THE COUNTRY'S CREDIT

Evening Post, Volume CII, Issue 39, 15 August 1921, Page 6

THE COUNTRY'S CREDIT

It is uncertain what led first to the suggestion that the Government contemplated an; extension of the moratorium on deposits to the Post Office Savings Bank. The suggestion was aa ridiculous as it was baseless, for no Government iv its senses would attempt such a confidence-killing stroke; but ridiculous as it "was, Sir Francis Bell would" have done less than hia duty had he disregiflrded the. rumour when it came to his ears. He gave it an immediate and unequivocal contradiction. There could be nothing more definite than his words:

'Neither now, noD at any future time, will legislation be proposed to Parliament which would in any manner affect the Post Office Savings Bank, or people who have placed their moneys there. Evevy depositor in the Post Office Savings Bank is now, and always will be, free to draw his money as and when he pleases, and the rights of. every such person will always continue unhampered by legislation.

If this were not enough, Mr. Coates, as Postmaster-General, added his emphatic denial of any suggestion that an extension of the moratorium to the Savings Bank was contemplated. So far as The Post is aware these statements have been sufficient to restore the confidence of any timorouß people who required some reassurance. If statements of this kind cannot be accepted^ from men in high office, then is public confidence come to a pretty pass indeed. AYe do not doubt.that they are accepted; yet some* misguided persons, in accepting them, purport to see public uneasiness as the originating cause of the rumours which are denied, and they endeavour to find colourable excuse for that uneasiness. People who had such fears were foolish — nothing less. To flatter them by suggesting that they made a natural mistake is adding folly to folly. In New Zealand such statements will make little impression against the common sense of the great majority,, but people beyond the country have not the same facilities for judging the facts of the situation. We have no desire to suggest that New Zealand is free from financial troubles, but senseless exaggeration does not assist a realisation of facts. Nor does it serve any useful purpose whatever.