NO NEED FOR PESSIMISM.

Franklin Times, Volume 9, Issue 643, 21 June 1921, Page 6

NO NEED FOR PESSIMISM.

In summoning up his interesting address at the annual meeting of the Bank of Ngw Zealand at Wellington on Friday last, the chairman, Mr Eeauchamp, emphasised the necessity for sustained effort in production, efficiency and economy amongst all classes of the community. We are passing through critical times, and, he said, “How long the monetary stringency and industrial depression will last depends upon a variety of circumstances, but mainly upon the rapidity with which the, economic unity of the world is restored. All the great wars of the past immensely stimulated the economic development of the world and invariably gave a powerful impulse to the greater use of labour-saving machinery. Probably we are on the eve of some such economic developments. After all, we must reply upon hard work and thrift and the moderation of party politics in arranging the national affairs, There will be a continued demand for New Zealand’s products: our wool, meat, butter, cheese, hemp and tab low are all wanted; and the purchasers are willing to pay up to the limit of their purchasing, power; that limit just now is a low one, but it will expand, and so will the demand for the products. Our trouble just now is in adjusting the cost of production to meet the changed conditions. As soon as prices of commodities show some signs of stabilisation, there will be manifest confidenpe in the situation, and on that confidence a new and enduring structure of trade and commerce will be built,. The present is a time for the avoidance of extremes — extreme optimism and extreme pessimism. It is a time when conditions should be looked at squarely, and dealt with courageously."’