A LUNCHEON

Hokitika Guardian, 24 September 1932, Page 5

A LUNCHEON

TO DOWNIEi STEWART. (United Press Association —By Electric Telegraph—Copyright.) > (Received this day at 10.25 a.m.) .; LONDON, September 23. Mr Downde Stewart replying to a toast proposed by. Sir T. Wilford at the New Zealand -Society’s luncheon at the Savoy,. in the presence of two hundred New Zealanders and others, said overseas trade, was the life blood both of. New Zealand and Britain. -The value of Npw . Zealand’s, export Tell forty per cent, in ;the past two seasons, notwithstanding an increased quantity of exports of most of the staple products, but the d'eclin 6 is less than the world average, while the contraction of imports was greater than the world average.

He reviewed the depression effect on national finances and described the equality of sacrifice with which economies were achieved, still battling in the face of the storm against heavy unemployment, low prices, and high taxation, but thei’e were signs of recovery, including a great improvement ,in the trad 1 © balance. The banking position was sound. Customs revenue had recently risen substantially and -there had been a slight rise in tlie world prices of our staple exports. t

Unemployment tends to fall and there was distinctly a note of optimism throughout New Zealand. It was expected that the forthcoming budget will show a substantially lower deficit. New Zealand is grateful to the British Government and London financial representatives, for their advices and assistance during the troublous times. They appreciated the difficulty and refrained from reproaching' us for borrowing in the past.

Mr Stewart paid a tribute to Britain’s courage and tenacity durtng the crisis which was an inspiring example to New Zealand.