The Waikato Independent Incorporating "The Cambridge Gazette." TUESDAY, JUNE 26, 1923. EDITORIAL NOTES

Waikato Independent, Volume XXIII, Issue 3075, 26 June 1923, Page 4

The Waikato Independent Incorporating "The Cambridge Gazette." TUESDAY, JUNE 26, 1923. EDITORIAL NOTES

State Monopolies. In New Zealand tlie State has done such excellent service in the past in the breaking' up of monopolies, and cheapening charges in certain directions, that it may appear to be inconsistent and a retrograde step to advocate the reversion of the policy re State monopolies which appears to be gaining - ground. In certain Departments the Government has undoubtedly done good work. In the Fire Insurance for instance, the State Department undoubtedly tended to cheapen the premiums to a great extent. It may be necessary for the Government to embark in other ventures with the object of breaking up trusts and combines, and to ensure the public getting reasonable treatment. However, there is little reason for. and much to be said against, the Government securing monopolies in many of its enterprises. Signor Mussolini, the Italian Premier, has recently expressed himself strongly on this question of State monopoly, and in a recent speech he used arguments that carry much weight. He said: —‘‘It is mv conviction that the State must renounce its economic functions, especially those of a monopolistic character for which it cannot provide. It is also my conviction that a Government which wants clearly to uplift its own people from the after-war crisis must give free play to private enterprise, and forego any measure of State control or State paternalism. I do not believe that that complex of forces which in industry, agriculture-, commerce, banking, and transport may bo called by the glorious name of ‘capitalism’ is about to end, as for a length of time it was thought it would by several thinkers of the Social extremism. One of the greatest historical experiences which has unfolded itself under our own eves lias clearly demonstrated that all systems of associated economy which avoid free initiative and individual impulse fail more or less piteously in a short lapse of time.”

Cheaper Money <-• i Wanted.

In the course of a speech delivered nt Palmerston North last week, the Hon. W. Nosworthy, Minister for Agriculture, struck the nail on the head when he stated that what was wanted in the country to-dav was “cheaper money, and plenty of it.” New Zealand has immense possibilities as a producing country. It is all very well, however, to talk glibly about increased production, when wo have not the money to do it. There are thousands of farmers in the country to-day, progressive. hard-working, practical men, who could arid would very largely increase, and probably double the output from their farms if they only had sufficient capital to enable them to Improve their farms by clearing, more intensive cultivation. and fertilising. Then, too, the question of the improvement of the strains of stock, be they sheep or cattle, is a most important factor in the productivity of our farms, and here, again, the question of capital is the allimportant one. The Minister for Agriculture was right in saying that as ver we have only “scratched over the surface” of the Dominion .and with the application of scientific enterprise, tillin' can be no doubt that our experts could be enormously increased. Tt is gratifying to know that the Dominion

enjoys a good reputation at Home, and that money is now available at much reduced interest charges This enables the Government to assist very considerably with cheaper money. It is unfortunate that there seems no immediate. prospects of a reduction in the interest charges by the New Zealand bunks, which makes us look to the Government more than over for assistance in this respect, and it is gratifying to know that the farmers in particular are likely to be able to secure much larger advances, and at lower rates of interest, than for a long time past.