NOTES OF THE DAY

Dominion, Volume 23, Issue 51, 23 November 1929, Page 10

NOTES OF THE DAY

Confirmation of the view that the Hatry crash in London and the Stock Exchange deflation in New York have not seriously affected the financial stability of the two world money markets comes in the reduction this week of the bank rate in both centres. The London rate is still comparatively dear at per cent., but has fallen, two half-points since the end of October. The latest reduction will probably have a bracing effect on Dominion Stock Exchanges. More important, however, is the fact that it eases the financial arrangements of London buyers of our produce. This is particularly important in the case of wool with the New Zealand sale series now fully launched. * * * *

Everyone in New Zealand would welcome a Christmas bonus of £lOO paid in a lump sum, but only some 60 odd members of Parliament are to enjoy this self-given largesse at the State s expense. Many of the rest of us are in receipt instead of land tax and income tax assessments. It is cold comfort to know that we are helping M.P.’s to make merry. There would have been some consolation if the people had been consulted and had agreed to give the bonus. But, far from it, the paid servants of the State asked no permission, begged no pardons, and helped themselves to the lump sum from the' Treasury, of which they are the trustees. Meanwhile the Government, which made this raid possible by handing over the legislative key, is finding it necessary to dismiss telegraph linesmen on the eve of the festive season. That is another sort of Christmas bonus. It may be justified on the necessities of the situation, but makes a very sombre showing against the M.P.’s three-figure cheque.

A great deal could be said in support of Professor Macmillan Brown’s criticism of New Zealand’s educational system—that the schools and university colleges are clogged by students in an attempt to educate them above their capacity. The trouble is that entrance to the halls of learning has been made too easy. lhe most mediocre talents are a free pass into our secondary schools, and very little better mental equipment is required for entrance to the university. It is ’ not that higher education is grudged to anyone, but that so much teaching and effort and money is wasted “on those who are not fit subjects for it. They reap little or no benefit, and at the same time hamper the advances of those who are talented. The waste under the present system is serious. Particularly so in the secondary schools where so many pupils do not remain after the smattering acquired in one or two years. A more rigid system of selection should be applied and the money saved by the elimination of the less fit applied to the better teaching of those who will benefit themselves and the nation by higher education. **. * *

Large-scale bribery seems to be a leading feature of the policy of the British Labour Government in its internal administration. Although less than six months in office, it has made commitments involving additional expenditure this year of £8,250,000 and next year of £19,000,000. And these sums are exclusive of unemployment relief works. All the expenditure comes under the head of social measures, and is designed to favour certain classes of people. It would be corrupt practice to buy individual votes, but it is within the law to buy them in the mass —even if the annual purchase price is £19,000,000. At the same time the community pocket is being picked for the benefit of certain sections of the community.