REFORM’S RECORD

Manawatu Herald, Volume L, Issue 3892, 8 January 1929, Page 3

REFORM’S RECORD

POLICY JUSTIFIED. THE LEADER’S RETROSPECT. A justification of the policy pursued by the Reform Government, and a prediction that when the mists of controversy have cleared away the Work of the party while in office will he fully appreciated, were made by the Leader of the Opposition (the Right Hon. J. G. Co'ates) at Dargaville on Wednesday, in referring to the Dominion’s visible trade balance.

“Toward the close of 1925,” said Mr. Coates, “the country was entering one of the- severest depressions it has ever been -called upon to face. 'The season 1924-25 showed a serious falling aWay in the visible trade balance, and the 192526 season had just opened facing depressed markets and falling prices for all our principal staple exports. Owing to the great drop in prices, the exports of wool, butter, cheese, mutton, and lamb, in spite of increases in the volume exported, yielded much s'mlaller returns to the country, with the result that the trading for the twelve months ended 30th June, 1926, showed a debit visible balance against the country of £5,8?(J,855. With the exception of the post-war slump year of 1920, this is the biggest visible debit balance ever recorded in the history of the Dominion.

NO TIME FOR EXPERIMENTS. “It was in such circumstances,” be said, “that I Was called upon to assume the leadership of the Government. It was not a time calling for spectacular experiments, nor for speculative plunge's into untried and • uncharted seas. Every true patriot must have felt his country’s need of careful nursing and guidance, so that it could come through the depression with the least possible damage and in a state to take the greatest possible advantage of the recovery which was sure to come.

“Imbued, therefore, -with the' siucerest desires to d'o the very best in the country’s interests, irrespective of party, I and my colleagues devoted our energies to stimulating and developing production in the country to the utmost, and to managing the finances and administration of the Country with economy and effi)ciency. “Our work has very largely been unseen, and perhaps on that account it has been more difficult for the average elector, amid the storm of misrepresentation and distortion which has raged, to appreciate the solid and effective work that has been done. That the work done was very real and the wisdom of the Government’s policy fully justified, is .evidenced by the splendid and rapid recovery made during my short period of Control. FROM DEBIT TO CREDIT. “The visible trade balance credit for the twelve months ending 31st October, the latest available, is £12,456,034. In 1919 there was a visible trade balance credit of £23,298,377, but this was due mainly to the clearance in that year of Imperial supply exports which could not be shipped during the war, and which had accumulated in store in New Zealand. '“Thus I took office three years ago in the midst of a season resulting* in a visible trade balance debit of over £5,750,000, and today, when I have been called to account, there is a visible trade balance to credit of just on £12,500,000, while the financial credit of the Dominion is unassailable and never stood higher. “The position of our produce in the world’s markets is most promising. Prices are good and the prospects for the immediate future are rosy and bright. Results speak louder than words, and if the solid and sound work effected by my Government during its trying period of office <havo been somewhat obscured to the electors at this time, I. am confident that when the temporary mists of controversy have Cleared away, the verdict of the future will be that, in the time of trial, the Coates Government did its duty by the country without thought of party.”