PRODUCE AND TRADE.
A COMPREHENSIVE SURVEY. ADVICE TO BUSINESS MEN. In the course of his address yesterdav, the chairman of the Bank of New Zealand said:— ( With the cessation of' the Imperial Government's purchase of produce, the producers of New Zealand must make the best arrangements they can for the financing and marketing of their produce. The hanks will, no doubt, on terms and conditions to bo arranged, be upon to provide very large sums for this purpose. That the position is full of difficulty and danger must be obvious to all. The stores are full of produce which cannot possibly bo move! before the flush of the next season, shipping is still scarce and likely to remain so, and the terminal markets a.-.; glutted so far as meat and wool are concerned. It may be desirable, if not imperative, to look for new markets for wool and meat, but in this connection we can but turn to America, which is the only country apart from Britain that can offer a market. The British Government, is itself endeavoring to avail itself of the American market in an effort to quit its own accumulations of wool and meat The prospects in the United States appear no better than they are in Great Britain. Wool offered ' in New York registered a sharp decline, and it is yet to be determined whe.hcr a reasonably good market can be secured there for mutton and lamb, although, for the latter, arrangements have been made for several shipments within the next few months .totalling, in all, about 500,000 carcases. In respect to frozen meat t'.ie United Slates Bureau, of Markets, Omaha, under date sth March, said: "Following the announcement of the exportation of three hundred thousand lamb and mutton carcases by the British Government to the United States early in the week all Eastern lamb and mutton markets were sharply lowered. . Declines for the week * ranged from 2 dollars at Boston to 4 dollars at New York and Philadelphia, with all grades similarly affected and conditions at the close of the week unsettled." Since the importation of frozen meat has the effect of cheapening that article, there is-some hope that the markets of the Eastern States may be capable of absorption, but care will have to be taken in dealing with markets cm the Pacific .Slope. A San Francisco firm in a circular letter' to correspondents says: "We strongly advise against New Zealand shippers sending any moats to this const on consignment unless they want to get 'stung,' as it is nn easy matter to trade on other people's money. If coast dealers want lamb, mutton or other meat products they can- put up a letter of credit, otherwise the New Zealand dealers had better keep their meats in their freezers, as we have known meat products to have practically'eaten themselves up with storage and other charges when
shipped to this roast on consignment." The circumstances of the time demand that business men should rather take in sail than crowd on canvas; and all would be well advised not to stretch their financial commitments too far. The civilized world has been suffering from an excess of "idle fancies" which hive contributed to a mass of social and economic theories that have clouded people'* minds and led many'of them actually U) •believe that they can and will live and prosper by these theories rather than by work. There are certain economic principles by which men and nations live and prosper, and never before, at least in living memory, was there such a need to brmg back n full recognition of these principles. The world's need for reconstruction is real and pressing, and the attitude so generally prevailing toward work and production must undergo a change unless disorganisation or perhaos disaster is to eventuate. Diminished production, decreased thrift and curtailed credit furnish the essential elements of a financial crisis such a crisis seems inevitable in the not. distant future unless we abandon dreaming and settle down to work and the practice of thrift. "Increase production and avoid "extravagance" should be the slogan for the people of New Zealand.
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Taranaki Daily News, 26 June 1920, Page 9
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690PRODUCE AND TRADE. Taranaki Daily News, 26 June 1920, Page 9
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