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Hokitika Guardian, 26 April 1922, Page 2

In the thought for the times to-day, mere is the suggestion by the writer tliat to deni practically with the niiittet of depression and. unemployment, tlieie should be a fearless search into the costs and surpluses of industiy, with a view to finding out what might be done to mend the position. We read above that there is a seeming paradox in tin t while timber is badly wanted mills are closing down for lack of ordelts. A search as to one of the causes for depression in tlie milling \Vould disclose tlie effect of the tightening of the pronibitory regulations against export. Thu steady closing of the Australasian market to New Zealand timbers by the operations of the Dominion Government is having a dire effect. When in the comparatively near future that market is closed altogether, disaster will be upon the milling industry. And there is another factor leading up to the same dire results—the free import of foreign timbers to New Zealand which in the very hear future will undersell the local commodity, and produce greater stringency of employment still in the industry. Just as the red pine market is affected now j so it is feared at no distant date, tlie white pine market will he affected also. With this overtaking the industry there will he a very serious blow at the milling trade, and employers will feel the depression and the employees will experience unemployment. It is high time the miller and the sawmill worker got together in an effort to save their trade and occupation. If they continue inactive they will soon find themselves overwhelmed the millers ruined and the workers like Othello of old—their occupation gone.

The decline in the world’s output of gold which has been so marked in recent years, was not arrested during 1921. The output value for that year was £66,000,000 as compared with £69,500,000 in 1920. The proportion of gold contributed to the world- produe-t-on bv the British Empire is increasing, the Rand last year contributing considerably more than half of the world’s total. The values for tlie past nine years are given below:

Gold is now, and has been for some time quoted at a premium, a late quotation being £4 14s 9d per ounce. The chairman of tin l Gold Producers’ Association of Australia, in referring to the matter at the annual meeting of the association held recently, said:—“Never in the history of the world finance havo gold values been so unstable as during the past few years, and upon the resulting trend the future of gold-mining depends. Wage-levels are closely related to price levels. The premium on gold can only disappear if the prices of oompiodities pud therefore nominal wpges tiie iTClntttJ jiioj'e rabidly in %* pnj 3

ted Kingdom than, in the United States and if the general decline of prices continues in both countries it is possible for gold mining to again become as attractive as formerly. The factors in favour of this are the general reversal of the psychological forces which made for the recent decline of gold values, the decline in the world’s gold production, and the possibility of the European nations resuming specie payments and again adopting gold ns currency. The factors against ft permanent rise in gold commodity values above, pre-war figures are the enormous accumulations of gold stocks, the substitution of paper for gold in such solvent

countries as the United .States, the Lni_ ted Kingdom and Japan, and tne tremendous increase in the use of c.edit instruments. Both sets of forces arc world-wide, and the resultant tendency of their intei-action, is not yet to be discovered. AVhile lie would be a iasli

prophet \Vho would assert that gold will again lie worth, in terms of commodities, as much as in, say 1896 (the peak year of maximum purchasing power tor gold) yet there is 111 the world situation reason to assert that the attractiveness of tne industry hits shown improvement over that existing in the past two or three years. The local commemoration of Anzac Day yesterday was marked by fine weather. The people observed the occasion with befitting solemnity. The churches were crowded for divine service, while the public memorial service on Cass Square preceding the unveiling of the Westland roll of honor was attended by a very large concourse of people. At every gathering the right note was struck, and the public paid respectful homage to the mighty dead. It is being said very often that those who died in the great \Vn r need no memorial. Their work and what was accomplished by their sacrifice shall live for ever in the hearts and minds of the people who enjoy the blessings of peace and safety as the outcome of the supreme sacrifice. Horace in one of h:s Odes truly said: T have completed a monument more lasting than brass, and more sublime than the the regal elevation of pyramids, which neither the wasting shower, the unavailing north wind, or an innumerable succes-

sion of years and the (light of seasons, shall be able to demolish.” The memories of the Great War shall live for ever till time shall be no more, for it was the deciding event leading up to the final emancipation of the world from. It is but right that the sacrifice of those who made this possible should be revered. The Government dal well at the instigation of the Returned Soldiers to make Anzac Day a holy day and to observe it as such now ami for all time. The Returned men mi their part paid their respects 10 their fallen comrades in a manner altogether creditable to their hearts and feelings.

Year. £ 1913 1914 90,400,000 .915 1916 93,-500,000 1917 86,300,000 1918 79,000,000 1919 1920 69,-500,000 1921 66,000,000