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Hokitika Guardian, 9 May 1925, Page 2

Oi'it national trade balance for 1924-25 remarks the “New Zealand Times’’, is exceedingly satisfactory; it reveals an excess < f exports over imports to the tune of nearly four millions sterling. Our sales increased o-rer our purchases in the proportion c f np--1 roximatelv 13 to' 10. Last year's export figures are only a trifle short of the record of 15)10; imports are larger than in any year, 132:) excepted. Taken at their face value, the figures are an elocpient commentary on the ! rosperity of the Dominion, lint face values may he misleading; they have lint more than one trader into the Bankruptcy Court. New Zealand is in no danger of any such misfortune; nevertheless it i- in time to indulge in over-pxuhcrance because the last

balance-sheet is so strongly in our favour. History has a disagreeable habit of repeating itself "ben repetition is least pleasing. AVc nni-t rmember If>2o. That uus n golden year with a sombre aftermath. Confident that the sky never "as going to cloud again New Zealand imported and imported and Imported. It was an orgv of spending. Then a cold wind caught US. The slump arrived along with the hills, at.d political recriminations were loud ami long and violent. That was our lesson. We must vigilantly guard against being traplied in that position a second time. So long a- values run ahead cl volume

and imports mount as they are lne-uii-tji.g. so long .-houhl eve always keep in mind the pi.-s-ihility of a break in markets overseas. 'I here is not quite the same danger a, was present four ~r live wars ago. The world, which

u r.s shaken to its foundations by the (■ \; 10-ic.n i ! IP.PI. is oscillating less

ominously than it "as. Luropo. the ecsjuoiiiic ((.‘litre of civilisation, tombs to settle down olive more, though still

uneasy in its sleep. I hat is to say. the signs of a trade revival in and about the Continent are at least encouraging. No one capable to the detached view seriously regards oh! mail’’ 11 indeiihurg. (*ermany s new President’, as alt ohstat le in the path to reeonstru lion. But we arc getting away from our point, which ithe need for disciplining our enthusiasm for imports. As the country develops. it is only natural that, our iniports should keen pace with our requirements. ’I hat is one tiring; to over-indulge a.s was d ine in IP2 I is another matter ultoget nor. for example. the farmers, including the wool growers, have had enviable season ; of late. That was a change o fortune they deserved. I hey will best

make the most of their opportunities if they devote a measure of their ciilinmcd income to strengthening their position with the hanks and pastoral companies which assisted to see them through troublous days. I hat dune, prima rv industry will have provided itself with a tirsi line ot defence

against possible market complii aliens abroad. All this means nothing mere nor less than counsel to put something aside for a rainy day when -we are able to spare it. It there is no rainy dav well, then. so much the better lor everybody.