CURRENT TOPICS.

Taranaki Daily News, Volume LVI, Issue 175, 23 January 1914, Page 4

CURRENT TOPICS.

J SACK TO THE OLD DAYS, f For Hit' (September quarter the yrowtli of expenditure wits six times as much as the improvement in revenue! Jt looks as if we arc rapufy getting back to the okl (lays—the bad olcl Tory days—of deficits, in place of the surpluses that resulted from the superior administration of the Liberals. And this is "Keform"! This is the best that can be shown by those who so turgidly denounced the Liberal administration as "frenzied," "reckless," and all the rest of the familiar jargon! This is the work of those who promised economy—who undertook to ''reform the 'financial system"!— Wellington Times. ICDUC'ATIOXAL ItEFOUM. In view of the great changes that are taking place in the position of women in the world, far-reaching reforms in our education methods are urgently required. The main object, of course, should be to fit girls for the responsibilities of motherhood and home management, but it would be a great mistake to ignore the fact that a very considerable number of women have to go out into the world and earn their own living. It is, moreover, essential that all girls, should receive a sound general education, both for their own sake and for the sake of the community as a whole.—Dominion. THE OUTLOOK FOR PBODCCKRS. ■ The most important industry in the world is food-production and tiio wholesale drawing of labor from the \'ountrv into the towns has only been pssitle beeause an equilibrium between food prices and wages has not been reached. America has practically ceased to be a food exporter and every civilised country needs more food and clothing- as year follows year. Not unless the European world denies itself what are commonly thought of as the necessities of J life—bread, butter, meat, cheese and so 'forth- can there, be any marked reduction in. the world's demand for agricultural produce; while the ordinary trend of events throughout the world is .towards increased demand ami higher prices. Even trade depressions cannot prevent the great majority of civilised men from having enough' to cat and thus providing- a sure market for our colonial trade.—Auckland Herald. SILF.XT, liL'T SIXISTEIi. fSays tli/> Wellington Post:—Daily Wellington's citizens see natives of India beside fruit barrows in the streets, these colored retailers do not noisily obtrude their presence. They wait silently for their customers, anil their behaviour is altogether so quiet that the | public takes very little notice of them, | except to buy goods occasionally from uie British Buhjcfts of Asia. This inoflensiveness of the "Bombay boys" lias been counted to their credit, and vet it is a perilous pcacefulness. The orderly conduct in the streets and elsewhere" may disarm criticism and easily reconcile the public to this alien element, if there were something palpably obnoxitlie people would promptly force Parliament to justify its existence, but the Indians do not provide anV such incentive to drastic decrees by will of ■ the people. Yet those who have a real zeal for a white Xew Zealand have to be alert, and they have to steel themselves against any sentiment which may benefit persons of another race, at the cost of the European.

KFFIC'IKXt'Y TIJIC KSSKXTIAL It goes without saving that the basis of any now oiotlmd for tlio i elatioMnliip between master and men on the one hand, and between producer and consumer on the other, must be greater eflicicncy (says an Australian writer), if it U proposed to give the workers a groater share of the product of their labor it must be a condition precedent that they produce more bocause the employer has 110 secret fund, as some Mippose. out of which he can' pay increa-ed wag-es. The onjy fund at his dismal is that created 'by the work oljiis men, by tiir investment: of his capital, and the. results accruing from his brains ami enterprise. If wages are to 1«. augmented without anv stimulus being given to production, then they can only out of profits or out of enhanced prices passed 011 to tin. consumers, who, 011 their part, 1 hemselves consist largely of workers. lint i: some scheme can be devised for instilling into the labors of the workers more efficiency and more loyalty tojhe interests of the concern they serve, then there is 110 end to the possibilities'while tbeie still remains any margin for improvement. Willi inventive "cuius latent everywhere it may be said that the possibilities before progress are immeasurable.

HAXK IXTKIiEST AND CIIAUtiES. "Tradesman" writes to the Dominion: —.Mr. flarold lieaueliamp elaborates and excuses, but does not explain or rebut the charges made against tlie banks. ! know of tradesmen who have secured overdrafts, and the hank's interest is from 7 to 8 per cent. And 1 know of tradesmen, in substantial positions, wliose advances guaranteed up to .£+()() Siave lieen compelled, through bank pressure, to work upon £2OO less ami cannot obtain now the limit of their «uariniU'e. This is not a solitary citation, i lie banks charge 10s per annum for keeping accounts and pay 110 interest 011 free deposits or easli credit balances. | They pay from J 2'.C per cent, to ->Zy., per cent, dividends and charge 7 and 8 percent. ( 0 traders for overd'afts. Most of the dividends go from tlie pockets of tradesmen and consumers here in New Zealand to the foreign capitalist, and the country is the poorer. These points Mr. lieaueliamp has not replied to. Mr. Beaiicliamp lias nothing to siiy about

the 'solidarity of (In l Junks" in combining to keep u |> rates on thuse who nerd nitnit'v lo devL'lop trade ami the industries of tin: country; and lie savs nofiling about tin.' banks being in that way a secondary or contributing cause Jo the dearness of living in the Dominion. Hanks 4a vu l-iy 4 millions sterling of free money and 10'/, million., f or w hicl, tln-.y l'a.V 'I- ■''/.* and 1 jwr cent., and for the \\ hole of tile 22% millions they charge (>, 7 anil S per cent'.; and with discounts and other charges are able to pay 12'/,, )•>, 21) and 22% jier cent, dividends. Allvone with halt an eye can see how tile poor farmer and the poorer tradesman are. being .sweated by the banking combine to pay high dividends to forei'Mi shareholders. Mr. lieaucliamp has nothing to say about these points; and he does not say why the bank should be allowed to use 12'/, millions of credit balances or free deposits and pay nothiii" to tire, owners thereof. lie "may siv ■ that the owners cannot help themselves but if they shifted their free deposits to' a Government bank the State would be I riblo tu pay something for such free lieposits and lower overdraft rates to farmers and tradesmen as well, because the state would be content, as with other ot its monetary enterprises, wiLh 5 per cent, dividends, and the 7'/., 10, li and ' s I ,cr ceilt - extra dividends which now Jfo to foreign capitalists would be saved to the traders and farmers usiii" the (lovcrnment bank. The Massey (iovern■mcnt is pledged to reform. Let it start here.