PROSPEROUS TIMES

Manawatu Standard, Volume LVIII, Issue 44, 20 January 1938, Page 11

PROSPEROUS TIMES

POSITION IN DOMINION. PREMIER’S SATISFACTION. Per Press Association. WELLINGTON, Jan. 19. “A stocktaking in New Zealand just now shows that the people have resumed industrial and business activities this year in conditions of remarkable buoyancy,” said the Prime Minister (lit, Hon. M. J. Savage) in an interview to-niglit. “It can be fairly claimed that the two years ot Labour Government have brought New-Zealand to the highest level of prosperity it has ever experienced. Official returns break all previous records. In fact, the latest Statistical Abstract giving figures of production and general business last year is a record-smashing number. “So far little or nothing lias been said about results, but the people ought to know exactly what is being done and how firm are the prospects for a continuance of prosperity. The chart has never been better. lor example, the Government Statistician says the value of production last year was £136,000,000, representing an increase of 40 per cent, over the two years. This sum is more than the previous record figure in the boom year of 1928-29. It follows that the gain in the value of production will be reflected this financial year in the national income figures, which are likely to be much higher than last year’s total of £140,000,000. “An outstanding record was also achieved in factory production for the 1930-37 year. Tlie value of production was just on £106,000.000- This amount is far ahead of the previous record of about £91,000,000 in 192930. Details show that the people arc earning their increased wages. These also reached a record level last year, the amount of factory wages being £18,383,000 as compared with £16,-, 840,000 at the height of the boom eight years ago. Employment in our factories has shown an increase of 21 per cent, in two years. The number ctf employed is more than 96,000, this also being a record “The total wages paid in New Zealand within the past two years have risen from over £67,000 000 to £94,000,000, an increase of 40 per cent. “The same buoyancy at record levels has been shown during the period in business activity' as is emphasised by the banking figures. Cheque transactions show an increase of 34 per cent, in two years, while note circulation has increased by 41 per cent. The people have bad more money to spend and they have spent it freely to the benefit of business and the community generally. In other woids, the policy of the Government in practice has established conditions which have made this record prosperity possible and are still maintaining it. All returns show that the people are enjoying their prosperity and that more people than ever before are sharing to a larger extent m the increased national income. It that were not so it would be idle to talk of better times,” added Mr Savage.