A BANKER'S WARNING.

Wairarapa Age, Volume XXXI, Issue 10713, 6 December 1912, Page 4

A BANKER'S WARNING.

Some wholesome advice against prodigality in public and privato expendiduring years of prosperity, says the Melbourne Ago, was offered by iiie eliairman of directors (Mr Agar M.P.) at the half-yearly meeting of the Colonial Bank of Australasia in Melbourne recently. He pointed out that while, in the Common wealth hudgot statement the oxo'.wlitnro for 1907-1908 was £5,905,000. the estimate for 1912-1913 was £10.000,000 more, an increase of 178 per cent. "When is this going to stop?"' asked Mr Wynne. "It is quite evident that both Governments and individuals, owing to the years of prosperity, have got into habits of prodigal and wasteful extravagat'~e, and that they have forgotten that ~ood years will not always continue." 1 After giving the assurance that, although there was a certain stringency in the money market, in his oninion there "•"<■ <io cause Tor alarm if Government and people realised in time the necessity for caution ard eoonomv in public and pri-vate-affairs, Mr Wynno pointed out that in view of the fact that thev had to meet £45,000.000 of debt? during the next few years, it was necessary to show creditors that they were not reckless spendthrifts. Present values were not inflated to anything like the extent that they were in the land .boim in the late 'eighties, ant* business was on a more solid foundation. Mr James Moloney, another director, considered there was no donbt that there was a threat of harder tunes, and neonle would have to go .slower, but lie felt sure they would come through the struggle '