TOPICS OF THE DAY

Evening Post, Volume CXI, Issue 104, 3 May 1926, Page 8

TOPICS OF THE DAY

Work in the mines hai ceased in Britain and a general strike in support of the miners appears to be imminent. The fight, indeed, has begun, and the most that may now be hoped for is that negotiations between the Government and the Trade Union Congress may postpone extension of the conflict. The hope may be slight, for in scve i weeks since the Coal Commission reported no settlement has been reached, and an agreement now without a trial of strength docs seem improbable. There is, however, the possibility that the actual stoppage will convince each party that the other is in earnest —that there has been no bluffing, and that the time has come to play with all cards on the table. The Government has made every effort to find a way out of the difficulty, .and cejtainly has not forced the fight. Mr. Bamsay Mac Donald, indeed, appears to be more bent on making political capital than on making peace when he declares that the Government has decided to fight the people's standard of living. If there; be any fault $o be found with the Government's actions so far as they have been reported, it is that- the endeavour to be just has prevented Mr. Baldwin from throwing his weight into either scale. It is, however, now clear that the Government is determined that essential services -hall be carried on, and. that the organisation is in readiness to assure this. The completeness, of the preparations may yot convince the parties that it would be expedient to attempt other means of helping the coal industry than by stopping it. * * *

It is not possible at this time to measure the results of the Exhibition which closed at Dunedin on Saturday night. We know that in a country of one and a third million population the Exhibition attendance has exceeded three millions. Of course many people went many times; but, allowing for this, it is clear that a large proportion of the adult population of the Dominion has seen what New Zealand, the Mother Country, and the sister Dominions can produce and manufacture. One has only to talk with visitors who are neither industrial experts nor propagandists to learn that they have been impressed greatly by what they have seen. Their eyes have been opened to the wealth of their own country and the wealth of tho Empire, and it is certain that there must be a great stimulus in consequence, first to New Zealand industry and secondly to Empire trade. Not only within the country will there be this effect. Thousands of overseas visitors, attracted by the Exhibition, will in future be unofficial agents for the advertisement of this Dominion. New Zealand iis a whole has reason to be grateful to the Duuedin citizens "wiio initiated and carried out so successfully a great, enterprise.

People's savings arc trustworthy indications of the prosperity of a country, and Now Zealand stands well on the figures for 31st March last. For the first quarter of the year withdrawals exceeded deposits by iS7G,OOO so far .:s the Post Office Bank was concerned. But the fact remains that the amount at credit of depositors in this institution stood at £47,803,000 as at 31st March last, or £015,000 for the twelve months. The Post Office Savings Bank and a few local institutions doing similar business are the banks of the majority of people who have no necessity to use the ordinary banks of bsue. But they are also used as the interest-earning safe-deposits of small trust and other funds. It would be incorrect to describe the savings banks as "banks of the poor." Facilities for obtaining gilt-edged investments in New Zealand for persons of quite moderate means have been increased of late years, but are capable of enlargement. With all Great Britain's unemployment and commercial depression, the imprcs-

sive fact remains that £333,000,000 stood invested in savings certificates as at 31st January last. These savings are invited by tho Government and obviously prove popular. New investments of tho kind are being provided up to individual holdings of £500. The rate of interest is 4J per cent, per annum as compared with 2£- per cent, in the Post Office Savings Bank, and the terms are short. But tho attractive provision is made for repayment of part or tho whole of those bonds in cases of personal emergency. In this way thrift is encouraged and the State benefits by borrowing money at a cheap rate. It is a matter for the Minister of Knance to reconsider whether facilities other than the savings banks can bo provided for small investors with a weakness for gilt-edged securities.