EMPIRE FINANCE.

Evening Star, Issue 18144, 7 December 1922, Page 4

EMPIRE FINANCE.

It has been commented on as unusual that Mr Reginald M'Kcnna, who was Chancellor of the Exchequer in a Liberal Government. should have delivered a speech to a Conservative meeting in support of a Conservative Government, as he did in London some live weeks ago. By both political friends and foes’Mr M'Kenna, who holds a high position in finance and the banking world in private life, was about the soundest administrator of the national finances that Britain has had of recent years. It was his desire for a return to soundness that led him to denounce, or at least severely criticise, tho drift there has been under tho Coalition. In essence his argument was that during four years of peace no progress, towards reconstruction had been made. His intimate firsthand knowledge of tho financial position of the country and his experience as head of a great/bank made him realise that hope for the future depended on stable government and sound financial policy. It has throughout tho Empire been tho experience, with few exceptions indeed, that those two desiderata have been the planks in the platforms of any Conservative Government. They really are, and should be, synonymous with Conservatism. That la doubtless why, after a period'®f somewhat reckless living in the political sense, most British countries call•, la a Conservative Government to set things straight again. In this particular sense ■tho truth of tho old definition of Conservatism as “a pause on the last forward movement ” can bo discerned, *aud it brings to the harassed taxpayer some sense of reassurance. In New Zealand it. took Mr Massey quite as long as tho responsible Ministers in other countries to realise that retrenchment first, and then reform, must-follow on tho heels of peace. .J£ven after realisation it took him some

time to got way up on his new "course. Yet ho was pointing up to windward on the long beat before other helmsmen had hauled in their sheets. 'Some ,of them found difficulty in getting in their spinnakers which had liclped to make such pace on tho other course, free expenditure. The British Chancellor of the Exchequer, for Instance, could not withdraw during unprecedented trade depression tho unemployment dole which was such a terrible drain on the Treasury. Furthermore, Mr Massey has not had to contend with an adverse and tricky tide in the form of continued differences with foreign nations. Britain’s relations even with some of her former ' Allies aro constantly developing new and often expensive complications. Undoubtedly also one of Britain’s great handicaps has been the vast debt she incurred with America on behalf of others. Possessing tho will to pay, and to some extent tho means to make instalments, she has been denied the opportunity of doing so in tho ordinary and natural way. Tho new American Customs tariff, known as the Fordncy-iM‘Cumber tariff, is not and l never lias been regarded as anything but an impediment to trade and to the payment of the vast sums owed l by various European countries to the United States. If it virtually blocks importations of goods from debtor countries having really no other option as to mode of payment, how is the debt to bo liquidated? High authorities believe that thl? prohibitive protection will in tiro'long run react like a boomerang on the United States. Canadian trade is already being divert*! from her neighbor and British trade is reaping a corresponding benefit. In such circumstances at is opportune that there should be mooted a scheme, such as that of Mr Darling, an ex-director of the Midland Bank, which tho London ‘Times’ is applauding—viz., that paid of the existing Empire debt should be converted into £1,000,000,000 worth of Empire currency bills, which, together with a certain proportion of gold', should form the basis of a. common Imperial currency, which would be legal tender in all parte of the Empire participating.

Considerable interest has been evinced in regard to the garden fete to bo held an the grounds of ths Red Cross Montecillo Home on Saturday aftemooin TJio grounds are spacious and attractive, the view is unsurpassed, and the homo itself, which is open for inspection, should interest everyone. The First Battalion Band and Mr R. Doris orchestra will supply a full programme of music, and afternoon tea will bo dispensed at a small cost. Samples of the soldiers’ handiwork, highly suitable as Christmas presente, will bo on view for sale. This will servo as an opportunity for citizens to show their practical interest ini , the welfare of our soldier patients. It should bo particularly noted that the proceeds of tho various sales go to the soldiers individually.

Tho City Council might write to itself complaining of the quality of the gas supplied by itself for its own use. Last night the lighting in tho Council Chambers was of that dim, irreligious quality that makes for deterioration of the moral atmosphere around the reporters’ table. Why /gas should not long ago have been superseded by electric lighting in the chamber is a question that might well bo asked.

A witness in a civil case heard before His Honor Mr Justice Adams in tho Supreme Court at Christchurch was crossexamined by Mr C. S. Thomas on the point of commercial travellers? expenses. “Do you think it is fair for a‘traveller to charge hie firm for his laundry ?” asked .counsel. “ Certainly; any docent firm allows that,” replied witness. “Do you charge for your hair-cutting also?” pursued counsel. “Is that a fair question to ask this witness?” quietly interposed His Honor. As the witness was almost completely btild, counsel agreed with the Bench, amidst tire smiles of all present, including the witness.

The city solicitors were instructed by t-he City Council -at its meeting last evening to protect the interests of the corporation in respect to the mining plant at. present in dispute at Waipori. The City Council, in committee last evening, adopted the following clause in the Finance Committee's report:—“The question of the general order of the_ Arbitration Court regarding the reduction in wages in consonance with the fall in the cost of living has been considered, and. the committee recommends that tiro order be made .applicable in respect of all employees working under awards of the court, and also those members of the staff -to, whom the bonus was granted by the council in order tb retain the respective relative positions on the council’s pay sheet.’’ Cr Begg gave notice of motion to rescind tire clause.

At the -Police Court tills morning a first offender who had, said iSonior-eergeant Mathiason, been indulging in a “ boozing venture," and required time to work tho liquor out of his system, was remanded for seven days for medical treatment. Mr Bartholomew, S.M., was cm tho bench.

With the return of the holiday period a number of picnics -are just now taking place. Of tho various resorts Evans-dalo seems to be ‘the most popular. About 150 ■pupils of the King E-dw.ard Technical College visited there yesterday, and over fifty boys from-the Christian Brothers’ School went there to-day, with Brother Bowler in'charge. On Saturday about 150 pupils of St. Hilda’s College will visit the same place. The Dunedin Training College .picnic, at which about 170 students will be present, will be held at Taieri Mouth to-morrow.

A largo quantity of general cargo from Auckland is' now d-isenarggdi from the Union Company’s steamer Wmgatui at the cross wharf. The freight includes a line of new potatoes and about ISO tons of sugar. The vessel also brought a quantity of .passengers’ luggage ex the Rknutaka from England, consisting of stout wooden and tin trunks. Tho Wingatui will lift about 2,000 tons of freight here for the north, mostly for Auckland, and for this reason her departure has -been postponed until Saturday. Tho local cargo _will include a big shipment of beer, which indicates that Aucldanders are still a thirsty people, and not likely to carry Prohibition. Large quantities of .assorted freight, including hundreds of barrels of beer, are being sliipped almost every second day to Timaru, Lyttelton, Wellington, and Wanganui, and once every eight or ten days large consignments are sliipped by three steamers to Napier and Gisborne, Nelson and New Plymouth, and Westport and Grcymouth. Saturday and Wednesday evenings aro now devoted 'to mixed bathing at the Municipal Baths, and tho innovation evidently appeals to a wider section than those who generally frequent the swimming pool, for the attendances have been extraordinarily large during tho past few weeks. As the result of the devotion to his work of the custodian, Mr Olds, tho water at present is almost colorless. Some time ago a set of filters was installed, hut it was found that -the water was unsatisfactory unless it was refiltored three or four times over. Mr Olds is commencing a campaign against unnecessary noise on the part of bathers, giving, ns hia reason that a bather’s cry of distress might be lost in the din that some frequenters of the pool make. The climate of Dunedin, it is generally admitted, is a healthy one, but the changeable nature of the weather is very marked. To-day, for instance, it was fine and warm early in the morning, but about noon there was a chill in the atmosphere. A gentleman at Anderson Bay, \yho takes an interest in the temperature, "gives the following readings from his thermometer at various times 7.30 a.m., 102 deg; 8 a.m., 114 deg; 8.30 a.m., COde'g; 9 a.m., 100 deg; T3O a.m., 120 deg; 10 a.m., 64dcg; noon, SOdeg. These readings were taken on the grass in tjie si

.Amended regulations are gazetted for the examination of teachers, the junior and senior national sdholarshipa, the intermediate examination, and' for the staffing of public schools; also in regard to die Samoan death duties, bankruptcy orders, and further Customs [regulations.—Weilington Association message.

Watfion’a No. 10 ia b little dearer thaa most whiskies, but io worth the laonty.-* [Adrt.l Ladies, recommend Martin’s Apiol and Stool Pills. Bold by all chemists and stores, you jot the genulao.—CAdrfc.l Karrie Nannie Dollies’ Hospital Is best place for value and variety m dolls, toys, etc. White House, George street.—[Advt.J "Make to yourselves nests of pleasant thoughts” (Rusldn). while “No-Subbing” Laundry Help does the weekly family washing. W. Smith and Oo.—[Advt.J The United Step-Bowbett Building Society advertises an invitation to voters, and' notifies £3,000 for disposal on December 18. The ""'Golden Ballot.” December 19th. Join the Pacific, and participate. Booklet on application. Offices, 86 King Edward street. —[Advt-] The nip for nippy winter weather—Watson’s No. 10. fine old Scotch whisky.— [Advil