THE NEW YEAR.
During this year we have had record figures of an unfavourable character, record figures of un- employment, record declines in public securities, a record blow to financial prestige through the enforced departure from the gold standard, and record figures of unfavourable trade. What are the prospects for the New Year with regard to these matters ? We shall start the year, at all events, with almost record payments in direct taxation, while our unfavourable trade balance at the outset will be emphasized by the increased cost of our imports. Our resources being so depleted, we can scarcely expect in the very near future to have large surpluses for lending abroad, while as regards securities, it must be remembered that even if we take the view that we have seen the worst of the trade depression, any improvement can scarcely be reflected in profit earnings for many months to -come:- Consequently, it-is-possible than the New Year may open under somewhat sombre conditions. There is no reason, however, why it should not close under a sunnier sky. It is not within our power to control the affairs of other countries, but that is no reason why we should not be masters of our destiny, and while in- summing up the experiences of the past year. I have not failed to bring out the developments of an unfavourable character, I am not at all sure that when Weighed on the balance it would not be true to say that it has been worth a good deal in the way of loss and misfortune to have discovered (Continued on- page xx.)
finance—Public and PriVate
Continued from page 718.) and reCodnized our pagf mistakes. For "if we set our. selves • resolutely to -economize -in the National Expenditure, to base, our standards of living upon the facts of- the situation, and to build up once more a favourable:trade balance, even though costs of production have to. be greatly rednced, we shall find that just as defiance of -financial and economic -principles has cost us dearly-in the years that are gone, so a return to the observance of those principles upon which our prosperity was based in the past will in time bring its reward.
But let the 'nation__ beware of those politicians, no matter to what party they may belong, who would Attempt to deceive the people by persuading them that Sacrifice:Mad Effort are unnecessary. I am-.not at all unhopeful with regard to the outlook for 1932;
ARTHL'R W. KIDD V.
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