WELLINGTON NEWS

Hokitika Guardian, 20 July 1929, Page 6

WELLINGTON NEWS

CONFIDENCE REVIVING. (Special Correspondent). WELLINGTON, July 19. f Tlie Banking Returns for the June quarter which were recently reviewed gave, as was indicated, clear and convincing evidence of returning confidence, and this is confirmed by the latest Monthly Abstract which deals with figures up to the end of -May. Bankruptcies are a very true indication of trade, so that when there is a distinct shrinkage in the number of bankruptcies it can be safely agreed that there is improvement. In May of last year the number of persons adjudged bankrupt was 78, of this 57 being in the North Island and 21 in the South Island. In May d f this year the total fell to G(i, a reduction of 12 compared with May last year, a drop of over 15 per cent. The. number of deeds of assignment declined from 23 to 15 by the same comparison. For the first five months of this year the bankruptcies numbered 256, while for the corresponding five months of last year the number was 327, so that in the period there , were 41 fewer bankrupts. The number of assignments fell ifrom 93 in the five months of 1928 to 80 in the five months of .this, year.' This is very gratifying for it indicates that we are steadily clearing the “lame ducks” in business and are'gradually getting back to the norma:! of business mortality. Another good sign and one that is very encouraging is the increased attention that is being paid to country lands. In the two monthsvtif- April and May there Iwefe. .1335 transfers- of country -land and the consideration was £2,6(50,940. ;-Tn 'the. corresponding two month's -of last year the transfers numbered 1120 and the consideration £2,349,270, and from this it will be seen that although there were 215 more transfers in the two months of this year the consideration .was £311,670. Buyers of country lands are operating with caution, and the inflation in values is being squeezed out, but a good deal more must be done in that direction. There, is no doubt .that confidence is reviving and it will gain momentum in the months to come provided the .busybody politician does not cause fresh alarms with. proposals for interference in business., . Of course there is the possibility,, if not the probability that produce, prices in. the coming season may not be as good as in the past; thig may cause a check, blit it should also .hasten readjustment in numerous directions that even now seem to be imperative. A'COTTAGE INDUSTRY. When the Hon. Mr Taverner was in Auckland recently- a deputation of Angora rabbit breeders waited upon him. Mr A. G. Sainsbury, a prominent breeder of Chinchilla and Angora rab- 1 bits, who was/a member, of the deputa-1 tio-n, emphasised theViirgent. need of a hand-spinning movement, so that the | Angora fleece could be marketed in a I usable'.'form. - ~

It was pointed out that imported machine-spun Angora yarn was retailed in New Zealand shop's at Is 8d per ?oz. hall. The hand-spun product was considered superior because there were fewer broken, fibres. What the deputation desired was that hand-spinners should start business in many districts throughout the Dominion spinning for the rabbit keepers at a charge per lb. It was urged that New Zealanders should have full opportunity to develop new issues and local markets with the spun yarn and its manufactures. Success, however, depended on starting hand-spinning on the best known lines. The spinning wheels cost in Britain about 655.

The deputation suggested that the Government should assist the many thrifty people who had taken up Angora work by engaging temporarily an expert spinner from Britain to exhibit tlie various types of wheels, explain their advantages, teach spinning, grading, manufacturing, marketing and the development of new uses and markets. The Minister displayed considerable interest in the subject, and promised to discuss the matter with the Minister for Industries.

Since then a reply has been received from the Secretary to the Department of Industries and Commerce stating that with a view to giving effect to the request of the deputation immediate inquiries were being made as to tlie extent of tlie industry locally and its value as an avenue of employment, and also into tlie conditions in Britain and Europe. Hand-spinning of Angora rabbit Wool would be an excellent c< tinge industry and many a woman L'U’id be able to add to the family income. /