TALK OF SMASHING THINGS

Otago Daily Times, Issue 22738, 26 November 1935, Page 8

TALK OF SMASHING THINGS

TO THE EDITOR.

SlB, —It was no doubt very ill-con-sidered of Mr Munro to talk of smashing things as he did. The virtue or iniqnity of smashing depends so much on what is smashed and who does the smashing. For instance, how many once perous businesses, how many fanners equities, how much mere human happiness and security, have been well and truly smashed during the last few years! But, of course, all that is due. we are told, " to the economic blizzard.'"' Tf may interest your readers to know that, despite the talk of having overcome the blizzard, there is another coming. In Australia, after what has been called an unprecedentcdly good recovery, the banks are talking of a fresh necessity to restrict credit. The Bank of New South Wales recently advised its branch managers that matters financially were far from bright and that loans and overdrafts would have to be recalled. So in Australia; how long will it take to reach New Zealand? The Sydney Morning Herald remarks plaintively that "an inspection of the abstracts of some of the banks leads to no other conclusion than that restraint is already being practiced. The effects have not yet been observed in general business but, if it is continued, there will be a slowing down.''* So much for the results of trying to get out of the wood (bedt) by getting further in! The

financial system is so "soundly arranged that as soon as things are eased up a little they have to bo re-tightened. And amid the din of big advertisements what do we hear about the arbitration legislation of which New Zealanders were once so proud and which is now very definitelv smashed? What about the Irainin« College in Dunedin? And a few other little matters that might be mentioned—among them, our traditional freedom of speech?—l am, etc., Veritas. Dunedin, November 20.