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Lyttelton Times, Volume CXVIII, Issue 18415, 22 May 1920, Page 6

The aerial survey which is at pro-sent being earned out between Fairlio and Mount Cook Hermitage by Captain Euan Dickson is intended, as most people are aware, to prepare tho way for the inauguration of a regular aerial passenger service over this route. Apart from the importance of this enterprise, the pioneer of its kind in the Domimon, it should, if successful, do much to develop interest in the nlpine attractions of this province. Even at the starting point, Fairlie, during tho winter months, good ski-ing Is available, and a few years ago the Tourist Department and tho Mount Cook Motor Company between them made an effort to popularise this winter sport, though apparently not with very great success. If Fairlie is to be made tho point of departure for a passenger sen-ice by air to Mount Cook it may bo possible to revive interest in ski-ing and kindred snow pastimes, and thus provide a new sort- of holiday for our own people, and an additional attraction to tourists.

The marked drop in retail prices which is being recorded in the United States at present has not been unexpected. AYhilo American factories have been rapidly increasing their production ever since tho armistice, the operation 'of the currency exchange has in effect placed a heavy export tax on American industries. Under these circumstances the supply has overhauled the demand, and a consequent fall in prices is a matter of rudimentary economic law. The British fall in prices-is-not so easily explicable, since-over-production is not apparent. It is to be suspected that the tightening of credit by the banks, inspired by the Government, has led to tho need for a rapid realisation of stocks, but the limits of the movement cannot ho readily foreshadowed It is noteworthy that Sir Auckland Geddes, just prior to his departure from London to become Ambassador at Washington, prophesied on early fall in prices, and said that equilibrium would probably be reached at a level about 75 per cent in advance of pre-war prices. Tho latest estimate from New York is that, eventunlly prices will be stabilised at from 50 to 75 per cent above pre-war level.

The committee appointed under the presidency of Lord Parmoor by the British Board of Trade to inquire into the working of industrial assurance companies and collecting societies has reported that tho whole business is in a very unsatisfactory state from the standpoint of public welfare. Fortyfour per cent of the total premium income on industrial policies is absorbed by expenses and commission, and, jn tho case of companies, by dividends to shareholders. For every shilling tho public paid only 6|d was returned to them in benefits. A very bad feature uf the methods employed in effecting insurances was the payment; to agents of a premium on now business, which led to pressure being put on persons to insuro. A largo proportion of policies lapsed after a few months, nearly five million falling in in 1913. Over 70.000 agents and collectors were employed in Britain, and their remuneration for collections in most cases was so low that they could not make a living wage unless they brought in a great deal of now business. The shareholders were profiting largely. The Prudential Company paid dividends aggregating £400,000 per annum free of incomo tax on a capital of £1,000,000, and tho Refuge Company paid its seven directors £70,000 a year. Tho committee recommended as a fundamental reform the abolition of payment to agents for procuring new business and tho substitution of a minimum weekly wage, based on a standard amount collected per week, with commission on all sums above tho standard.