The Timaru Herald SATURDAY, JANUARY 8, 1938 TIME FOR A “LITTLE HARD THINKING.”

Timaru Herald, Volume CXLIII, Issue 20930, 8 January 1938, Page 10

The Timaru Herald SATURDAY, JANUARY 8, 1938 TIME FOR A “LITTLE HARD THINKING.”

No one who is willing to look plain facts squarely in the face will question the soundness ot the declaration of The Financial News that because the economic position in the Homeland is sufficiently discouraging to warrant the careful attention of the Imperial Government, a “little hard thinking would be fnore valuable than sunshine talk.” The conclusions of the London financial journal are not based on mere impressions or a desire to criticise, but on the plain realisation that some measure of “inactivity” has become associated with important British industries; in other words, to put it plainly, certain phases of the unemployment returns are causing some uneasiness in industrial and financial circles. More than that, the most reliable index of business published in the United States reveals a succession of declines in business, which are causing even the President and his colleagues some moments of anxiety: The Christian Science Monitor index of general business activity recorded during the week ended November 13, one of the sharpest declines of the present recessoin. With substantial losses recorded for all of the components, the index fell to 90.4 on November 13, the lowest level since October, 1936 This compares with 92.6 on November 6, 1937, and 93.5 on November 14 of last year. It is not suggested that the whole economic structure of Great Britain and the United States is in danger of collapsing under the present strain-, but it must be patent even to the most optimistic observer of the march of economic developments, that in many countries—even those boasting endless waves of prosperity—a “little hard thinking,” to quote The Financial News, “would be more valuable than sunshine talk.” As a matter of fact, those who are doing the hard thinking are not slow to warn even the most prosperous people of the danger lurking in a policy that encourages the Government and the people to live right up to the income drawn from a spell of prosperity that may have something of an artificial basis. It is interesting to recall, here, the observations on conditions prevailing in New Zealand recently disclosed in a report issued by the Department of Overseas Trade in London: ■’Evidence of the effects which ’depression’ taxes, in combination with higher wages and shorter hours, have upon the results of banks and merchants is not hard to find. Dairy farmers have complained that they go far toward nullifying the advantages of the guaranteed prices for butter and cheese. “In many circles the view is held that a slower rate of progress would have been more in accordance with sound finance, and that after the period of severe trial faced during the years of depression a process of lightening rather than increasing the burden of taxation would have fostered recuperation and assisted to build up reserves with which to face whatever trials the future may have in store.” Cheery optimism in days of prosperity is, of course, the popular note, on which to discuss national finance, but if the people of New Zealand will bear in mind that the Dominion is spending every week, on a population basis, substantially more borrowed money on public works than Britain is spending on her very necessary record-peace time rearming programme, and this is supplementary to a budget based on record-breaking taxation levies, every thoughtful member of the community will begin to realise the appropriateness of the advice of the London financial journal that “a little hard thinking would be more valuable than sunshine talk.” CELEBRATING EPIPHANY IN TWO COUNTRIES.

In view of the touchiness of the official Italian temper it is not unlikely that the Fascist press will be instructed to denounce the presumptuousness of the British monarch for reviving the centuries-old 'ceremony of associating the Feast of Epiphany with gifts of gold, frankincense and myrrh The service was held, it is interesting to note, in the Chapel Royal at St. James’s Palace. It is, of course, arrogantly thoughtless of the Royal Family to make the revival of this ceremony synchronise with the celebration of Italy’s real Christmas. The Feast of Epiphany is, of course, a festival of the Christian Church in commemoration of the manifestation of Christ to the Gentiles, especially the visit of the Magi to Bethlehem. The ceremony in the Chapel Royal at St. James's Palace, where representatives of the King offered on his Majesty’s behalf gifts associated with the appearance of the Magi, would of course appear almost offensive in unchristian German eyes and repugnant to such anti-Semitic people as the Italians. But it is interesting to recall that Italy’s real Christmas, associated as it is with the mythical fairy godmother Befana, is actually based on a tradition inspired by the gifts the Three Wise Men offered to the Infant Jesus. As a matter of fact the very name of this godmother, is a corruption of Epiphania (Epiphany): According to the popular story Befana was busy cleaning the house when the Three Wise Men of the East passed on their way to offer their treasures to the Infant Saviour, and when called to the window to see them she said she could do so when they returned. The Three Wise Men went home by another way, and Befana has ever since been watching for their return. On th Twelfth Night she goes out to emulate the Wise Men and brings good children toys and sweetmeats, but bad children only find their stockings full of ashes. Befana, is, in fact, a kind of female counterpart of the Wondering Jew and Santa Claus combined. But in one important phase the Italians have departed from the spirit of this age-old folklore; indeed, in the differing character of the gifts offered on behalf of King George within the sanctuary in the Chapel Royal, and those provided this year for the Italian fairy godmother, is symbolised the set of the soul of two' peoples. In the Chapel Royal at St. James’s Palace, associated with a religious service the representatives of the King offered on behalf of his Majesty, gifts of gold, frankincense and myrrh. In Italy a fairy godmother made her annual rounds in a season really associated with the Prince of Peace, and under the inspiration of leaders that have put their trust in the sword, Befana filled the stockings of expectant Italian children will! toys of a military nature!

THE PROBLEM OF THE HOUSING SHORTAGE. Every day, particularly in the cities, produces fresh proof that because of the impracticability of the Government plans for solving the housing problem without the'close co-operation and assistance of private enterprise, some modification of existing legislation will bd forced on Cabinet by the overwhelming logic of circumstances. As a matter of fact the restrictions imposed by the Act make it a risky proposition for an owner, who may wish to regain possession of his house at any future date, to let his house because he may experience difficulties in the way of regaining possession of his own property.