Section F. 

 (economic and social science.) 



Pbbsident of the Section — The Hon. G. W. Cotton, M.L.C, So«th 



Australia. 



ADDEESS BY THE PRESIDENT. 



A State Bank of Issue the only Solution of the Doviestic- 

 currencij Question. 



That I decidedly recognise the high honour conferred upon 

 uie by the Australasian Association for the Advancement of 

 Science by appointing me President of this Section F, is testified 

 by my travelling two thousand miles to take part in the pro- 

 ceedings of this meeting in New Zealand. That the subject I 

 have taken would be acceptable I was glad to be assured by 

 Professor Hutton when he so courteously acknowledged my 

 acceptance of the position assigned to me early in last year. 

 I have done my best to make the study as simple as possible, 

 that the general public who are most affected by the want of a 

 State bank of issue should to some extent understand the 

 practical bearing of this most important economic question. 

 The very able and conscientious gentleman who last year 

 filled the chair that I am called upon to occupy to-day closed 

 his presidential address with the following deeply-significant 

 words : " Popular favour is a terrible task-mistress, for she 

 refuses bread to those who fail to work her pleasure : but the 

 evil time draws too near for delusive teaching. It is now 

 necessary that those who see the rocks ahead should speak out 

 faithfully." Most of us have heard of the "rocks ahead " re- 

 ferred to by the late Mr. W. E. Gregg, but Mr. Johnston was 

 more far-seeing in his treatment of his subject than Mr. Gregg. 

 In dealing with the very difficult but eminently practical subject 

 that I have chosen, I do not propose to defend "pleasant delu- 

 sions," upheld, as the well-known Mr. Matthew Macfie alleges, 

 by reason of the "credulity and ignorance "of the public mind 

 on the little-studied subject of finance. It was announced the 

 other day that on the 20th November a meeting would be 



