WELLINGTON TOPICS

Hokitika Guardian, 5 February 1926, Page 4

WELLINGTON TOPICS

FACTS TO BE FACED. A FINANCIAL AUTHORITY SPEAKS (Special to “ Guardian.”) "WELLINGTON. February 2. Speaking from tlio chair at tlic annual meeting of the Equitable Building and Investment Company yesterday, Sir Harold Beauchamp, who, as chairman of the Bank of New Zealand,, a.sssited materially in financing the Dominion through the war, emphasised afresh the necessity for the utmost economy in both private and public expenditure in order that the Dominion might weather the “ trying times ahead ”. “ When we review the state of the produce markets,” he said, after reciting the financial signs of the times, 11 we have to realise that wool, frozen meat, butter and cheese are all realising lower prices than a year ago. and so far as wool and meat arc concerned this drop is most pronounced. f estimate the loss of income, owing to the decline in market values, at approximately ’£12,000,000; and wool and meat will ho responsible for about three parts of the total. Because of this the margin between exports and imports will he very narrow. and unless the Government and local bodies borrow largely outside of the Dominion the demands on the banks will he very pronounced.” Sir Harold went on to declare that with the contraction in the value of the Dominion’s exports the savings of the people would be decreased and the amount of capital available for investment reduced. Altogether lie drew a very drab picture of the financial conditions of the near future. ANOTHER AUTHORITY.

Another authority, with scarcely such wide experience as the late chairman of the Bank of New Zealand has had, hut still with a close acquaintance with the financial affairs of the Dominion, protested to-day that Sir Harold had much exaggerated the financial difficulties that lav before the country. It was true, he said, that there had been a substantial fall in the value of the Dominion’s exportable products; hut this development had been threatening the producers for a year or two past and the prudent men among them, of whom there was a larger proportion than was generally supposed, had made provision against the contingency. The Government might be trusted to do the amount of borrowing which Sir Harold implied might he required to save the country over any crisis that might he created by the fall in prices, hut it also would help in stabilising the finances of the Dominion. “ The story of coming troubles.” this authority continued, “is always with us. Since the inevitable slump which followed upon the war inflation bankers and other financial magnates, in season and out of season, have preached the need for private and public economy as if wealth were to he produced only by standing still or by going n little backward. The gospel which ought to be cried aloud in the market place is production. more production and still more production and with this slogan converted into action New Zealand

would he free from these recurring alarms.” This is a comforting faith. AFTER TWENTY-SIX YEARS.

Though Sir Robert Stout, the retiring Chief Justice, confessed to the gathering of the profession which fnrewcllod him at the Supreme Court yesterday that he had travelled far beyond the allotted span of three score years and ten. lie remains as young in heart as he was when he was winning his way in law and politics forty years

ago. No part of the characteristic speech in which he acknowledged the compliments paid him yesterday was more delightful than his allusion to the legal reforms that had been effected in

tl'.o Dominion during his association with tTie har and tho bench. A nation could lie deemed civilised, he said, only when it conformed to the highest ideals of order and justice. New Zealand had made marked progress in the methods of its treatment of delinquents. 'l'llo system of " open-air ” prisons and prison farms had been the means of redeeming many of New Zealand’s prisoners. It would, however, he fatal to its civilisation if tho evildoers did not recognise that the Magistrate's duty was to maintain law and order and enforce justice. Although a great advance had been made in humanitarian ideas, the last word had not yet been said concerning criminal reform. With many of the reforms he mentioned Sir Robert himself had been closely associated, and though he made no mention of the services he had rendered the country in this direction, they will remain as abiding monuments to his achievements as a politician and a judge.

RUTTER CONTROL. The meeting at TTawera last week at which the Taranaki dairy farmers discussed the question of Absolute Control. and. apparently, arrived at no unanimous decision on the subject, has been followed by a rumour that the (iovernment has determined to let the Dairy Hoard have its way and put an end to free marketing for export as from August 1 next. The Ministers immediately concerned are nol prepared to discuss the matter at the moment, hut their silence suggests that their views have undergone some change since Air Coates was understood to say at Taranaki just the other day that he thought it would he better to defer Absolute Control until the election of another hoard under an improved franchise. This would have meant postponing the initiation of the scheme devised by the Board fur at least another year and possibly its abandonment altogether, That, of course, would not have suited the promoters of the scheme, who are anxious to put it into operation at the earliest possible moment, and with a big solid rote in the Waikato they may have Impressed the Prime Minister and his colleagues who, naturally enough, would prefer the line of least resistance. Doubtless a definite pronouncement on the subject will come from the Cabinet in a day or two.