“EITHER”-“OR ?”

New Zealand Times, Volume XLIII, Issue 10008, 27 June 1918, Page 2

“EITHER”-“OR ?”

(To the Editor “N.Z. Times.”) Sir.—The address of Air Harold Beauchamp. president oi the Bank of New Zealand, was c.duurabio 4u many respects: but i regret that he should have fiuicn so short of the actualities when ho referred to reconstruction as one ol the most important of the many tasks to bo undertaken v, ten the war is over. He speaks of tlu> co-operation that is already tak'tig place, (hat is to say, among snipowners and other capitalists, and m confirmation ol this wo have a lengthy summary of a report cabled from Loudon on t-uo question ol smppiug. Tho coumuttco has reported just, as ouo might have expected. In effect it declares that all embargoes must be lifted, atl Government control must cease and tho shipping companies in combination must be given a “free hand.” Mr Beauchamp declares that (.hero must be great economy practised and production must bo increasedQuifo so; but what of the operatives? Arc they to “cany tho baby r” Or are they to wmo in un the co-uperaiivo basic? The president of the bank is Quito sure there will bo a war of trade w)-,,,n ilia present war is over, and X just wish to rc-ecio the raniimpnl: of Britain’s present I’rinio Minister, when he declared that we havo not only to reconstruct. but that wo shall have tn bring about a complete change in tho industrial life of the people, or • Vesir, it is a case of “Either.’’ ‘Or.’’ Either wo sir ;11 havo reconstruction, reluriuatiou of industrial methods, and a lull and free recognition of tho just claims ot tho industrial populations of the varvkmu countries, “Or” there will be reV l .* utipu. There is neither sense nor honesty in blinking the incts. More sophisms will not resolve themselves into hard cash, wipe out sluiiuijm, eliminate poverty, lesson crime, feed the hungry, eioi.hu tho united, nor change the hearts of the nten who have piolited hugely by mo wo rid War. Xuc w uai.t alia Mr W. Watson arc simply aghast at the talk about tho “conscription ut wealth.” Wul it sujpr.ae lei---. two gentlemen to know that at the unveiling ceiumoiiy in connection with the memorial erected tp a number oi young' iuou ot tho Olurevillp (Carterton) district. Sir Waiter Buchanan. M.L.C.. vigorously demanded that wealth should be conscripted. because —as ho said —men had laid dpwu their lives fur this country ami tlm men of wealth must do their share bv tho giving us ot their money It was roailv most umpiring to read ill Matson on tl.o Question of how impossible it would have been to havo raised tho credits necessary to tho carrying on of the war by tho Allies if there hadn’t been wealthy persons and companies In existence to pav. tuxes and advance munctvs I Does Mr Watson expect the people to believe that nonsense? Well, perhaps ho docs: and. perhaps, with reason, for tho same sort of “mush” was swallowed by tho great majority of tho members of the House of Representatives, ladled out to them by oUr Minister for Finance. Money I What is money ? Too many people, are deluded fay the belief that when tho directors of joint stock concerns talk of money they mean hard cash. It would not bo going one whit -top far to - sav that in actual “cash” thero is not more than two or three per cent, to-day behind all the colossal credits which have com© into existence during this world crisis. How much “money” does Germany possess? Yet sho carried on and is able to pay out tho so-callod money hero, there and everywhere. What did America sav to Britain when gold was poured across tho Atlantic for the purpose of regulating exchange? “We don’t want your gpld,” said the financial people- “Wo prefer your promissory not©o. ’ How much gold (as tho result of the raising of our unusually largo amount of taxation and our war loans) has passed from hand to hand in this Dominion,? (Wo are carrying-on on. paper, and managing extremely well. The British Government has been our greatest customer since tho war. How much gold do wo get, from the British Government? None. What we get npw, and always got. and shall have so long a,s all goes well w*th us as an Empire. is credit, bo long as the nations with whoso finances we are linked up are oatisfied to keep our credit good (and the U.S.A. ’has been an important factor m that sum) there will be no nervousness apparent. Tho debt s pile up to colossal heights: tho Governments of the Allies and their friends are “seeing it through”; personal savings, though these aro large and have been drawn upon oven to tho disappearing point, are, not of course unimportant, but they occupy a subsidiary position. Credit, as 1 havo. already remarked, is the base of exchange, and while that credit the credit of the Allies, stands, all i 8 well. Let me pause here a moment to ask If we have not had one or two reminders from Bonar Law of the dangers which frequently beset the path of the Finance Minister at Home. His latest utterance on that point made one feel as though an agu© had come upon one. I' do not believe that either Air Beauchamp Or Air Watson is devoid of feeling lor those to whom the struggle of life is very bitter: but I venture, the thought that their point of view has become narrowed and, necessarily, they are somewhat prejudiced. Tho shipbuilders at one place in England, not many years ago, refused' the request of their operas rivua for a small rise in wages. The men insisted; thev were locked-out mid starved into submission. Tho shipbuilders declared that it r.ao imposHbio to meet tlio demands of tho mon and go on with business. It was shown that evx’Vy one pf those builders had a city .residence, a country hous,, (some of then! had two), a pleasure yacht, and huge investments bringing in annually sufficient.to further increase their alrcndi largo fortunes. But “thev really couldn't lin'drd to pay out a few peace extra per day to each of lhci r omnlovees.”

Afav I commend the following sentence —with which I propose to conclude (hilotler—to the consideration of Messrs Beauchamp and Watson, et ho© genus omne (ihe words are taken from a writer on political economy t‘■Tffe capital of tho naripa must be preserved i. the urea lion ui wca..ji ~ its present let cl is 1.0 ho maintained, and it must be continually increased if tho creation of wc.iith is to be extended, if tho nation is to keep pace with others, and if iU equality ami independence aro to be secured. Let what b,.tKlo. this is the central truth which must never bo allowed to go out of mind. Will any reasonable man assert that capital cannot bo so maintniueu and increased without reducing to practical servitude groat masses of a people? Will any assort that the present partition of th© nation’s vast animal product is right or reasonable, that some lew should have an embarrassing superabundance while millions are swept into poverty, tar worse, in its dps© packing and foulness, than the poverty of the poorest savage in God’s creation r To assert such u belief would bo an insult to onr understanding and to civilisation. Yet there arc men who talk, argue, and act, as if remcih were impossible and who nro (■(intent to denounce as agitato's and <i(.;iUi,iC‘OtJiU'S thdso wiio <lo noi‘ concur in their wretched and Inhuman view, hucli men, 'when in n position to wield Dow©,, or . to exert imluence. are the real enemies of sooiet-.. J© their kUsatisfaction they arc blind to the peril before thorn. Tl.o masses are no longc'; incapn.blo of combination. They are becoming rapidly educated and (ho necessities of Slates nee inniing (hem into soldiers trained and disciplined ,Science is placing new and fioTiblo weapons at. I heir disposal, and poverty with its iron hand, mar drive them tii despair, but cannot hold them in submission/

Sir, the foregoing extract io not the utterance of any of the firebrand species, but the considered thought of •> political iv’unomish To realise (hr deep significance of such words onn has only" (o road what all thoughtful mcu. aro saying

in the great countries of the world. Will the selfish lew try to hold on. or will they, too. come to the considering point: ‘‘Either/’ ‘‘Or’’?—l am. etc.,- „ , A t J. T. M. HOENSBY. Carterton, Juno 22nd. 11)18,