THE H.B. TRIBUNE. TUESDAY, AUGUST 10, 1915. NATIONAL ECONOMY WANTED

Hawke's Bay Tribune, Volume IV, Issue 431, 10 August 1915, Page 4

THE H.B. TRIBUNE. TUESDAY, AUGUST 10, 1915. NATIONAL ECONOMY WANTED

W.ii: conditions have so far pressed lightly on us out here in the Empire’s most remote Dominion. This is greatly due to the facts that both national and commercial finance were in a sound position at lhe omlireak of hostilities, and that the war itself has created a strong demand for nearly all our staple products and at enhanced prices. It is to be hoped, however, that lhe people of Now Zealand will not lie misled into the conclusion that we are to escape feeling lhe economic pinch which Avar is sure to bring, and which will, of course, he the harder the longer peace is postponed. To-day there is no solid and reliable reason to be advanced why we should not. in all prudence, prepare ourselves for a long extension of the struggle, and that preparation can only lie accomplished by the cultivation of a spirit of economy. Mr. Harold Beauchamp, the Chairman of th" Bank of New Zealand, who is in dose touch with British finance, threw out some warning hints in his address to his shareholder.* some six ur seven week ago. and these he has now supplemented in an interview accorded to a representative, of a Southern contemporary. He points out that the finance of this country must always hear the reflex of conditions in the Motherland. The cheapening of money there has always liecn followed, at: but short interval. Tty a like drop in interest here, and t.he saint' principle also holds when the money market tightens jn London. ’Fite immense expenditure for Brit tain’s own individual war purposes, amounting to something like three millions a day. _ would of itself lie more than sufficient to sadly deplete her national coffers, but. in midilion to this, she has to assist, in the financing of some of her Allies. Statesmen and financiers have already recognised that the outpouring of this colossal stream ot capital cannot continue tor Aery long without having a. disastrous effect on lhe national credit, and. Air. Beauchamp ',;ivs. one rarely sees nowadays any reiorence to ‘our illimitable resoiirees.’’ On the contrary, cvery oii'orr of llmse responsible tor the financing ot the war is being devoted in the inculcation of measures of [Hibtie and private economy. He ijtiotes strings of figures set forth byBritish iinnniiers and the lessons which they deduce from them, and all point to the out" conclusion that. while we may lie much better placed in this respect than tlie nations with wiiicii we ave at war. there cannot but he grave anxiety as to the ultimate effect upon Bril a m and licr ) lomiitjon

I The j’riti«!i win- Joan vns offered to Jho j public uro themselves quite sufficient •evidence of the convict ion thru till polders of capital. both, great and ■un’tll. Mould lime to rise tn the occasion if the Empire's requirements were to he adequately met. Mt hough ii max not be thought 1,, he in the best interests i.the Empire that we should make lanv direct subscriptions to the Imperial loan, it is surely to be expected of ns that we shall at least cooperate along parallel lines. _ Tins xvc can only do if our matrial rei sources are properh conserved bt the exercise ol a sane and rigid economy that will preclude lhe indulgence in extravagance and luxuries, amt by the adoption generally of a simpler wax of living. All thoughts ought to be tinned towards ike best means of helping spcedih to the successful issue upon which v. e i-oiint with confidence, and to that end all will help who realise and jiceejit the necessity tor seeing that fheir personal expenditure is <-urtafletl to the ut most, and . that the monev so saved is devoted to the ,-atise' which is so dear to ns al), anti on whose depends our n.atiou.'d happiness. Eor otir own internal and domestic needs at least, xxe shall as a community have to look to our own resources, and everv pound saved bv the individual and inx ester! to that end will assist to ■ •nable the Government to carry on the affairs of the country in such a manner as to avoid inthcting hard <hip on those who look to lhe State >or employment. I here are utnnj ways open', besides joining, in the actual fray. for giving practical expression to our devotion to the cause of Empire, and among the most practical of these is lor each to do j)i< or her best, by self-denial and self-'.acriilce if nr-d be. towards strengthening the finances of tin* ■ountrx. There are many, however, who may think that their contributions could be only of such modest dimensions as to be negligible.. This is quite a mistaken idea. tor. in the lump these small amounts make an appreciable difference, as may be seen from the fine aggregate of deposits in the State Savings Bank. All classes, therefore, should keep an eye on expenditure, and endeavour by all possible means, both by increased economy and by increased effort in production, to add to the national wealth that can be placed, either in coin or kind, at the disposal of the State and. through it. the Empire.