THE PROBLEM OF POVERTY.

New Zealand Herald, Volume XXIX, Issue 9012, 18 October 1892, Page 3

THE PROBLEM OF POVERTY.

TO THE EDITOR. —In your issue of the 24th ult., Sir Robert Stout has brought this subject before the people in the North. His remarks on " Thrift' deserve to be commended, although he narrowed the limits and significance of this wide-embraciug virtue. It is to be regretted, however, that his plan of annuities is impracticable. And the concealment by him, designed or otherwise, of the dark side of his glowing picture, is a distinct and censurable blunder. For, whatever might have been possible for young men or women 20 years ago, it would now be quite out of the power of most to save £50 at 25 years of age. Those who are able can, of course, purchase deferred annuities, and every facility should be given to them. Yet, while none but the more robust should purchase, all ought to have their eyes open, and know that out of every 100 persons who at 25 years of age purchased these annuities, 62 only would live to receive, at the age of 60, the pension or annuity of 17s 6d a week which Sir Robert mentions. Further, that of this sum seven-seventeenths would belong to thv 38 deceased persons, whose savings and accumulations would thus go in support of strangers—possibly in a foreign country— who would be so fortunate as to survive themselves. The scheme is simply a game of chance with the chances calculated, and is, as anyone will perceive, the application^in a very merciless form, of the principle of the survival of the fittest." Even were it feasible, the scheme is not good enough tor general adoption. Good enough certainly for the survivors, but an entire and pititul loss of principal and interest to those who should die. perhaps in extreme poverty, o g before their 60th year arrived, lhat this would commonly be the fate of those engaged to what are known as the unwholesome trades is only too certain. And, as weak individuals of all classes generally die long before reaching .sixty years of age, it is incomprehensible how Sir Robert could expect that an annuity scheme to take effect at _ sixty years of age would make provision, as he says, for members of a family who from physical, mental, or moral detects might not be able to look after themselves. An annuity scheme to be of any benefit to such persons, should come into operation | from 20 to 30 years earlier. In short, the proposal which forms the chief j burden of Sir Robert's article, is crude and cold-blooded to a degree; and we have a right to expect that a man who put 3 himself t . M a leader, in fact, the giant of the South, will yet be able, like another A)ax, to hurl a mightier rock at the advancing foe. _ But, -as the production of one of our public men, who sways for good or evil a large number of the populace, the paper is t far frQjasaUjßfyctQry.—l t,va, etc* AW® O,