WELLINGTON NEWS

Hokitika Guardian, 15 March 1932, Page 6

WELLINGTON NEWS

HEADED FOR PROSPERITY. (Special Correspondent). WELLINGTON, Alarch 12. Great Britain is headed for prosperity, and it is becoming obvious to the obtuse foreigners. “Le Matin,” an important Paris paper, says: “The British pound,” a great international counter, which became suspect, resumes little by little, its directive role. Commerce is reviving and John Bull is resuming his serenity.” The pound sterling is not rising, little ay little, but by leaps and bounds in the world’s currency exchange markets. The depression began in the second half of 1929 with the era sir 'in the New York Stock Excnange.

A great war has .been waged ever since involving all the nations of the earth, white, black and yellow, but unlike the Great War of 1914-18, there are no allied nations:. Each is fighting on his own ground .because the depression has invaded every country. Depression and Prosperity have fought hard, but. the latter has been beaten hack and back, and now the forces of Prosperity have decided to. stop their retreat, at least that is the case in Britain.

Incessantly retreating/-hitherto, with little in the way of resistance except rearguard action, always followed by withdrawals, the reserves were* thrown into the fray, and a great counter attack launched against the so far invincible. foe. Hitherth the grim struggle between' Prosperity and Depression lias been-largely one of passive resistance by the former, ( but that is now. at an end. Counter attacks are being planned or launched in, most countries, hut they have not always been wisely conceived. Britain has so far achieved the best results, and Britain is headed for prosperity.

I We cannot be indifferent to Britain’s ; efforts, for we are part of Britain, and i f we can in any way help her to push home the counter attack on depression, we should do so. His Excellency Lord Bledisloe, struck the right note in his address to the Commercial Traveller,s at the opening of their conference at Wellington on Thursday last, when he said: “The sudden and vigorous industrial awakening of Great Britain''-(as worthy to day of the prefix ‘Great’ as ever in her proud history) the rapid shrinkage of her great army of unemployed, and the world-wide confidence displayed in her financial stength by the recent phenomenal rise of sterling on the world’s currency exchange- markets 'betokens a swiftly returning purchasing power on the part of New Zealand’s best customer, which is bound to reflect itself in an improved .demand at remunerative prices for some at least of her primary product's.” His Exceflenoy has portrayed the present -posftion and outlook in Britain with fidelity.

j The counter attack by Prosperity on ' Depression launched by Britain is bound to clear up other nation*, and stimulate them in their respective ! counter attacks, until depression is hammered out. Once the forward ; movement shows signs of success it will be pushed on to complete success. ! Depression and Prosperity have somei what similar psychological effects. De- ! pression creates fear, every unit in the community wishes to save his hei longings, by lodging them in places of I safety or holding them out of sight. Spending power is deliberately curtailed through fear, and the fear complex ■ spreads seizing others who have been hit by the curtailed (.spending power, and they in turn hide away their belongings and the vicious circle grows wider. That has bp.on; the experience in all countries. In the time of depression human wants accumulated because people feel compelled to go without one thing and another so as to make their past savings last as long as possible. Wimn the counter attack of prosperity begins to push hack the forces of depression workers are taken from the ranks of the unemployed and set to work. As soon as men begin to earn they immediately begin to satisfy such of their accumulated wants as they can afford, and in doing so they provide work for others, who in turn,in the course of satisfying their wants provide for many others. So the counter attack by prosperity is pushed homo until depression is absolutely routed. The portents are for a revival of prosperity, for if Britain becomes prosperous Now Zealand will share in that prosperity. There is a good time coming.