The Taihape Daily Times. AND WAIMARINO ADVOCATE FRIDAY, JUNE 21st, 1918. THE BANK OF NEW ZEALAND.

Taihape Daily Times, 21 June 1918, Page 4

The Taihape Daily Times. AND WAIMARINO ADVOCATE

FRIDAY, JUNE 21st, 1918. THE BANK OF NEW ZEALAND.

(With which is Incorporated The Xai* hape Post and Walnmriao News)..

The balance-sheet of the Bank of New Zealand, which is published on fully reflects the period of prosperity this Dominion is passing through, largely as a result of the war. It cannot be said that it is entirely due to the war that this quasi national institution’s annual figures are so gratifying to its proprietors, for from the time of its great peril many years ago, when the Government deemed it advisable to take some monetary interest in it, the policy of the bank, has pro ved ro be the chief factor in its complete rescue from future embarrassment, uur.il to-day it siancs one of the most successful institutions of the kind in the Southern Hemisphere. There is no occasion for us to discuss the bank"s figures in detail; they are envious to an extreme, and they are only what must been expected by everyone who interests himself in tno banking business. Although producers have been recer/mg hugely increased prices for wool, meat, butter, and cheese, it is shown that they have also required the services and assistance of banks to a greater extent than In any of their jean years; they have, needed advances against products shipping shortages prevented from reaching markets; and so that production might continue unchecked the bank has been asked by farmers’ freezing companies and others for almost unprecedented advances for the erection of increased freezing storage and for other aids in overcoming the failure, of ships to arrive of sufficient tonnaga to take away products in the ordinary way. What has benefitted farmers and all interested in production has of course, helped to make the bank’s balance-sheet the satisfactory document it is. The bank’s annual statement of its accounts is, in New Zealand, the very best index we have of the prosperity of the country. When money can be used to profitably increase production producers rush to the bank for it, the outcome being advantageous to every man and woman in the community. The Chairman’s speech in moving The adoption of the report and balance-sheet, at the meeting this morning, is of most absorbing interest, as It deals with questions of most vital import. Mr. Beauchamp speaks with the authority of a banker, experienced in commerce and with a knowledge Ox national and international finance few have the opportunity to attain to. The theme of his address was “economise and save,” and every word Mr Beauchamp uttered should be read and studied by all. Could Ms voice have sounded in every New Zealand ear there would have been some hope of his advice being of widespread advantage. We are far more interested with what he stated about the future of the Dominion than with the balance-sheet sub. mitted; the latter was only what was expected, but his remarks on ~the fu-ture—after-war trade and conditions, conscription of wealth, increased cost of living and the hugely-increasing national debt—are of most vital importance to us. Such questions are too large and far-reaching to be even fringed In a hurried survey such as this comment must be, but we shall publish in future issues what Mr. Beauchamp said this morning under the various headings, from day to day, so that everyone in our community may read, mark, learn, and inwardly digest the expert views of a man who holds a position calculated to equip him with greater authority 'to speak on such questions than any other man in the Dominion, not excepting the Minister of Finance. We have on several occasions * advised that everyone should commence to prepare for after-war conditions, for lower prices of our commodities, and for a time of money scarcity, and Mr. Beauchamp now lays considerable stress upon the importance of making such preparations. He virtually goes the length of making his hearers see that ruin will overtake the men with money if production is not increased utmost possible limits; he sugthat we shall have to give our customers two or three times perhaps, the volume of our products for the money we are now receiving for them. Interests on war and other loans, pen. sions to our soldiers, allowances to depehcWnts of soldiers, the absorption of soldiers into civil life, and the provision of work that entails, will require a taxation at present unconceivable to us. Men with money must pay, those with none cannot. As Mr. Beauchamp states, our customers will be impoverished so that they cannot continue to buy at present prices. Each branch of our Empire, as well

as our allies, and also our enemies will be more heavily yoked Avitli debt than we are. There will, for some time after the war, be a demand for all we can produce, but the prices of today will be unknown. Mr. Beauchamp urges the people of this country to realise that if we are to avoid disaster there must be smaller holdings of j land, closer settlement and much more intensive cultivation. Is 'fcfcre writing on the wall in the Taihape district? and are we working in the direction of Mr.. Beauchamp’s advice and warnings? Are we endeavouring to have our hundreds of square miles of rich land cut into smaller holdings; are we striving for closer settlement, and are we instituting schemes for much more intensive cultivation, or are we committing settlement suicide by following a course that drives men out of the district; that results in sheep' and cattle replacing men, women and children; that depopulates whole districts and leaves erstwhile crowded schoolhouses to be closed and to be left to decay? We have no hesitation in saying that this district should bo an object lesson, if not now, in days to come, of greed operating to foster an insane indifference and disregard of the dark clouds overhead that must shortly burst and overwhelm us in our criminal stupidity. Let us make it plain that we do not and cannot blame individuals for doing their utmost in their own interests, but the Government which furnished the conditions, and is so Callous of the public welfare as to- indifferently and unheedingly wink at such wicked waste of the public estate deserves severe calling to account. There is nothing about this great war that we fear more than the disaster, hardship, and poverty that threatens this country after hostlities cease if the adviee and warnings of the chairman of the Bank of New Zealand are not heeded and acted upon. Mr. Beauchamp has specially voiced his bank’s policy with respect to the small settler, and he has emphasised that no small settler w T ill be turned away who needs the bank’s assistance if he has anything like reasonable security to offer. He makes it plain that it is as much, or more, a small mans’,; bank/ than an institution for helping on the rich. Mr. Beauchamp has never, in the course of his chairmanship of the Bank, said anything of half as much importance to this country as that he uttered this morning. We are grateful to him, and we strongly urge every settler in our territory, from Mangaweka to Owhango, to get 1 a copy of Mr. Beauchamp’s addreses, and if that is not practicable, to read it as it is printed from day to day in this newspaper. Mr. Beauchamp plainly secs the danger ahead, are we noting the warning he gives us?