The Guardian And Evening Star, with which is incorporated the West Coast Times. SATURDAY, MARCH 25, 1933. FINANCIAL PROBLEMS.

Hokitika Guardian, 25 March 1933, Page 4

The Guardian And Evening Star, with which is incorporated the West Coast Times. SATURDAY, MARCH 25, 1933. FINANCIAL PROBLEMS.

That a great amount of serious thought is given to the financial problems of the day, all over the world, is Drought home by the many publications both public and private, Bearing on the matter. In every country the ablest men are addressing themselves to the situation, but not anywhere has a royal road to recovery been found. This is due of course to the complex nature of the issues, which are bound up, not 'alone with internal conditions, but also with external considerations. In other words, the subject is primarily international, and until there is a genuine consultation in that respect, internal action is largely a matter of patching up the 'Situation w|iitjing almost Micawlerlike for something to turn up to redeem the position. There is the talk and promise of a World Economic Conference, and though the need for such a consultation is of paramount importance, the time of meeting is being put off. Meanwhile, apart from the Government which has been grappling with the immediate situation as best it eftn (and not, of course satisfying public opinion generally) there is much criticism of the Government .policy, combined with many individual efforts to throw light on a situation, which it must be confessed, has confounded enlightened: financial authorities in the highest places .the world 'over. Mr G. 8. Cray, now of Tiin'arii, but formerly of Greymouth, is 'again, to the fore with a critical dissertation on the subject which is ever present in every world capital. About a year or so ago, Mr 'Cray dilated on the world’s malady, but is again prominent with a. statement of what is described as the naked truth concerning New Zealand’::;; financial difficulties, with a suggestion that may be useful in avoiding national . bankruptcy! Mr Cray writes most interestingly throughout, and presents many phrvses of the general situation jn a clear and explicit way. The work is the' result of much study of statistical information, and the knowledge gained is applied by tile author to suggest a way to recovery. Mr Cray dees not think that the public know all there is to be known about the financial situation. He is probably right. The average man is .still living on memories of the good times that are past, and seems to fancy by some wave of the magician’s wand they may return. Many folk are in that fool’.s paradise, or they would not be so ready to. rail -at the G overnment’s action to keep the Slim of State on an even keel. There will be dissent therefore to '-the methods adopted. Mr Cray would go about the matter in quite a different way, and no doubt his idea of national loans in the place of capital levies \which the present general taxation almost amounts to) has been studied. It would appear, the Government required immediate succour—hence the levies to raise money quickly and generally. Compulsory loans would boa, slower process, pud time is the essence of the contract in regard to financial dealings. But taxation is reaching the limit, land it will he more difficult than ever to raise internal loans. At the same time the country i s drifting rather than recovering. There must be a more real economy, and public expenditure must be reduced definitely. The public administration is far too costly, and the proposals of the National Economy Commission must be enforced more rapidly. Till the drift is arrested there can be no hope of early recovery, for international action to that end is too long postponed..