THAT £5,000,000 LOAN.

Dominion, Volume 4, Issue 1023, 12 January 1911, Page 2

THAT £5,000,000 LOAN.

Sir,—.Some little time since our Premier announced the fact that; "the recent flotation of -the above loan in London was a great success, the money having been obtained on exceptionally good terms, and at 3J- per cent." As the Chief Justico of Victoria, in his judgment "Senator Bar- 1 ker versus 'Argus'" laid down the priri-i ciplc "that any man who chose to become, a public man while administering public affairs (whether he- was a Minister of the Crown, a general, or an archbishop) became a servant of the public, and his actions could be discussed- so long as thprc was foundation for , what was said/' I presume I am justified in now comparing our -Premier's, above utterances with your leading artielo in your issue of the GtFi instant. • In the article in question,"you state "thdt the loan was a 'remarkable failure'/' and you give the names of several leading English financial journals, all of. which are reported as having backed up; your .Assertion, while others go so far as to say "the loan was a pronounced fiasco/' The "Standard," again, is reported as, saying that : "the holder'of the -bond for tho period of four years would secure a net yield of M 3s. Gd. per cent..oh his investment," and to this you add 3s. Gd. plus underwriting; costs. statements are correct? The Premier arinqunced that the loan was obtained in London at 3£ per cent.,-not mentioning; the fact that in reality the money was costii® the colony £i 3s. 6d. per centum, plus underwriting costs. Under tho circumstances the public are justified in demanding an explicit explanation, and-,arc not satisfied with th<rf high and mighty mode of * disposing of the question as "absolute rubbish" by a man who, in his present capacity, is "apubHc servant drawing public money." —1 am, etc., LOVER OF ACCURACY.