Manawatu Daily Times Redistribution of Britain’s Wealth

Manawatu Times, Volume LV, Issue 6837, 19 April 1932, Page 6

Manawatu Daily Times Redistribution of Britain’s Wealth

Addressing a London building Society, Mr. Runciman, President of the Board of Trade, said it was a remarkable fact that during the last 12 years, so far as could be ascertained, the holdings of small capitalists had gone up year by year. There had not been a single setback, not even in 1931. During the past three years there had been a diminution in the amounts held by the approved societies (reckoning only the sums contributed by the employees) of a little oyer £1,000,000. Deposits in the Post Office Savings Bank during 1929 went down about £3,500,000. The Government holdings purchased through the Post Office Savings Bank were rather less. The Trustee Savings Banks also registered a fall during 1929 of £2,333,000, but their special investment department .showed an increase of £6,250,000, and the Government holdings on behalf of the Trustee Savings Bank deposits rose by £3,250,000. National Savings Certificates went down by £6,000,000 in 1929, but had gone up steadily ever since.

Under every other heading, 1929 the last yeai ioi which full and complete information could be obtained—showed a substantial increase, Mr. Ruucimnn continued. The industiial and provident institutions went up by £13,000,000, industrial life assurances and collecting societies showed an increase of £13,500,000, friendly societies went up by £B-,000,000, ordinary life assurance funds—that part of them which could safely be allocated to the small investor—increased by £17,000,000.

Most remarkable of all had been the great growth of building societies’ share capital, which rose £37,000,000 in 1929 and a further £52,000,000 in 1930. The building societies’ borrowers’ interest in the houses mortgaged rose by over £40,000,000 in 1929, and by £48,000,000 in 1930. The estimate he reached, on the best data he could obtain, showed that the total amount of capital held by the small investors of the country—apart altogether from small share-holdings in railways, banks and commercial concerns —had reached, in 1931, the amazing total of at least £2,625,000,000. The people who owned this sum would insist on stability in their Government, in their financial houses, in their own societies, and in their own families. That there should have been made that vast accumulation by our people and made mainly during the last generation, showed that the redistribution of wealth in this country had been on the broadest possible scale.

The Palmerston North City Council is in receipt of,£fo from the Manawatu. Beautifying Society for the purchase o.f special shrubs, to be selected by the curator, for planting in the Botanical Gardens, the area thus planted to bo known as “The Beautifying Society’s Plot.” The Council received the donation thankfully, councillors commenting favourably on the action of the Society. The breaking of a shock-absorber caused damage to the Palmerston North owned Avro-Avian biplane ZKAAC at the Milson Aerodrome on Sunday. Tho club’s instructor had been taking pilots up for instruction and had made several trips. On tho completion of a trip just before mid-day, the instructor brought the ’plane to the landing ground in the customary manner, when, after it had taxied about three chains, the right-hand shock absorber broke, causing the machino to tip forward on its nose. Fortunately for the occupants it did not turn completely over, but came to rest with its tail up in the air. Neither tho instructor nor the pilot sustained any injury, although some damago was caused to the machine. Both wing-tips and tho propeller were broken and a fair amount of damage to .the undercarriage resulted*

A very interesting find has been made on the Hauraki Plains, says the Auckland Star’s Pacroa correspondent. A number of years ago trout were liberated in the Waitakaruru dam, and havo evidently multiplied. A number of young trout havo been found in troughs on farms. Tho only way to account for their presence is that they must have got through the outlet pipe from tho dam into the main, and been carried by water pressure to the troughs. After the main window of a jeweller’s shop in Queen Street, Auckland, had been broken on Thursday night by two missiles, a third was hurled through a smaller one near tho entrance to the shop. A boy in short trousers immediately put his hand through the hole in the glass and pushed all the articles of jewellery beyond reach from the street. This done, ho stood his ground in front of the window. An inquiry from a passer-by elicited .the fact that ho was employed by the firm. Had it not been for his courage and foresight, the goods in tho window would undoubtedly have been looted. When told about the incident, tho owner of the shop said, “I know that the little fellow did line work.”

\Ten head of stock wore impounded from off tho City streets during March. Fees received amounted to 14/-. The Maijawatu. Hockey Association has boon given permission to play matches on Milverton park this season. Traffic domes in Palmerston North are to be repainted white instead of yellow, to make them more easily discernible at night. The Palmerston North municipal buses carried 3870 fewer passengers during March than for the same month in 1931. Tho fall in revenuo was £59 0s 9d.

During March tho Palmerston North Charitable Aid Officer issued 414 rations to Go cases, as compared with 510 rations to 09 cases in February. Forty casual callers wero provided with beds and meals. In February, 50 called for help. During the year ended March 31, .1932,' the City Council’s gasworks carbonised 4758 tons of coal of which 493 tons only came from Newcastle. New Zealand coal (4042 tons Westport and 223 tons Waikato) made up tho remainder.

Patients admitted to the Palmerston North Hospital during March numbered 185, while 193 were discharged, leaving 154 in the institution on April 1. The daily average number of occupied beds was 152.9. Nine patients died during tho month. Five cases of diphthoria nud two of scarlet fever wero admitted during March. To complete the Regiment’s memorial to their comrades who fell in the war, a brass tablet suitably inscribed is being placed beneath tho Wellington Regiment Memorial window in All .Saints’ Church. The tablet will bo dedicated at tho Church parade service on Sunday morning next, 24th instant, when Major-General R. Young will perform tho unveiling ceremony.

Concerning tho advisability of holding a conference with a view to taking combined action to preserve the lights of cities and boroughs having licenses to supply electricity the Palmerston North City Council has decided that it would bo advisable to hold such a conference and further, that the Mayor interview the Wellington City Council in regard to the latter convening a conference of local bodies owning olcctrical undertakings.

An inquiry as to when an effort was to bo made to remove the blockage in the outlet pipe of the Tiritca dam, was voiced by Cr. J. Ilodgons at tho P.N. City Council meeting last evening. The engineer said he had left tho matter tili he could be assured of a plentiful water supply and he proposed to get in (ouch with Mr. Ramsay, who was to attempt the shattering of the rock with a machine gun, this week. He would have a report for next meeting of the Works Committee. What is stated to be a freak fish was captured by Mr. R. Whilcy, of Ivokatahi Road, Hokitika, while cutting a drain through tho swamp on his section. It is a creamy white coloured eel about ISin. in length, and is almost transparent. The fish is in all respects, except colour, like an eel. Inquiry is being made as to whether the fish is * freak in colour only, or if it belongs to some established species of fish, hitherto not met with in Hokitika.

The consumption of water in Palmerston North during the year ending 31st March, 1932, as recorded by the meter at. Tiritea was 068,560,000 gallons. At Heretaunga street pumping station 79,907,000 gallons of artesian water were pumped into the mains, making a grand total of 7-18,567,000 gallons. This represents from both sources of supply an average weekly consumption of 14,317,000 gallons or daily of 2,045,265 gallons. In addition to this supply, the artesian well at the gasworks has been utilised during tho day since the 16th November, 1931, thus augmenting the supply at that end of the city.