The Guardian And Evening Star, with which is incorporated the West Coast Times. THURSDAY, SEPTEMBER 18, 1930. PROGRESS AND DEPRESSION.

Hokitika Guardian, 18 September 1930, Page 4

The Guardian And Evening Star, with which is incorporated the West Coast Times. THURSDAY, SEPTEMBER 18, 1930. PROGRESS AND DEPRESSION.

Doxto BJedisloe is an encouragingl Governor-General, a. statement, by txie Otago Times with which all who' have enjoyed reading his speeches will agree. “There are a few clouds scudding acloss the- sunshine of commercial and industrial .-prosperity today,” he said last week at a function in Wellington, “but «o far as this country is concerned J am a pro--found optimist.” National optimism’ is an excellent thing, provided it be not overdone. Lord Bledisloe’s expressed confidence regarding this country’s emergence from the present cloud of depression will be justified, there is no reason to doubt, if the community faces its difficulties—and some desirable readjustments—in a proper spirit, Hi,s Excellency mentioned the. habit of thrift, more honoured by the pioneers than by tjieir descendants. Admittedly it was easier for the pioneers to practise such a virtue; life was less complex in their day—there were no motor cars, and fewer luxuries altogether. Mr Ransom, speaking at the same function as that at which his Excellency sounded hip encouraging note, made a statement concerning the finances of the Dominion, It is comforting, of course, to have his assurance- that “we do nofc regard our position a-s anything like in file same category as the position in Australia at the (prevent time,” and to he able to gather that Sir Otto Nie.meyer and jPro.eGsor Gregory have apparently not shaken their heads too seriously over such financial difficulties as this country has to face, but are content apparently that our Acting Prime Minister should proclaim that the credit of New Zealand never stood higher in the British Empire or the Old Country than it does to-day. Sir Ottn Niemeyer’s report is evidently not regarded as a matter of urgency, since he is to defer its preparation until his return fo England. Mr Ransom speaks of factory production not .vet playing a sufficiently important part in the progress of the Dominion, In that connection, he observes, file Government is entitled to take into consideration the direction in which assistance can be given to the industries of the country. Tire

most, important industrios of the Dominion, it should not ho necessary to remark, are the primary industries. The question of the kind of assistance which industry generally in New Zealand can do with is a big one, comprehending factors with which the Government has shown no .apparent disposition to attempt to deal. The latest bulletin prepared by the Department otf Economics of Canterbury College discusses the trend of business in New Zealand. In this it is observed that at present there is an abnormally large pro-portion of liquid capital on fixed deposit in the Dominion, which is to be taken as evidence of uncertainty and lack of confidence in the prospects of profitable returns from investments in business enterprises. Such lack of confidence must he identifinb'e as a hindrance to progress. What is lieing done to remove it by striking at its roof causes? “Trade recovery,” says the bulletin, “depends partly on the return of prosperity in our overseas markets, and partly on the improvements that we are able to make in the organisation of our own productive activities and in the reduction of overhead expenses.” . This is to the point. And it is as well to add the accompanying reminder, which is not' found in Air Ransom's speech, “Wo must, however, be prepared to adjust our economic- conditions to a lower level of world prices.”