NOTES OF THE DAY

Dominion, Volume 24, Issue 54, 27 November 1930, Page 10

NOTES OF THE DAY

Quite a pertinent question was put to the Government by a deputation of Matamata farmers. They argued that community assistance was being given to those who were out of work and could ■ not support themselves and they asked what thought was being taken for the farmer whose economic existence is threatened by the collapse of markets. Obviously everyone cannot go on the dole because there would be no one left to pay it. At the same time the, result of the ■ first of the New Zealand series of wool sales, reinforced by daily reports of values of other of our primary products, shows how hard it is going to be for the farmer to meet his commitments. Serious thought should therefore be given by those in authority as to how the farmer is to be helped over the present difficult place and to carry on on the other side. In the literal sense of the word he is New Zealand’s “primary” producer and his welfare should come first.

A popular catch-cry in Germany ever since the Peace Treaty was signed is “the organised robbery of German colonies by England.” The academic truth of the matter is that these colonies have been dedicated to the League of Nations which, through its Permanent Mandates Commission, has delegated its trusteeship of the ex-German territories to Great Britain, in the same way and upon the same terms as other ex-enemy territories have been mandated to other Powers. The principle of the mandates is that when the original owners of territories are able to take control of their affairs, the mandated Powers are to withdraw. No question of ultimate sovereignty is contemplated nor can conceivably be opened ’up as long 'as " the League's writ runs.

According to the Minister of Mines, the Government "has on tap quite a number of propositions” for increasing the gold output in this country. It may be hoped that these expectations will be realised. Estimates of the future production of gold throughout the world show that' the present annual output of 80 million pounds is likely to shrink during the next ten years to 60 millions. Increased output is obviously an immediate necessity, but of even greater importance is the problem of making a better economic use of the available supplies. Too great a proportion is locked up in reserves instead of being released for animating the industries of the world. In an interim report, the Gold Delegation of the Financial Committee of the League of Nations points out that the maldistribution of monetary gold stocks is a matter for concern, and suggests that it should be possible to reach an international understanding “whereby both the legal minima and also the extra proportion of gold cover which central banks hold in practice could be reduced without weakening the general credit structure.” Failing some such remedy, it would appear to be of little general use increasing the output of new gold if it is merely to be converted into “dead stock,” so to speak, in the vaults of banks and other hoarding places. ♦ ♦ • •

People who have tried to emigrate to the United States in recent years will probably say that the immigration laws of that country are already restrictive enough. New Zealand’s quota is so small that there is a waiting list of those who wish to leave this “God’s Own Country” for the other one across the Pacific. A cabled report suggests that President Hoover contemplates a “more selective and flexible” system which sounds hopeful until it is explained that the proposal is in general agreement with Senator Reed’s plan to stop all immigration. Ihe United States is not alone in holding this exclusion idea, its latest illustration only serving to show how far economic nationalism has proceeded since the War. “Trespassers will be prosecuted is a notice that used to be freely used by jealous private landowners but, to-day it is being adopted by nations and applies to whole countries. Most of North America has nailed up this notice and the rest of the world, if not antipathetic to immigrants, at least tries to exclude the products of other countries, ft is an extraordinary state of affairs to have grown up just when improvements in communications and transport had made exchanges easier than ever before. There can be little doubt that this mutual exclusiveness is one of tlie prime factors in the present world-wide depression.