DAY BY DAY.

Waikato Times, Volume 100, Issue 16749, 16 March 1926, Page 4

DAY BY DAY.

After referring to the return to the

Mr McKenna on Trade Prospects.

gold standard as the outstanding financial event of the past year, Mr Regi-

nald McKenna, addressing shareholders of the Midland Bank at London, pointed out that although precautionary arrangements were made in order to meet Ihe possibility of an excessive demand upon our stock of gold,, no occasion had arisen for making use of the facilities obtained in the United States. Later in his speech lie said; “It is not unusual for writers on the present day condition of England to discover signs that tho productive capacity of our country in competition with other nations has passed its zenith. They sec in our figures of long-continued unemployment indications that we are no longer able to hold our former position and believe that the tendency in future will be towards a progressive decline in our trade. These opinions arc often expressed by persons who, though candid in criticism, arc friendly in feeling. They deplore what they resard as the passing of a great people. I confess, however, that 1 do not share their opinion. Through a.ll these years of trade depression wc have still been the greatest exporters of manufactured goods in the world. Our trade has had lo struggle against adverse conditions, but its vitality has not yet been seriously impaired. If these adverse conditions were all of a permanent nature, if they sprang from causes which marked a definite deterioration in our mental or physical capacity, there might be some ground for anxiety about the future. But I do not think this is the case. There is always room for improvement, and I believe the years of depression have been a testing time for us and a warning to put our bouse in order. The exceptional depression lias been largely due to temporary financial conditions, and for the reasons I have given I have strong hopes that these arc now coming to an end.”