ECONOMIC READJUSTMENT.

Press, Volume LXVI, Issue 20094, 25 November 1930, Page 15

ECONOMIC READJUSTMENT.

" Pf «■ T read you* - l eadin S in your journal re : tgntl/ . manner in winch * PPrße s ra prUnted. It can be toSedtb»t th« main points stressed «« aw generally accepted by thtt t? ,>9." students ot economics, iijority ot almost dully, .dilminions 'expressed i>y noted lire n authorities, some blumtng through excess the '"money, others placing the causM P*pef 0 f Buper-unancitirs, wno " il caoabla o f manipulating the baT suppFof S° ld -. T ° i late ■ tforld 3 two nations, America over c T lt ; an v ™M supply- Yet despite mat f countries are to a more or fret t" os f p X neriencine the same eeo!e"8 prevailing in other nofflif P These aspects and many cOuntr ies - - sot " opinions on the .eadcrs in public p*rt ® j?,. c u a 6 io create a raedj )atet j to perplex the Personally I conF®** rtill in the dark, although k?Je constantly, during the past iy j h»ve coi fol ] ow the trend of J events It would seem that S every form of Government «the maii. troubles. It has-been ,5-Utently stated by leading fin?ininterest and exchange cancontrolled, but I cannot subto that statement, becausie after 7* nCT is just, a medium of exll? aa rporesenting goods or service, fwffhould be as capAje of control an m that until finance,» -J.nnablv dominated, and not the SSion, the world will not begin free No doubt as the result J efr Otto Niemeyer's investigations Ifthe experiences of pther financial 8114 o new svetem of control m Nation various Governwill be evolved. Th'S. will include the estab lsliment SntS .clearing houses m tto W M^th^ m S ln not e it might, enJyifthe wonld.be financial expert demote paper euriency for gold on Ae'riea thai such a system would give the crest majority a greater control thrtJgh their political representatives, ©wew, I devoutly hope that such an enwriP»M>t will he avoided, inthat the present main financed will be maintained, with tie adoption of a world-wide, system ihkt will tend to pbviate tjie inflatipn of aeenritUs, wljisb has proved the most irfajßti* l e » nM of the P reßei^t financla ' j,. . Coming to our awn domestic aftaiTP, the (Sine inflniajes have been at work, —the" accumulation of wealth in unprodoctlv circles (Government war loas inscribed stock, local body defepi> tnrei, ana shares in unproductive purmitf), whilst industries, both pnmary ant secondary, are starving for cheaper cailtol; the latter causing the swelling of tke ranks of the unemployed. With a continuance or extension of the Pjeseni trouble, the value of unproductive securities must assuredly depreciate, be? u&ut?, unless the industries are thriviijir, creating a purchasing povarj there i* nothing stable. Or in other words, if the ecpnoinic foundation productivity (primtrr aai tecondiry) if unstable and progilata, the upper structure, capital in. vfgtafnt in nnproduetive securities (witch are a dead charge on the whole MjWmnnity) must begin to feel very

JfcMefore it Is obvious to me that <pfe! ud l*bonr ttnnot afford to fight p «n«t|ar, B*4 thftt thp time for aiwmfefe «oTgp?rftUon iB overdue. The *m fitting of deing away with the A?t, sacking of men and WM|| or ropßMßting then? with re? msjl/ labour, will achieve towRA fn t}x}B connexion it is pleac- % Wl#4 Ihat very rarely, if ever, 4° *» Ib| H native-born Near Zealander fIPWUM extreme doctrines op th« l«f Wttur W capital or of labour. Jw WJfWltJy I heard an old iady mt 8Q wiiQ ha« jived in New Zealand mmt 7ft yoara, and who eipresgetj in the recuperative power? * NIK Qpuntry, majfp the following during the Victorian f/f W*? were trained not to buy anyr until ihpy cpnld see a reasonable ?■!s* fL ll > , f a ct » lt L w# » ' Po not buy ijpless yeu hav* ™# S|wifi is ysw pocket. To-day ft is» f4 M# wb far sap?# time, buy »nd w S?l forfs about the paying." Furrow, aha stated that aji the Qsvem®Wt pad public bodies were merely § rejection of the individuals comprising toe community, until the individual EOt back tq th? muc|i despised Victaria® IT9 i" many "things things would not improve. _,Thla| aptly sums up the position. Tm!IB is Me point that should not be overlooked, ana that is the fact that sJ?®m have come and gone and no will continue to do so through #ges, bijt no. good purpose can be tarred by prescribing an overdoee of by trying to prophesy comIn ß wants. Any New Zealander of ®*!9 than 50 years' experience in his MtJW land {a conscious of the inherent JWSWfllilve powers and ha§ faith and i" the future. . W great thing to-day is for all gec--4.a8 together, and with a strong long, long pull make an effort to wereoipjj the present difficulties in a goodwill.—Yours, etc., fAITFf IN MY NATIVE LAND. Noramber 24th. 1930.