TOPICS OF THE DAY

Evening Post, Volume CVIII, Issue 134, 3 December 1929, Page 10

TOPICS OF THE DAY

Labour's policy is one of nationalisation. That fact has not recently been emphasised by the Labour Party; but it was recalled by the Reform candidate, Mr. H. F. Johnston, in his speech at Eastbourne. Basing his argument on this policy, and on Mr. Holland's remark: "What is interest? Something for nothing," Mr. Johnston predicted that a Labour Government would attack the workers' savings. Labour will probably reply that it has no such intention, that it will not repudiate loans or confiscate interest. That much we can give the Party credit for. Though it hesitates to offend red supporters by revising its policy and objective, it is unlikely to sign its own death warrant by such gross abuse of power. But there is another danger which is very real. By mismanagement and ill-considered experiment a Labour Government may easily damage the delicate machinery of finance and credit. The Labour candidate for Hutt, one of the most thoughtful members of the Party, has not hesitated to attack the late Reform Government for reducing the interest-bearing deposit limit ai the Post Office Savings Bank. Labour has condemned this as a measure to assist private banking institutions. It was nothing of the kind. It was, on the contrary, a necessary measure to ensure the stability of the Savings Bank, which found itself seriously j embarrassed by die withdrawal of big deposits. Such deposits are noi usually handled by thrift institutions, which cannot deal with them as the banks of issue can. The degree of embarrassment can be judged from the fact that in. the financial year 1927-28 excess withdrawals from the Post Office amounted to almost £3,000,000. Some of that money came back in savings certificates, but some of it was invested elsewhere. The Labour complaint arises because the Government allowed the money to go elsewhere. This is where the danger arises: A Labour Government committed to heavy expenditure and much in need of money may be tempted to accept big deposits on any terms, and to view the Savings Bank not as an institution to be jealously safeguarded, so as to promote confidence and thrift, but as a means of raising loan funds cheaply, without thought of the consequences.

For once Mr. A. J. Cook is following^the footstepsof Lord Birkenhead. 'Mr. Cook is abusing Dean Inge, "one of Britain's biggest parasites, both as a priest and scribe, living in the lap of luxury with his thousands of pounds a year, never happy unless insulting the workers and their representatives." But Mr. Cook is not original. Lord Birkenhead was before him in giving the retort discourteous to the Dean, with remarks upon his business capacity and the fees he received for his articles. Also, Mr. Cook is not correct. He says that Dean Inge is "never happy unless insulting the workers, and their representatives." The common belief is that the Dean is never happy at all; but perhaps Mr. Cook means that the inspissated gloom is slightly dispersed when the Dean thinks of Mr. Cook and his comrades, and begins to put his thoughts into writing. Yet only a fe;v months ago Dean Inge found other relief for his feelings in writing on Lord Birkenhead. He may not have been cheerful in mind, but he was certainly happy in his expressions. Lord Birkenhead and Mr. Cook may not like the castigation, but they should suffer it gladly, knowing that it brings some light into the life of the Dean, who has little else to cheer him. But how can he really obtain a full measure of delight from his thoughts of the Peer and the Labour leader, when these thoughts are followed by the reflection that there is after all no hell, but only a milder form of purgatory?

A few days ago a cable message irom London stated that Oscar Slater was engaged to be married to a fullblooded negress, and that after his marriage he would settle in Africa. Yesterday another message reported Slater's denial of the statement. Only a little while back Slater had other publicity concerning his style of living, and %vhether he had been ungrateful in his treatment of Sir Arthur Conan Doyle. One begins to wonder whether .our values &are

not in urgent need of revision. The agitation for Slater's release, re-ex-amination of the evidence on which he was convicted, and compensation for wrongful imprisonment, were matters of public interest, for they touched the administration of British justice. But when the release had been arranged and compensation paid, surely Slater had done nothing to warrant further public attention. Yet he remains in the limelight. The public interest which was useful in helping to right the wrong done to him is now kept alive as if he himself were a public benefactor. The use of publicity has become abuse.

We can fully endorse the request of the Builders and Contractors' Association that there should be no further delay in the sale of the Technical College Buildings in Mercer street to the city. We do not wish to apportion blame for the differences that have arisen, or to express an opinion on these differences. It is plain, however, that the sale is one which should be effected. The Technical College cannot continue its work for ever in buildings so widely separated. It has been a long and tedious business already arranging for accommodation suitable for the %york of the college. The City Council is the right purchaser for the old site and buildings. They are needed to enable Council to reorganise its staff accommodation and administration. It is right that the College should sell and the City Council should buy. The details of the transaction should be settled without difficulty by business men who are anxious to serve the public interest by concluding a fair bargain.