THE FINANCIAL OUTLOOK

Dominion, Volume 12, Issue 269, 9 August 1919, Page 6

THE FINANCIAL OUTLOOK

SEVERE. COMPETITION TO BE : ' FACED. By Teleerauh—Press Amociaf.on. Auckland, August 8. The fiuanoial outlook and the prospect* for Auckland Province were brief!) touched upon by Mr. T. Buckleton, gen< eral manager of the Bank of New Ze'a> land, in ;a speech at a farewell dinnei! tendered him la6f night. Mr, Buckleton Raid that when he first came to lie city in 1893 the times were very bad. It was not until about 1596 that the U&4 turned. Since then both city.and pro-' vinco had made steady progress. Hs hud no hesitation in saying that the financial position was never bettor than to-day. If bad times had to be faced in the future, the community, was iii a good position to face them. I'or th» next twelve months the position would be good; no ono could predict what would happen after that. The Imperial Gov J eminent, would continue to purchase staplo'comniodities until then; after that the Dominion would have to go its own way. For two years after that ths \iinos would continue to bo good. Following that, severe competition. would 'have to be faced. Auckland could grow wool and meat and pMiluce butter as no other place could" ~" The only drawback was the possibility of having u produce them olf land 'purchased at inflated values, and carrying mortgages in addition. Fierce competition from othef lands would be met, especially from South America', where land and labour were cheap! > That competition need not be feared,- however, if the people were in; dustrlous, and if tho producers did not pay too much for their land. "'lf the community did have'to meet hard times, ho hoped the financial leaders would faca them with courage, tact, and sympathy.