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Hokitika Guardian, 9 February 1922, Page 2

The loss on depreciated paper currencies through exchange values and actual deflation has been enormous and the position in Europe certainly gives vindication to gold as the real standard of value. This view is developed by the authority from which we have just quoted, which goes on to sa y that the state of the currencies at the present time and the chaos of the exchanges should give to many people a better understanding of the services which the gold standard has rendered to the world in the past, and expose conclusively the futility of the schemes for a paper currency without provisions for redemption. AVhen the gold standard was in effect in all the principal countries the currencies of those ; countries were in practically fixed relations to each other. The inhabitants were doing business upon a common . plane of values. They had a common language of prices. The price of wheat in Odessa, Buenos Aires, Sydney, Bombay, Budapest, Liverpool and Chicago was quoted practically in terms of a . common measure, the grain of gold. For the vast majority of international . transactions, exchange varied within the cost of shipping gold from one i country to another, and never exceed ed it it by more than a very small margin. Contracts could be entered into for future dates with a certainty that , barring some very unusual disturbance these exchange conditions could be relied upon. There are always critics of the existing order of things and 1 there were c rities of tho gold standard. It was said to give the bankers conS trol over the volume of money, but while that was untrue, now that the 1 volume of money has been free and uii--1 controlled for a few years most people would like to see some kind < " control established. The gold st’nnd--1 ard did not give control to anybody, but it put some restrictions upon the operations of printing-presses. Under the gold standard, the profits of bankers in exchange operations were reduced to amazingly small percentages, but without the gold standard trading in foreign exchange is so hazardous that nobody can engage in if without large margins to cover the risks of the business. The fallacy of all the arguments for irredeemable paper currency have been exposed again, as they have been time after time in the past. These arguments are born anew to every generation, in the minds of men who think they are original ideas. This time they have been exposed, not in one country alone but in dozens of countries. The results have not been due to particular errors by one country’s administrators, but are seen to be inherent in the system. The paper currencies of Europe have cost the people far. more than all the direct expenditures upon the war, and have involved them in a state of, disorder and misery from which they do not see any way of escape.

It is very gratifying to note the stantial improvement in the attendance at the public school. It is a healthy sign of the times—the town,is filling up. If there were a suitable railway service for the country children to get in for secondary teaching, the increase would be even more substantial. "While this is so, there is the fact to bo borne in mind that the school has more than reached its accommodation capacity if ordinary hygiene principles are to be observed. It was reported at the §chool Committee meeting on Monday that standards 4 and 5, numbering some 80 pupils were crammed into one room. Apart from the fact that two classes are in such close juxtaposition, and the difficulty in carrying on oral instruction in two differing subjects at the same time, .there is the unhealthy congestion to be considered. It was reported that the ventilation of the room was not equal to the occasion and that the air was quite palpable on* entering the room. This is not at all satisfactory, and. the staff, committee and parents should not be satisfied with the dangerous situation menacing the health of the scholars and teachers. Were it not that the Minister of Education is due here at an early date, the strongest protest should be sent forward. As it is, the Hon. Mr Parr, will no doubt be invited to the school and will experience conditions for himself. A remedy fop the overcrowded conditions must be found, and as Mr Parr is also Minister of Health he cannot do better than instruct himself as Minister of Education to introduce promptly remedial measures to minimise tho dangerous set of circumstances now prevailing at the local school

The surf disatser at Greymouth yesterday is one of those sudden aindl tragic events which will stir the whole Dominion. The greatest sympathy will go out to the afflicted. Tire whole cijhcumstances are sad •in the extreme. Th'at such an event should happen on a picnic outing organised for the pleasure of the juvenile element. lVdeplorable indeed. The occurrence will cast a long shadow over the Reefton district. The event was illumined by many noble examples of attempted rescue work. The major deaths, in point of fact, resulted from the self-sacrifice of those who endeavoured to succour others in trouble. The event will be a warning to those who lightly indulge in surf bathing. We recall Mr Lawn’s remarks in the Town Hall here lately when) he emphasised the grave danger of bathing on the local beach. There is undoubtedly a serious element of danger, and none but tho best swimmers should venture into the deep waters. The currents and under tow are so strong and uncertain that only the self-possessed strong swimmer should take the risk of sea swimming. The tragic event so near at hand should be a warning to all concerned, and should emphasise the necessity for committees providing safe swimming pools where the art can be learned and the sport enjoyed in security and safety. It should be very easy to be wise after so untoward an event, and the lesson should not be lost on the public generally. Very widespread sympathy will he felt for the relatives of the drowned, and no doubt there will be the oportunity for, the expression of that sympathy very soon in a practical way.