HARD TIMES

Dominion, Volume 7, Issue 2222, 7 August 1914, Page 6

HARD TIMES

' ADVICE TO THE PEOPLE TO HUSBAND RESOURCES ; When tho Houso of Representatives met last evening, Mr. W. H. D. Bell asked tho Prime Minister -ft-hcither he did not think it was possible that something: could be done by way of proclamation published and exhibited at post offices, police stations, and other public places, impressing upon the pcioplo the necessity of husbanding their resources more or less. • It seemed to him that the people had not been reducing their expenditure at all. In fact, it seemed to' him that personal expenditure had gone' up sinco the declaration of war, at least to a certain extent. Tho only example of war that .this Dominion had had was the Muth African War, which was a mere . Heabite to what this country would havo to face- now.. Tie did not 'think the people of New Zealand realised- what might happen after two months from now. What ne particularly had in mind was the possibility of a moratorium becoming necessary. The immediate effect of that would to a cessation of all credit, and the stojh • P lD g_of credit by the small shopkeepers to the poorer people of .. his country would caiiso an enormous amount of hardship. He would ask the Prime Minister whether something could not be done to impress upon peoplo the differenco between tho conditions now existing and those which existed'at the time of theSouth. African "War. Without anything; in ..the nature 0f.. - . scaremongering, he; thought the" Government ought to take some steps to impress upon, people the' wisdom,.of spending less'upon ..themselves than, before. ' Possibly;"-if peoplo reduced their expenditure they .might get over a ■crisis that would probably not,bo. veryserious for tho wealthy people, but would be perhaps a life.and.death struggle for ths poorer people." , ' The Prime',Minister ' (the' Eight Hon'. W. P. Massey) did not know whether anything could be'done by way of- legislation or proclamation, but ho hoped the-people-of "New Zealand-would bea-rHhis in mind—that they, have-.a strenuous time ahead, and that,-to use.a colloquial expression, they., should provide for a--rainy day, and husband their, resources. ' Tho suggestion had'.'been made in good faith, and he thought it was- a very -valuable :suggestion. -> So far as a moratorium was concerned, that had already boenj under the' consideration -of the Government.- He thought'that some.thing"'of the sort would ,bo necessary, but uo .extreme steps would, be -taken without the most careful: consideration. Ho promised to give serious consideration' to the question asked by the member for Wellington' Suburbs. • ,'.'.:■'/.,•■ " BUSINESS VERY/QUIET, ' '' / .'WHAT MANAGERS SAT.., ". In view of the excitement that has naturally followed England's declaration of. .war, it. was deemed of interest'to ascer-. tain if the local money market-had been, effected-to any considerable -• extent. Mining stocks show a lowering tendency all rounds which is not at all surprising, and general investment stocks, have 'not fluis. tuated.to a-degree worth mentioning. So far it is hardly possible-to-estimate what effect the outbreak of war! ; with Germany will have.amongst tho retail -busmen* people, but-the circumstances' necessarily point to a !quiet time ahfSa'd. > V:. Some of thelocd bank managers wero consulted during, yesterday■', afternoon v as to whether thero had been: any special demand on the-bank sinco the news,of the outbreak. Business was quite normal both on, Wednesday and yesterday. ' The banks.are, paying out" in' notes, and any; demand for. gold was'not.'being complied, with.'. '' '•'•'./ ", ' . '■ '.:/'/. :■•'. .'.. ' 'The manager,,of one/bank stated that matters were so quiet that' they,' hardljy knew, how to utilise the. staff, and, it appeared to him that they■■ would be in 'for a qiiiet time. ', He stated; in support of .what 'Mr.' Harold Beauchariip had said that'liis bank had no intention of: calling - up' overdrafts,: but at the. same time'.no ..new; advances were being niado'.at; pre'sent! "The bank would-be..interested; to .know what, tho cargo-carrici's were''going : tb do,/as,any stoppage-, in the. transport, of our products would have an immedia'to effect on tho money market; 'In common with tho other banks,-they.;wore .issuing notes -instead of gold, and'there:; had .never been' anything'thutilooke'd likb. a , run on tho bank*. ".'■ '/■"-. ; -.. '' ;.- On/the'.Change.' '•;,■. : An - Auckland / Pres3 Aisociatiori'.'telegram' states that nt'the yesterday morning call on the Slock Exchange, the Chairman' (Mr. Buttle) expressed the opinion that there was no need to suspend business. use their-best efforts, to cairn any. fears of timid shareholders. His remarks were followed by. the singing of the National Anthem,-'and hearty ■■- > ■-.-.',/ .' . INCKRIST CHURCH. ' . « . : ' ' BANKING .QUITE NORMAL.,. [■ '.'-. [ ; Up to. the/present''dato; there' has notbeen the-smallest sign of a money:'panic "among tho peoplo of, Christchurch: ,The bankers state that-their clients are acting perfectly normally, and withdrawals are ; ' not- greater' 'than at any other- season of the. year. Th'o same thing holds,good-it. the. Post Office Savings' Bank; and : there, also things 'are-normal. • " •' • '-, . '.-(By. Telegraph—Press Association.) '. ' Dunedin, August .6.. • ■ Withdrawals from, the Post Office, Sayings Bank., to-day were somewhat heavy,, . especially on the part of:ladies,.and'thp ■ authorities are.once again impressing the' fact-that there is not the 'slightest occasion' for panic.. ,-'-.-.' '-....