PRESS COMMENT

Hokitika Guardian, 25 January 1928, Page 4

PRESS COMMENT

Whatever limits may be found with the Government'—and it has been freely criticised—the fact remains that it has well maintained the credit and good fame of the Dominion, which stands high in the estimation of those whose part it is to provide the capital neces- ! sary for development. There is no shortage of money for sound investment, either in State securities for ex-1 penditure on useful public services, or in land in the occupation of people who know how to use it effectively. There arc abundant evidences of confidence in the Dominion and its Government in the outside world. W ith a similar confidence in ourselves and with industry and enterprise well directed there is every reason to take a cheerful view oi the immediate prospects. —“ Taranaki Herald.” Farming, agricultural and pastoral, is the oldest industry in the world; yet it is over new. In the great diversity of conditions existing throughout the Km pi re there must he a wealth ol experience which, if pooled, might throw new light on problems common everywhere. Doprescntatives ol many other industries are accustomed to travel in search of new ideas and increased clfioienev. The value of doing it has been proved many times. It should he just as useful in farming. Considered even most tentatively the scheme has a most powerful appeal, for while individuals interested in any industry can obtain valuable information, organised inspection should result in a more comprehensive and authoritative survey being possible.—Ashburton Guardian”

A country whu-li iihcrnutcly groans about taxation anil cliiniours like a greedy child lor expensive gifts which only more taxation can pay lor is not entitled to much sympathy; and New Zealand is in exactly that position. The Government is to blame for a want |of stiff ties, hut the electorate is still more to blame lor a want of sense. How may it learn to be more discreet land temperate in its demands? Not * entirely from the Government it elects j —it must learn to elect a Government pledged to greater economy. hen the people want to spend less it will elect ti Government determined to J spend less; and the necessity lor that ' is made plain by the Official Year Book figures. Between 1914 and 1920 the I gross indebtedness of the country , doubled itself and has since climbed lup by another "20 per cent. r lhe indebtedness a head was in 1911 CB7 ; it ; is now .i‘l7o. The debt of local authorities was in 1914 nearly 21 million pounds, and in 1920 over lit) millions, and is now running nimbly on towards (id millions. Sir Joseph Ward is entitled to shudder. Sun.”

| Kxtravaganco must either come out , of revenue, in which case it interferes 1 with progress of industry, which must I find the wherewithal out of its profits, j or out of careless use of loan money, in which case the Stall’ suffers by tin excess of imports over export trade and the conseipient adverse trade balance, resulting in restriction of the purchasing power of the people. Obviously, in j view of the close scrutiny to which j oversea borrowing is now subjected in London, no State can risk damage to its credit by national extravagance based on excessive borrowing or unconscionably heavy taxation.—” Timtmi Herald.” 1 “An intimation has now been given by the Government that the fruit export guarantee cannot he continued for more I than a few years. In view of the 1 length of time it lias been in operation 'and of the great expansion of the ex--1 port trade, there are good reasons for suggesting that the financial stimulation of the industry has served its purpose, that the industry should now \ he able to stand without such external .aid. and that, consequently, a definite

date for the termination of the guarantee should lie fixed. So long as the Government undertakes to protect fruit producers against loss, it will find itself unable to refuse other claims for export subsidies. It cannot hope to withdraw gradually from its present commitments, for it has now had to yield nearly the whole of the reduction it proposed to make. The only reasonable course is to determine exactly how much longer the guarantee is to he given, and maintain the decision against all representations.—“ New Zealand Herald.”