WELLINGTON NEWS

Hokitika Guardian, 12 January 1928, Page 1

WELLINGTON NEWS

REAL BUSINESS RESUMED. (Special to “ Guardian WELLINGTON, Jan. 9. On Monday last the real business of the country commenced, for on that day the Stock Exchange resumed operations, and various other sections of the community such as public accountants, who observe a regular vacation period over Christmas and New Year, are back at their offices ready to grapple with such business problems as come within their sphere. And everyone is buoyed up with the hope that the year we have just entered upon will provide a better living and prove a better business year than the one we have left behind. Om prospects are hound up to a very large extent with those of Britain, and so il is safe to conclude that if British con-

ditions are satisfactory ours will he satisfactory. Emm all accounts the outlook for British trade is excellent, and is said to he better than it has been for the past four or five years.

Britain has been the victim of her own honest policy, for Britain was the first of the nations to fund her huge debt to the United States; Britain was the first to revert to the gold standard and, Britain has taken a prominent part in helping in the stabilisation of the European currencies and balancing European budgets. But while Britain has taken this lead she has sulfered from the inflation indulged in by European countries and is now only getting even with them. The British position was .so had a year ago, that man y prominent business men in the United States and in other countries regarded Britain as down and out. Now these self-same critics are beginning to express changed views, and well they might, for Britain has achieved much without the “ tall talk ” of the Americans.

The notion that England is down and out is probably due to the somewhat parochial outlook of the majority of the citizens of a. country necessarily ill-in-formed. Despite what critics and detractor,: abroad may sav, confidence in the future of Great Britain will continue to he a national characteristic. All Britain’s difficulties have been exaggerated and all her progressive achievements ignored. It seems to he forgotten—and the United States lias of all countries, tho least excuse for loss of memory—that Britain has met in full the claims of her external creditors, thn’t she has returned to a gold standard, and re-established the international stability of the pound sterling, that Brtiain is giving employment today to a larger population than that in work in pre-war days, and that in various branches of industry, notably artificial silk, motor cars, textile machinery and electrical equipment Britain liasmade almost incredible progress. A: the same time Britain has spent already £250,000,000 on making her roads the best in the world, and has built over a illinvi liAiicnc nf n rtf PfiOH 000 000

million nuusvs at a übm tuuG,w»/,wvivt. Furthermore, by introducing, admittedly at the cost of the taxpayer, schemes of health and unemployment insurance and old age, widows’ and orphans’ pensions, Britain has immeasurably improved the lot of large masses of her population. If there has been a falling-off in orders from foreign countries, world conditions have been mainly to blame. If Britain’s customers cannot buy as much as formerly that is not her fault. In those branches oT industry in which Britain achieved supremacy in pre-war days she is holding her own, especially in shipbuilding and engineering, and those who assert that England is down and out conveniently overlook facts that are obvious. Britain is now making headway in the motor-ear industry, while it is ndmitfed that tlie same class of trade is falling off in America. The British film industry is also progressing, and although there is much leeway to be made up i must not be forgotten that the United States had the field to herself for many years, Revival in British trade means revival in New Zealand and Australian trade, for tho Mother Country takes all that wo can send her in the matter of raw material and food products, and the greater number that she can fill ' employment for ensures for us greater consumption. Great Britain is worthy of all the direct assistance we can give her, for in assisting British trade w; are assisting our own export trade.