A NEW LOAN.

Press, Volume L, Issue 14888, 30 January 1914, Page 6

A NEW LOAN.

; No doubt the news that the Govero- [ merit "has gone on the London market fora loan of £4,500,000 will call forth eorne Opposition complaints that the Government is piling up the public debt very seriously. The loan, and the further loan which must bo raised later in the year, will not, however, .increase the national indebtedness, by the amounte actually raised, for they will replace some short-term loans left over as a legacy from the "Liberal" Administrations. In a statement which we print in another column the Prime Minister sets out the situation very clearly. The proceeds of #the greater part of this particular loan will be used for the ordinary purposes of development, and it is very satisfactory that' the accident of the makes it possible to offer it on terms much more favourable than have been obtainable for A long time pas?. The loan, accordthe Press cable message, will be offered at 100J, which is 3} per cent, better than the price of the Victorian loan which was so well received earlier in the month. The loan will be underwritten, of course, so that it will matter little-whether the public applies for it eagerly or not. As a matter of fact, it is not very likely that the ipublic will be so eager to rush a 100 J per cent, flotation as one at 97. 3i all events, New Zealand can congratulate itself that it is to get its money on much better terms than the Victorian loan, which yras in «jme quarters rather hastily held up for a-dmiration at the expeftse of the Reform Government. Mr Massey quotes the issue prices of a number of recent Australasian 4 per cent, loans, and it will bo seen from this list that no Australian Government since June, 1913, has ventured to fix the price of issue at anything higher than 98. New South Wales offered a loan at as low as 96 the other day. Our new loan is for ten years, a period which is sufficiently long to take it out of the category of shorts term gambles, though, perhaps, neither long enough nor short enough to satisfy the Government's critics. It i* evident that the easing of the money market continues apace, and this is none the less satisfactory (at a time when substantial applications for money -are forced upen this country) for that it could not have been expected whea those commitments were made which the present Government must tako up. Perhaps the prospect of cheaper money generally may appeal more to the 1 pub.ic lhan the fact that the Govern-

luent will get this loan at a. good deal cheaper rate than the loans raised in tho last rears of the old regime. * •

The cause of kindness to animals has achieved a striking and quickly won success in London. A couple of months ago, a "turn" provided by some performing bears at a London music-hall gave rise to a series of articles and a number of letters on the training of animals for stage and arena tricks. It was alleged there—and there doss not seem to bs any doubt of the truth of the allegations—that in many cases physical and mental cruelty was inflicted on these animals, both in training and performance. Thp outcome was a conference in London, held just before the last mail left, between representatives of tho S.P.C.A., some musichall and circus proprietors, and a representative of an international association of performers, at which it was decided that in futurv no animal "turn" would be permitted that had not been passed by the S.P.C.A. Every trainer will be required to enter in a book full particulars of his work, and he must permit officials of the S.P.C.A. to inspect his work at any tinu. Animal trainers convicted of cruelty will bo deprived of their license, and have their engagements cancelled, and societies for tho prevention of cruelty to animals all over the world will be notified of their offences. Lovers of animals will be glad to hear that a stop is to be put to practices which are all tho more undesirable because the victims are unable to protect themselves. To New ZeaJanders, who have suffered so much by the work of irresponsible firebrands from oversea, revelations made by Mr J. T. Thomas, M.P., concerning the recent Welsh railway strike aro of considerable interest. It may be remembered that the strike arose out of the dismissal of two drivers for refusing to have anything to do with "black" goods. With both the union and the employers firm against it, tho strike soon collapsed. Mr Thomas, who, as secretary of the Railwaymen's Assopiation, had strongly opposed the strike, stated afterwards that the whole business had been engineered outside the unions. A little enquiry had revealed the interesting fact that tho strike was financed by a Russian dentist who had not been long in the country, and know i»>thing of railway work. From this man's house unauthorised circulars, had been sent to railwaymen throughout the country inviting them to join the strike. die striker admitted that he had had £10 from this Russian, who also appeared to be defraying telegraphic and other expenses. One would like to know whore tho money comes from to enable a Russian dentist to finance strikes in a foreign country. The incident is significant as showing the undisciplined forces working in the Labour world, and the weakening of the unions' authority. General Godley, in addition to writing in the "Army Review" the article on "The Citizen Army of Now Zealand," to which reference is made elsewhere, has also contributed to the "Cavalry Journal" an interesting account of "The New Zealand Mounted Rifles." He explains that the men at present provide their own horses and equipment, but adds that the Dominion was sadly denuded of horses at the time of the South African War; every little farmer now drives a motor-car instead of breeding a hack, or a horse for his buggy; horses are therefore gradually becoming scarce, and the question of breeding remounts will soon have to be faced. General Godley, however, speaks well-of the men. The recruits, he says, are of a good stamp, and their keenness and suitability for mounted work leave nothing to be desired. Their conduct in camp is exemplary. With time and more training of the commissioned and non-commiesioned ranks who, he adds, "are at present tho weak spots' in the' organisation, the existing mounted rifle regiments of New Zealand will be in no way second to the first and best of the New Zealand contingents which did such good service in South Africa." . ' Some interesting light is thrown upon the attitude of organised Labour in Britain towards the Liberal Party by the cable message in to-day's paper recording the very frank complaints niade by delegates to the Labour Conference in Glasgow. The Labour men are beginning to find out "that during the party's association with tho Liberals the sacrifices wore all on the Labour 'side," very much as tho Labour Party here has come to sco that the "Liberal-Labour" alliance was merely an alliance for the maintenance of the "Liberals" in office. Of course it is the duty of a good Liberal at Home to deplore such freethinking amongst Labour men as treachery to the "progressive" cause. But it is after all not unnatural that both in Britain and in New Zealand the Labour Party has begun to think that being true to the "progressive" cause in the way desired by the Liberals is not a very etomach-filling line of conduct. They cannot be called unreasonable for refusing to efface themselves, although no doubt they ought to do so in New Zealand if offici.il • "Liberalism" will accept, in an honest spirit, nineteenths of the Red Fed. policy. On Wednesday last we dealt with a statement by the local Opposition newspaper that the public debt in the first year of the Reform Administration increased by £5,263,811. We said the statement was untrue, because it is untrue. Inaccurate or incorrect would have been a suitable term but for the fact that tho offending journal was corrected for making a similar mis-statement last August. But this is not the only ono. Our contemporary has actually said that wo "would have the public. believe that tho whole of the £4,500,000 loan raised on Juno 7th, 1912, was spent by tho Mackenzie Government, and that Mr Massey'e addition to the debt was a trifle of £1,200,000." This also is simply untrue, for no such suggestion was ever made in these columns. A controversialist who invents • facts that never existed and statements that never were made is not easy ta. get on v/ith. Tho case lor "Liberalism" is bad, but surely it is not sc ba-d as to depend upon a steady stream of fantastic invention. To-day is the anniversary of the execution of Charles i. A writer of iirty years ago remarked that though the day wfiii "very justly no longer celebrated Kith rel ; 2 : cui ceremonies iv England,

one can scarcely on any occasion allow the day to pass. without a feeling of pathetic interest in the subject." If the writer is still alive he will observe that a small but active band keep the memory of "the martyred king" alive. The service appointed by the Established Church for national humiliation on January 30th was abolished by Royal Warrant and afterwards by legislation in 1839. Many clergymen had refused to read it. In some churches in England, and in at least ono Anglican Church in Chrietchurch, services will be held to-day in memory of Charles. Ono of the organisations that helps to preserve his memory is the Chapter of the Memorial of Merit of St. Charles tho Martyr, the memorial medallion of •which is worn by several clergymen, gome noblemen, and other persons. This institution is intended to bo "a substantial memorial to King Charles the Martyr, and a practical token of appreciation to be offered to membors of the English Church for some particular form of service rendered to the Church." The Government are to be congratulated on the wisdom of their choice in having offered the vacant Judgeship of the Supreme Court Bench to Mr Hosking, K.C., of Dunedin, and tho country is equally to bo congratulated on the fact that Mr Hosking has accepted the position. As is shown by tho brief record of his career, published in another column, he has won his way by sheer hard work and devotion to his profession. He has not only a thorough knowledge of law, but a lucid mind, a serenity of disposition, and a soundness of judgment, which together form a fine equipment for the Supreme Court Bench.