NEED FOR THRIFT

Hokitika Guardian, 21 March 1925, Page 1

NEED FOR THRIFT

COVER Nt) R-G KNER AL’ 8 Al) V ICE

AUCKLAND, Alareh 19. The Governor-General. Sir Charles Fcrgusson, was the guest of the Auckland Chamber of Commerce at luncheon to-day. In a speech his Excellency re vie - the progress of trade and said the Dominion was in the meantime living in a time of prosperity, hut we would .1 1 foolish not to take stock and look t the future. \Ye should remember our imports are large and it would be wise always to watch imports anil lon.sidei whether they represented a fair propoi tion of articles neccssaiv for the development of the country, articles of consumption as against luxuries. A big increase of exports followed by big imports could only he good if proper propel lions were observed. Did these imports represent too great a stock liel illiv trade? If there was a sudden drop in prices the result would be a decrease in the- consuming power of the j opulation which would hit trad-

Then, in regard to Imnowing Lite increase of borrowing by local bodies had doubled in ten years. The amount outstanding on mortgages had increased lrom 11 I millions to 238 millions in 1923. No doubt the country could stand that, but we should remember we could not count on high prices continuing and a. fall in, ,say, wool would make a great change. There should ho a time of thrift and a time when people should consider reducing instead of increasing their liabilities. It was no more than comiiioii prudence to suggest and to consider in the first place “thrift.” M hat we had to do was to provide against the possibility of a coming rainy day. The prosperity of the country consisted in having a maximum surplus of pastoral goods for export of the best quality and at the lowest cost of production, so as to obtain maximum prices and maintain them and so compete with other rival producing nations. That seemed to be the maxim on which we should work, coupled with thrift and foresight in view of a possible rainy duv. (Applause). >