Most journalists are smokers and few journalists are rich. Hence the special inquiry into the price of tobacco, the results of which are given to-day in another column. Frankly, the results are disappoint. ing and' the average reader is lik: ly to feel sceptical as to the reasonableness of the case put forward for present prices. For example, one very favourite brand of pipe tobacco could be bought before the war as low as 40 cents the quarter-pound tin, small money, or at the rate then' prevailing, say a trifle over eight pence. Nowadays the shops make rather a favour of selling two quarter-pound tins for a big dollar, the latter being worth somewhere about 6/6 or more—say 3/4 a quarter pound. Now we are told that a certain leaf procurable only in one small area costs eleven times what it used to do. It would seem conclusive, therefore, that the tobacco mentioned is not made from this leaf but from something very much cheaper. The question is then, what leaf, and how much cheaper? Again, we are told that exchange has not stood at its high level for a sufficient time to make a reduction consonant with soun: t finance. Well, the average value of the tael throughout the year 1919 was 5/7j—say 4/3 for the dollar. Evidently a good deal depends on the meaning of the: words "sound finance." Nobody disputes that costs of production have gone up, but a good many people would like to know in how many cases, speaking generally, there has been any attempt to distribute the extra expense betireen producers and public. Judging by some dividends recently declared, in very few. And some are even profane enough to think that increased costs have been made an excuse for prices increased out of all proportion.
Text read from the printed page and cleaned; old type leaves the occasional error.