The Guardian (And Evening star,with which is in-Corporate the west coast Times.) SATURDAY, JULY 21th. 1923 THE WEEK

Hokitika Guardian, 21 July 1923, Page 2

The Guardian (And Evening star,with which is inCorporate the west coast Times.) SATURDAY, JULY 21th. 1923 THE WEEK

France is still desirous of having her own way with Germany, but- there was according to the cable news on Thursday, a moie hopeful feeling generating towards Britain, even the French press siio-wing sitrns ot coining into line with

more reasonable thought, and less disposition to bait England. Much illuminating and useful material, enabling more or less reliable deductions to be drawn in connection with the> reparations problem and the difficult Ruhr situation, is contained in the recent report issued by the Department of Overseas Trade on economic and financial conditions in Germany as up to March last. The report has been compiled by Mr J. IV. F. Thelwall, the British Commercial Secretary at Berlin assisted by Mr C. J. Kavanagh, his colleague at Cologne, and their description of tho financial chaos that has result from Germany's policy of infla-1

tion indicates that a task of unusual difficulty confronts any responsible hotly that may ultimately bo called upon to investigate the question of Germany’s capacity to pay. For the most part tho depreciation of tho mark has been operating to the ultimate detriment of all but a small minority of the nation. A distinction is drawn by Mr Thelwall between the obvious and less conspicuous effects of currency inflation. The former include tho complete destruction of State credit and confusion of State finances; very low costs of production and consequent high competitive power; a wild fever of home buying and absorption of of goods more quicklyf than, they could be produced; scarcity of credit facilities and exorbitant rates of interest; practical extinction of the internal debt of the country. The advantages which have been derived in export trade from "low-ex chan go dumping” now seem to bo dwindling rapidly. The secondary effects which Mr Thelwall mentions are all various forms of tho “flight from tho mark.” By preventing tlia public from purchasing stable currencies the Government r.re preventing them from accumulating any savings of permanent value in liquid forlu.

Whim: the deposits in German savings banks have increased their gold value has dwindled lamentably e.g., on December 31, 1922, they equalled £1,555, 882; on January 15, 1923. £955,913; and on January 31, 1923, £231,917. Again, insurance policies expressed in terms of paper marks are nearly worthless. Another important fact is that local authorities and private concerns nave bad to raise loans based upon the value of rye, wheat, coal and other products—a method of finance which is a retrograde step, so far as our complex modern credit system is concerned, towards a return to conditions ot barter. Mr Thelwall points out that the conditions of economic, uncertainty engendered by inflation have been ag gravated by the dislocation of trade and industry in tile Ruhr district, and tnat extreme caution must be exercised ill expressing any opinion as to Germany's real position at the end of 1922. An accurate assessment could he made on certain capital values in the country. Forests, mines, factories, real estate, machinery etc., could lie without much difficulty expressed in terms oi dollars or of pounds; hut what interests Germany's creditors most is the true revenue, produced from such sources and from trade, and it is just tins revenue which is almost completely disguised !>v inflation, and there seems no chance of any change until German currency is stabilised. Air Thelwall considers that the total value of German cash and securities abroad may be put at approximately £200,000,000 a. sum which, in comparison with Germany's indebtedness, must l;c regarded as small.

Mn Lloyd Gkokoe is one of the past masters of politics, and his address to tho students of Edinburgh University in his capacity as land Rector, which dealt with the subject of pohtics t is a. career, is therefore of moic than passing interest. Tho principal points of Mr Lloyd George’s speech have been conveniently summarised In “Tho Times”. Tho erstwhile Prime Minister said tkat- like any other great careers, politics demanded intelligence, insight, imagination, concentration, industry, uprightness in life and conduct. The gift specially needed in politics was courage. No vocation made a more constant draft, on courage, every kind of courage moral courage, prompt courage, hut, most of all, the courage that lasted and tho kind of courage that, rose with discouragement. Politicians worked in an atmosphere of criticism and censure. Some men attracted more criticism than others. Some could not walk across a golf course on Sunday without incessant reproach; others might tco tuoir Hall on the church steeple with hardly a murmur. Everybody made mistakes in his business or calling, and if every man were liable to have, not. only his transactions, but the very words in which he transacted them, subjected to close examination in public, would any escape reproof > The politician who blundered in act or speech woke up one morning and found from his newspapHT that his error was blazoned forth to the world and millions of his fellow-countrymen were either abusing liim, cursing him or what was still worse, laughing at him. He had seen men who had faced death and torture in every form quail and shrink before ridicule.

There is quite a flutter of excitement at the prospect of the opening ot tho Midland railway in a fortnight’s time. Hon. Coates has certainly brought pleasure to hear in the riglit quarter, as till recently there was the feeling that November might approach before the through passenger service would operate. There was tile statement, at all events, that thoro would he tluoo months goods’ traffic before passengers would he carried. It. will he appreciated on the Coast, where the finishing of the line lias been waited for so long, that in the long last what the district has waited for so patiently is about to transpire. The celebration at the immediate opening is to he slioin of much of its glory by the rush of tho official party to and from Otira. Tlieio is to be so much haste about the proceedings that there will he very little time for a general inspection of the big work. Tile Const people will, however have rather more opportunity than the Canterbury party. Very fittingly the Government is inviting the members of the former Ministry who wore so closely identified with the undertaking of tho tunnel work originally. No doubt the Coasters will accord Sir Joseph Ward and his former colleagues a very hearty reception. It will l>s noted also that Mr Seddon exM.P. for Westland has not been overlooked. That gentleman played a very important part in regard to the progress of the tunnel and should l>e speciallv welcomed.

Westlan'd’s practical intorest in tho construction of the East and West Coast railway, dates as far back as tne seventies, though it was in the eightios that the real agitation took shape. A Westland Railway I-eaguo was in existence in the seventies, and at different periods since then when interest flagged in more influential quarters, the Westland League was the stirring-tip instrument. In a record of tb© early history of the railway it is recorded: “It is not possible to omit extending all honor to the Westland League for what it accomplished during the period of stagnation (preceding the eighties) in prosecuting researches and keeping alive a healthy intorest in the

lino.” It is interesting to record that tiio first meeting of delegates from Westland with Christchurch citizens interested in the construction of the railway, took plaeo on October 11, 1880 —but the record shows, “there was not a large attendance.” That was some 43 years ago, which is a fair measure of time to wait for the realisation of a request. But the delays are now all past, and the immediate future has in its womb the gift of a great undertaking accomplished, one which will ensure to the people of the C-oast in particular the removal of the mountain barrier which has since earliest settlement, cut them off from ready intercourse with their neighbors.

It was not inappropriate that the French memorial to the New Zealanders for their feat in relieving Le Qucanoy in tho closing days of the great war, should bo unveiled about the anniversary of tho official Pcaco Bay. The well-planned and completely successful operation which resulted in the capture of the ancient walled town of Le Quosnoy and an advance to the western edge of the great Forest of Mormal, on November 4th., 1918, was the last major action of the New Zealand Division in the Great War. The memorial which has been erected on the wall of the town, which was scaled by the New Zealanders, represents the united efforts of Mr A. R. Fraser, the Now Zealand sculptor, and M. Desruelles, the eminent French sculptor. A. winged figure of Victorian Peace stands boldly out on the right hand of the foreground; she breaks tlio sword ol war beneath her feet, and holds in her left the palm of Peace. On the left hand of the foreground- -among rough rockwork—is a small cross in memory of those who fell in the action. On the recessed background is tho representation of tho scaling of tho wall in low relief. Surrounding the marble sculpture will he dark stonework acting as a graduation in colouring from the brick of the wall to the marble. On tiiis will be carved the inscriptions; on the left will bo the words; “Kn Phonneur des homines do la Nouvoile Zolande grace a la valour desquels I Quosnov fut vendue a la France, he 4, Novcnibro, 1918." and on the right: “In honor of the men of New Zealand through whose valour the town of he Quosnov was restored to Franco, ■llh. November, 1918.” Over the French inscription is to be carved in low relief tho oak trees which are the arms of j-o Quosnoy, and over the English the fern leaf. Inside, the balustrade of the terrace (below the sculpture in the line of vision) will lie inscribed the words: “From the utterme.-U ends of the earth.”