The Waipukurau Press. MONDAY'S WEDNESDAYS, AND FRIDAYS TUESDAY, OCTOBER 28, 1930. ESCAPE FROM DEPRESSION.

Waipukurau Press, Volume XXIV, Issue 125, 28 October 1930, Page 4

The Waipukurau Press. MONDAY'S WEDNESDAYS, AND FRIDAYS TUESDAY, OCTOBER 28, 1930. ESCAPE FROM DEPRESSION.

“My observations and studies have not disturbed my basic conviction that we are proceeding slowly toward a normal economic condition, and will reach it some time within the year 1931,’’ writes Mr John E. Edgerton, president of the National Association of Manufacturers, in the Review of Reviews of America. “The speed of our progress will depend, in my opinion, upon how well we have learned from recent experiences that nations, like individuals, which go on gambling sprees and undertake to accumulate surpluses in unjust ways, and without work, must pay the price in some sort of' unhappy effect. Congresses cannot repeal, statisticians and experts cannot argue away the fundamental lav/ of life that whatsoever is sown is going to be reaped. The only defensible attitude for any accountable citizen to take is that of an optimist, who believes that no one has greater responsibility than he for the betterment of our country’s condition, and that he will make the very best use of all the opportunities he has of which he is capable. The pessimists for the most part are those who are looking beyond themselves for relief from those conditions to which they themselves have contributed either positively on negatively. They are | seeking to fix the blame upon the Government, upon some other persons, places or groups, for their unhappy situations. Those who are busiest trying to earn the rights which they claim have comparatively little to worry about. Those of any class who the trying to collect what they have not earned by their own efforts or to obtain immunity from the responsibilities of life, are those who are doing most of the grumb1 ling.’’ EXCESS IVE TA NATION. Emphasising the wide discrepancy between taxation in. Britain and in other countries, the Westminster Bank Review says that not less than one-fifth of the national income of Great Britain passes through the tax gatherers’ hands 1 every year. “On moral grounds few would question the rightness of the doctrine that a rich man should pay a larger share of his income to the State, by way of taxation, than the poor man. The discrepancy, however, appears now to have become so great as to involve undesirable social effects,” the writer says in conclusion, ‘Speaking very broadly, the more enterprising and successful a business man, the larger the share of the financial recompense of his endeavours he must turn over to the State. Yet at no time has it been more desirable to offer high inducement to enterprise in British in-> dustry. Further, it is from the upper levels of a man’s income that his savings are made. The present system of taxation is drawing heavily on the reservoir of savings from which new industrial capital must eventually be derived. To this extent it is true to say that the State is living to-day, in a significant degree, on its capital. To point out that taxation represents merely a transfer of rescources from one set of citizens to another is not an effective answer to these conclusions. Under present arrangements, speaking in general terms, taxation transfers control over a large, percentage of the national resources from the more to the less enterprising members bf the community, and from those who have it in their power to save on a large scale to those who are able to save much less.”