WELLINGTON NEWS

Hokitika Guardian, 20 April 1928, Page 4

WELLINGTON NEWS

IXTFRXAL CO-OPFJtATIOX

(Special to “ Guardian ”.) WELLINGTON, April IS. The formation of the Finance Company of Creat Britain anil America which was announced in a calile message, is an event of considerable importance, for it emphasises the modern i rend of trade and finance. Co-opera-tion is the keynote of modern industry and of finance. This new international i oncern appears to ho a combination of a trust company, an underwriting and developing company and a holding company. and its operations must he very useful to the industries of Europe and particularly the United Kingdom. Trade and business views and sentiments have undergone a very complete

transformation since the war. The distinguishing characteristic of the nineteenth century was individualism. The dominant note in business and politics since the Croat War has been co-oper-ation, trustification, amalgamation, rationalisation. International Shipping ((inference. International Chamber of Commerce, League of Nations. Customs Union, etc. tire post-war household words. Though variously defined, cooperation is the basis of the various expressions. The latest phase in the natural evolution of industry is to cooperate and make use of business. No amalgamation, however, unless it preserves at the helm of each business to which it is applied, the right man ; that is the man equipped to guide and direct with the energy, initiative, responsibility and tlio freedom to act. and act quickly, when need arises. In no industry is this more apparent than in the shipping industry, and it is only necessarv to mention Lord Inehcnpr and Lord Kvlsant as cases in point. Both these skipping magnates control vast fleets, and Lord Kvlsant has just acquired the Commonwealth Line. Although British shipping has been de pressed for the past six years it Ims field its own in the world, and the British are still the world’s greatest sea carriers. It must not be supposed that the Finance Company of Great Britain and America is the first of these international concerns, on the contrary there are many mergers, co-operation or working agreements between Kuro- ■ can and American industries and there is believed to he sympathetic cooperation between the Bank of England and the Bank of France, the Beichsbnnk and the Federal Reserve Bank of I lie United States. The lieu Bnaiire company is a tribute to Sir Alfred Mond. who has been a staunch advocate of international co-operation.

Sir Allred was responsible lor the foriiiation of Imperial Chemical Indus tries, Ltd.. with a capital of fdfi,lllld,0(10, and of which he is the chairman.

ii Ft OR 1) QUARTERLY EXPORTS

The exports from the Dominion for the ii is t quarter of this year constitutes a record, at all events for the past six vein s. The total was C2L Rid.7lo, and the next lust was in lif-’o when tlio amount was 222,82111 l the March quarters of I DTI and lb'-’o exports were on a large scale and the country experienced a great period ol prosperity. The heaviest exports from the Dominion are in the March quarter and the expansion in the exports in lb-1 and ].<■)->■) gave the impression that the position was likely In be permanent and that prosperity bad come to stay. In the ...arili quarter of IDT! the exports shrank by IBU millions as compared with March, l!)2-*i. The figures lor the March quarter of JD2’i showed a trifling increase of IM‘-'O,OOO over Pil'd, while the, March quarter of this year shows a gain of £(i,!G0.677 over 1027,, and looking hack on the records for six years shows that every two years the exports In tiio March quarter show a substantial expansion. Since there is expansion this year it seems that we must

;e.vo another year of big export figures. That is vet"v nrobaldc for there is every indication that wool will again next season bring as good prices as this, amthere are other lines of produce that should sell well. We are at the beginning of another period of prosperity and it is to be hoped that we will treat it with sanity and not run away with the idea that il will continue for