The Sun SATURDAY, DECEMBER 4, 1915. OUR NATIONAL RESOURCES.

Sun (Christchurch), Volume II, Issue 568, 4 December 1915, Page 8

The Sun SATURDAY, DECEMBER 4, 1915. OUR NATIONAL RESOURCES.

The Dominion's wealth and the responsibilities that that wealth carries were never more explicity outlined than by Mr Harold Beauchamp yesterday in his presidential address to the shareholders of the Bank of New Zealand. Mr Beauchamp has rightly come by an enviable reputation for clearness of vision and soundness of judgment in financial questions, and for this reason his summing up of the financial situation, which we published yesterday, should be read by all who can take the least interest in the" subject. Mr Beauchamp yesterday stressed two very important points. One was the need for economy on the part of a country like the Dominion, whose treasury was never more flourishing than it is to-day. Another matter, and one of a thoroughly satisfying nature, was concerned with the improvement in our trade, caused by the marked increase in exports and a considerable reduction in our imports. \Ve cannot do better than reproduce the actual figures quoted. Said Mr Beauchamp:— "The trade returns exhibit a marked fluctuation in favour of the Dominion. j For" the vear ended September 30 last, \ the, Exports were .. .. £29,710,000 and the Imports .. .. 19,786,000 Surplus £9,924,000 "The figures compare as fallows with those for the year ended September 30, 1914: Exports—September 30, 1914 .. £23,759,000 Exports-September 30, 1915 .. 29,710,000 Increase £5,951,000 Imports—September 30, 1914 .. £21,057,000 Imports—September 30, 1915 .. 19,786,000 Doorcase £1,271,000 These figures represent, as Mr Beauchamp pointed out, a net improvement of our financial position during the year of £7,220,000. At the same time the warning which accompanies this flattering little bal-ance-sheet—that provision must be made in times of abnormal prices against the time when prices fall below the normal —is well timed, and cannot be too strongly emphasised. After the war is over and the European nations return from the battleground to take up the work of repairing their shattered fortunes, we shall find our erstwhile eager and voracious customers on the edge of bankruptcy, if not altogether bankrupt. For some years after peace is concluded it is inevitable that a pronounced reaction, resulting in abnormally low prices, will be experienced, and it is for New-Zealand to heed the warning now, when gold is simply pouring into her coffers. This! is. a matter not only for the Government, but for every citizen who > can vision the lean years that await j the world. The policy of leaving the morrow to take care of itself is a dangerous one in the present circumstances. We are a rich and nourishing people now, but when, in days to come, Europe is undergoing a process of rehabilitation, we in New Zealand will suffer a financial shock in sympathy, and that connotes general depression and economic and industrial hardship. Hence the ! need for "community thrift." Apart < from the question of providing for ' the future, the war is yet to be won. i In the matter of men and foodstuffs 1 the Dominion has done nobly, and, : in common with the sister Dominions, has been of signal assistance to the Mother Country. We do not < know how long the struggle for supremacy will last, but we should j know that Britain and her depen- j dencies may at last be called upon to < spend the traditional last shilling in compassing- the downfall of Ger- ,

many. There must be, as Mr Beauchamp so straightly urges, no extravagance. Our national resources must be rigorously conserved. The German people have shown the world what is possible in this direction, and we may yet be forced lo follow this striking example of selfsacrifice.