NOTES OF THE DAY

Dominion, Volume 27, Issue 33, 2 November 1933, Page 10

NOTES OF THE DAY

By his vigorous speech yesterday morning in defence of the Reserve Bank Bill Mr. Coates showed unmistakably the earnestness and absolute conviction with which the Government is pressing on this measure. It was unfortunate that, in answering critics, the Minister left himself little room to give more information about the details of the Bill. He made two important points, however; that in times of depression the Bank would be a valuable agent in expanding credit and in boom periods would assist in restraining speculation; and that, far from placing the Dominion under the domination of outside financial interests, the Bank would enable New Zealand, if necessary, to assert her independence and pursue her own policy. These claims may fairly be made for any central bank but the immediate question is how these unexceptionable principles are applied in the present Bill. How well is it designed to serve the advertised purpose? The committee stage should afford opportunities for elucidation of particular points. K

Frequent reference has been made in these columns to the fact that there are not sufficient facilities in New Zealand for training boys for the sea. In a maritime country such as this, that is a serious lack. Various speakers in recent months have drawn attention to it but there seems to be no indication that anything is likely to be done to repair this defect. We spend a great deal of money in preparing young people for various professions and industries, but for all practical purposes the sea is entirely neglected. It is to be hoped that Captain Dorling., better .known to thousands of admirers of his stories as “Taffrail,” may be able in his forthcoming lecture tour to create greater interest and enthusiasm for the maritime side of our national existence. The first thing to be done is to make it easy for boys to go to sea. At present it is difficult owing either to the restrictions of arbitration awards, which largely exclude boys from the lower deck, or to the expense of training New Zealand boys in England. * * * *

Lord Robert Cecil has drawn pointed attention to the fact that it is not the threat of war that is causing anxiety but “the first great attack since the War upon organised peace.” There can be no doubt that these words in effect are true. International alarm and suspicions, the shaken prestige of the League of Nations, the hew policies of Japan . and Germany, have combined to create a feeling in various countries that preparedness and security must be the paramount considerations. During the past twelve months the cause of organised peace has steadily declined. It is possible, though it seems highly improbable, that a supreme effort on the part of the leading nations might recover the lost ground and prepare the way for a further advance toward the League of Nations ideal. The alternative is to ' face the prospect of a war more stupendous and ghastly than the dreadful conflict of 1914-1918. The final decision must rest with the public opinion of the civilised nations.