THOUGHTS FOR THE TIMES

Hokitika Guardian, 1 September 1930, Page 4

THOUGHTS FOR THE TIMES

AUSTRALIAN PROSPECTS. Sir O. Niemeyer’s' survey of the Commonwealth’s market prospects' is arresting. The fall in the prices of Australian staple products means not only .the automatic increase of her debts which aTe paid by the sale of hep commodities, but heavier competition from foreign rivals who enjoy* a lower cost of production.' Sir O'. Niemeyer warns v >• Australian producers, ’both primary and secondary, that they have'' no chance of holding' their' ground in the world’s markets, or even in their- own, unless they will ! be content to receive less and to econmise, if necessary, at the expense of their own standard of living. There are few admonitions in Sir O. Niemeyer’s statement that, he has not already administered, in .regard to the necessity for balancing budgets, reducing administrative penditure-, abstaining from oversea loans, and expending loan money‘only on reproductive Works.’ But n&ver 'be- , fore has he stressed so..,emphatically .M, the dangers of a long-continued fall in ’ * general prices, and the need for vigorous Concerted- aiid drastic action on the nart of the Commonwealth' and the \ State Goverhnietlte if they are to ’• .1 weather the, storm. •