A PESHMISTIC NOTE

Hokitika Guardian, 7 January 1920, Page 1

A PESHMISTIC NOTE

MR HAROLD BEAUCHAMP’S VIEWS. AUCKLAND, January 6. Mr Harold. Beauchamp, chairman of directors of the Bank of New Zealand has returned from a European tour. He says that the British nation is indulging in a riot of expenditure and less work. Unless the workers of Great Britain increase their output, the alternative is a short way to bankruptcy. Ml- Beauchamp said he thought there was very little chance of any alteration in the fiscal system in the Old Country. In the minds of most people Protection would enable manufacturers to indulge in profiteering to the same extent as they did during the war, whilst Free Trade, with its inevitable competition would force down the prices of essential commodities. Ho confessed to viewing with concern German and othei competition in Great Britain, hut it was quite impossible to get the people of the OUI Country to see cyo to eye with one on this question. Personally, he thought we were in for an era of dear money, especially in Europe and the United States. It would be interesting to note how long it would be before there was a reflex action in this Dominion, which, owing to a very large surplus of exports over imports, had for six or seven years continued in such enviable financial ea.se. Money, like water had a tendency to find its own level.