THE Wairarapa Age MORNING DAILY. MONDAY, DECEMBER 21, 1908. THE BRIGHTENING PROSPECT.

Wairarapa Age, Volume XXXI, Issue 3075, 21 December 1908, Page 4

THE Wairarapa Age MORNING DAILY. MONDAY, DECEMBER 21, 1908. THE BRIGHTENING PROSPECT.

It is gratifying to realise that the outlook for both farmers and tradespeople is steadily brightening, and that Ine general business prospects are to-day very much better than they were twelve months ago. The recent rain has done a fair amount of good, and though the summer has been rather too dry so far, still a repetition of last year's drought is not generally feared- Wool, on the whole, is rising in value, and though the market will, no doubt, fluctuate to some extent, the opinion of experts tenia in the direction of affirming that it is only the matter of a short time elapsing • before wool will have increased substantially in price. The season has been a good one for cropping, and though in various parts of the Dominion, for instance, those places especially affected by the sawmilling industry, local depression exists, the country as

a is cerfctftoiy recovering from ,! iiCondition ©f &lPivii*s, which, but a

fchort while 'ago, Md to be very seriously regarded. Of course, there many complaints as to the scarcity of money, and in some quarters, .the action of the banks, in practically ceasing to make ad/ances, and on tfce rather hand, calling in advances already made, has been very adversely criticised. But anyone who ihas thoughtfully and dispassionately the matter must have realised that the banks not only pursued ■<& wise iprtlicy, but, practically, had no ichoice as to the course of action that •they should take. Broadly speaking .the whole country had been overtrading to an almost reckless degree, whiile years of remarkable prosperity ihad, more or less, developed in the ipeople themselves ttabits of extravagance that could not be regarded as a satisfactory feature of our national •life. Speculation in lands of all kinds was rife; pastoral properties were sold at a value based upon record wool prices, and in industrial and mercantile life there was every effort made to expand business rather than to follow absolutely safe lines. The consequence was that a condition of affairs was established, which the heads of leading financial institutions realised must inevitably be swept away. That time arrived when the big drop in wool occurred, in conjunction with other happenings that affected the buoyancy of the money market There is no doubt that the lssson taught by the recent depression will prove lasting for some time, and we shall possibly realise that it is not an unmixed evil, al though admittedly an unfortunate occurrence. The manner in whicl New Zealand is "pulling through" the slump is strong evidence of the excellence of the country, and of the wealth of the people. Money is certainly scarce, but there is plenty of money in the country, and, al the same time, une can understanc the naturalness of timidity on the part of those who have money to in vest. The really unfortunate aspect, from a financial standpoint, that this Dominion presents is the fact that the time is rapidly arriving when private money will not be invested in industrial concerns. The labour laws, and the general conditions governing industrial labour, are exercising a most harmful effect upon the industries of the Dominion as a whole. Reasonable legislation and arbitration are right and proper in the interests of the workers, but unreasonable restrictions will have the result ui curtailing the amount of employment that would otherwise exist.