NOTES OF THE DAY

Dominion, Volume 25, Issue 172, 16 April 1932, Page 10

NOTES OF THE DAY

• While it would be a mistake to build too much on the trade returns for a single month, the close scrutiny given in Britaid to the statistics for March is understandable. For last month, was the first period to be completed under the new tariff policy, following 70 years of free trade. The figures showed that, compared with February, exports were up and imports down. On balance Britain was £lO millions better off. From this the tariff reformers can garner some first fruits, although the doubters will be quite right in declaring that one swallow does not make a summer. The British Government can nevertheless claim that it has realised its first objective, to balance the Budget, and made a beginning on its second, the restoration of the trade balance. One of the best indications, moreover, that the latter is no idle boast consists in the steady gains being made by sterling quotations. Fewer pounds are wanted to pay for imports, more are being bought to settle for exports, and so sterling is on a rising market.

It should be a pleasant surprise for the ratepayers to be told that the City Council has ended its financial year with a debit balance of £lOO only, instead of the deficit of between £22,000 and £23,000 which faced the Corporation at the beginning of the year. . This highly satisfactory result is due to the manner in which the situation was taken in hand as soon as its gravity was realised and it will be enhanced by such sums as can be collected from outstanding rates amounting at the end of the financial year to £44,299. Whatever is gained from this source will be so much more to the good. Strictly speaking the deficit is nearer £lO,OOO than £lOO, for, as Councillor Appleton pointed out by way of warning, the very healthy state of the bus depreciation and the tramways sick and accident funds enabled the Council to draw upon these to balance its budget. This is not a desirable expedient, notwithstanding the prospective credit from the overdue rates, and should be avoided in future.

Thinking Americans for some time past have been coining gradually to the conclusion that the War debts owing to their country arc a very doubtful asset. Mr. “Al.” Smith, ex-Governor of New York. Democratic candidate for the United States Presidency at the last election,, and‘an aspirant for the party’s nomination in. this year's contest, puts the case against the debts in much stronger terms. “The present method of demanding repayment,” he says, “is losing for the farmers, manufacturers, and working men of this country more billions of dollars than the whole European debt.” He proposes that the United States should “forget” about the War debts for 20 years, and in the meantime should write off from the amounts owing by the debtor nations 25 per cent, of the gross value of American goods purchased by them. It.Js encouraging to see that American public men of influential standing are now prepared to give the people a lead on this question. Another prominent politician, Mr. Newton D. Baker, formerly Secretary for War, permitted himself to say on a recent occasion that he believed that the War debts would ultimately be cancelled, but American public opinion was not yet ready to discuss the question. Mr. Smith, However, touches the kernel of it when he introduces the trade factor. Once the close connection between the War debts and the decline of American trade becomes firmly fixed in the public mind, cancellation will be within measurable distance.

To-morrow’s dedication of the Wellington Citizens’ War Memorial invokes reflections appropriate to’the chastened mood of the community. With the thoughts raised by the salute to be given to the memory of those of our city who gave their lives in the Great War will be associated no doubt some reflection upon the pass to which the after-effects of that tremendous conflict have brought civilisation. Sharp experience has taught us better than words that over and above the price humanity must pay for War in the loss of its own flesh and blood are the hardships- and miseries wrought by its far-reaching economic reactions. It should be remembered, nevertheless, that whatever our present discomforts may be, they are nothing to the physical and mental stress endured by the men who fought for us on the battlefields of Europe, Gallipoli, Egypt and Palestine. Even the most hard-pressed sufferers from the present depression arcsure of their lives, with at least the prospect of better times. The men in the trenches could be sure of nothing. Is that not a fact to inspire introspection, and the conception of new and nobler resolutions for meeting the present crisis in our affairs? The very design of th', aspiring figure that tops the column of the monument is an inspiration to courageous effort. We do those brave men whom we salute to morrow a poor service when we grumble and hold back instead of “sticking it" and plodding on. They did their job. In the same spirit we must do oura.