AN EMPIRE STATESMAN.

Taranaki Daily News, 16 September 1920, Page 6

AN EMPIRE STATESMAN.

SIR THOMAS MACKENZIE! ENTERTAINED. j A SECRET DISCLOSED. London, July 14. Says to-day's Financier:— A\ e have heard quite a lot about New Zealand of late, and we shall hear mure this week- To-day the new High Commissioner, Colonel the Hon. Sir James Allen, who takes over the duties on August 1, to be entertained by the Aus- | tralian and New Zealand Luncheon Club at the Connaught Rooms, and to-morrow the Council of the Royal Colonial Institute .are giving a luncheon at the Hotel Victoria to the Hon. Sir Thomas Mackenzie, the retiring High Commissioner. The desire to do honor to Sir Thomas in recognition of his valuable services to the Empire and to the Dominion of New Zealand during the eight years he has held the office of High Commissioner is most marked. No other Dominion or State representative has been feted to anything like the same (...lent. Last week he was entertained at dinner by the British Industries Club, when the President, Sir George Hayter Chubb, voiced the general feeling of regret at his departure. Ilis long period of office, said Sir George, had been full of great and heavy responsibilities; yet throughout he had done his work well, speaking out fearlessly when required, but always with dignity and due appreciation of the circumstances. He had placed New Zealand and New Zealand interests on a very higli pedestal here. His knowledge of trade was most thorough, and Sir George expressed a hope that this knowledge would still be availed of either here or abroad. SIR THOMAS MACKENZIE'S ADDRESS. Sir Thomas Mackenzie has the happy knack of suiting his remarks to particular audiences; ai)d I doubt whether during his long. term of office he has given a finer address on trade and commerce, with special reference v to New Zealand, than that which he delivered to the members and friends of the British Industries Club. What lie is very much concerned about is the present relationship of trade between New Zealand and the United States of America, and iie expressed surprise that a New Zealand sovereign was not worth' more than l.Gs when paying for goods purchased in America. "New Zealand," he said, "is now exporting directly and indirectly to America many million pounds' worth of produce. This year she will export at least 3,000,000 lambs, representing between £3,000,000 and £4,000,000; and the wool which liSis been purchased from New Zealand also comes to many millions of pounds in value. New Zealand imports from America very much less than she exports, yet she suffers the disadvantage of receiving only lie equivalent of 10s to the sovereign. "Now what is the position of New Zealand? Her import and export trade amounts to £84,000,000, £31,000,000 represents imports, and exports amount to £53,000.000. These figures show an increase on the previous figures of £6,500,000 in imports and £24,500,000 in exports. No country in the world could show a better economic balance. It is true that since the war wo have added a sum approaching £100,000,000 to our debt, but that, even at 5 per cent., would absorb only £5,000,000 of the £24,000,000 increase for the year. Most of the borrowed 'money not used for war purposes is interest earning," A LITTLE SECRET DISCLOSED. Sir Thomas, at this dinner, let out-a little secret in connection with the war i .oan operations, which for six years he ( has kept to himself. It will be remembered that when the war broke out great .ear possessed the people and advances were difficult to obtain. •"My Government," said the retiring High Commissioner, "thought that an Impel ial guarantee would assist our loans, but that upon investigation was not regarded as of much assistance, the lending public were so exceedingly unsettled and their pockets tightly closed We had £5.250,000 falling due,' and the money had to be found. 1 want to thank the then Chancellor of the Exchequer, Mr. Llovd George, for adopting proposals which I then submitted to him for the inclusion of our loans in the Imperial War Loans. "Those proposals became the basis of all subsequent operations in connection with advances made by the Home, Government to overseas for war or redemption purposes. The £5,250,000 loan was floated at S l /, per cent. A portion will continue till it matures in 1928, and will cost in redemption less than 4 per cent, riie larger portion, which was converted at 4% per cent., will cost on redemption £4 lis 3d per cent. 1 hose who did not take advantage of this arrangement will require to" pay mfii irly more for the money which they obtained irom outside sources as compared with the price they would have paid had,they availed themselves of the scheme which I submitted, and which was adopted by the Imperial Government; indeed, tiie difference in interest i they will have to pay oil a £2,000,000 j loan, if its currency runs its full course of fifteen years, is about £468,000 in favor of New Zealand." SUGGESTED ADVISORY BUSINESS COMMISSION. Sir Ihomas holds that we have reached a period of keen competition which requires great specialisation, and he is of opinion that the time has arrived when an expert advisory committee should he established here to deal with the trade and purchasing interest of the I respective overseas countries. j Elaborating this point at, the British Industries Club dinner, he said: "Anstialia and New Zealand have much in common, and suggestions have been • made that an advisory board might woik in unison between the Commonwealth of Australia and the Dominion of New Zealand, the specific objects of which would be to create a permanent in London, with branches, perhaps, in other parts, which will collect uata concerning economic subjects, facts relating to the different goods, present production and future possibilities of each country, and to inform public opinion by (he publication of facts concerning business conditions and by disseminating the views of technical experts and business men amongst Governments ana peoples. All this would be a guide for future trade operations of the respective com- ' mnnities. Special study should be given | jO raw materials, accumulations and | scarcity of slocks, transport, credit, I production and unfair competition. At! Jn® mainani thm are 210 centres or j

authorities here dealing exclusively with New Zealand or Australian interests from New Zealand and Australian points of view. Our trade welfare is to us of too grdat importance to leave it in this state of flux. "We are on the eve of very great changes in connection with prices, markets and developments, and'this is leading to the dislocation of business and may act prejudicially against the vital interests of Australia and New Zealand. That is one of the natural consequences of Government control. They have not the commercial mind, they hoard up, they do not meet markets, do not understand cutting losses and disposing of instead of holding current stocks; they forget that wool continues to grow and sheep to mature."