BETTER TIMES
FORECAST. BY BANK MANAGER. OVERCOMING OUR, DIFFICULTIES. WELLINGTON', December 29. Declaring that the hanks would assist the Government and the people of the Dominion to the utmost of their resources, provided that the assistance required was for sound and approved purposes, particularly reproductive purposes, Mr J. T. Grose, general manager of the National Bank of Now Zealand, gave out a New Year message last evening. Mr G rose,' after ( surveying the war debts situation,.and tile possibility of long-term credits following the wake of a settlement of the problem, issued a warning against the hoarding of money. “But carefulness in spending, that is spending wisely and getting fair value in return, is essential,” he said. “The- hoarding of money will do much harm. A leasonable reduction in costs must he sought. Possibly temporary subsidies may be wise in some directions. We and other nations have ahead? used them.
“In hanking,” continued Mr Grose, “the load of carrying on those who need it and are working wisely and to the full is very onerous, but it lias been borne, and will be borne to the utmost. Then, too, Government finance calls for substantial sums, though it must he said this load has not, so far, been as heavy as was anticipated. Nevertheless it is an added strain on the hanks, who earn prob T ably not more than 1 per cent, per annum on moneys advanced to the Government, the reason for this being the henry note tax which is levied on fictitious income, from' which bad debts actually written off ‘(and which are inescapable to some extent today, because of the carrying on of worth-while customers) are not allowed to be deducted from assessable income. “In years; past the early settlers of New Zealand experienced difficulties that were almost overwhelming, hut they got through by their own efforts, and I feel that by wise, economical and careful spending and by hard weak we also will overcome the d.fficulties now facing us. And. there are signs that the way of world betterment will appear ere long.” Asked if lie cared to indicate any measure which would help to- facilitate the task of Cabinet within the next few weeks, Mr Grose agreed that the Government is faced with a very difficult and perplexing problem. “Criticism,” he .said, “must aim at being helpful and not carping or destructive. Possibly the Government could help themselves to the greatest advantage by appointing I, ’(in - .advisory financial committee of five carefully selected individuals, who should include the Secretary to the Treasury, the Government Auditor,.one economist and two level-headed, sound business men.”
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Hokitika Guardian, 30 December 1932, Page 6
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436BETTER TIMES Hokitika Guardian, 30 December 1932, Page 6
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