The Taihape Daily Times. AND WAIMARINO ADVOCATE MONDAY, DECEMBER 11, 1916. THE CHAIRMAN OF THE BANK OF NEW ZEALAND’S ADDRESS.

Taihape Daily Times, Issue 219, 11 December 1916, Page 4

The Taihape Daily Times. AND WAIMARINO ADVOCATE

MONDAY, DECEMBER 11, 1916. THE CHAIRMAN OF THE BANK OF NEW ZEALAND’S ADDRESS.

(with which is incorporated The Taihape Post and Waimarino News).

By his semi-annual epitome of facts and indications relative to everything affecting the present and future debits and credits of our National Ledger, Mr. Harold Beauchamp, Chairman of the Bank of New Zealand, has for many years rendered this country signal service. His address to the halfyearly meeting of the shareholders of the Bank last Friday, is no exception, and is, if anything, more interesting than most others of its kind of past years, because, in discussing the future, under the captious heading of “Cost of Living,” he, does not even venture a prophecy. He notices the fact, states what the Government has done with respect to butter, and there, for the present, he leaves it. Although hopes were expressed that the Chairman ol the Bank would throw some light on this nucleus of revolution, n is not at all surprising that lie has left it with the most casual of references. Otherwise his address, like its

predecessors for very many years, is a comprehensive collection and a careiul collation of information respecting the world’s finance, trade, and commerce; of production and markets, in so far as they operate as factors in the future progress aii(j Immediate prospects of New Zealand, and of the whole Empire. Evidence is not wanting, ■however, that the present unprecedented inflow of riches is resulting in the most casual thought only being given to questions of supreme vital importance. Interested people have minimised with nauseating verbiage the output of various primary products, obviously for purposes of their own. To such Mr. Beauchamp gives an unequivocal reply. He says: “Throughout the whole country an exceptionally favourable season has been experienced, and the yield of every de-

1 scription of produce seems to be boun--1 tiful.” The area of land under crop is somewhat restricted owing, to some extent, to labour shortage, and in a measure, to relatively higher prices ranging for meat and wool, but Mr. Beauchamp leaves no doubt about last season’s crops being bountiful. He fears that the high yield for meat is inducing prodigality in the slaughter of stock, and there is reason to apprehend that the depletion of flocks and herds may result disastrously. If farmers Avill persist in selling to an extent that will entail a stock famine, I they must be prepared to crop their j land when they can no longer acquire ' stock to graze it. Trade and business throughout the country is, on the whole, good. The exxcellent prices realised for the past two years for staple products, and the large expenditure of borrowed money in training I and equipping our soldiers, have . placed the people in an easy position, ' and they are displaying the usual lib- | erality, ifvnot prodigality. From what . Mr. Beauchamp says about the "Cost of Living,” he is fully aware that this expenditure, verging on profligacy, is only of a class nature. It is only traders in motor-cars, jewellery, and soft ■goods, and such like that are doing exceptionally well, and we can add that it is only such businesses in the large cities that participate to any great extent. Land and agency business, and building trades are quiet, indicating that the masses of the people have but a small share in the good things the war is responsible for. The money market is remarkably in favour of the borrower, but only those who urgently need the B'ank’s help dare venture to avail of it, owing to the enormous appreciation of everything that money will buy. The movement of money is, of course, in the oppo site direction to that of commodities, as they appreciate, money depreciates. It will purchase less of everything, including land, from whence all primary commodities come. Hence

those Avho are benefiting by high prices constitute the only class that is in a position to buy land at appreciated values, and so we find that land aggregation is dangerously rife. We say dangerously, because the resultant is a widening of the gap between rich and poor, and, sequentially, rendering i• • 0 the differences between capital and labour of a more aggravated character. Mr. Beauchamp specifically points out that the same conditions which are operating to make certain classes rich, are imposing a heavy burden on the wage-earning and small salaried class. Pie seems to realise that a prosperity that does not extend to the masses of the people is of a questionable character, and he supports this view in the fact that he makes the following statement: “In sympathy with the increased difficulty of living decently and respectably at the present time on ( small salaries, the Bank’s Board of Directors recently decided to grant to the bank’s officers a war bonus of ten per cent, on all salaries not exceeding £SOO per annum.” Banks are among those institutions which Profit by huge movements of money in times of financial excitement. They

are in company with those trading institutions which benefit by the prodigal expenditure in luxuries by those who are receiving unprecedented prices for their products, but there is an array of businesses and trades which do not benefit by such expenditure, and which cannot increase the pay of the workmen employed therein. Unfortunately, it is such avenues we find the greater proportion of the masses of the people engaged. These people are now in a condition that amounts to little less than “oppression, a state that may be tolerated while the war has to be won, but the day of their emancipation will as assuredly come as that it exists. Mr. Beauchamp •has told enough to set every class in this country thinking, and for that alone our people are deeply indebted to him. His is easily the most comprehensive and reliable epitomised review of our present and future from a commercial and financial standpoint that comes to us, and his words deserve much wider" attention than they at present receive.

A Mastevton .settlor, who purchased dairy cows last year at £2 10s and £.3 per head, has sold the same cows this year at £l4 and £ls per head, after taking twelve months’ milk profit from thorn. The Christchurch Chamber of Commerce yesterday passed the following resolution: “That this Chamber views with satisfaction the action of the Government in bringing in the War Regulations, and trusts that these will be rigidly enforced.” As an instance of the wages earned by some shearers in this district, a case was brought under our notice in which a man who started shearing on Ist November, finishing on 9th December, drew '£6B for the period between the two dates, an average of a little over 37/ a day, including board,

A cable received this morning informs us that in a Rugby football match at Home, Noav Zealand Postal Corps beat Canada by 3 points to nil.

The Canterbury Aviation Company lias acquired extensive grounds for a flying school just outside Christchurch, and a shipment of aeroplanes is expected to arrive about January.

A movement is on foot in Wanganui to have the port constituted a avool valuing port, and there is every prospect of this being done, proAhded the requisite accommodation and lighting facilities are provided.

The Alton (Taranaki) Dairy Company has paid out an additional 2d per II) on butter-fat supplied during last season, making the magnificent total of Is 9d for the season. This must surely be a record for the Dominion.

An illustrated lecture, under the auspices of the Royal Society for rhe Health of Women and Children Avill bo delivered in the Taihape Toavii Hall supper room on Thursda3 r night at 2.15 pm., by Dr Truby King. A cordials invitation to all is extended.

Thirty pounds spent in two days was the record recently of a returned soldier, formerly of Taumarunui, while visiting Dannevirke. This admission was made when he Avas “broke,” and Avanted a loan from an official of the local branch of the HaAvke’s Bay War Relief Association.

A Shorthorn steer, years old, aauis sold at the Levin yards seven weeks ago at £9 3s, and has since changed hands at the same yards through various auctioneers no less than seven times. The last sale Avas £l2 15s. Altogether he realised £77, and contributed £3 Is 6d in commission.

A general meeting of the Taihape Bwimming Club will be held in the Fire Brigade hall to-night, when, among other business, will bo considered the question of opening the swimming baths. It is to be hoped there will be a large attendance of swimming enthusiasts, of which, judging by the number who patronise the river, there are a goodly number in Taihape.

That German manufactures are be-

ing brought into the Dominion via

America came under the notice of a Wellington tobacconist this week. On opening a box of cigars, each cigar being elaborately got up with tinfoil covering, the label on each cigar was found to read; “ Printed in Ger-

many.”

The Hamburg “Fremdenblatt” has turned On its columns the Herr Professor Doctor Hoetzseh, and this shining light of Berlin University at once proceeds to “give away” the whole German game: “,We are waging war not for the sake of the so-called-law of nations, not for that of German kul tur, but simply and purely that we may become the foremost Power in the World.”

An officer on the Ruahine refers to a spot between Henderson and Pitcair Islands as being the most dangerous for sharks that he has ever seen.. The crew had occasion to lowei a boat and throw lifebelts at a place about 40 miles from Henderson Island, and it was found when an attempt was made to lift the lifebelts aboard the small boat again that oars had to be used, as the sharks darted at the men when they put their arms over the sides.

It has been arranged that practically all the troops in the trainingcamps will have extended leave of ten days during the Christmas and New Year holidays. This will mean that large numbers of officers and men will be returning to the camps by train and steamer on January 3,4, and 5. In addition, drafts of men for the 25th Reinforcements will be travelling to camp. The military authorities are arranging extra trains and steamers where possible, but they ask civilians to regulate their holiday-making that they will not require to travel on the days mentioned, otherwise there may oe serious disorganisation of traffic, and the troops will be delayed in returning to camp.

A wounded Irish officer writes “real pictures of the fighting” in the “Observer.” Trying to describe what the great “Push” is like, he says: “It 's like everything that ever was. It's all the struggles of life crowded into an hour; it’s an assertion of the bedrock decency and goodness of our people, and I wouldn’t have missed it for all the gold in London town. I don’t want to be killed; not a little bit. Bub. bless yon, one simply can ’t be. bothered giving it a thought. The killing of ;pdd individuals such as me is such a tiny matter. My God, it’s the future of humanity; countless millions; all the laughing little kiddies, and the slim, straight young girls, and the sweet women, and the men that are to come. It’s all humanity wc’rc fighting for, whether life’s to be clean and decent, free and worth having —or a Bosche nightmare. You can’t describe it, but I wouldn't like to be out of it for long. It’s Hell and Heaven, and the Devil and the World; and, thank goodness, we’re on the side of the angels—decency, not material gain—and we’re going to win.”