The Guardian And Evening Star, with which is incorporated the West Coast Times WEDNESDAY, AUGUST 31, 1932. CONFIDENCE RETURNING.

Hokitika Guardian, 31 August 1932, Page 4

The Guardian And Evening Star, with which is incorporated the West Coast Times WEDNESDAY, AUGUST 31, 1932. CONFIDENCE RETURNING.

Judging from the observations of prominent business men who have had the .opportunity of visiting the several main centres, there is a stronger feeling of confidence being shown in the prospects of improving teradei in the early future. There has been an increased trading in the stock market and the confidence is shown in the prices of all stocks and shares. The primary cause of this confidence in' the wonderful success of the British conversion loan, which, in some degree, has raised the price of primary produce. While the Ottawa Conference has been imminently successful the return' to prosperity must' Be gradual. The conference result is having, and will have, a stimulating effect on primary production, and the time is well ripe for an adjustment of tariffs. In far too many cases Customs duties have been levied not so much for protection! but for revenue purposes and all this'has added to the cost of living. It was inevitable that greater preference should he given to British -roods, but it should be a real preferencc not an artificial one. A preference of 10 to 15 per cent, on British goods is of little use if the tariff against Bn* h goods is too high. It must he ad: iitte.l. was the opinion stated, that many of opr local industries are uneconomic. In many cases a lowering of the tariff against Bri-

tish goods can be effected without causing an injury to local industries. Unless local manufacturers are prepared to give quality and fit which is in accordance rvith the dictates of fashion, they cannct hope to make progress. While soune woollen fii*ms specialise in trying to, make goods equal to the world’s best, they will find it imposible to progress unless the woollen inlustry as a whole is rationalised, "he tendency is for the woollen combines to make far too many , lines, hey should t specialise more and limit die rqnge, making the best po,ssihle use of the machinery at their command, for- the reason that the population is limited.. Although it appears hat the corner lias been turned in regard to New,. Zealand business condiions, there is-, a grave danger of being too optimisi’C. Just as it. has been necessary to* . apply the pruning knife to commercial and industrial concerns and cut out,.the- dead wood, so it is necessary to prune more'.keenly in regard to Government and local body expenditure. It has been stated that the cost of-living in New Zealand could be reduced by- another five per dent. If we got the taxation—national and 'local— under proper control. In the final analysis it is the working man who.has to pay the piper and if the average man realised that he could save 4s to 5s a week by cutting out unnecessary luxuries, he would then realise the; necessity for economies. The incidence of ;the wage tax has brought this question of taxation home to thousands. But unfortunately the average individual does not realise how mucih of his weekly wage goes to the Government, and local bodies in various guises; ,