BANK OF NEW ZEALAND.

Northern Advocate, 6 December 1918, Page 4

BANK OF NEW ZEALAND.

(Continued from Page J.) ; from Britain because a large proportion, if not the whole, of our steamers will be needed for the repatriation of troops. Merchants and importers are seriously urged Lo study : the position carefully, and they will i realise that there is no reason whatever for anything in the shape vl a panic. The situation is an unfortunate one for the general public, for it means that the cost of living will continue high, though perhaps not quite so high as at present. Hiu'h rate..; of freight as compared with pre-war days, increase in prime cost, ,and dif ■ lklilty in procuring-, will still operate in respect of imported and help to maintain values; while the prices of the foodstuffs which we ourselves produce are unlikely to fall for some time owing , to the strongI demand there will be for them to i feed the starving millions of Europe The same set of conditions will operate in Australia, Canada, South Africa, and India, so that the people of New Zealand will have no monoI poly of complaint about the high eusl jof living. As a matter of fact, thej cost of living in New Zealand i>s relatively as low v.3, if not lower than. in the Commonwealth, and eertainh 'j lower than in European countries.

In view of all these circumstances, it is to be hoped that the imperative necessity of making the offending nations bear a substantial portion, if not the whole, of the war costs entailed upon the Allies in defeating their nefarious designs will be strenuously insisted upon at the Peace Conference. There should be no false and foolish sentimentalism or nambypambyism when settling- scores with the German nation. Recent disclosures prove beyond all possible doubt that Germany was the real instigator of the war, and had made complete plans towards that end some time before the actual declaration of hostilities. It is therefore to be sincerely hoped that the abject appeals which the Hun is at present making , to secure mitigation of the just punishment that is impending for his misdeeds will fall upon deaf ears and that the Allies will be inexorable in their terms. What, I ask, would have been the fate of the British Empire if the Hun, instead of beiiift , defeated, had been victorious? Let me quote an extract from the letter of a leadin. , .'. German—the late ITerr Ballin---which was telegraphed out to tlio press quite recently. He wrote a few days before his death, discussing , the forecasts of the armistice terms, which he admitted were unexpectedly moderate, and remarked:— "If we had been the victors we would have demanded the occupation cf London and Paris, dictated terms at Buckingham Palace, and annexed the entire continent between the Urals and the Bay of Biscay." Let me also remind you of the iniquitous exactions to which poor Belgium has been subjected in order to provide for the maintenance of an army of occupation, which by all the laws of right and justice should never have been in Belgian territory at all. Unquestionably upon the British Dominions grievous burdens would have been laid. In these circumstances, therefore, there need be no hesitation on our part in demanding what is obviously only fair and just to ourselves and our Allies.

Much will be made of the fact that Germany is financially in a bankrupt state and unable at present to pay indemnities. She has brought it upon herself and can therefore be left to find a way out of her own embarrassments. But Germany is not bankrupt in resources. She is rich in natural wealth, and my firm opinion is that that natural wealth should be charged with the burden of the debt which the civilised freedom-loving nations of the world have had to incur to protect their liberties against German aggression.

It should be arranged that specific taxes should be levied upon all Ger-