THE Wairarapa Age MORNING DAILY WEDNESDAY, MARCH 15, 1933. AN AID TO PROSPERITY.

Wairarapa Age, 15 March 1933, Page 4

THE Wairarapa Age MORNING DAILY WEDNESDAY, MARCH 15, 1933. AN AID TO PROSPERITY.

It is proposed to complete the internal debt conversion scheme by March 24 and as the closing date draws near, the volume of applications appears to be increasing apace. Amongst the factors making for the complete success of the conversion which so obviously is desirable, it is not least noteworthy that there has been a slight rise in the market prices of the securities concerned. Plain evidence is thus afforded that investors perceive that the conversion has its necessary place in a comprehensive policy of economic adjustment and moveover that it will help materially to stabilise and safeguard security values. Looking further afield, there is, as the Minister of Finance has said, no doubt that a general reduction of interest will be a most effective step in assisting the country and that the cheapening of money is one essential means of opening the way to recovery.

While there are genuine cases of hardship, in which small investors are entitled to relief, it seems clear that in many instances unwillingness to convert is based on a misapprehension of the facts. Apparently some small investors are troubled by fears that if they agree to convert, their capital will be placed out of their reach, or will be reduced seriously in amount. Just before the session ended, however, the Minister of Finance assured bondholders that their capital was safe. In this, Mr. Coates apepars to have been fully justified. There is, as has been said, every indication at present that the selling values of the converted stocks will be well maintained. Where the conversion operation imposes any hardship on small investors, relief certainly should be given. It seems likely, however, that in most instances the sale of converted stock will represent just as satisfactory a means of recovering capital as would awaiting the maturity of the present issues. It is plainly in the interests of all sections of the population, not least of investors, that the conversion scheme should be carried to full and unqualified success. All will benefit, directly or indirectly, by the adjustment thus made and by the stimulus imparted to the forces of recovery. SELF HELP CLUB. What is implied in the motion passed last evening by the Masterton Self Help Club, imposing some restrictions on membership rights, is not quite clear. It seems desirable that an explicit statement of policy should be made by the executive of the club. /Like any other organisation, the club is, of course entitled to regulate its affairs in a reasonable way, but the limits within which it may legitimately act are affected in an important degree by the fact that it looks to the public for support. Presumably this support is and has been given on the assumption that no distinction will he made between one deserving case of

necessity and another. Hitherto this has been the accepted and declared policy of the iclub. If there is to be any departure from this policy, the fact should be made known. The club, for instance, would greatly alter its standing if it allowed its activities to be influenced by political or sectional prejudices of any kind. The club has done a great deal of good and useful work and it may be hoped that it will continue to build on this excellent record. Any uncertainty arising out of the proceedings at the meeting last evening, however, certainly should be cleared up.