The Times MONDAY, AUGUST 31, 1942. “Tons of Money”

Manawatu Times, Volume 67, Issue 207, 31 August 1942, Page 4

The Times MONDAY, AUGUST 31, 1942. “Tons of Money”

“Since the outbreak of war the supply of money in New Zealand has increased by £42,800,000.’’ Such is a most striking statement in a report upon the Reserve Bank for the year ended March 31 last. The actual notes in the hands of the public on the last Monday of that month totalled £20,177,000—an increase of £3,000,000 during the year. From such figures it is clearly discernible that there are “tons of money” about—money that could and should be invested in war bonds and war loans. And invested to a very much more generous degree than has yet been shown. Furthermore, the need and desirability of such investments grow rapidly as goods become in ever-shortening supply and services likewise must be diminished. A problem arises, however, in that a larger proportion of this currency expansion has come to the hands of citizens accustomed to spending, generally speaking, practically all they received, to people unaccustomed to extensive saving and not practised in the policy of investing money. For a successful financing of our war expenditure it is imperative that there be undertaken a strong campaign to educate those “newly in the mone.y” Especially does this apply to the youth of both sexes who are now so generally earning unprecendentedly high wages. They are enjoying returns from their efforts such as would have seemed unbelievedly impossible, and which may never be seen again. These have at hand a wonderful opportunity to provide for themselves a legacy for the future. For those with family responsibilities the case is in many instances very different because they feel the burden of higher living costs. There is another feature of the Reserve Bank returns which calls for comment. That is the quite extensive use that has been made by the State of what amounts to “costless credit”-—advances to the Government by the Reserve Bank which is in effect itself simply a Government Department. The charge for such accommodation is one per cent, only upon the first £5,000,000 and thereafter per cent. Neither the money nor the interest rates are “real.” The extent to which such recourse has been already made indicates that it has reached close to a limit. Further enjoyment of such an easy way would bring danger of inflation’s fire. Latitude in Car Parking From various instances reported by motorists in this city it appears that the traffic authorities are endeavouring to break a time-honoured custom. This, the habit of stopping vehicles for a few moments behind those parked nose-in, while a dash is made into a shop or office. Such parking is recognised by those indulging in it as being outside the law, strictly speaking. It is clearly Understood that nosc-in parking is the rule, and it is not desired to change that rule. It is desired, however, that the convenience provided by a so slight broaching of the parking law should be retained. This convenience has well served those with one or more short calls to make. It has not caused any serious inconvenience to those parked for longer periods, nor to those proceeding along our exceptionally wide streets. Certainly parallel parking, even for a few seconds, may be breaking the law. But what of it? Law's should be made to serve man’s need and not man compressed on inconvenienced to servo the needs of the law simply because it is the law. In particular does this apply to bylaws which are, after all, not moral laws but merely regulations. Maybe the activities of our traffic control officers have been misinterpreted. There have been no actual prosecutions noted. Perhaps it is their intention not to enforce a complete stoppage of this practice but rather to educate motorists not to stop too long. If that be so, there can be no objection to the policy. But any endeavour to enforce a total prohibition would warrant strong protest, for that would result in a needless waste of time and petrol, and no good purpose would be served.