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Hokitika Guardian, 24 March 1933, Page 4

In an address at the annual meeting of Lloyds Bank, Mr J. W. Beaumont Pease referring to the past year, and prospects for the future, said 1932 was a year which may well stand out in history as truly remarkable. For bankers it had been one of peculiar difficulty and of ,sharp contrasts. It began with high rates and a low level of investments. It ended with rates wlhioli toft little mlafgin of profits, and with investments greater in amount and at higher values than they have ever bren. It saw the dollar rate of sterling i;i.s high as 3.81 in the spring and as low in .the autumn as 3.14. Practice had humiliated theory in many monetary problems. The increase of purchasing power, as expressed in the growing dep-dts of hanks, had not brought in its train the expected higher price of commodities. and the depreciation of sterling had fortunately, hut none the less unexpectedly, ■failed to raise the cost of liv’irnT while it had dene less than hoped to stimulate exports.

Trices seemed to have followed tlie trend o-f sterling rather than that of gold. The glut of production had mot ■teea accompanied uy an increase ol coiicumptiJii, ami tins hud led some u -sei ve.o .to the .lie-pairing conclusion

time limciunos, tno work of men's hands, had miahy ana hopelessly left

tno-e very hands empty of work in tne- future, il ...u.ry supports me jit tile hope that tne world will not and cannot, iogicady bo impoverished in tiie long ran by an accietion of those tilings which constitute leal wealth, e-ven ciimign tnere may be many dislocations of trade- and hardship to individuals in the.process of finding y better distribution of the product- of nienvj hands among those who so greatly desire, them. These sentiments may seem to- some of you to he too general in character and not- sufficiently specific to give much practical ground lor optimism, hut the psychological factor is of great importance even in purely badness and practical affairs.