The Guardian (And Evening Star, with which is incorporated the West Coast Times.) SATURDAY, MAY 12, 1923. THE WEEK.

Hokitika Guardian, 12 May 1923, Page 2

The Guardian (And Evening Star, with which is incorporated the West Coast Times.) SATURDAY, MAY 12, 1923. THE WEEK.

A uniD’s eye view of the finances of the nations is provided hy the Economic and Financial Committee- of the League of Nations, which hag Issued a report in which it is stated that the United States and the United Kingdom alone show any considerable surplus revenue for the reduction of the public debt. In Finland, Sweden and Canada, the debt has been almost constant during the last three years, and any funds raised by means of borrowing hayp been devoted exclusively to new pojrsffuction. The in the

public debt in Australia, New Zealand South Africa and Japan is almost entirely due to capita] expenditure only, and in the ease of Czeelio-,Slovakia, the loans raised during the last financial year have been floated mainly for the purpose of meeting expenditure in tlio Investment Budget.

The current expenditure of Norway, Holland, Switzerland and India Ims not yet been balanced by ordinary revenue, but in all these countries the latest estimates show an improvement in the situation. 'About half tile total expenditure ot France is charged to the Budget of expenditure recoverable under teh terms of the Peace Treaty. In Belgium and Italy the quest ini of raising loans is still of primary importance. Austria, by the aid of credits granted under the Geneva Agreement of October 1922, has been enaoh.'d to abstain from printing, new paper unmet to meet the needs of the Treasury. The expenditure is being gradually cut down and the revenue shows : urns of increasing. In Germany the difference between actual expenditure and revenue lias been increased from mouth to month during 1922, and the floating debt, mainly consisting of Treasury bills discounted by the Beiclisbant, was more than four times greater the end of the year than at the begi ming.

The heavy military sentences imposed on Krupp and his fellow directors by the French authorities is sure to arouse a greater spirit of animosity in Germany than ever. The feeling of hatred between the two nations will lie intensified while it will not he dillictilt for the German press and politicians to declaim on the tyranny of the French action. This, combined with the short shift the French Government gave to the German proposals for a settlement of the reparations, will create a wider gulf of difference than ever, adding likewise fuel to the flames of bad feeling, and rendering more difficult than ever, the possibility of reaching :l fair settlement. The replies which Britain and Italy may make to the German overtures, combined with any overt act of America, at this stage may lie of some help in bridging the chasm of difficulty at present presenting itself, but Franco will not submit readily to any interposition. Tho whole action of France and tlio definite, statements of its recent reply, indicate France requires her pound of tlesli. No other consideration enters into the mind of Franco than a very arrogant demand for all, or to await payment in German territory, be the cost what it mav.

The situation is thus very straitened. Neither friend nor foe can move France, which remains a law unto herself in tile matter cf imposing her levy on Germany in her own wav. Again Britain is most ndinirtibly rphuant and without outward adverse comment, permits Franco to go ihe full length of what appears to he her fell designs. There is no middle course fur France, and certainly m> compromise. If Germany wore able to yield adequately, no doubt she would do so without all the indignities which are now being put upon her. Probably in the earlier stages, Germany was encouraged to hope that the Allies might disrupt, but cf that there is no outward sign, and France continues to rule the situation, and impose, her will in no half measures. The heavy military sentences in tlio Krupp trials, and the effective enforcement of the fines and penalties should go a long way in impressing Germany of the futility of holding out—if she is able fo pay. Agood deal will depend now on the British and Italian replies, which may be conveyed in a. joint Note. But at the moment it does not appear France will brook any interference by friend cr foe. Franco wants all she asks.

Empire trade as a means to solve tho financial ills the Empire has become heir to, is occupying a great deal of attention. 'The foreign trade which the Empire can enjoy is of the highest importance to help overcome the cost of ,tho war. Trade within the -Empire is no less important, and tho matter is being kept well in the public mind. Writing not long ago of liis experience with the Department of Overseas Trade, Sir Win. Joynson Hicks said he was convinced that in tho extension of tho Trade Commissioner .Service lay one of tin* most practical means of strengthening the economic links between the various portions of tho Empire. The opinion thus expressed hy the Eritish Minister undoubtedly will bo heartily endorsed in New Zealand. This country, remarks the Dominion, has been particularly fortunate in those who have acted successively as local representatives, formerly of the British Board of Trade, and more recently of the Department of Overseas Trade. In all cases the officials filling the important post of British Trade Commissioner here have set a very high standard. They have exhibited invariably a sympathetic desire to obtain a thorough understanding of local conditions, and a readiness to impress the Dominion’s viewpoint on Home manufacturers and exporters.

Fkom his public utterances, it may judged that Mr N. Klmslie. who has now succeeded Air R. AY. Dalton, as N.Z. Trade Commissioner, will build capably on the useful and helpful work done by his predecessors. Although he has not been long in the Dominion, the new Trade Commissioner has already demonstrated that he takes ft

broad and enlightened view of tho functions of the Department of Overseas Trade. The problem of fostering inter-imperial trade, he observed in a recent address, was one that must he studied from both ends—the cld policy of direct assistance simply to the British exporter was far too narrow: - “No country can buy without selling (Air Elmslie added), and we cannot— I speak as a servant of the British Government, and from the point of view of the 'Engiisk merchant and manufacturer—we cannot expect to sell to our oversea customers, of which N /•* Zealand is not the least important, without taking an equal interest ; n tie prosperity of the customer jmd the sale of his produce . . N<’v Zealand cannot become an incre.-s :>g y import ant buyer of British goods without our assisting in all ways we can to develop New Zealand prosperity and New Zealand production, and io find n good

sound market for Now Zealand produce.” Great Britain wa3 therefore directly concerned, Mr Elmslie went on to remark, “in such matters as immigration, the supply of necessary capital out here, and the absorption of as large a proportion of your produce as possible.” Adequate expression is here given to the standpoint which must be adopted if tho economic problems of the Empire are to be satisfactorily solved, and a firm base provided on which the British race may work out its political future. As yet insufficient attention has been given in Croat Britain to the fact that tlio possible extension of Empire markets for its manufactures is measured in a groat degree by the development of tlio Dominions and their growth in prosperity.

Iy the lines on which tho Department cf Overseas Trade is now working through its Trade Commissioners there is at once a promising indication of the development of a more enlightened outlook and an assurance that the wav will be prepared for the systematic treatment of Empire Economic prolsloms. There is no need meantime to determine, or attempt to determine, just how far Biitain, by fostering trade within the Empire, can make good tlio loss of European and other foreign markets. It- is self-evident that where an open choice exists inter-Imi'oria] trade is in every way to be preferred to external trade. In proportion as inter-imperial trade expands the prosperity of the whole Empire will reston a safer and more assured basis. Good progress in this direction icquires an abandonment of much that has hitherto passed current as sound economic doctrine with influential sections of tlio British commercial community. The idea that trade should take its own direction as water Hows down hill still has numerous defenders in tho tinted Kingdom, but such ideas are flatly inconsistent with tlio development of the Empire in security and prosperity.

A rii.U'Tic.u, and constructive policy of Empire development must rest first and foremost upon a clear perception of the facts of intw-depcudenco in trade which .Mr Elmslie has effectively emphasised. The Dominions are studying their own interests ns well ns those cf the Mother Country in extending Customs preference to British imports. The Mother Country equally will study its own interests as well as those of the Empire at large by affording all possible facilities for the satisfactory marketing of Dominion produce and by assisting lo concentrate British human and material resources on the occupation and development of the overseas Empire. As yet the need of an Empire economic policy is more generally recognised in the Dominions than in tlio Mother Country. It- may le some time before the enlightened viewexpressed by .Mr F.lmslie oil lieball ol the Depart men! of Overseas Trade ate accepted freely by tile commercial com inunity of ihe I'nitc.l Kingdom and become the basis of political action. As an intelligence service, however, tlio Department is not only doing a great, deal directly to foster and stimulate trade within the Empire, but is mapping out the lines on which the economic policy of the Empire must develop if its magnificent possibilities are to la; realised. Tim enterprising activities of the Department and itTrade C immis-ione; s tertamlv ought to l>o encouraged and supported wholeheartedly here and in every Dominion.

The particulars disclosed in the previous i-sue regarding tlio local movement to set ti]) a statue of Robert Burns, were very satisfactory to all those interested in the matter. The Committee's work is not only gratifying fo those interested in the work in Jin nil, hut the Committee is to be thanked for supplying, also, for the benefit of the town, a vciy handsome monument. Hokitika, for its size, has mere than the average share of praiseworthy public monuments, and the one new to he added, promises to bo a very handsome and striking one. -V very good site lias been chosen for the erection, and evidently, also a fitting ceremony is to mark the unveiling nil the King's Birthday. The initiation of tlie movement is due primarily to the liberality of Mr \Y. Patrick, a great admirer and student of Burns, hut the Committee lias done wall to raise the balance of the money required so speedily and so unostentatiously. The small balance still remaining "ill no doubt be cleared off by unveiling day, and that accomplished, the achievement will be distinctly creditable to the committee which had tho task in mind. Mr .Tames Craigie. the wellknown Burns enthusiast' of Timaru, has been invited to unveil the memorial, and that gentlemen’s presence will add greatly to the success of the function on the eventful day. The local Caledonian Society, is certainly to ho congratulated on tile successful result attending its effort in this matter.

Tub figures published in this issue regarding the year’s work of the Hokitika Savings Bank, emphasise the sound position of that flourishing institution. The Bank now has accumulated funds running up to six figures or to- he precise, £99.891. Of this total, nearly £17,000 represents excess of assets over liabilities, so the proportion in favor of the assets is 119%. This is a very satisfactory margin and indicates the security the depositors possess. The Bank’s funds are well invested. Apart front the mortgages on freehold security, there are £19.000 in war bonds, and nearly £O,OOO in local body debentures. and upwards of £1.5.000 in fixed deposits at hanking institutions, together with nearly £'2,000 cash at current account. There is thus more than fifty per cent of the depositors’ money invested practically at call in cash, which indicates further the stability of the institution. The Bank has had over half a century of useful service here, and has done much to help forward the development of the district. In matters cf philantrophy it has been ready to help where tbs' law allowed and altogether has been of wide service and of general public utility. The management shown over the long period of the Bank’s existence must have been uniformly sound to have attained such satisfactory financial results ns are revealed in the latest statement of accounts.