WELLINGTON TOPICS

Hokitika Guardian, 30 September 1932, Page 3

WELLINGTON TOPICS

MR DOWNI® STEWART IN LONDON... GENERAL SATISFACTION. .(.Our Own Correspondent.) WELLINGTON, September 26. It appears from .the cables published this morning that the London news-., i papers have discovered the existence of Mr Downie Stewart and .realised that New) Zealand’s Minister of Finance is a person of some considerable consequence. But for. the New Zealand Society’s, luncheon at the Savoy the mother day, “in the presence of 200 New Zealanders and. others,” one might .have, assumed, that, Mr Coates’ assobiafe at the Ottawa Conference,: savessfor his . occasional .converse with: bankers, \yas, merely a looker on at the proceeding there. In his reply to. a toast by Sir Thomas Wilford, New Zealand’s High, .Commissioner, however, he revealed a.very different attitude towards the solution of the great financial crisis. In the surnniary* of a speech,* which obviously was a severe condensation, he conveyed to his audience more information concerning New Zealand’s financial position than it otherwise could have obtained. A CANDID MINISTER. Mr Stewart made no attempt , to disguise the gravity of the difficulties besetting this .country in. common With other Dominions, and ~•» indeed, .with the.rest of the occupied worldThe value of .New .Zealandfs exports, he said, had fallen 40 per cent in the ■ past two seasons, notwithstanding "the increased quaintity of exports of most staple products, and the only consola-' tion he mould offer to his o\yn people at: the moment was that . the decline was less than the world• average, while the constriction of imports >was great-’ er. New Zealand, he said, still wr ■battling in the face of the storrr against heavy unemployment, low prices and high taxation.; but theyr' were signs of recovery, including a great improvement in the -trade balance. Mr Stewart further cheered hi hearers with the facts that the banking position was sound, that the custonis revenue had increased and that prices of staple exports were rising. SPIRIT OF OTTAWA.

Mr William Craven, of Toronto, who after visiting New South Wales, Queensland and Victoria, has dropped into New Zealand on his way home, is not quite so confident of the good things to be reaped from the; Ottawa Conference as are Mr Forbes and the majority of his colleagues. “Ottawa depends for its ultimate success,” he sn.'di in the course of a casual chat, “;n the clearing away of trade anomalies between countries within the Empire. If thee are not going to be- removed, .then Ottawa ’ will have failed. All that , one can 'say " with -confidence is that the decisions of the Conference have given the Empire a lead in the right direction,, and.. that-it is up to every individual" part of .the Epipire to do its best. to" grasp the spirit of .Ot'tliivVa,”"Mr Graven doubtless will be able .to speak more .confidently,,! on this subject ‘ when ..he reaches 'lxis own home,; .but for the present he is .reticent. PROBLEMS TO SOLVE.

Mr. J. H, Thomas, the .secretary of the Dominions, in the Home National Government, makes light of the report that the .Ottawa Agreements will lead to serious political consequences. “I can only say,” he declares j .“as, one of, thqse responsible for the agreements,, that we ,do not need to apologise for them. I much’prefer tha' Britain be accused pf generosity than niggardliness to the Dominions, who., came to the aid of Britain in 1914,” Mr, Thomas added to bis . very handsome tribute to the Dominions a -high; compliment to Mr Stewart’s mental "onquest over physical martyrdom and to his far-sighted skill ,and unselfish J attitude at Ottawa j an eulogy his own folk* would most thoroughly endorse,. All the same (it remains wit!; level headed men, like the Minister ■•ph, Finance, to determine what concessions this Dominion may reasonably make, ta counter balance the advan-, ages the Mother Country may be disposed to concede.