WELLINGTON NEWS

Hokitika Guardian, 13 July 1926, Page 4

WELLINGTON NEWS

DAYLIGHT SAVING AND SPORT. (Special to “ Guardian.”) WELLINGTON, July 9. The Prime Minister’s reply to a deputation that waited upon him in connection with the Daylight Saving Ill'll, introduced by Mr T. K. Sidey, was not only timely but should also have the effect of directing attention to the unsatisfactory economic conditions that exist in the Dominion at the present time. The deputation urged that if there was a saving of daylight as there would be if the Bill were passed, there would he more time for sport and recreation. The Prime Minister pointed out that the attention of the people required to be directed not to sport but to the need for hard work so that more could be produced to make good the deficiency in our exports. The country appears to be steeped in sport and gambling and reminds one of the historic incident of Caesar fiddling while Rome was burning. Even some very responsible men and thousands in business fail to realise the seriousness of the economic position and it will not come home to them until they experience a stern pinch of adversity.. As the Prime Minister said: “We want healthy exercise but at the same time the serious attention of the people requires to ho directed to the need for more effort, more output and more production, whether it be in connection wth secondary or primary industries.” If there is no improvement in the trade position, and there is very little hope of that, then there is every reason to believe that there must presently he an increase in taxation. During the financial year ended March 31st last the revenue obtained from taxation was £17,234,688, and of this Customs provided CL573,388. or considerably more than half. The people are being urged to cut down imports, and as a matter of fact in April and May the imports were reduced by £789,848, as compared with the corresponding months last year. It is obvious that as imports fall off there must be a shrinkage in the Customs revenue which must be made up somehow. There, is a tremendous fall in the exports curtailing Lhe purchasing power of the ('(immunity and this will presently be reflected in income tax. totalisator »revenue, amusement tax, in postal and telegraph revenue, and unless the national expenditure is drastically reduced there must be increased taxation. There is now a plea for increasing the pensions and the Labour Party is very strong on this, but they do not indicate t«e source, from which the money is to come. c want to work more and play less. Sport is well served at present. BANK OF XFAV ZEALAND. The scheme for rural credits submitted by the Bank of Now Zealand seems to have aroused a certain amount of suspicion. Some think there is “ a nigger in the woodpile,” but there is not the slightest evidence of that. The fact that the Bank’s scheme is made public before the report of the Agricultural Bank Commission has been received appears to be the chief reason for the suspicion. The report of the Commission must come before Parliament and if it has any merit it is bound to receive support. The Bank’s scheme, need not and will not prevent effect being given to the scheme, whatever it may be that the Commission may suggest provided there is no State guarantee. As the '* Mercantile Cnzetet ” observes, ” The Bank must place, all its cards on the table, and yet there are people ready to mud-sling the Bank. The great'fault of the Bank of New Zealand in the eyes of a great many farmers and the Labour Party is that it is a successful institution ably and efficiently managed. It is strong, sound and a credit to the Dominion. Its efficiency and strength and correct conservative attitude arc a source of irritation to quite a number ut people who are in the habit of bowing-the knee to incompetence and extolling ineffitiency. The Bank of New Zealand is an asset to the Dominion because of its financial strength and the remarkable efficiency of its management. It commands the respect and admiration of eminent bankers in, London, but apparently is without honour in its own country.”