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The Daily News. MONDAY, DECEMBER 22, 1919. MAKING THE NEW WORLD.

The recent inter-Allied conference in London, according to the official statement issued from Downing Street, affords a striking example of the manner in which the various after-war problems are interwoven. The conference appears to have originated by the British Government, inviting the French Premier to discuss various questions affecting the financial position of Prance and Britain. Then matters of finance and economics arose, necessitating the presence of the French Minister for Industrial Reconstruction. It happened that Signor Seialdja "(Italy) was in London, and advantage was taken of his presence to have an exchange of views on the Adriatic question, at which discussion the American Ambassador was present, while the Japanese Ambassador participated in an exchange of views over the Russian problem. Eventually almost every matter of great import came under review. Apparently the scope of the Conference was fairly large, and there is little doilbt but that very important matters were dealt with in spite of the simple origin of the meeting. There, however,! emerged one new departure which may be productive of great re-j suits, namely, the decision to es-' tablish a super-Supreme Council, consisting of the Prime Ministers of Britain, France, and Italy, with a representative of the United States, who must have full powers to act without referring to Washington. This proviso, if we may venture to judge from the Senatorial conflict over the Peace Treaty and League of Nations, will preclude America from being a party, thus leaving Britain, France and Italy to form a Triple Alliance pledged to act jointly and promptly in case of need. It is stated that satisfactory arrangements were reached on all the outstanding points discussed, the three days' meeting serving to confirm the complete solidity of the Allies. The only matter on which any anxiety may be felt in relation to the new Allied Council is whether Italy can be relied on to take her full share of responsibility and action. The result of the Italian elections denotes a decided tendency towards Socialism of a pronounced type, but this may only be a passing phase. At the same time an alliance of the nature intended makes it ' absolutely imperative that it shall be actually without a flaw. In effect the making of the new world will be in the hands of this Super-Council, and unless it is backed up by the whole strength of the countries represented thereon it will inevitably fail in its purpose—and failure may mean world-wide disaster. That, of course, is looking at the matter on its worst side. v On the other hand, it is necessary to take into account the possibility that the League of Nations' constitution may be so materially altered by American reservations—an example that may be followed by other signatories—that the future peace and well-being of the world will depend on Britain, France and Italy, and especially on Britain and France. Apart from the onerous responsibility of enforcing the strict observance by Germany of the peace terms, there are many grave matters to be dealt with, particularly those relating to Turkey, the future of Constantinople, the pacification of Russia, the adjustment of the differences between China and Japan, the aspirations of the new nationalities and the problems connected with Austria, Bulgaria and the Balkan States. At any moment a crisis may arise necessitating firm handling, and it is evident that Britain and France, as well as Italy, consider it necessary to be prepared to act in concert if occasion demands, even though the League of Nations may come into operation on New Year's Day. In the making of the new world, however, it is not so much preparing for contingencies that is the main work of the Allies, but the securing of sound economics, the cultivation of the arts of peace by means of concentrating upon industry, the fos- , tering of amicable relations between the nations, and the elimina- ' tion as far as possible of the mili- ] tary spirit. The great sacrifices made in the war will be of little , avail unless the objects for which < they were made are attained —the furtherance of freedom, justice, and the upholding of the rights of the nations, large or small. Before the full fruits of victory can be reaped there must be a recasting of international amity, and j the promotion of a higher code of f honor. It is safe to assume that 1 the Super-Supreme Allied Couucil { will not pose as a dictator to the other nations, but will be guide, £ philosopher and friend, besides ; setting an example of rectitude and being ever ready to assist in protecting the weaker nations. j

INFLATED LAND VALUES.

In some districts, land is changing hands at prices that, immediately before the war, would have been regarded as reckless," said the acting chairman of directors of the Bank of New Zealand (Mr. J, H. Upton) at the half-yearly meeting recently. It is from a banker's point of view tiiat the question of land values can be most effectually surveyed, so that the pronouncements on this matter by such a high financial expert deserve serious consideration. The continued upward trend of the price of land is not justified by increased productive power, and it is by that factor alone that the true value of land can be tested. Higher prices of produce may be regarded as merely a temporary phase, though experience lias shown that prices have an influence in depressing or appreciating land values. The note of warning given by Mr. Upton had previously been sounded by the chairman of tlie Bank, and the need for its reiteration should demonstrate the vital importance of the matter. At the present time when so many returned soldiers are seeking land whereon to make a living, they are heavily handicapped by the high prices demanded, and as the major- | ity are being largely financed they will have to carry a burden that will militate against their success. It was only last week that the Chief Justice, with his clear judgment and wise insight, in hearing an application for the discharge of a bankrupt, observed: "This is one of the cases that I am afraid will only be too numerous by-and-by," the applicant having evidently bought land at a price at which it could not be profitably worked. Buying land at inflated prices is more or loss of a gamble, particularly when, the possibility of unfavorable seasons and drought is taken into consideration. Even if present, prices for products are maintained, as seems probable for a year or two, it will severely tax the energies and resources of purchasers to come out on the right side of their balance sheet, especially in view of the high cost of labor, materials, and necessaries of life, together with the heavy rates and taxes that the land must necessarily carry in the future. The higher the price of land, the more stremious must be the farmer's life, and the greater must be the risks. There is some land—the best—that will yield a fair return on high values, but there is a large quan- j tity that is changing hands at the present time at a figure which will preclude extracting a comfortable living therefrom. That there must be intensive cultivation is quite evident, so that the more paid for a holding, the larger will be capital required for the best class of stock and for labor saving devices by the use of which alone can the yield be sufficient to pay expenses and leave a margin of profit. The prosperity of the last few years has been abnormal; it is apparent in all directions, and has furnished an exceptional opportunity for many farmers to retire into private life on terms they little dreamed of before the war. Looking to the future there is justification for Mr. Upton's warning, without exhibiting pessimism. At the same time it is not likely any heed will be paid to the danger signal, for there is still an upward tendency in land prices. In the not distant future, unless the warning is heeded, there will be grave apprehension of a set-back that may be harmful, but so long as the demand is greater than tiie supply the evil will continue. Clearly it is time the Government instituted a vigorous policy of land settlement and subdivision, so that instead of encouraging land speculation, as at present, the way will be opened for greater production by utilising large areas of land that are at present 'unproductive, or nearly so.

Permanent link to this item
Hononga pūmau ki tēnei tūemi

https://paperspast.natlib.govt.nz/newspapers/TDN19191222.2.12

Bibliographic details
Ngā taipitopito pukapuka

Taranaki Daily News, 22 December 1919, Page 4

Word count
Tapeke kupu
1,430

The Daily News. MONDAY, DECEMBER 22, 1919. MAKING THE NEW WORLD. Taranaki Daily News, 22 December 1919, Page 4

The Daily News. MONDAY, DECEMBER 22, 1919. MAKING THE NEW WORLD. Taranaki Daily News, 22 December 1919, Page 4

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