. (Laughter.) They all suffer alike. "It is raining- on the just and the unjust without stint. Socialistic countries are suffering just like those "'wretched individualists are, suffering. The working classes are more wretched where the sun of liberty is shining upon them under Ihe sway of Lenin and Trotsky than they are in any - civilised country where they are locked up in the dungeons of capitalIsm. "Europe cannot work its way back to prosperity unless it has peace. Stamp' out the men who are going about with petrol tins. They are a curse, whatever their profession, and it is not confined to Bolsheviks or Sinn Feiners —constantly starting incendiary fires here and there in Europe, in Asia, and everywhere. The world wants peace to attend to its business. Economy Essential. "Here is the doctrine. Leave the Industries in so far as possible to work out their own salvation. I share your feelings against Government control and Government interference. "The Government are pledged to do everything possible to shield the industries' discovered during the war to be essential for the defence of the country, to deal with the problem of dumping, and to do something lo deal with the exchange situation, so that it could not be utilised as a means for destroying our industries. Rut in the main our policy is that the less interference with trade there is on the part of the Government the better it Is for both. "We must have public and private economy of the most constructive and relentless kind. I put public economy first. Public expenditure ought to be ■ cut down to the minimum consistent with a national security and national efficiency. "The Government have set up a powerful committee for the purpose. of going through the whole of the • estimates again with a view of cutting down to the very lowest limit compatible with' those conditions which I have laid down. "We shall have to ask for the support of the nation when the scream comes from the other side, because it is coming. (Laughter.) People will snv: 'What! Going to cut that down?' We will say: 'Yes, because we cannot afford it.' (Hear, hear.) "As the Cabinet has appointed a committee lo cut down expenditure, I suggest there should he a committee in every household to cut down expenditure. (Laughter.) 1 know what will happen. (A Voire: "Di- - vorce" and laughter.) Each member of the family will want to cut the "expenses of the other. The women will cut down the cigar bill and the men will cul down the dress bill. • More laughter.) That is 'i'liat happened in the public, expenditure, but it is essential, if the nation is to recover, that there should be rigid, ruthless economy for some lime to come." (Cheers.)