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Press, Volume LII, Issue 15613, 10 June 1916, Page 8

The annual address of the chairman of directors of the Bank of New Zealand does not break much new ground, but it brings together in a useful form the very striking statistics relating to trade and finance during the war. The public will do well to keep in mind the fact which Mr Bentiehamp emphasises particularly: that past wars furnish us with little or no assistance towards estimating the financial and economic position that will develop after peace has been restored. Wo long ago explained how this war is not different in size and degree only from past wars, but actually different in kind. .Mr Beauehamp is of the opinion that the forced economy after the war will bring down prices, but this is by no means certain. New Zealand is, happily, a producer of the prime necessaries—wool and food—and any setback will be temporary.

It is not so difficult to foresee the financial position. During the war the ordinary works upon which capital has been employed have been largely suspended. Capital will be required ; n order to catch up in this respect, and tc» repair the actual devastation caused by the war. Money will thus certainly become dearer, and New Zealand will havo to accommodate itself to tho position. This can best be done by the exercise of thrift and economy now. Unhappily, many people are advocating policies which are hostile to the growth of a spirit of economy. The public are being told that they must not permit themselves to live less comfortably than formerly. They are told to resist general taxation, to demand higher wages, ard to insist on having a good time. The Government will fail in its duty if it does not take steps to make economy compulsory as well as national service. The National Party Conventions now in full ewing in Chicago are this year of uncommon interest. In the past the outside worlfl lias looked on, bewildered and uncomprehend'ng, at these terrific carnivals of oratory and political excitement. This year, however, there are issues in which all the world is interested. Just at present tho Republicans—regular and "progressive" —aro struggling to solve the problem of harmony, in order to present a united front to the Democrats, whoso convention next week is expected to be uncommonly unexciting, since there is no visible candidate on that side except Mr Wilson. The fissure in tho Republican party caused by Mr Roosevelt's break with tho regular machine is not yet repaired, although a few weeks ago American papers detected what they believed were indications of a rapprochement. The three strong men nmongst the Republicans are Mr Justice Hughes, Mr Root, and Mr Roosevelt. Mr Root and Mr Roosevelt are agreed that the great issue is to be foreign policy, and they are agreed that the Democrats cannot bo trusted with the safety and honour of America. It has also been suggested that if Mr Justice Hughes would accept nomination on an approved platform, he would receive the support of the Root and Roosevelt sections. According to the "Review of Reviews," the "tendency towards harmony has been apparent to all observers."

The cable messages of yesterday and to-day appear to indicate, however, that the fissure is still wide. Harmony is not easy to restore when the politicians break loose en muese at the Conventions. Mr Roosevelt is not displaying any inclination to conciliate the powerful German-American vote. On the contrary, he has challenged their hostility by denouncing them as nothing less than conspirators against tho United States, aiming at securing for President one who -would be the "viceroy of a foroign Government." If tho Republican vote is split, it is practically certain that Mr Wilson will bo elected. A solid Republican vote is likely to win, for a fusion of the two Republican sections would bring over to the Republican side a good many non-Germans amongst the Democrats. The Republican party contains far fewer GernmnAmcricans and Irish-Americans than docs Mr "Wilson's party. In a speech of extraordinary power, Mr Root last February showed clearly that America's name and interests will be in grave danger if Democratic rule continues. Ho was not, as pungent as Mr Roosevelt has been in assorting America's duty to play a nation's part in dealing with other nations, but he was positive enough in declaring .that the typewriter upon which Notes are written would not be worn out if tho Republicans en.mc into, office. He promised "n. foreign policy which, with courtcsyand friendliness to all nations, is frank and fearless, and honest in iis assertion of American rights, and leaves no doubt anywhere in the world of America's purpose and courage to defend her independence, her territory, «nd the lives and just rights of her citizens under the law of nations." The member for Christchureh East is unlikely to grow grey iu politics, whatever happens. The electors may take effectivo steps to prevent it, but even if they do rot, he will be little troubled by the worries that burden other politicians. His simplo rule is to say anything that occurs to him as likely to please himself or the voters ho relies Upon. If he. says something very imprudent. he can easily unsay it. He voted with the Red Feds twice against the Military Service Bill. He has since realised that this was not as wise as in the lightness of his heart he had imagined it was. Accordingly ho rose up yesterday to prepare his allies, the Red Feds, for his desertion of them. He is now a convert to compulsion, but his conversion has been s 0 sudden, and has go plainly been duo to his discovery that he backed the wrong horse, that he will best be .judged by his original vote. The electors of Christchurch East ought to realise by now that tho joke they played at the last election was a pretty poor one, not worth repeating.