WHAT THE PAPERS SAY.

Auckland Star, Volume LXIII, Issue 137, 11 June 1932, Page 8

WHAT THE PAPERS SAY.

POINTS FROM THE PRESS. DAUNTLESS MAN. Even in the worse catastrophes human nature refuses to accept defeat. When there seeme little to do except wring the hands and lament that the worst has happened the majority carry their usual tasks as though conditions were normal. The Napier earthquake gave us an example close at hand of this spirit. For a day or two many people wore overwhelmed by the loes'of relatives or friends and property, but they soon set to work to repair the damage, shops reopened in temporary premises, and liberal assistance came from outside. To-day all around us many of -the. unemployed are putting up a fine battle against the financial blizzard that lias taken from them the means of livelihood and deprived them of most of the comforts, and many of the necessities, of life. 'Man is unconquerable and refuses to give up hope. Experience shows that our fears of future disaster are always excessive. "I have had many misfortunes in my life," said one man, "but most of them never happened." —"Taranaki Herald."

THE BETTER WAY. The Canterbury Chamber of Commerce has every reason to be gratified with tho results of the scheme that it adopted a year ago, at the suggestion of Mr. Norton Francis, for the financing of the season's production. 'The position then was that many farmers were faced with bankruptcy. They could not meet capital charges, of course, but the case was worse than that, because they eoujd not finance the normal seasonal operations, or purchase seed or fertiliser. It seemed inevitable that production would actually cease over a large area. Appeals were made to the Government for assistance, but tho Government itself was having difficulty with its finances, and in any case its response was bound to be tardy. It was at this stage that Mr. Francis suggested a scheme under which mortgagee and mortgagor, with the assistance of the stock and station agencies, might (irrango to have production continued, the cost being a first charge on tho eeason's produce. The result has been to keep literally hundreds of farmers on their farms, to maintain production, and, of course, to give the farmers a prospect of winning through the depression. To our mind, this was an infinitely better plan from the point of view of individual and nation than any scheme of Government compulsion could possibly have been.—"Christchurch Times."

HISTORIC BEGINNINGS. It was a due and fitting ceremony that was performed when a memorial plate set into the footpath of a busy city street was unveiled to mark the spot where the first pioneers of the regular Otago settlement landed from the John Wk'kliffe. The commemoration of the exact epot illicit almost be called overdue, considering , the loii? time that has elapsed since that landing, but happily it was not delayed so long as to prevent the little, ceremony from taking place in tlic most fortunate circumstances. Thanks to tlie preservation of the field books of Mr. Charles Henry Kettle, who was the chief surveyor of Otago at the time when the province was founded, it was not too late for the precise spot to be identified, and at no time could the 'uiveiling have been-performed by anyone more appropriately than by"his daughter. We do well when such sites are marked and commemorated. The marking of them may be called a duty alike to tiip past and to ourselves and all future generations. The past is part of us whether we remember it or not, and by remembering it in the right way we are beet helped in the present and the future. —Dunedin "Evening Star."

CUTTING BOTH WAYS. Though it glitters when displayed by politicians) compulsory reduction in interest is not all gold. An admission of this fact was made by Mr. -T. MeCoinbs when referring to Christchurch city finances. Unfortunately, he said, the reduction ill interest cut both ways. The city gained 9} per cent in reduction of interest on loans and lost up to 20 per cent, in interest on sinking funds. This is merely one instance of the double effect. Mortgagors who are also mortgagees or investors will find that what they gain by reduction on one *idc they will lose on the other. The Government, particularly, will find that its net gain is very small, though most of its lendings (through 1 lie'lower-rated State Advances) are excluded by tin* adoption of a minimum interest rate of 5 per cent. The Government will also lose substantially in taxation, though not this yeai-, as its revenue from taxes on investment income will be reduced. Those who will benefit are the people who are borrowers exclusively. Those who will suffer most are the investors, and many are the thrifty people who, by providing capital, make enterprise, industry and employment possible. — "Evening Post."