HARD WORK AND THRIFT

Hauraki Plains Gazette, Volume XXXIX, Issue 5297, 9 July 1928, Page 2

HARD WORK AND THRIFT

THE UNEMPLOYMENT PROBLEM. SIR ROBERT STOUT’S VIEWS. The timincial standing of the Dominion and the problem of unemployment were touched on by Sir Robert Stout in his speech in, the Legislative Council last week, when he deplored t,he spendthrift tendences of the young people of to.day and stressed tlie need for, .leaching the virtues of saving money.

Sir Robert Stout said that the Government deserved, great credit for the way in, which it had handled tfhe finances of the country in respect to loans- He quoted figures to show the savings in interest and other charges effected in connection with recent loan flotations. A recent Commonwealth conversion loan of £36,0'00,000 had cost 5% per ( cent, instead of 4.% per cent., which was paid by New Zealand. The . Commonwealth Government had the Commonwealth Bank apd other wealthy banks at its ba,ck, yet £10,000,000 of the loan had not been, taken up. Many were asking for greater financial aid fon farmers in' the shape of a State bank. He contended that the Bank of New Zealand wa s practically a State bank. A : very large portion of its share capital was contributed by the Government, which was well represented on tlie board of directors. A State bank would be no relief to the farmers or. a.nyone else in. this pountry. UNEMPLOYMENT AND THRIFT. - \ Much-had been said) lately regarding unemployment, he proceeded. The Government could not be held response ible for it. Much of it was due to want of thrift and to extravagance on the part of ma.ny people throughout the. dominion. Sir Robert Stout quoted figures to “how that millions had been spent on liquor, yet it was said there was no money about. The increase of crime and the wasting of our resources were largely due to drink. If th© farmers wanted to protect their own interests they should stop this waste of money on liquor,, and so make it available to finance useful purposes. In this country, too, there was great wa,ste of money on sports and amusements, on theatres and picture houses. The thousands of young women who flocked to the picture houses would be much, better employed ’.n sewing at home. In many hotel lounges to-day one could see young women dfiinking wine. What the country needed w.a.s to each the young'people the need x for thrift and useful work. There was urgent need to encourage saving. He suggested that every parent should set aside one shilling a week for each child, who when it grew up should be encouraged to continue the saving, which would with interest in 60 years amount to £BB3 18s, more than sufficient to purchase an annuity. . ••