CAUSE OF DULLNESS

Daily Telegraph (Napier), Volume 59, Issue 101, 31 May 1930, Page 6

CAUSE OF DULLNESS

Special to Telegraph.

EXPORTS DOWN £8,000,000. PRICE OF LAND SHOULD BE ADJUSTED. FARMERS' SMALL RETURNS.

DUNEDIN, This day. At the anmiel nieeting of the Real Estate Institute of Otago the president said fai-ni lands were not nieeting with ready sale and those associated with pastoral and agricultiiral interests were very definite in their assertion that the price of land must be adjusted more in keepirig with present day prices for produce if the occupant was to rec-eive a reasonable return on his capital and labour. This country had already suffered unduly from inflation of land prices, but the lesson involved was. not readily learned. The speaker added that wliile conditions abroad, with the accompanying lack of purchasing power, continued as at present New Zealand, notwitlistanding her many advantages, could not hope to have prosperous times. New Zealand's prosperity depended in a great measur© 011 outside markets for primary products and when it was tpmembered tliat for tlie last finaneial year exports of wool were down by some £5,000,000 and other products by £3,000,000, making a total deorease of £8,000,000, the cause of dullness in 'business could be readily understood.