CANDID ADVICE.

Hokitika Guardian, 11 June 1930, Page 5

CANDID ADVICE.

CONDITIONS IN AUSTRALIA

NEW ZEALANDER’S VIEWS

The “Adelaide - News” of Hay 22 contains an interview with Hr Robert Bell of Christchurch, on .the economic problems of Australia and New Zealand. , . There is a silver lining to the Australian financial cloud if the P e °l )lt care to adopt the desirable remeams, according to Hr Robert Bell, retn-eu journalist and newspaper proprietor of New Zealand, who left to-day after having spent a holiday m Adelaide, the “News” states. . , “When the community begins t° spend within its income, give value for wages received, and eliminate industrial strife, the position o\ the Commonwealth should improve/ said Mr Bell. t , Financially New Zealand was sound, lie remarked, the credit oi tie in in ion stood high on the. London market as shown by the reception accorded the last loan of £5,000,000. was heavily over-subscribed. In common with almost every othei country, New Zealand was suffering from depression, he said. 11 110 the same extent as Australia, for tne reason that the former had conducted its political affairs in a saner way. ■Moreover, the people .geneialh ‘ pursued a more practicl course of h - jug—they had not spent more than thev had earned. ' “Again, the people of New Zealand had given, better value lor wages received,” continued Mr Bell. A ' raJia’s position is just as much the* fault of the people as of its P In the opinion of Hr Bell, New Zealand financially is being dragged m the wake of Australia because of banking conditions, lheie | u,t - Australian banks trading there, He said, and only two purely New Zealand hanking institutions. “It seems to me that those foui. Australian banks' must always protec their large clients during a crisis in Aiisiraliu.” said Mr Bell. ‘‘Tl.ey may do this even to the detriment of New Zealanders. The remedy for tills would be toi the New Zealand Government in granting a charter to Australian banks to do business in that country, to demand that the institution ;e aside a specific portion of its capita for the sole use of its operations in New Zealand. F Mr Bell, pointing out the effect ot the system on New Zealand finance, said that it had had a noticeable influence in curtailing traide activities.