N.Z.'S POSITION

Rotorua Morning Post, Volume 2, Issue 337, 26 September 1932, Page 5

N.Z.'S POSITION

(Press. Assn.-

SPEECH IN LONDON IION. « DOWNIE. -STEWART IN OPTIMISTIC YEIN SIGNS OF IMPROVEMENT

— B.y Telegraph — Cor vrlght).

Ree. Sept. 24, 5.0 p.m. London, Sept. 23. Ilon. W.. Downie Stwyart (New Zealand's Finance Ivlinister), replying to a toast proposed by Sir Thomas Wilford (Dominion High Gommissioner), at the New Zealand Society's luncheon at ths Savoy Hotel, in the presence of 200 New Zealanders and others, said the overseas trade was the lifehlood of both' New Zealand and Britain. The valuc of New Zealand's experts had fallen 40 per pent. in the past two seasons, notwithstanding the increased quantity of exports of the most staple produets, but the decline was less than the world's avcrag.', while th> constriction of im- j ports was greater than the world av- S erage. Mr. Stewart reviewed the depres- j sion's 'effect on the national finanees, i and descrihed the equality of sacri- ! lice, with which the economies had i been achieved. The Dominion, he said, was still i battling* in the faee . of the storm ] against heavy uiranployment, low j prices, and high inxqtum, but thei*e ] wero signs of recovcry, including a j great impro-vement in the trade bal- I ance. v Favoarable Signs Th > banking position was sound; Customs revenue had rccently risen substantially, and there had been a slight rise in world prices for the Dominion's staple exports. Unemployment tend .nl to fall and there was a | distinct note of optimism throughout New Zealand. It was cxpected that the fortlicoming Budget would show a substantially lower deficit. New Zealand v/as gratelul to the British Government and the London fmangial representativcs for • l-'ir adv.ee and assistance during the tronblesome times. They a].preciated Ihe djfficulties and refrained from reproaching the Dominions for horrowi;ig in the past. Mr. Stewart pnid a tributo to Britain's eourage an.l tonacity during the crisis, which was an inspiring vxample to New Zealand. Mr. J. II. Thomas, Secretary of State for the Dominions, in proposing the toast of Sir Thomas Wilford, descrihed Mr. Stewart's speech as "bull" point for the Stock Exehange. He paid a tribute to the New Zealand Minister's mcntal conquest over physical martyrdom, also for his farsighted. skillul and unselfish attitude at Ottawa.