OUTLOOK GOOD.

Hokitika Guardian, 9 January 1925, Page 1

OUTLOOK GOOD.

SIR HAROLD RE.-Vrcn AM B ON dominion PROSPECTS. WELLINGTON. January 7. Sic Harold Ream-hump. interviewed With regard to the financial position during the year just closed and lie* outlook for i 1 io eiirr.'iil year, said that .i distinct improvement bad taken like e ill New Zealand and Australia. No doubt a large amount of cleaning up wax necessary. especially among farmers and others who suflered so severely from the slump in 1 D-Jfi-21. Many of these larmers were faced with big debit balances, and during the lasteighteen months or two years they Imre I ecu busily engaged in reducing tliiHr indebtedness and pulling llmir financial affairs on mere satisfactory footing. Whilst this cleaning-up ] roles was going on it naturally contra'ted tin* spending power ol these people, with the result that many traders, complained of a falling-off in trade, especially that coming from llmir I armor friends. This was parlieiilnrly noticeable in Auckland district and other pails of the North Island, more than in the South. Now with the ] hennmcunlly high price-; ruing for wool and

other produce 1 armors were able i" spoii'! Hindi iitin'i' I rooty, with the rosuli Hint there was distinctly a nioio cjn'orful tone unionist all claws <>( ■traders in every part of the Dominion. Profiling by past experience, said ,«ir Harold, “many fanners recognise the necessity for paying ort <»r siiKstnn. tiallv reducin'! their mortgages instead of ciuoplving surplus iuiuls lor odiei purposes, II tile policy he eontiuned it will he only a <|iiosii>m - 1 a short time when the fanners of this country "ill he in an almost enviable position. True there are still a number shelterin'! under the moratorium, winch prevents mortgagees from realisin'! on their securities. 1 am one of those who rogrcl that the moratorium was not. lilted at th„ close of the armistice instead of being prolonged, and thus keeping a don't people who have trot themselves into a position from which there is little chance of extricating themselves unless this ean he done hy big concessions in the amount of mortgages due by them to their respect it e lemh is. Judging by the reports of cases referred to in our courts there appears difficulty in determining when, the moratorium actually expires. 'There seems however, to lie a concensus of opinion that mortgagors are protected until March 31. lUi’.. and then mortgagees can only call in their money hy giving three months’ notice. In other words, borrowers are protected nun! ,I'ime 30. 102 b. By that time, n" doubt. Parliament will have reassembled, and it will he interesting to see if sufficient political pressure will he excited to provide for further extension ot this much abused moratorium. I know of „o country in the world where a moratorium has been so long in existence. “Some comment lias keen made upon the slight reduction in the value ot wool auctioned in several coioics. T believe that it is chiefly due to the iact that there has not been shipping space available to lift all the wool as purchased hy representatives of the different wool-buying houses in various parts of the world. The position in this respect has been materially improved hv the action of wcolhrokers in agreeing to limit or reduce offerings at the recent and nearby sales. Ot course the position in regard to Australia maybe severely prejudiced hy the untortunate happenings m connection vita the waterside and the maritime. workers. which to-day means the lidding up of an enormous amount of shipping.

c On the whole I should say that the outlook for this Dominion hears a more ro«eate hue than has hoen the case since the Great War. but I very cordiidlv endorse the advice given by Mr Massey to all classes of the community namdr. that they should endeavour to make themselves snug financially whilst they have such an excellent opportunity.”