Manawatu Herald SATURDAY, SEPTEMBER 4, 1920. DOMINION PROSPERITY.

Manawatu Herald, Volume XLII, Issue 2172, 4 September 1920, Page 2

Manawatu Herald SATURDAY, SEPTEMBER 4, 1920. DOMINION PROSPERITY.

DESPITE high prices, adverse rate of exchange, and post-war conditions generally at present, there is no check in the commercial prosperity which the Dominion lias experienced, stated Mr Harold Beauchamp (chairman of the Bank of New Zealand) to an Auckland Star representative. “During the past three or four years, in most, eases, goods imported by wholesale houses have been practically sold before I hey arrived, notwithstanding the inoydinalely high prices which have to be charged for the greater part of the goods concerned, and the chief difficulty today is to get supplies of most standard lines, this, too, though the ship-' ping conditions are distinctly easier, that is to say, vessels coming out for homeward loading have amide space for all outward cargo offering. During the past few months it .has been noticeable that many classes of goods which have been mi order 'for several months have liecn coming forward much move freely, which indicates that the manufacturers in the Old Country are gelling back lo normal conditions; still, as Übavc already mentioned, tln* dilli- < u!(y is io gel goods to come forward in sufficient quantity to enable mcrchantsTo replenish their stocks. In spite-of the adverse rale of exvery large quantities of merchandise are still coining forward from both the eastern and western sides of the failed Slates of America. “It will be noted,” continued Mr Beauchamp, “that there has lately been another fall in the rate of exchange, the pound sterling being recently converted as low as .TM) dollars, it is signiticanl to

sec the number of steamship companies which iii'c now milkin'* 1 :i hid for iho inlcr-Dominions’ and J'niled Siiilos' trade. Amongst (hose just announced ns boil'.;*' about In lay vessels "ii is (he Sloe! Steamship Company, of Galveston, l.S.a. The trade from New Zealand to (lie I niled Spiles is also expanding satisfactorily, and fui'lhor large shipments of lamb will be made to that country during' the next three or four months. It is hoped Unit the British Government will’also be able lo arrange for side to (he United Slates of a fair (plantiiy of crossbred \vool, of which I here is now a heavy pint in the Australian and Mnglish markets.-.. If these shipments to the Slides could ho arranged it would h.-ive an appreciable effect upon the rate of exchange, which will also he favourably affected by the paymonl of the ej(id, (KKl,OIK) Anglo-French loan in October next. A recent telegram announced that the French (iovernment had been able to provide tor its portion of this indebtedness . As to the immediate outlook," continued Mr Beauchamp, “1 have no apprehension in that direction. . It is line (hid we shall have to face an era of distinctly dearer money, and probably public bodies will have to pay in the vicinity of (i per cent, for their financial mpiiremenls, hid having regard to the splendid prices we arc likely to realise for some of our principal primary products, we shall undoubtedly have, t think, enough money in this country for afi reasonable requirements. Il is to be remembered that the exports of dairy produce’ alone this year wih probably amount in value to between fourteen and lit teen million poumfs, whereas before the war they would be, speaking from memory, under live millions. In this connec'lion it is interesting to note that tZe export of dairy produce for 192021 will exceed in value tlie export of wool for the same period, this being the first time it has done so in the history of the Dominion."