NOTES AND COMMENTS.

New Zealand Herald, Volume LX, Issue 18348, 14 March 1923, Page 8

NOTES AND COMMENTS.

A GREAT AMBASSADOR. Widespread approval arid support have been given to a proposal that a memorial should be established in Britain,., to the name and services of Mr. Walter H. Page, who served as American Ambassador in London before and during the war. The movement was originated by a remarkable appeal remarkable in that it was signed by the Prime Minister,- Mr. Bonar Law, his three surviving predecessors in that high office, Lord Balfour, Mr. Asquith, and Mr. Lloyd George, and by Lord Grey of Fallodon. After noting that the recent publication of his "Life and Letters" has revealed to the whole world "his vivid, free-ranging mind and that mellow integrity of character and abounding humanity which endeared him to us all," they described the late Ambassador as "one of the best friends that Great Britain ever had." The appeal continued : —"ln the difficult period of the war, before the United States had entered it, and when many contentious issues inevitably arose between the British and American Governments, it was Mr. Page's handling of these issues as much as any other factor that kept them within the bounds, of reason and good temper. Scrupulous as an Ambassador should be in presenting his country's case with all the vigour and persuasiveness at his command, Mr. Page's conduct of the negotiations entrusted to him was informed throughout by his native courtesy, humour, and straightforwardness, by a quick understanding of the nature of the European struggle, and by an intensity of sympathy for the Allied cause and of admiration for Great Britain's part in it which was irrespressible. He was the happiest, the most liberated man in Europe when America entered the war. For all that Mr. Page contributed toward that supreme development by smoothing away friction and minimising and removing difficulties and misunderstandings, this country, no less than his own. owes him an inestimable debt. There is nothing in Great Britain to mark the fact that Mr. Page lived here for five years as United States Ambassador, and that in a great crisis he served his own country and ours, and' civilisation itself, with' a noble competence. We desire to repair that omission. , We confidently invite subscriptions to perpetuate a* name arid services that can never be thought of, on either side of the Atlantic, without deep affection and gratitude."

TRADE AND DEBTS. The inter-relation of the British debt to America, the Fordney tariff, and the development of the Empire were discussed by Mr. F. C. Goodenough, chairman 0 Barclays Bank, at the annual meeting. Referring to the condition of British trade, Mr. Goodenouph said : Apart from reparations, perhaps the most, important feature in the outlook for our trade is the Fordney Tariff Act lately passed by the American Legislature, which came into operation on September 21. This Act imposes upon foreign-manufactured goods entering America such duties as seem bound to have a far-reaching effect upon the trade of this country, and may even lead to the diversion of our trade into new channels. The duties amount in several cases to as much as 60 per cent, ad valorem. This Act, if it remains in force, will make it more difficult even than would otherwise be the case for this country to discharge its debt to America. The effect of the Fordney tariff, however, must be to compel us to seek new sources of supply of foodstuffs and raw materials, and to develop markets in other parts of the world for our trade, especially, in India and in the East, and in the Dominions and colonies of the British Empire, who in their turn can send to America their raw materials and other merchandise, which America cannot produce for herself. In this way "we shall still use the products of our industry to discharge our obligations to America, even although America will no longer accept our manufactures direct upon reasonable, terms, owing to the operation of the Fordney Act. Moreover in this way we shall reap the fruit of the policy of Empire development, upon which so much of British resource and enterprise has been spent in the. past.. It is a reassuring prospect in the face of what could not otherwise fail to be a paralysing blow.

BRITISH INVESTMENTS. On the same occasion, Mr. Goodenough referred to the question of restricting loans by the condition that the proceeds should be spent in the country providing the money During the year, British and foreign loans issued in London amounted to £100,000.000. "In making these loans, we, of course, hop© that they Will result in direct orders to this country, but even if this is not always practicable, the. loans have the effect of credits being opened in London in favour of the borrowers, and through the opening of these credits, this country benefits, directly or indirectly, in many ways. For example, if a loan should be granted to Norway, and Norway should use the credit for financing her purchase of wheat from the Argentine, it is possible that the latter country, having the credit . transferred for her benefit, might use it for the purchase of steel rails from Middlesbrough. Alternatively, she might, use it to finance her purchase of goods from America, in which case America would then have the credit in London, and might use it for financing cotton from Egypt to Boston, or in a variety of other ways. It would always remain a credit in London, until discharged by the shipment of goods or of gold, or by repayment in some way or another, and meanwhile, it brings profit to this country in various ways." From this it appears that it is important that there should be no hard and fast conditions that the actual proceeds of the loan must he spent here. The American bankers, who investigated this question very closely, have convinced their Government of the correctness of this principle, and no conditions or restrictions of the kind are now imposed on this particular ground, in the case of foreign loans granted in America. A condition that the proceeds of a loan granted here must be spent here might drive aim our borrowers to another market. There seems to be no doubt that in all matters affecting the London money market the feweY conditions and restrictions imposed the more will it be able to give assistance to the industry and trade of th© country.

SUNLIGHT AND DAIRYING. One of the great advantages enjoyed by dairy farmers in New Zealand is _ emphasised by a passage in the British Medical Research Council's report far 1921-22, which declares that sunlight is food, and that when it is deficient in quantity or in quality, everyone—and especially children —suffers. It has been known for some time that sunlight is beneficial in the treatment of tuberculosis and other diseases, but it is explained that research "has been impeded by want of accurate knowledge of the action of light, whether beneficial or harmful, upon the various animal tissues and organs, upon the chemical substances -composing them, and upon invading bacteria and other parasites." Under the guidance 01 Professor William Bayliss, a new research campaign is being inaugurated. It appears that cows are affected in an important degree by sunlight. We have all heard a good deal about vitamins in recent years, and have been told that we must have them ; it seems that cows must have them too, and. in particular, " the so-called vitamin A " which is to be found especially in cod-liver oil, and on the presence of which depends to a great extent the nutrient value of milk and butter. It has now been shown that "the vitamin A value of the butter falls Rapidly when cows are brought indoors in winter and fed on a diel poor in that necessary factor. The' effect of giving codliver oil as a supplement to a diet of hay, roots, and cake mixture was observed, and it is believed that good evidence of its value in raising the nutritive value of the nutter has been obtained." Research is to continue with the object of ascertaining " whether, and to what extent, the known seasonal variation in the milk in this respect is determined by the varying amount of sunlight acting on the cow at different times of the year."