OUR CONTEMPORARIES.

Manawatu Times, Volume LXII, Issue 1710, 13 December 1920, Page 4

OUR CONTEMPORARIES.

That cheap money is necessary for the development of a young country like New Zealand may be readily granted, but it is open to argument whether the efforts of the Government to keep down the price of money have not resulted somewhat detrimentally to the best interests of the Dominion. Cheap money has only been secured during- the last few years by a groat inflation of credit. The banks have been permitted to increase their note issue enormously, with the residt that money has remained plentiful, though more or less artificial. The fact that money was plentiful has induced people to spend extravagantly and thus to force up the prices of things that money buys; or in other words to depreciate the value of money.—"Taranaki Herald." The population of Austria as at present constituted is largely German, and it seems only natural that the inhabitants should desire union with a country to which they are already closely bound by tics of language and racial affinity. Germany could supply Austria with raw material, and probably with a certain amount of foodstuffs; Austria in return would be able to supply Germany with manufactured goods, and would add a considerable population of hard working and industrious citizens. The objection to union has hitherto come from France, but it will be overcome by the irresistible pressure of events. — Auckland "Star." On the expenditure side of the accounts +here is nothing to record but the continual increase in the Departmental expenditure which seems to be accepted by the Finance Minister as a permanent condition. The average increase is now nearly as much in a month as it used to be in a year—we are not talking ancient history, either, but arc referring to the time when Sir Joseph Ward was Minister of Finance in the National Government. We wish to be fair and charitable, and we take it that Mr Massey is managing the public finances to the best of his ability, but we are sorry for the taxpayers of the Dominion. — Christchurch "Times."