A NECESSITY

Hokitika Guardian, 19 December 1932, Page 7

A NECESSITY

FORWARD TO PROSPERITY. “It takes more than an ordinary •supply of courage to expand in times like these, but we believe that for a nation, an industry, or an individual it means disaster to retreat, and decay to stand still, and that, if we are to survive, there is no other course but to move forward whenever and wherec ver an advance appears to be justifieu,” said Sir Robert Horne, in bis address at the annual meeting of thq Imperial .'rtnelting Company. “The continued grow th of deposits in the joint stock banks does not necessarily mean that Industry has all the capital it wants.

Tne fact is that industry does require capital to-day, although not in the form the joint stock banks are prepared to lend it—viz., overdrafts. Individuals (l r industries who utilise such overdrafts for the purpose of erecting new or making additions to old plant—or for other than selfliquidating operations—stand a likely chance, of ending in the. Bankruptcy Court. On the other hand, there aro comparatively few industrial concerns which, after three years of severe industrial depression, can provide a sufficiently attractive prospectus for an appeal to the public for loans for a term of years.

Therefore, while admittedly there are funds in abundance seeking investment, in the main they are not vet available in a form in which industry can freely use them. Thus, while creating credit by itself may do little immediate good, stimulating its use in sound enterprise—if that can be done —would be of enormous benefit to -the nation. Re-equipment of the industrial m a chine is a necessity If we

are to strive, we must look ahead—plan ahead. Prosperity—the prosperity we want—lies ahead of and not behind us; wo shall assuredly meet nothing but disaster if we try to retrieve prosperity out of the past.”