The Chronicle. PUBLISHED DAILY LEVIN. THURSDAY,NOVEMBER 14, 1912 LEVIN'S CIVIC SPIRIT.

Horowhenua Chronicle, 14 November 1912, Page 2

The Chronicle. PUBLISHED DAILY LEVIN. THURSDAY,NOVEMBER 14, 1912 LEVIN'S CIVIC SPIRIT.

Tin: decisive rejection of the proposal to adopt in Levin IJorough the .system of rating upon unimproved values is t\ credit, to the foresight of the ratepayers. Primarily it establishes the fact that a. big proportion of the townspeople are capable of looking nt the problem from a broader aspect than that ot their immediate personal benefit. Ifa<l the votes been cast in nil instances on the immediate aspects of reduction or increase of rating in individual cases probably there would have been a (dear majority in favour of the proposal. Tin; majority of more than two to one against it is a proof that, amongst the burgesses of this horough there is a general and highly commendable civic spirit which perpends, without personal bias the pros and cons of municipal problems. The defeated party in yesterday's eon I est may derive some small comfort from the knowledge that with better organisation they would have polled better. The victorious party, on the contrary, showed persistence- in printed and personal argument, with excellent organisation to back it up. Their campaign was well planned and excellently executed : probably they polled within a score of their highest attainable number. It is a point worthy of remeihbranco for any future poll on similar lines: that while the vote against the proposal represented an almost highest possible total, the affirmative vote probably will be inercviscd in any future test., of strength that is preceded by a well organised and well-maintained campaign in favour of taxing unimproved rating; values.

A STRINGENT MONEY JLUIKET. The stringency of the money market throughout New Zealand lias become apparent to a. great many people during recent months. By present appearances it will become apparent to a great many others before remedy comes. In the latest issue nf the New Zealand Trade Heview there appears a reasonable pari explanation of the cause: it is the too small preponderance of New Zealand's export* over her importations. Wo are a country in debt; and our imports (actually are oui remittances of interest. It is true that for our surplus exports we reeieve payment actually in kind, hut when the surplus is insufficient there are disorganising cause* set to work in the monetary system of tins country thai invariably are reflected in our commencial activities. The figures quoted by the .Review show that in 1909-10 New Zealand had a surplus of £0,81i.'),!J78 in the value of her exports when set against imports; in the next year the surplus fell by over four millions sterling, and last year it was down to £1,099,30-1. The exports last year were greater than those of the year before, lint, the imports were greater also. In a summary of the case, the Review remarks that the halance in the latest two years shows considerable reduction on the previous year, and falls a good way short of what is needed to moot our outside obligations; consequently a shortage of money is only to bo expected. While a good proportion of our imports aro needed for the opening up of fresh country, ets., there is also a considerable increase in the- expenditure on luxuries, which might very well be curbed. The •present season gives every promise of being an excellent one for expovts,. and if due caution is observed as <o | importation and general expendiJ ture, the market should improve in 1 the new year. The latest Post Office Savings Bank returns show an excess of withdrawals for the first time for three years; this is probably due to the higher rates ruling outside, attracting funds away from that institution.