GENERAL NEWS

Hokitika Guardian, 17 November 1933, Page 7

GENERAL NEWS

THE WORLD AT LARGE

New Zealand, comments ‘‘The Times,” li:„S felt the force of 'the economic blizzard as sharply as most primary

producing countries, but by economies of various kinds the Government is making evry effort to maintain a balanced budget, and its programme oi capital expenditure, which, as in the case of most new countries, is normally considerable, is being severely restricted-

Australia ha s set a fine example to the world i.n the courageous manner with which she has faced a very serious position, but, says a London paper, in the darkest hours her friends here never forget the splendid lead which in happier days Australian statesmen had give, n to the cause of Imperial economic unity. Though imprudent and unsound finance w--« followed by inevitable disaster there it is fair to recall that the 'Commonwealth was by no means the only country to indulge in excessive expenditure and high living on borrowed money; indeed, it would be difficult to name •many countries that did not become temporarily unbalanced in a financial sense under the s train of the abnormal conditions created by the War. Otherr rnight certainly follow Australia's example with advantage to themselves and the world.| Everything mow |dependon whether the lesson has been learned and the Australian democracy continue." to uphold sound and prudent economic policy.

Although the decline in the value of the United States dollar in relation to

Canadian currency has deprived Canadian exporters of their former exchange advantage in selling their products abroad, the operations of the National Recovery Administration in the United States have resulted in increasing costs in that country to a greater extent than has taken place in Canada. Ths condition will enable the Dominion not only to maintain, but probably to increase, export business in competition with the neighbouring Republic. Many United 'States companies have been handling a large proportion of the export sales through their Canadian branches, and recent reports indicate that one of the effects of the N.R.Acodes will be to transfer export ordeis to Canada, where they can be filled at somewhat lower costs.

T,n the latest addition to New York City’s skyscrapers, the tower building in the Rockefeller Centre, which occupies an area- of 191 ft. by 535 ft., has a 'gross floor area of 2,900,000 sq. ft. and rises 350 ft. above the street, there are 75 elevato r s and six escalators. Four of the escalators work from the basement to the ground floor and two travel between the ground floor and the mezzanine. Of the elevators 51 are for passenger service exclusively, 14 are for combination service and passenger use, nine are service cars exclusively, and one transports freight alone.

The British Chancellor of the Exchequer, hi hits speech at the Lord Mayor’s dinner to the Governor and directors of the Bank of England, declared that the improvemen:- in employment was so widespread that it was no "mere flash in the pan, but the beginning of a permanent advance. It Wiijl.l 'be recalled that attention was ■called to the fact that this year the trend of trade has not shown any signs of the decline usually experienced in summer and early autumn. It is of interest to note that Mr Chamberlain regards this movement as remarkable and significant, and attributes it to definite progress in almost every direction and to a growing sense of confidence. From another authoritative quarter conies news of a gradual but definite improvement, :in the steel t r "do of the country. Mr C. J. Walsh, the new Master Cutler, in a speech after his installation at Sheffield. gav° Rome figures showing that the aggregate outnut has been substantially increased. To these signs of reviving trade may die added a perceptible increase in the movement of coal. If these two gre .t basic industries should display something approaching normal activity the trade barometer will rise appreciably.