CORRESPONDENCE N.Z. BOXER’S COLLAPSE.

Hokitika Guardian, 22 August 1922, Page 2

CORRESPONDENCE

N.Z. BOXER’S COLLAPSE.

AG 11]CULTURAL BANKS. (To the Editor). Sir.—Many people who had previously been admitted •to the confidence of the Government will have been surprised, I think,' to learn from the Financial Statement that the Prime Minister and his colleagues had committed themselves to proposals for the esUiblishent of agricultural banks. It seems, however, that these proposals are so far advanced that they are to be referred to the Public Accounts Committee of the House forthwith, in order that “the necessary legislation may i-eacll the Statute-book during the present session.” If the necessary legislation is intended merely to enable the members of the Farmers’ Union and other people on the land to embark upon (lie banking business of their own account, it may be quite harmless so far as the rest of the community is concerned. Any way 1 should not presume to advise my farming friends- as to the use they should make of their own money. But if the country’s cash or credit is involved in the scheme in any shape or form, then I say the Government’s pro posals snould not he entertained by Parliament for a single moment.

Mr Massey has been warned by the very highest financial authorities that the continuance of the practice of extending State guarantee to local bodies’ loans must have a very prejudicial effect upon the credit of the Doininipon. The Prime Minister himself has acknowledged the soundness of this advice. Then, how much more disastrous to tile country’s credit would he the State backing, without State control, of such ventures as farmers’ banks, farmers’ shipping lines and farmers’ produce pools! But even if the people who lend us money had no objection to our assuming these hazardous risks, why should we enter into competition with the concerns which already are doing this class of business, oil the whole, very well? The Government has not managed our railways, or our State coal mines, or our soldier settlement, or our Post and Telegraph Office, or our Board of Trade, or our Audit Department. so well that any one can really believe that under its tutelage the farmers would manage the banking business better than it is being -.milaged at the present tijne, . , If the farmers wish to try the hanking business on their own account, by all means give them the legislative assistance they need, so long as it is eonipntible with the public interests; but in no circumstances let them play ducks and drakes with the country’s credit or its cash.

I am etc.. TAXPAYER Wellington, August 7th., 1922.

FRANK GRIFFIN DEAD. UJBTRALIAN AND N.Z. CABLE ASSOCIATION. SYDNEY, August 21. The New Zealand boxer Frank Griffin, the welterweight, is dead. He fought “Curley” Parkes on Saturday night at Woolongong. Griffin knocked out Parkes. After the fight he collapsed, and he thed tile following day.