PASSING OF THE SLUMP

Hokitika Guardian, 29 September 1931, Page 6

PASSING OF THE SLUMP

TWO OUTSTANDING FACTORS

AUCKLAND, September 2G

“In my opinion, there is every indication- that the slump is over,” said the president of the ■ Associated Chambers of Commerce, Mr H. T. Merritt, in h considered statement to-day. “Although there will probably not he a very rapid return to prosperity, the situation as it has developed in England in the la-st few weeks shows every promise or ‘better markets for New Zealand produce.”

There were two outstanding factors leading to his conclusion, said Mr Merritt. The first was the almost unanimous trend of opinion in Britain in favour of a universal protective tariff, and the second was the, fact that the suspension of the gold standard was tantamount to the imposition of a tariff on foreign imports. One effect was that New Zealand’s produce had risen in value as against Denmark’s, for example. Also, foreign buyers would be able to obtain more of our produce for the same amount of money. Mr Merritt sounded a warning against any tendency to speculate in the expectation of boom. Such an event, lie said, was still a long way off. “Finally,” he said, “we should now insist with all _ the influence we can bring to hear that Britain grant preferential treatment to New Zealand products.”