BRIGHTER PROSPECTS

Rotorua Morning Post, Volume 1, Issue 110, 31 December 1931, Page 4

BRIGHTER PROSPECTS

Few will regret the passing to-night of 1931. It has been a difficult year for everybody and almost the only thing that can be said in its favour is that it ends on a more hopeful note than it commenced on. Twelve months ago depression had infiicted the country's trade and commerce with increasing intensity for some time and hopes were entertained that the adverse conditions had reached their peak intensity and that a gradual recovery was imminent. For these hopes world conditions generally gave very little justification and as the year passed their falsity was emphasisecl with increasing severity. To-day, as we know, there are still many who see no rift in the clouds; no sign of the end, but rather a picture if anything more gloomy. To-day, however, it is possible to challenge the pessimists and to point to many signs of a coming recovery. Twelve months ago intolerance and a narrow selfishness marked the attitude of America and France toward the troubles of those nations who were their debtors. Themselves comparatively prosperous, and blind to the signs of trouble ahead unless international, financial and trade relationships were placecl in a sounder footing, they claimed their contract rights to the uttermost farthing, regardless of the situation of their debtors. To-day, though they both have still a long way to go toward effective co-operation for the world's economic salvation, they both show signs of realising at last the fatal results of their past policy. They are themselves feeling the blizzarct, which largely explains their changed attitude and for this r'eason it is possible to-day, in a sense in which it was not possible a year ago, to look with hope toward the future. What the wrorld needs more than anything else is international co-operation in the struggle back to economic stability and there is ground for believing that considerable progress toward this will be made during the coming year. We therefore wish our readers a happy and more prosperous New Year in the confident belief that such wishes have a better chance of realisation than in any year since the pOst war boom came to its inevitable end.