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Hokitika Guardian, 3 January 1925, Page 2

'I m: local water supply has been occasioning some concern to the local authority of late. Probably due to the holiday period and the influx of visitors. the water-supply has had unusual demands upon it, hut in any case it <*annut he expected that the line of pipes can go on supplying water indefinitely without a regular overhaul. The nature of the pipe used is such that in any case freipient overhauls are necessary, as defects are likely to present themselves unless the line is under proper regulation. From what can ho gleaned it would appear that the pipe line is in need ol a thorough overhaul, and that regularly. The air valves are said to he in had order, ft is said there are not. enough of these air>vnlves, and of those in existence most of them are in a defective condition. It. is high time therefore that the line had a complete overhaul from intake to reservoir, including the clearing of the line, so that the pipes can he inspected readily at all times. The water supply of the town is its most essential municipal service., Tt should he the aim of the Borough Council to increase its value, rather than allow the value of the line to depreciate. Copulation is increasing, and a close watch should he kept to see that the supply is maintained equal to the demand. Tt i.s possible to secure a supply of wafer from Kanieri Forks as auxiliary to the main supply, and it would he worth while going into this aspect so a.s to have a supplementary source in ease of emergency. With the passing of the holidays the Council should set:, about a complete clearance of the line of the existing race, and a thorough overhaul of the pipes. The Test, supply possible should he secured from the present service, for it is needed fully. The town cannot afford to neglect a service of such vital utility, and now that attention lias been drawn to the matter it is hoped the authorities will exercise their fullest powers in the matter to sec ure the best sustained results.

Tim: question whether there mav lie a turn in the exchange, Australia on Condon, is one that is constantly being asked (says file Melbourne “Argus”). At present with both the l clip and the harvest on a record scale, and with prices so high, the possibility of rates veering round seems distant, lint should public borrowing abroad be on the most restricted scale possible, and should imports continue to flow into Australia, it is easy to foresee a. quick change! in the exchange sil nation. A leading firm of Condon financiers writing to its Australian correspondents, points out that when there is no free exchange market and hanks arrange the rate between themselves, then; is always the possibility that a given situation mav not he taken in hand soon enough. When that is attempted the effort may he overdone. With a free market for ox. change there may be more violent llnet nations, but positions will bo rectified the sooner. A central bank should assist. In smooth out the exchange troubles, bill it may not be able i" remove them altogether, as lias been shown in South Africa. All interesting fact, is state'll by the linn. ’1 his is the tendency of securities in move ill the direction opposite to that which would lie theoretically expected. They move against the exchange rate. With the discount at which sterling stands as contrasted with the Australian pound. the fiow of securities would lie expccteil to be to Australia. But the financial stringency occasioned hv the corrective of high money, had depressed stocks to such an extent as to tell upon the favourable margin created by the exchange. Then. too. the difficulty of individuals .in Australia raising f unds had led to a selling of securities in London. The opposite tendency , was observable some three years ago. when sterling was at a premium for then there was a disposition to move stocks from London to Australia.