THAT SILVER LINING

Sun (Auckland), Volume II, Issue 518, 22 November 1928, Page 13

THAT SILVER LINING

IMPROVED ECONOMIC SITUATION EMPLOYERS’ PRESIDENT OPTIMISTIC “The bright, optimistic commercial outlook this year has certainly been justified; but we must not lose sight of the past and be led into a too optimistic feeling of security,” said Mr. Albert Spencer in his presidential address to the annual meeting of the Employers’ Association held this afternoon. In a comprehensive speech Mr. Spencer spoke of the commercial and industrial situation in New Zealand, and gave adequate reasons for his belief that prosperity was with the community once more. Ho said the difficult period for the year 1926-27 had been successfully weathered. Falling prices and a decline in the volume of exports had been responsible for the situation; but since then the situation had improved steadily. The remarkable recovery of the Dominion’s oversea trading position, and the buoyancy of prices for wool, butter and meat had vastly improved the economic position, bringing much-needed relief to the primary producer. Although the position had improved, it was necessary to give attention to better business efficiency, and the lowering of production costs to the manufacturer. Greater thrift on the part of the individual, and greater production on the part of the worker would also help to restore the Dominion’s economic position. RECKLESS SPECULATION

‘ Speculation in land has been one steady, reckless gamble in the past,” said Mr. Spencer, "and many of New Zealand’s troubles are due to that.” He Went on to say that another seriout fault was the reckless trading of the merchants, who had refused to re-

cognise the diminishing purchasing power of the public. This led to a vast accumulation of merchandise in warehouses and shops. The banks had to be heavily drawn on, with a result that many traders were crippled with heavy loans and interest charges. From these depressing conditions, the country was gradually emerging, and provided the lesson was heeded, and less speculation was indulged in the future held something to bo thankful for. After making general comment on the unemployment situation, Mr. Spencer, speaking of immigration, said he believed it would have to continue, but the right type of migrant would have to be selected. Wellselected immigrants were a real asset to the Dominion* INDUSTRIAL GET-TOGETHER

Referring to the industrial situation, Mr. Spencer said the outstanding event of the year had been the National Industrial Conference. So far as results went, it was disappointing, but if regarded as a basis for discussion to facilitate future practical results, it was successful.

The most important recommendation of the conference was that urging the Government to shape the education system in such a way as to encourage as many boys as possible to take up farming occupations rather than professional and commercial.

“The constant and regrettable trend of population to drift to the city has many 'causes,” said the speaker, "among them being the fact that the younger generation has not been taught to recognise the limitations, with possibility of improvement, of a rural environment.

"Instead of fostering an ambition to make a living from the land, the education authorities encourage the belief that secondary and university education is essential to success in life. This brings a demand for specialised training at the expense of the State to qualify the young people to enter the trades and professions which are overcrowded.”

Ho went on to say that at the conclusion of the conference the primary and secondary producers recognised more clearly the difficulties each had to contend with, while the cordial feeling between the representatives of the employers and labour was a gratifying feature.