TWENTY POINTS.

Waikato Times, Volume 111, Issue 18524, 2 January 1932, Page 5

TWENTY POINTS.

BY LORD BLEDISLOE. NEED FOR THOUGHT AND ACTION. TO AID REHABILITATION. “Civilisation, and its development through the medium of commercial prosperity, aro threatened to-day as never before in tho history of the world. Times and conditions have changed with startling rapidity since the Great War, and we must all change our outlook and conceptions correspondingly, or ho ranked as contributors to irremediable world decadence. “Never was there greater need for serious thinking, cautious yet courageous action, or selfless patriotism among the world’s statesmen and its leaders of Industry, commerce and finance.

“Optimism can only flow' from a full realisation on the part of the whole community of the necessity for an entirely new orientation of view and the determination of Its leaders in every sphere of national activity to contribute their quota seriously, bon* cslly, and constructively to tho process of pacific reconstruction. Let none of us, like Nero, by careless Indifference, untimely levity, or deliberate myopia, be guilty of fiddling while Rome Is burning. "llow, It may lie asked, Is the world to regain Its economic equilibrium and those engaged In trade and- Industry that sense of security and confidence which Is essential to enterprise, and consequently to the maintenance, and progress of civilisation? To tills question many and conflicting will he the answers of perfectly honest men of sound Judgment and ripe experience. No sane mortal amid the present world economic weßer would claim to be pontifical on such a subject. I submit, however, that amons other opinions which arc dally gaining adherents amongst thoughtful and experienced persons, whose views on political, social, and religious questions are widely different, the following are worthy of scripus consideration : (I.) Simplicity of living, thrift, and love of conscientious work —characteristics which made In the past for the greatness of the British race—must once more permeate every class of the community. (ii.) Any national habit or national policy which is destructive of thrift must he discouraged as Inimical to the public welfare. (iii.) The drifting of population to the towns must by various means be effectively checked. The hulk of the world's present difficulties are due, directly or indirectly, to divorce from the land and its simple strenuous life. (iv.) The institutional support of physical and menial defectives of every highly civilised nation is becoming too heavy a financial 'burden to place upon flic backs of Ihe nation's workers. To prevent the multiplication, rather than ito attempt the cure, of (lie unfit should lm the aim of every civilised State. War Dobts Quostlon. (v.) Unless the world is to become

bankrupt and self-respeoting nation? reduced to a condition of economic serfdom threatening the world’s future peace, international war debts are bound to be materially reduced or wiped out altogether. (vl.) ’Unless gold is available In much larger quantities than it la at present and circulated more freely as the medium of commodity exchange It Is bound to give place to another standard of value or else to share that standard with silver or some other metal.

(vii.) The banking system of the world, which has served its monetary requirements admirably while Britain, to her credit, remained unchallengcably the financial and commercial hub of the universo and economic Internationalism was less dominant, Is bound to undergo some modification to meet altered conditions.

(viil.) The expansion of publlo philanthropy and even of commendable public social enterprises which constitute an ever-increasing burden upon Industry must be retarded until tho profits of industry provide the means and justification of their further development.

(ix.) A drift into publio indebtedness except for demonstrably reproductive purposes must be rigidly and courageously stemmed. (x.) As wild speculation in real property is inimical to the public interest and arrests national development, steps should be taken to prevent its recurrence with returning prosperity. (xi.) In a new and isolated country like New Zealand, dependent for Its economic existence upon the profitable export of its primary products, the much-needed Increase of its population can only safely be effected by the settlement under suitablo conditions of more persons on tho land, and their due training, equipment, and commercial organisation to ensure their vocational stability. The growing intensification of husbandry justifies from an economic standpoint the greater subdivision of fertile land.

Sclcnco and Agriculture.

(xii.) As the value of land products, allowing for periodical fluctuations, Is not likely in future to rise appreciably above pre-war levels, it is imperative for primary producers to look for their econom’c salvation to reduced costs of production rather than to the enhanced prices of their output. (xli.a) Science Is destined to govern agriculture and other industries to an ever-increasing degree, and competitive success will depend upon its frank recognition and the prudent adoption of its teachings. (xiii.) Steady prices are better both for trade and for prudent public policy than alternating booms and slumps. (xiv.) Uneconomic secondary Industries buttressed by abnormally high fiscal protection arc calculated to put an undue burden upon other Industries and to reduce the purchasing power of ttie whole population. (xv.) In face of mass production of other countries, the multiplication of relatively small-scale industries of the same type witli no mutual rationalisation and augmenting their overhead costs with excessive variety of output may prow in the future, however well conducted, diflleult to Justify in tho public, interest. \xvl.) Close and friendly assocli-

tion and sympathy between primary producers, tbe -manufacturers of their products, and their distributors Is essential to the prosperity of all three classes and -to a full measure of custom and confidence on the part of the general public. (xvil.) Rapid turnover at a small margin of profit Is more conducive both to trade prosperity and to popular contentment than a sluggish turnover at a higher individual margin with an accumulation of stale and ultimately unsaleable stocks. Llyo Within our Moans.

(xvlll.) The allowance of long credit is apt to demoralise both -trader and customer and to enhance the cost of essential commodities to the disadvantage of -the poorer classes of tiic community. (xix.) The sale of tho output of a country's factories, If the quality, description, and price are satisfactory to -tho purchaser, deserve all encouragement, as tending to stimulato local industry and prevent unemployment, but failing the fulfilment of these conditions it is of paramount importance, if money is to have its full purchasing value and international exchange Is to operate to the advantage of the local community, to / afford trade preference -to the products of those countries which are tho best customers for the products of your own. (xx.) Publlo opinion should, while encouraging healthy, athletic achievement, foster among the youth, of the nation a lovo of work rather than of pleasure. No mere pleasure-lot big or work-shy nation can ever aclilese greatness, and a nation which lias become great through hard, honest work xvlll inevitably lose its greatness in proportion to its disinclination for work or Its endeavour to short-cir-cuit (lie only sure path to prosperity and happiness. “There is no country more richi> endowed than New Zealand in respect of Its climate, Us people, and ite Press. If it will but live within its means and preserve harmony within Us borders, its trade and commerce and the happiness and contentment of its inhabitants aro assured.” (Notes of an address delivered by His Excellency the Governor-General, Lord Bledisloe, which appeared in tho N.Z. Financial Times.) KEEP UP WITH THE “FINANCIAL TIMES." In financial times like these you need the "N.Z. Financial Times New Zealand’s financial monthly. Learn tho real truth about the slump. The Thames Borough Council has borrowed 200 per cent of its assets. Many other matters of public Interest to New Zealand shareholders arc in the November issue of the “N.Z. Financial Times,” which Is not sold anywhere. It can be obtained, post free, for ttie modest subscription of only one guinea per annum. Order through your stationer, or xvrito direct, enclosing subscription and giving full postal address to —The N.Z. Financial Times, Wellington.