SOCIETY OF ACCOUNTANTS

Hawera Star, Volume LI, 20 February 1932, Page 6

SOCIETY OF ACCOUNTANTS

TARANAKI BRANCH

REVIEW OF WORLD CONDITIONS

The annual meeting of the Taranaki branch of the New Zeajaud oci of Accountants was lie.ld m New n) mouth on Wednesday eyenmg, over 2U members being present, repiesentin., the largest attendance for many years. Mr F. E. Clarke, of Hawera, president of the branch, occupied the chair. A motion of sympathy with Mi Hindi Baily an ex-member of the council,“in the death of his wife was passed, those present rising in silence. ill the course of his presidential address, Mr Clarke said that the year 1931 had been fraught with many dimculties and the depression had been world-wide. Markets for New Zealand primary products had been affected and prices 'fell to very low levels The o-ains in exchange, compensated in a small degree for the low; realisations, but a return to higher prices and an adverse exchange exchange would giaciden the hearts of all businessmen, he continued. “Efforts are being made to control exchanges, but theoretical y the bankers may merely declare the rates which are determined by the law of supplv and demand, and if they go bevoncl the limits private outside transactions will no doubt correct the balance The maintenance of the rate is possibly more within the power of deliberate control by the bankers than is generally admitted. Some critics hold the view that it is probable the banks are ‘pegging the rate, with the idea, of restricting imports. Economy in times of stringency must be more carefully studied than ever. Where] income has seriously declined, then the cash branches of the commercial tree must be trimmed. Production increased and one hand made to function for two. Unfortunately that ever present item of wages is hacked by the executive surgeons and the limbs are cast! to the ever-increasing receptacle of unemployment. During the year a.U have been called! upon to contribute to the unemployment tax, and the numbers of New r Zealand’s unemployed at one period approached within call of 50,000. “During the year the triennial elections were held and a Coalition Government returned to the Treasury benches. Such a measure was demanded by our conditions, and support and confidence is essential to tide the good ship over the reef to calmer waters. DEBT REPUDIATION.

“The year 1932 has its difficulties. Germany is defaulting in the payment of her war debts, which means that she is closing her doors to her creditors. Nations in the immediate vicinity are in trouble also. France, to whom reparation moneys are due, is not (satisfied! to give a clear discharge and suspects that Germany has deliberately brought about liei: depressed financial position for the ulterior object of proving to the world her impossibility to meet her engagements. I lance iemoinkers the ravaging of her provinces and the destruction of her machinery so as to destroy for ah indefinite period after the war had ceased. It is necessary in the interests of the world that Germany .should not he permitted to default," as open repudiation of her debts would bring about a great disaster. America is cutting herself out of the world’s trade and will be compelled soon to. disentangle herself from a position which is as antagonistic fo her own commercial interests as it is to. those desiring to do business with her.” Nowadays accountants, botli registered: and public, were playing an important part in guiding commercial activities, the chairman continued, and it behoved all members to study the interests of their employers and the varying economic conditions and endeavour to bring sunshine through the clouds of depression. Economies would have to Ikj effected, waste avoided and services rendered without respect toi hours in an effort to restore a normal balance to the country's trade. That the New Zealand Society of Accountants was receiving recognition was demonstrated by the appointment of members to the economy and other commissions of investigation set up by the Government to study present conditions and report upon tlioir requirements. Messrs A. H. Seaman (Auckland), J. T. Griffiths (Wellington), A. Coleman (Stratford) and: G. A. Duncan (Hawera) recently were honoured in this connection.

Referring to the activities of the branch during the year, Air Clarke said that meetings had been held regularly at New Plymouth, Stratford and Hawera. Attendances had been fairly •satisfactory and it was gratifying to note the increasing interest of members in the affairs of the branch. Despite heavy travelling expenses the finances had been maintained within the amount granted by the council. Student societies at Hawera and New Plymouth had not functioned to any great extent and members were urged to give their assistance so that these societies might not Inuse. LOCAL BODY AUDITS. Dealing with the matter of Local body audits, which for many years

were considerably in arrear, the chairman said that this was an undesirable state of affairs. The Chief Justice, Sir Af icliael Alyers, observed recently that if the Audit Office was not able to cope with the work it would probably be advisable to engage private practitioners. This was taken up by the branch with the Council of the Society and through that body with the Audit Office. The Auditor General had assured the Council that the arrears of local body audits had been made up and there was no reason why this should not continue in future. During the year the amendments to the Act requiring an audit of solicitors’ trust accounts came into operation and several suggestions made by the society were incorporated. The New Zealand Law Society, in conjunction with the Society of Accountants, framed ail entirely) new iset of regulations which were now in operation. A fresh catalogue of hooks in the Library was prepared and circulated, the committee deciding to make these volumes available to students attending secondary schools and to others studying accountancy by correspondence. The Taranaki representative for many years on the council (Air Hugh Baily) intimated that ho did not seek re-election this year and the committee appointed Mi- C. H. Wynyard in/ his stead. Congratulations were extended to Air G. A. Duncan, of Hawera, on his appointment a.s a., member of the Committee of Investigation set up to report upon the economic position of the dairy industry in New Zealand.

Several members commented favourably on the chairman’s report, which, together with the annual statement of accounts, was adopted.

The following committee was elected : Messrs O. Freyberg, F. E. Clarke and W. G. Walk Icy (Hawera), W. Power (Stratford), F. Wilson and S. E. Nielson (New Plymouth) together with Messrs O. H. Wynyayd (district councillor) and Val Duff (branch secretary) members ex officio.

The election of an incoming president was held over until the next meeting. A. discussion ensued, on the proper interpretation of the solicitors’ audit regulations, the Transport Licensing Act. unemployment tax and amendments to other statutes, following which the visiting members were entertained at /supper.