You need to register the PNG image handler to be able to load PNG bitmaps. The simplest way to do is to call wxInitAllImageHandlers() function at some point during your application initialization, e.g. in your overridden MyApp::OnInit()
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As for wxEffects
being deprecated, this is just because the book is rather old and quite a few things have changed since then. I strongly recommend you to read the overview of important changes if you are using wxWidgets 3.0. And if you don't, I recommend you even stronger to use it.