IN his chancellor's address to the University of New Zealand, Dr. J. Macmillan Brown emphasised the contribution of education to recovery from the periodic economic and financial depressions in the assistance it gives to the growing mind to understand the methods and efforts of the past. Youth must be trained to know the data of the situation before it is stirred to investigate and learn the full terms of the problem before attempting its solution. Accordingly, education, and especially advanced education, should be the last element in a civilised community to be submitted to the axe of economy in meeting the want and suffering associated with a depression, and the pruning of educational resources in New Zealand and elsewhere is a definite setback to recovery. The two essentials in the recovery of a community from depression are the broadening and deepening of the intelligence of the mass so as to enable them to learn the lesson of thrift and foresight, and highly developed leaders capable of seeing far into the darkness of the future and leading their fellows to the highest practical goal. The selection and training of the intellectual leaders is the more important for advance in research, and a large proportion of exceptional material is left undeveloped in the absence of scholarships to select and carry it through its course.