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Hokitika Guardian, 29 March 1922, Page 2

PunsuiNO the interesting subject referred to in the foregoing the authority from which we quote proceeds to say that a leading feature of the speech of Mr F. C. Goodenough at Barclays Bank meeting was a strong argument in favour of cheap money. In his opinion, there was no real reason why the Government should for so long a period h: ve p.iij. a higher price for money than market conditions at the time demanded. The return to the system of offering Treasury Bills by tender, secured libera] supplies of funds for the Exchequer, and went ;i long way towards abolishing that control, by the Goyernent, of market rates which had been so highly prejudicial to the taxpayer. Connected with this matter was that of loans by London to the Dominions and Colonies and also for foreign governments. In dealing with this he referred to the growing appreciation of the fact that debts due to this country for money lent abroad for productive purposes formed the backbone not only of our financial but also of our industrial posfitibn. With keen competition from America, lie said, we cannot afford to neglect any safe opportunities which may present themselves for loaning money to our foreign customers, nor can we ignore the advantages in pursuing that policy which accrue through a cheap and plentiful supply of credit. London held its position in the past as a financial centre through relatively cheap rates of discount and other financial facilities. The granting of loans resulted in the receipt of orders, and, with cheaper conditions for manufacture, secured for us our place in the markets of the world. Unless, therefore, we can maintain those conditions of relative cheapness it is difficult to see how we are to regain and retain that position upon which the whole future of the country depends. It was only natural that bank chairmen should have been unanimous in describing last year as an exceptionally difficult, period for the commercial community. This matter considerable attention from Mr Bank of Liverpool and Martins. He dealt very fully with the reaction which occurred last year from a condition of industrial prosperity, showing that, to take one particular department of industry, manufacturers and merchants of piece goods were from the terminotion of the boom in 1920 to April, 1921, inundated with cancellations of orders, and since then the trend of values for finished cloth has been down ward without interruption, while the difficulties were increased by Gerany entering into our markets for semi-raw materials at the point of ing ir.anufactued goods in competition with British manufacturers’ stocks made from raw materials bought at high prices. If, he said, it had not been for the patience and resource of our business men and the generous way in which buyers and sellers often agreed to cancel contracts and share losses, and if it h a <l n °t been for thg power to recover losses to the extent of E.P.D, previously paid, the result- would have been cal<> miiou*, i

WilthE the attendance at the Town Hail on Monday for the meeting to promote the success of the Winter Schoql of instruction here in May, was not numerically well attended, the enthusiasm of those present was such that the event was well inaugurated, a'nd the arrangements will now go forward rapidly. It would be noticed by the report published yesterday, that in addition to detailing its principal lecturers to the school on the Coast, Canterbury College is supporting the scheme with a grant of £SO to help

cover the expenses. This is very gene- | rous indeed, and is another incentive, jif such were needed, why th e folk here ! should be only too ready to link-up . and seize the favourable opportunity offering. One way in which help can j be accorded is financially and' all who j can should take guinea ticket which | while helping the school financially, will I permit the holder to attend the six days’ lectures. As there will be an i average of three lectures daily by ' leading authorities within the Domin- | ion on the subjects dealt with, what | better value could be looked for! But the promoters of the scheme are looking for something more than a suc- ! cessful financial result. They want the practical support of the farming i community with a personnl attend- ! mice. Every farmer who attends with | his note book and takes down points I of special interest to him in his farm ! work will reap a practical advantage j with the knowledge he will store up. j The farmers hereabouts arid in South ( Westland should make it a point of attending the lectures and deriving the fullest information which will be within their reach at such small cost to them. It is a rare opportunity indeed and should not be missed by the fanning community on any account.