The Daily News. WEDNESDAY, JUNE 23, 1920. ECONOMY NECESSARY.

Taranaki Daily News, 23 June 1920, Page 4

The Daily News. WEDNESDAY, JUNE 23, 1920. ECONOMY NECESSARY.

During the last few years the chairman of the Bank of New Zealand ha 3 given prominence, in his annual address to the proprietors, to the need for economy. The same subject is again stressed more than once in the address delivered last week- In dealing with the cost of living. Mr. Beauchamp not only emphasised this point, but quoted Lord Maeauley in support, and he placed "the exe'reiie of the strictest economy in public and private expenditure" in the forefront of the remedies. As if this were not sufficient to make an.impression, special mention was made of the matter subsequently, when he quoted Mr. Masaey as having, on more than one occasion, urged the necessity for economy, an injunction that Mr. Beauchamp considered could not be too strongly emphasised at the present time, both as ngards public and private expenditure of every description. The subject has been referred to so often in the Press that it has become threadbare. It is likely the people of New Zealand will not endorse Mr. Beauchamp's view that they do not yet appear to have appreciated the necessity for economy, and are indulging in expenditure of every kind on as lavish a scale' as ever, though by so doing they would only be sinning in company with the rest of the civilised world. The bulk of the people ars forced to spend much more largely than ever before, because prices have soared so high in every direction. That many are unnecessarily profuse in expenditure —or extravagant —cannot be denied, and thereby set a bad example to others. It would seem, however, that Mr. Beauchamp meant far more than appears on the surface of his general statement. It is possible he had in his mind the investments on the totalisator, the high prices charged by theatrical companies, the immense growth of the motor-car trade and numerous other outlets for large'sums of money, including possibly inflated prices for houses and land, all of which may come under the charge of a "riot of extravagance/' and yet may he capable of ft different meaning. What the maases do not realise »

the decreased purchasing power of the sovereign. They have had their earnings considerably enlarged; therefor? they regard their spending power as correspondingly greater. A glance at the Savings Bank figures since the war will show that there has been commendable thrift in spite of the temptation tn spend lavishly. In 1914 the total deposits were £17,422,503, and each year since they have risen by millions, being almost doubled in 1918-19, and last year will show a further increase. Besides this are the subscriptions to war loans and other forms of investment. At the same time there is an ever-increasing need for economy, but until the Government sets the example, as promised in the Premier's election manifesto, there is some excuse for the people ignoring the necessity for taking in sail. What is of far greater importance is the need for greater production, instead of less. Not until that phase of the question is dealt with will there be any relief from the pressure of the cost of living. Those who are wise in their generation -will take time by the forelock and concentrate on rigid economy. A PROGRESSIVE MOVE. The Taranaki Jockey Club is to be congratulated upon the decision arrived at last evening to go on with its big scheme of improvements. It is certainly an ambitious and costly work the Club has set itself, but that it will be within its ability to carry out successfully we have not the slightest doubt. The Club has made itself the successful and popular institution it is to-day by pursuing the earns enterprising policy. Very wisely, the Club management is looking to tho future, and adopting the sound policy of first framing a comprehensive scheme and working to it year by year as means permit, so that eventually every improvement and addition made will form part of the perfected whole. By securing the additional land adjoining, the Club will be able to lay down a course second to none in New Zealand. It is set in attractive surroundings—more beautiful, indeed, it would be hard to conceive—and the acquisition of the new property will enable the Club to construct a unique drive through, or skirting, primeval forest that never loses its interest. The Club is an institution worthy of the sup port of the community, even of tho3e who do not follow the pastfme, for in improving its grounds it is adding to the attractions and increasing the beauty of the town, and providing pleasure, apart from racing, for the public. It has also always been ready to help any worthy cause. Whilst it pursues such aii admirable and public-spirited policy it wi'.i receive, as it deserves, the support of the whole community.