The Rangitikei Advocate. TWO EDITIONS DAILY. TUESDAY, JUNE 22, 1920 BANK OF NEW ZEALAND.

Rangitikei Advocate and Manawatu Argus, Volume XLV, Issue 12084, 22 June 1920, Page 4

The Rangitikei Advocate. TWO EDITIONS DAILY. TUESDAY, JUNE 22, 1920 BANK OF NEW ZEALAND.

IN our last issues we have given the substance of the very lengthy speech delivered at the annual meeting of the Bank of New Zealand by the chairman, Mr Harold Beanchamp. The address was remarkable not merely for its length, but for the variety of subjects dealt with and the scope of the observations. Incidentally it disclosed that the Bank has shared to the full extent in the increased volume of trade and the urofits resulting therefroin. The net profits for the year approached half a million and enabled the dividend to shareholders to repiesent 17}£ per cent on the capital. The socialistic element in the community will no doubt point to these results as evidence of the gains of the capitalists, but they are also evidence of what can be accomplished under favourable circumstances by good management and judicious enterprise devoid of the speculative element. It would be noticed also that the management is not dazzled by these splendid results, for the prevailing note thrDUgbout Mr Beanchamp's address was one of caution, warning against extravagance, and urging the need of greater production. In illustrating his arguments Mr Beauchaaip's speech read more like the financial statement of a State Treasurer than the remarks of a chairman of directors dealing with the balance-sheet of a financial institution, and caused one to desire that our Treasurers would be equally clear and comprehensive when presenting the balance-sheets of the Dominion and indicating the direction operations should follow. The comments on labour and capital, land values, produce markets and trade and the figures supplied relating to exports and imports and the volume of our production were illuminating and moat interesting to all concerned with the welfare of New Zealand. So also were his suggestions for improvement and the remedies advocated for the ills from which the peiple are suffering. He himself summarised them and they will bear repetition till they sink into the understanding of all the people. The remedies he gives primary place are:—(l) The exercise of the strictest economy in public and private expenditure. (2) Honest effort to increase production to the utmost possible extent. (3) Encouragement and development of every class of industry and uncompromising discouragement of all speculation, (-i) Deflation of the world's currencies, which will to a large extent result from the application of the three remedies first mentioned.

THE fact that Mr Fred Pirani is about to retire from Wanganui Education Board deserves more than passing notice. It is unquestionable that for a quarter of a century he has given of his best to the cause of education, and he has also eserci-ed great influence on the work of the Department ou whica we spend a vory large amount of money with the great object of training the ideas of

the young and imparting knowledge that will enable them to iake onr places, even better fitted than we have been to carry on the work of building up a nation. Thereiare many who havo not seen eye to eye with Mr Pirahi in politics, or in some other matters, but it must bo conceded that, so far as edueatioc matters have been concerned, his faults have been far outweighed by his good qualities. He has, indeed, impressed his personality—and it is a otrong one—on education throughout this large district. His industry has been unflagging and his zeal unbounded, and his forcefulness has frequently enabled him to snatch victory from the jaws of defeat. We question if any chairman of a public body in this country ever possessed a more intimate knowledge of details or exhibited greater mastery of the art of securing the object aimed at. He has sometimes startler! by his assurance, but more often has agreeably surprised by his deftness and skill. - "We believe that for long after he retires men will remember the value of the work he has done.

IN a recent issue the Evening Post sketched out what it imagines will be " the policy disclosed in the Governor's Speech at the opening of the new Parliament and this has been accepted as correct by some of our contemporaries. We strongly doubt its accuracy, for if such a policy was followed it would assuredly intensify the evils from 'which the community is suffering, would still more severely penalise the users of land, check oettlement, drive more people from the country into the towns and enormously increase the cost of living. We cannot believe that the Reform Party would endorse such an ill-advised and unsound policy.

IN the opinion of, many Minister Ooates will receive credit for some of his intentions. For instance his determination to finish main lines of railwavs before undertaking new p.chemes will assuredly operate to the benefit of the community and relief of the public purse. His adoption of the contract system on State public works should also result in obtain ing value for money paid and it should also be hailed with satisfaction by all willing workers. It will in one act abolish "the Government stroke" and give the worker a chance to earn more than mere wages.

A Maori boy named Hone Heke, aged 11, who fell into a hot spring at Ohinemutu nine days ago. has died in hospital from fche effects. Q The aeroplane that started from Gisborne to Napier struck engine tronble and had to descend at Waikare.

The Department of Agrioultnre has announced that the 1918 American wheat crop was produced at an average cost of 215 cents per bushel. " Last week's figures show a decrease of 221 cases of infectious diseases compared with previous week. Diphtheria is still prevalent, but chicken pox and influenza are declining. In the Police Court, Dunedin, yesterday, four persons were charged with Sunday trading by selling cigarettes. All were convicted. Two were fined £1 each and costs, and two 10s each and costs. Advice has been received that the ketch Violet, recently sold in Auckland, lias been wrecked in the Haapai group of the Tongan Islands. The vessel sank in twenty fathoms No lives were lost.

The Prince of Wales laid the foundation stone of the future Federal Parliament House on Oapitol Hill, Canberra, the site of the Federal capital, yesterday, and many thousands of people attended the ceremony.

The Chinese Cabinet has deciaed that China will not sign the Turkish Treaty, as she did not declare war against Turkey. Moreover, the Treaty is inconsistent with China's policy regarding the abolition of exterritoriality, iansmuch as it provides a continuation of capitulation. A conference of coalmine owners and the Coal Miners* Federation was held in Wellington yesterday to discuss disputes arising out of inter pretation of the national agreement. There were sis disputes and in three the difficulties were adjusted. In the other three a settlement was not obtained and the parties will meet Mr Massey to-day and discuss the matter further.

Harry Crapp, aged 30, a returned eoldier with four years' service, single, a labourer, committed suicide at Blenheim yesterday by cutting his throat with a razor. He had suffered from ill-health for some time, but appeared normal the night before. His sister, hearing a noise on the verandah, where deceased slept, found him in a pool of blood. He died almost immediately after. While it is not quite correct to state that every Australian infant is born with a silver spoon in its mouth, says the Melbourne Age, it is an undisputed fact that thanks to the Fisher Government every infant born into the world in this great continent of the Commonwealth represents a bank draft for a "fiver," which the Treasury pays out in the shape of a baby bonus. For the eleven months of the present financial year, which ended on 31st May, the Treasury acknowledged 114,549 claims for the baby bonus, and paid out hard cash in coneequence to the extent of £572,745. No doubt in numerous cases the money was urgently needed, and was put to good, use. But£bow many thousands of parents were there who were in sufficiently good circumstances not to require the bonus at all? In five and three-quarter years Australia has spent £4,357,895 in maternity allowances, and most of the money has gone to persons who did not need it. In the circumstances the need exists for some radical amendment of the conditions under which the allowance is paid, ""COLLEGE COATS—Knitted Wool Sports Coats, in navy blue with belt, posted to any address for 3os. —Feilding Clothing Company, Kirnbolton Road.* McGrner's have jnst landed a splendid line of Ladies' Winter Gloves, These gloves are Fleece Lined, very warm and comfortable. Stocked in Grey, Beaver and White. Price is only 3= 6d pair.* Keep warm and cosy every night with a ' ; UNIQUE " British made HOT WATER BO UTLE. Heavily vulcanised seams, can ot leak or burst. On sale every-wherc-. Look for the brand on neck of bottl--.

At Rotorua Magistrate's Court, Oliver Eggintou admitted supplying beer to soldiers under medical treatment, and was fined £s.and 7s costs. The results of the sheep-guessing competition at Rangitikei A. and P. Show have now come to hand. Messrs W Addis and C. Smith, Taihape, and Mr L. Williams, Mataroa, each guessed 641bs, and divide the prize mODey. The actual weight was 64341b5. The Martou Returned Soldiers have strong desire fco show their appreciation of services rendered and kindness shown to them, and it will be noticed that with this object they are inviting all ladies and gentlemen who took part to a dance in the Town Hall, Marton, on Tuesday, 29th June. There will doubtless be very hearty and general response to the invitation. It is hoped that there will be many present at S. Stephen's Schoolroom on Thursday evening to meet the Rev. W. W. Bedwell, who will give a Lantern Lecture on the great growth of missions in Uganda and East Africa, the scene of the j martyred Bishop Hannitgon's flei voted work.*