MR. BEAUCHAMP'S CRITICISED.

Dominion, Volume 2, Issue 544, 26 June 1909, Page 3

MR. BEAUCHAMP'S CRITICISED.

//Sir,—ln /his address "a few /days : , ago /to ■shareholders',of Athe;JJahk oF New Zealand, ■the.chairman! of directors made .various state-' ments ;wanting.;in. logic; .and. with the object; -apparently, :ql, convincing his hearers of the correctness \of -his 'viows, indulged in some .bplu/..:,generahsation',->,thafc would:, not' "bo .accepted'..'as -sound by/ present-day .teachers' or,economics.'- ~/ ~.':.-:, ' ;'. '■•' I'h'cad 'of; "prevailing" conditions : and ,,' t bo.-outlo6l£, , ' / he conimented on' tho/remarkable oircumstancc that, after "a .fifteen ■ffpA P« rlo d of;, prosperity; a • drop ; in ' values otourvstaplo.products for ono, year :should .muoli^mbarrass.;us..;''His ; -Allowing' remarks woro.to thojQffect that the evil' 'with/which .wo are .-.-visited-:is -conspicuously duo. : to lack ;??.. s ??P. e 't?;pn , i thd'-part.of the farmer populapaid too.much for land. No .mention ..'was-made -by. the .chairman- of-tho extent-to..whioh'jther.farmers; applied "profit* .during: tho. deendo arid a,half/mentioned in .improvement;; of /tbeir properties—a 'proceed,ing.;that .cannot, .in .wisdom, .be' designated ■oxtna.vagant;. ; I Lwould like to'ask.Mr. B.esracbamp. if a. farmer may nbfc : purchase estate on the. ,basi.s-of. a 6 fteen years' -period of values ;of,products,that'.the.land will yield; by what ;bettor, guide;is ho to bo influenced? I would .also .ask; him to; justify ;• his' suggestion. that .tho/farmers; are a particularly distressed, folk 'at'.-tho present.juncture. " ; '. -;..-.:• ',';-•.; : ;/;:'lt ; -.must : ?.l>o ■■ admitted' ,-that'- Wellington's bus'inessiequilihriuhi lias bcen-miich disturbed ;by.-;'most..lin.vrisfe-speculation' in city' suburban :lands_; i Some.of/our reputedly' astute citizens /we, ■' in.: that 'connections /now 'deploring '.their

one-time sanguine expectations—-amongst ■ them a gentleman prominently identified with the Bank of New Zealand. But the reasons for'the sorrowing referred to do not justify our farmers being held up'as a shocking example; The farmer bought to make the land ; productive; the speculator in suburban lots; 7-not because he wanted them, i but because, he believed someone else "would,- whoso necessity he intended' to profit by. Our farmers are not to be found in' the ranks of the unhappy 'suburban speculators:-." reason gjven for our adversity is I that,:'as a community, we have lived beyond ' our-moans. We; know that it is not true of .certain' classes," and, as' regards others, what-evidence has the chairman in support of. his assertion?' .;: ■ ■■ ■ .Still another cause advanced for bui troubles is that they have been supplemented by the valno'of our imports, .for ':a brief season,; having exceeded; that of our exports. ; rha. reouires; to-be qualified,: because 7t is conceivable that low markets/on the other side of.the world may, at any time, encourage such heavy buying as to place, our import I values WOTcess for a period.: In the abstract P.™* -might be;wrong,,but the actual results might spell profit to the commtmity. Further, „the" merchant who has enjoyed fifteen years has no reason to be cast down h6 ma y have over-imported. It is have to draw on his accumulated to discharge his liabilities, but he knows that his over-importations constitute .»n;.asset that :hecan presently realise. A of the character quoted bv Mr. Bwuchamp.Bbonld.to.be of value, embrace, say,,a triennial penod, and if it showed, year °7 year, a balance on the wrong side, a note of^warning^would be callodror.' \. -■ reSLM? ;b 2 nk ta^ en tato ."Peonnt that, if ISS- b i e J fina l nc^ al arrangements which w« ? wf„U ßd - + n ° t been .<*te™vely curtailed, to would, it is certain, have produced an mcrease^ volume o commodities for cxpor™ f»w, Bei « l ™ am P » dictum as regards our tha? +hV 3 n, to & 0^ ted ' ■''»* ms ' to fa"w 1 Sr 1111 ?™'' wh «"w business .has'beenL grOW,Dg for ? d which now '£ii,i™. tt, re a " p,e P re mises,; should not acquire the,same m case some "lean" years ■«?s£&' ? coun £ t . ered . that would .place him SM°». of pa.ving.for more, accommo,datK>n,. for the time being, than he needed- ■ a.proposition obviously untenable; . 0 "" 10 ! fi! # {m] t ■ Wl ' th Mr - Beauchamp's ■Ew&K- *° :t K ?*!*. o! chea p land - tut he, must be aware that land :is still available tL?"i pn ¥ s -, B ? ""! st prery also be aware tnat.Jpr developing land, capital is just as e?senbal as other'naturaJ agents; lS?v h tif bon,d ' father, be' aware that at prei Abt!^— v'VI >?ny,.fanners who cannot «™^J3J? W < fordeT elopment purposes (the Wort legitimate purpose conceivable), although fe have good security'to offer for it; . ,^T,i a e " " e -Primarily, and especially ; 're-Wnwile-.for the present money: stringency; by: baviitg: fostered speculation in miproduV tire, land (suburban lots), bv . oalling < „d :advances'in / an. : arbitrary ; manner i anVbv sudden, roversa of ; a- general nolicv observed ' -for.a numbenof years, a faet;that'rio:amount ot'disingenuous-assertion will conceal—l am etc.,-. ■''.-,.;.■-; ■ ;■"->■ : -,, : ~-.' ■■-■.'■; I ■ ?i,- -