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Hokitika Guardian, 21 January 1924, Page 2

Ov the subject just referred to, undue optimism is just ns dangerous as undue pessimism, and those who are carried away by the handsome returns for wool, will be disappointed in the end if they allow their optimism to overrun the constable. There is another side to the picture apart from the dangerous situation created by the drought conditions referred to in the foregoing. The banking returns for the December quarter show that while the free and fixed deposits increased by £1,725,758, the advances and accounts expanded bv £2,798,878; but this perhaps does not convey mu«k to the average reader,

ami it will, theieforo, bo the endeavour to express it more clearly. The fixed deposits and the current account balances, or free deposits as they are termed, represent the amounts borrowed by the banks for the time being from the public. The hanks deal in commodities; they gather in all the credits they ran and the sums so obtained are called deposits. The average amount of the fixed and free deposits, held by the six hanks during the December quarter. 1923. amounted to £-12,830,17i. This is the amount borrowed by the hanks from the public. The advances or overdrafts and the discounts reprekoiis the amounts loaned by the bunks t ) the public, and in the December quarter these advances and discounts totalled £10.229,391, or £3.399.217 more than the hanks borrowed from the public. Ibis is not a healthy state ol affairs, ami if if continues during the current quarter, the banks will la: obliged to adjust matters either by calling in advances, or raising rates, or adopting both methods for cheeking borrowing, 'i 1i is adverse position is generally believed to he due to excessive importation. At all events we know that for the eleven months to November 30, 1923, the imports wore about £7.003.00!) more than they were in the corresponding period ol 1922. There is of course nothing alarming in lb,, present position, hut the excessive importation is to he deplored. I la* banks may le trusted to ret with promptitude should their intervention he found imperative.

Thf.uk remains hut two weeks of the Exhibition period to run. It is pleas--1 ing to record that seasonable veatlici lias returned, and the district is or.- • joying normal conditions once more. It Was. most unfortunate that so bail a I<■ i! of adverse weather was experienced ju.st at the tilin' "hen so many visitois w, i e uiLh us, and so many prominent lent ures "I the Exhibition wen in progress. Ilowever, the veather is now making full amends, and all :iiv enjoying the best ol weatner it , could not la* excelled in any part of tie world. Also, the visitois are enjoying a success!) l ll ol golden sunsets which are perhaps commonplace to n any local residents, but which art' ; e'ei a delight to those who enjoy nature at her bort. Tin trippers to the carious bounty spots and scenic revolts are very numerous. Daily, it is impossible to secure ears, unless booked early in advance. Crowds ol penile art moving about, and Westland is om tainlv roioiviiig an excellent advertisement. The district is fortunate in its wealth of beauty, and it is pleasing. also, that so many people are now being attracted he'o to enjoy the natuij) wonderland which Westland at all joints pieseuts. As to the Exhibition itsell, it fines i.ot appear to he losing favor v-ith the | uhlie. The patronage continues to he «el: maintained. For a town the size at Hokitika, the patronage lias kc-.u: real'” remarkable. During hist ' aud for the remaining fortnight lit'”f parties bv train are helping to s'eM the attendance, which in the long run will roach very high figures, much in advance of the estimate. The ontcr- - taiiimonts which have been provided are also meeting with very popular - patronage. Frir the past week, the hall at the Exhibition has proved in- - adequate for those fleshing admission. - Further important attractions are to ■ nprear, and they are both spoken of i ver\ highly and will, no doubt, fie oqualt jy attractive to the public. The display c itself continues to meet the approhaa tion of the visitors, many of whom hold c hading public positions in other i centres. The district is receiving, eer--1 t:i>n 1> an advertisement of outstanding • value, and in that respect in particu■l Irr. the Exhibition is well justifying f fine of the chief objects for which it was s . promoted originally.