NOTES OF THE DAY.

Dominion, Volume 6, Issue 1615, 5 December 1912, Page 4

NOTES OF THE DAY.

A new and interesting development in the work of the' Salvation Army is announced in a statement by Commissioner Kichards, Head of the Army in New Zealand, which we publish this morning. In furtherance of an idea which had been contemplated by the ' late General Booth, namely, a scheme for the more effective training of Army officers by means of a special training college— a "Collego of Humanity the late General had designated it when discussing the question—it is now proposed to establish in Wellington a training institution to provide for 50 students, or "cadets." The whole scheme, which will be in the nature of a New Zealand memorial to the founder of the Army, is estimated to cost £10,000, and when in full operation should exert a powerful influence on the future work of the Salvation Army. In an institution of this kind the best methods of social work can be advantageously inculcated, and latent talent for special branches of the Army's work readily discovered and stimulated. To' a public, appreciative of the value of the Salvation Army as a social institution of a permanent and mostuseful kind, the appeal of the Commissioner for funds will no doubt meet with a response that should suffice to enable the work in view to be undertaken. The Salvation Army in New Zealand has a nucleus of about £2000,- leaving a balance of £8000 to be raised by contributions. The enthusiasm which invariably acoompati.lcß tho .(special , efforts d the Salvation Army ahpulg

enable this sum to be raised within a reasonable time.

The Labour Council has discussed the defeat of the party's candidates at the municipal elections in Sydney, states a Press Association telegram published this morning. The discussion, we should imagine, could not have been very cheerful or optimistic in tone, for as one prominent member is reported to have said, the party is likely to bo heavily punished all round for political sins of its Parliamentary representatives. This particular member of the party attributed the defeat of the Labour candidates at the municipal'elections to the fact that they had to carry the burden of the Government's wrongdoings as well as that of the professional politician. _ Because of this load, and the unionists not voting solidly, the writing on the wall, ho said, was indicated, and he predicted "a sorry time for Labour members at the Parliamentary elections unless they looked out." This, from a prominent member of the Labour Council, is a significant indication of the morale of the party, and a hopeful augury of a return to a system of government somewhat in advance to the Parliamentary circus over which Me. Speaker Willis has cracked his whip, to the derision of Australia. The most amazing and. disheartening characteristic of the modem citizen in the inass is his apathetic tolerance of political ineptitude, as the protracted regime of the effete Seddon-Ward Administration amply demonstrates. But this civic indolence is happily compensated for in the hearty kick I which, in the long end he administers to those who have exploited his indifference beyond the lim- ' its of his toleration. It is comforting to reflect that the public conscience, though apt to slumber for unconscionable periods, can j still awaken to the call of a crisis in the affairs of the community and that the reaction is more or less proportionate to the circumstances which have precipitated that crisis._ Such a moment has apparently arrived in Australia, where the experiment of handing over the affairs of the Commonwealth to a Labour caucus has been tested, with results that have already cast a gloom over the Labour Council.

An incident at yesterday's meeting of the Bank of New Zealand is worth noting. A shareholder asked a series of questions respecting an'investment of £500,000 of the Reserve Fund in British Government securities, He wished to know the cost of the securities; their value to-day; the depreciation, if any, and provision made therefor; when the purchase was made: at whose instance; and whether it had the approval of the London Board. It was plain enough from the nature of the questions and the details sought that there was something underlying them, and a hint of this was disclosed in the discussion which followed. The securities, referred to apparently were British Consols which, as everyone knows, have _in recent times shown a steady decline in values relieved only by occasional fluctuations. The use of the term "speculative securities" in relation to British Consols may seem somewhat peculiar in view of the esteem in which it has been customary to hold these securities, but what other term can be applied in face of the facta. However, 'whatever opinion may be held on the point the Chairman of the Bank declined to answer the questions mentioned beyond intimating that all depreciation in the value' of the Bank's securities had been provided for. Mr. Kennedy appeared to imagine that it would .bo improper to disclose the information sought. It is difficult to see why. The investment of half a million of the Bank's reserves is a matter vof considerable importance to shareholders and the fact that depreciation has been provided fpr cloes not in any way lessen the loss to the Bank on the transaction. The Bank apparently is in a very flourishing state and can well afford to meet such losses as from time to timo inevitably occur in the conduct of a large banking business; but it is always desirable that shareholders should keep an alert eye on the manner in which their property is being managed and amongst the matters upon which they are entitled to reasonable information is the policy pursued by the directors in the investment of the Bank's reserves. Probably this particular matter is not one-of any great moment, but it would have beon a simple thing for the Chairman to have supplied most of the information sought without in any way prejudicing the interests of the Bank.