WELLINGTON NOTES.

Hokitika Guardian, 20 August 1924, Page 1

WELLINGTON NOTES.

FLIGHT OF CAPITA!.. (Special to “Guardian”.) \YKLKINGTON. Au K . IS. There was a K"od deal said in Parliament last week respecting the flow of eapittil from New Zealand to Australia, hut none of the speakers attempted to account for the movement. If tin •re is such a voluntary movement of capital across the water there must !,c same “i.od reason for it. One authority conversant with the subject to si me extent doubts whether there is so hi roe a movement of capital for investment on tile other side as some of the members of Parliament seemed to imply. New Zealand is very heavily indebted to Australia on balance of trade, that is to say our imports from Australia exceed our exports to the Commonwealth by a very substantial sum. \Yo have hcen importiuK coal from Australia, and we have had to import wheat, and the latter has increased our obligations to Australia by a very lar“e slim. It is very obvious that in arrau“iu.K for payment lor the oxi ess imtinrl s the hanks are lindiitK it a very dillicult matter, more especially as the exehan“c with London is also dillicult. In addition In the trade ha la nee the Government has tn pav interest on money borrowed in Australia, and duriii“ the past two or three vears several local liodies have borrowed in Australia, and the interest pavahle by those local bodies has 1,)\|,0 remitted some way or another. The transfer of capital to Australia for investment cannot he very lar“C. That amount yoes across the I asm a a Sea lor "Tickets in Tatts” no one can

say. and latterly some investors in shares have lieeii buyin“ the shares of some Australian hanks, notably the Commercial Haul; of Australia, the National Haul; of Australia, the KuyaJ Haul; of Australia and the Haul; ol Victoria. Then l hero are dealin“s in the shares ol GuldshoroiiKh Mori, and Co.. Howard Smith, Ltd.. Hums Philip and Co.. ( oloiiial Suttar Company iml others. Of course, it is only when shares are pureliased from Australian holders that remittances have to he made. The rate of e.\clian.“e for remittanees is so hetivy that it is hardly likely that private funds are being sent across Lo Australia for investment, :«11In>uirli the rate ol interest is teniptin“lv hi.KIS TTIKKK A TIM DICK KING?

Timber for building purposes is unf|ii(" t ionahlv very eostl.v in and aboil! Wellington. If the timber merchants are tackled eti the point they ”ivo a variety of reasons lor the higher cost, chief among these being higher wages, higher royalties, higher freight, and greater distance of haulage. All ol which, no doubt, do itlllueiiee the selling price. The rule is to add all these increased charges to the cost and then to add siiflieielil to make a very respectable profit. The timber merchants have their associations, and the association- have llleir price lists, the sawmillers have their associations and price li-ts, and the wi rkers have their unions and their price lists lor labour as lived hv the Arbitration Court. 11 we recognise as right the price-fixing of labour hv the A chit rat ion Court, it cannot swivlv he wrong to have volun--1 iii",- price-!’: sing ter the linished produet of that liliour. It seems childish to talk of ring' and eomhini'S under the eireUlil'laiiees. I lie Arbitration Court has eliminated competition from labour; the last and slow worker get tile sum, ia 1 \ and the energy ol the workers is regulated by the pace ol the slave t. Tim merchants and nianidaet urei ' in turn have ciidea vottred voluntarily to eliminate compelitirn. ami prices are ti\"d not i.n the basis ol the most eeoiiom iea 11 v worked factory. I,lit the lea: t ci oiiomii a I one. ('oinliiii.it ions in trades and i min--tries are inevitable under present conditions, ami calling iliese natural eoinhinalioits utdv names achieves nothing. Stale saumills would he no remedy for the timber trouble, hut the importation of suitable building timber I fee "I duty j may give us wlml we want, and that is clmao limber.

FI.rNKYISM AND FI.AI’DnOIM.I'.. Mr I’. Fra-er. the Labour member for Wellington ('eiilral. is pari ictllar!v feud ol posing, and lie especially likes to he thought ultra democratic. In the House tile other day lie complained that when a friend called to sec him at the House his irii'inl was eurtlv ri'ii’iii'h'l that he had his hat on the moment he entered the main door at I’arlinmetitnry buildings. Ihf visitor was indignant. Mr hiasoi added. "This man was a voter e.irl a taxpayer, and was surely entitled to enter hi- <,xvit building without such humbug." Mr Fra-"r knows that this is just lla pi him lie, hut he loves to pose and some wag long ago christened him "Plausible I’cter Fraser.” The visitor's interest in the building must lie iniinilesimal, for there are I ..100,000 of its who own Parliament buildings, which have been handed over for the time being to the <ernmeiit of the dav to care for and maintain. and proiier'Voiniu'U of all entering the buildings. To remove one’s hat on entering n building is not umlrumera tie or llunkovism. or humbug. Die I,u.ul.ug was di-plaved .by the member IT|,• Wellington Central. Mr ('raser l„„k ten minutes to talk oh' these pretty little that obtain about Parliament.