MR W. F. MASSEY.

Hokitika Guardian, 8 February 1924, Page 4

MR W. F. MASSEY.

WELCOMED HOME

"WELLINGTON, Feb. 0.

Mr Massey was welcomed hack at a largely-attended meeting to-night held under the auspices of the Political Jle-

form league. Sir Francis 13oll» who presided, in a eulogistic speech, referred to Mr Massey's work on behalf of the Dominion and Empire for a quarter of a century in the House of Representatives and Prime Minister for twelve years. He referred to his work at the Imperial and Economic Conferences, which had l.een highly praised by the Press of the Empire absolutely irrespective <d party. Mr Mas-cy aid it was absolutely lie- e-~ary that Imperial C.mfereucer |

should he held every two years. lln depression in Europe at the present time was largely due to the unstabh affair• there and the fact that. C-er-many had made no real ellorl to pay reparations. At the present time hr sympathies were with France, and he

j hoped Unit when the of inI demuities was settled mir In are Ally I would K et full justice. llci'ernnp; to | tl«* Conference. lie said 1» w« s sn r,,n ' : vinrctl that it wa« nectary to hold an • Imperial Conference at l--a-t """ i ev ,. ry two years. Ho emphasised the necessity that all parts of the Empire S should 'stand together to encourage I British and Empire trade. Bevelling Ito the depression ai home, he san. i that Britain was no longer the groat- ! est mniiufaetnring nation in the worlil. I Whether she ever would ho again, reinained to he soon, hut ho vas j sure that, it <-mtd not he without a j system for protection for Home indus-

j trios ami Imperial preference to -limuj Into inter-rmperial trade. iMiiphasis- ■ injr till' need for better instruction al Home and in till' Dominions in British history, lie maintained Unit Britain had done more lor her own people, for the Kmpiro, and for the world at Inroo. than any other nation, and the British Kmpiro was the greatest safeguard to the world's peace to-day. We mil'll! eonttralidate onrs'dies upon the fact, said Mr Massey, ilmt the whole of the financial, ooninioreiid. and industrial position ot New /calami had never been fetter, the cause being

the increase in the prices of our farming products. For the year ended December 31st. last our exports totalled C 1d.007,110. and our imports £13.180dll. making our total trade no less than £80,17)3,003, or an increase of 111 millions over that ol He doubted whether any country in the world had the same trade per head as we had lasi year. (Applause). Ihe value of dairy produce expo its had in-crea-el hy 30 per cent.. Mozc eat by 0 per cent., hides and skins by 30 per cent., but the export value of wool had decreased hy 7f per cent I’eople had expressed alarm at our public debt which amounted to Cl’tli .0i I .fills. hut during the year it had been reduced hy £l,3d 1.013. Further, a. against that debt, we had interest-hearing assets. • which lie detailed. The "oii-m----terest-hearing debt was only .">•• millions. lie did not think any country in the Empire could show a position like that. So far as the preseni revenue and expenditure for the ten months ending January 310. hud «> concerned. the national i.-waiie amounted to !: 10.871 .odd. an 'm--rea.se

oi' £77(1!.103 over the lirst ten months of the previous financial year. while Hie expenditure amounted to L'dit.b'.iO.7iSV. a decrease of £l») 7.3V*. -So iar as il was possible to judge, there would be a satisfactory surplus on the right side. He could not go . lexer to it than that at present. l;,.verting to New Zealand’s - ciidiMr M’as-ey said he had got over ,pcrio-l of retrenehmeiit. whielt was dilheuli ami unpleasant. He a-ked the people to pull together, and maintain the country's present goo-1 position. The linauial. commercial. and industrial development- loans suggested bv Hu- ]e.to Baldwin Hov-ruim-ni w-mM have to stand over for the pro.-, id. 1/1,1. lie hoped they would he go with. Money was scarce at Home, ami then- were heavy outside demands .ill the l.on-lon market, with a result that Australia was offering (! per cent, lor a bi- loan with a-half per -".‘nr. by wav -if expenses. That woul-l mean « per cent, for u<. and lie did not like it because it meant horrowin-g at a I" '■ but New Zealand had a lair amount of money in hand, ami could go -piieil.' on for a few months waiting inr a change to take place. It might he a change in the Home Government.