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Hokitika Guardian, 22 September 1932, Page 4

In the course of a reference to events of the year, and of the immediate outlook, the “Economist” c.sks — Can we, then, claim that on- balance a year’s trudging has carried us a relal stage forward ? It is, of course, true- that ns time passes without economic recuperation and without the solution cS major problems, capital is progressively destroyed, readjustments of- international and commercial debts made more difficult and illiquidity intensified. On the other hand, the past year Was seen grave dangers averted, strong and successful efforts by individual countries to adjust their affairs to the necessities of the crisis, and at least a real beginning in removing the incubus of international indebtedness which has been so powerful a factor in distorting the face of the economic world. In the world generally the evidence of stock and produce markets confirms the- impression of statistics of production and activity gen ©rally that the steepest phases cf the depression are , pa c t. Persistence in the pel icy of expanding credit in America, and still more the boldly conceived plan of conversion in this country, goi far to assure the world of the cheap money conditions that’ are necessary to foster recovery. In Britain we have perhaps passed to a later stagle in fighting ( the crisis than- have some other countries, and for the return of opr own prosperity we must await their progress. And, above all, as we Ipok upon the next mite of road there loom up thueiae remaining obstructions which separate ns from the approach of better times. The supreme task ’of the next twelve month,?, is for the nations in co-opera-tion to remove the overhanging menace of armaments, to achieve some measure of monetary stability, to cut away the thicket of -tariffs and trade restrictions, and to allow the commerce of the world to flow once again into more natural channels. As we leave our milestone and step out again upon the road we may take good heart from the news, not only of a checkto the fall in commodity prices, which may or may not be temporary, hut also of an early summoning of a conference of world statesmen to discuss what -contributions each nation can mlake towards making progress easier for all.