WELLINGTON NEWS

Hokitika Guardian, 4 May 1928, Page 4

WELLINGTON NEWS

TRADE AND FINANCE. (Special to “ Guardian.”) WELLINGTON. May 2. Under the above caption the “Mercantile Gazette ” writes in an optimistic view, and its remarks are fully justified. The improved hanking position it is contended fully justified the hint which the hanks gave that hotter and sounder business would result if the community realised the necessity of limiting their demands until the equation between imports and exports was restored. While thinking and unbiassed people commend the hanks lor their action, there are many i n the community who constantly criticise the hanks for their action, holding the idea I hat the hanks are semi-public institutions instead of commercial undertakings. Hanks no doubt owe a duty to the community, and as a rule banks

act with prudence and sound judgment. Tin 1 “ Gazette ” goes on to saq : ‘‘The expansion of our exports is a matter lor congratulation, as the larger the quantity of goods we send overseas the greater is the amount of money we receive. and although in the first place this is paid to one class, only the primary producers, every inhabitant benefits more or less.

If the men on the land are prosperous. the reflex action of their success is felt through each stratum of society ; if, however, the tide turns against them and their balance sheets show adverse results, trade languishes, money becomes scarce and we have had times. Although undue optimism may not he justified, there is reason to believe that with prudent government the next few vears will show hotter resulLs than the last quinquennial period. New Zealand must at present he content to develop her primary resources for the payment of the goods we import and our outside and local indebtedness. To liquidate these liabilities we ha\e nothing hut the proceeds ol the pro duets raised Irena the land, nor shah we ever he nblu to .supplement this source of revenue. Our secondary industries are dependent upon high tariffs for their existence, ami while our present system of dealing with laboui exists, there is no possibility of com modi tics falling in price, nor ol any attempt being made to saleguard the community against retail combinations by which high levels are maintained.” There is no doubt that oar prosperity depends upon the efforts ol the man on the land. The secondary industries, under the shelter of high tariffs and arbitration to an extent hamper ttie p rodueer. POUT OF LONDON.

Tt is to Loudon principally that we send our produce and the port pi Lon don will always have a peculiar inteiest for us. and just now the reduction os port charges is encouraging. The mod cm or clock period of the port began at the • peuing ol the nineteenth century. 'The West Indian merchants built their dock in 1802. an example which was soon followed by the East Indian merchants. At the end ol the nineteenth century it was found that there was unnecessary competition between the dock companies, and that more docks were built than was required. A Uuynl Commission was appointed in IfM.HI m investigate tile aI! airs of ibe port, and after two years' deliberation i; made its report, which resulted in the i oahlishiaenL ef the I’m! ol London Authority.

The Authority took over the control of ali the existing docks, and started making improvements by providing quays, roadways, railways and ware bouses. The river was dredged through out its whole navigable length. New docks were built, the latest being the King George \ • I lie money spent on those improvements amounted to T 12.000,0(10. Since, the Authority weestablished the trade ol the port bad increased 00 per 'cut. In lu” the shipping using the port had a touting l ' of (>00.000; now the tonnage was -10.000.!)(!(). The value of the trade ol the port in commodities exported and imported was then 210,00(1.000: now ii was roughly 07 t0.G00.000. It was tru to say of the Fort ol London that it had developed into the linaucial tentre of the world. The Authority not only received the ships carrying the enormous trade into its docks, hut it dis charged their cargoes and conveyed the commodities to the v.archousos </ the railways. The Authority had 12,000 persons in its service. .">.OOO of whom were labourers. As a help to the decentralisation of dock work. 3000 of the labourers were permanently employed. They tire extending their docks at Tilbury—providing entrances to accommodate still larger steamers, and a new lauding stage to make London a still larger passenger port.