WELLINGTON NEWS

Hokitika Guardian, 23 October 1928, Page 2

WELLINGTON NEWS

v CONFERENCE REMITS. [Special To The Guardian.] WELLINGTON, Oct. 20. The delegates who annually attend the conference of the Associated Chambers of Commerce .are supposed to be all experienced business^-men, yet it is' remarkable bovyY at . timcs, business, men talk as nitf6h piftlb as do most M.’sP. A remit sent forward . by the Canterbury -C&ariiber of Comnierce ' was to the effect that the executive should explore means of stabilising the exchange in London Hvitli" a view to. preventing exchange dislocations. The mover of this remit stated that the gold acted as an' automatic exchange had been restored by qidsf countries, and New Zealand of being one of the veryf'few countries that had not rdttiriiied; to that standard This statement' is inaccurate for New Zealand reverted to' v the gold standard at the same time as Britain, and the fact was announced by the Chancellor of the Exchequer when he intimated the ¥ethrh' >;s• Britain to that standard. Gold is not ih|? circulation in -New Zealand any more than it is in Britain, nevertheless both..f<X>untries are on the gold statodlird. V The precious metal is exported; from New Zealand, as anyone can see by, examining th trade figures in the Monthly Abstract. The idea that the foreign exchanges can be stabilised. If our visible and / invisible exports exactly balanced our visible and invisible importe then our exchange would be stabilised, but that exactitude is impossible, and from the nature of our overseas trade that is impossible. From now on our exports will expand with the shipments of dairy pro-, duee, wool frozen meat, etc., and these are sold and paid for in London credits they are bound to accumulate, and it depends largely upon the VoL ume of our imports whether the. transfer can be made. The banks do not hold more gold than is needed for the compliance with the requirements of

the Government and the safety of the

note issue. . > i The mover of the remit stated that he did not. know; wliat the cost of shipping gold would: be, but he was of the opinion that it might serve the purpose if a large .part of New Zealand’s gold reserves was h<pld in London, because the geographical position of the precious metal was not as important as its ownership. Some people are ready to walk where angels fear to tread, and the whole , trouble emanates from the • fact that laymen are ever anxious to teach hankers their business. As conditions-, exist the • best is being done, = and- when conditions change they will be met by changes in other directions.

SOME STATISTICS. It is always, possible to get someindication of the trend of economic affairs from statistics, and in the , “Monthly Abstract” for September, although the statistics given cover a restricted period, nevertheless they are liite straws which shows which way the wind blows. The statistics showing the tranfers of land under the Land Transfer Ac are interesting. During the months of August there are 782 transfers of country properties and the consideration money totalled £1,562,544, and compared with August of lastf’^ehr‘ there’were 36 few-" .■ er transfers but £151,327 more was paid on the fewer properties sold. But the business of a T single month can scarcely be regarded as a satisfactory guide, but if we take the five months ended with August the position seems to be very much better than is disclosed by the single month’s returns. In the five months' the transfers of county properties numbered 3437 or 96 more than in the corresponding period of' last year and the consideration money at £7,034,645 exhibited an increase of £837,752. This may ibe accepted as an indicatjon.that confidence is being restdmsl|fi the » farming. industry, and jtShejfe?; ; is,.: justfication for it because of tli'e'l'hcreased production.

For the twelve months ended August 31 the mortgages registered mum bered 38,339 against 41,258 in the previous yeardecrease of 2919, and the amount of moniby involved, was £33,132,459 or lees. The mortgages discharged . numbered 28,507 i or 365 less thantin last year, .but the amount repaid W&s.larger being £25.277,999 as compared 'with £25,154,822 in the previous year. - ..

The figures indicate that the mortgagors are getting into a better position for substantially less has been borrowed while a slightly greater amount has been paid off. The increased return; from exports will have helped in this. The bankruptcy returns are also encouraging, for there is ai tendency for the number of insolvencies to decrease.

For the eight months ended August last there were 393< bankruptcies, in . the North Island as compared with 402 in the correspondng period of last year, a decrease of 9, while in the South Island the figures were 140 against 160, a decrease of 20. Last year the bankruptcies averaged over o>i . dn jbo.C siqq epipw ‘qiuoui aed ZL the end of August the average was just over 66.