TRADE DEPRESSION.

Taranaki Daily News, 7 January 1922, Page 4

TRADE DEPRESSION.

According to Sir Walter Runciman there is nothing but stagnation in every part of the world, and the lowest depth of depression has not been reached. He is a British business man as well as a politician, having been managing director of a steamship line, as well as President of the Board of Trade, besides holding other Ministerial appointments. It might be considered that he would carefully weigh his words when contributing an article to a leading London daily, but it is evident he is obsessed with pessimism, to which several causes contribute. His tirade has more the appearance of an electioneering effort than a sober, statesmanlike review of the condition of British trade and industries. It presents a remarkable contrast to the cabled review on the subject at the close of 1921, when a distinct note of improvement and encouragement was struck. Apparently the workers are at last realising that employment depends upon the cost of production being reduced, and though they may be slow to adapt themselves to the exceptional needs of the time, there is a far more hopeful prospect than has prevailed of late. In the suggestions recently made by Labor leaders, at the request of Mr. Lloyd George, on the subject of European problems, it is significant that Labor advocates the appointment of an international conference for the purpose of restoring normal conditions of production and exchange in Europe. This, of course, includes Britain, and indicates a move in the right direction. The key of the whole industrial position is held by Labor, and as there appears to be a disposition to counteract the mischievous policy of the extremists, wise guidance of Labor's attitude will do more to restore normal conditions than anything else. It is a great pity that a man like Sir Walter Runciman should give vent to such unwholesome pessimism, instead of helping forward the return to normality.