NOTES OF THE DAY.

Dominion, Volume 5, Issue 1255, 11 October 1911, Page 4

NOTES OF THE DAY.

What did happen respecting that vote at tho conclusion of the Attor-ney-General's speech at Parnell 1 According to the Press Association, "an amendment was offered, the terms of which were not indicated; but it was declined, and the motion was declared carried on a show of hands." This is vague enough to bear almost any Our morning contemporary, which of course would give the most favourable notice possible, said that "a resolution of thanks and confidence was carried by a big majority on a show of hands, and the announcement was followed by three rousing cheers for Sir John Findlay, repeated for Lady Findlay." The "three rousing cheers" will be received, as they sav of some European telegrams, "with reserve," for the same paper, it will be recollected, invented "hearty cheers for Sir J. G. Ward" in its rcport of Mr. Massey's Palmerston meeting. Our evening contemporary had a special report in which the incident was thus described:— "About three-quarters of the audience abstained from voting on the motion, and, as far as coijld be judged, those who voted were about evenly divided." Most people will fancy that this is probably the truth of the matter. In any event the knight-crrant docs not seem to have obtained the reception that he had set his heart upon. Rapture is evidently not quite the right word to describe the feelings of the meeting.

The Prihe Minister acted wisely in deciding to postpone the passing of his State Note Issue Bill until next session. The proposal is not one to be rushed even by those who favour the principle of the State issuing paper money and selling it to the banks. The details require .very careful consideration in order to provide nocessary_ safeguards. The scheme, as outlined by Silt JosEPn Ward, authorises the issue by the State of notes to the value of £3,000,000, and deprives tho banks of the privilege they at present enjoy of issuing their own notes. That privilege the banks of course pay for, the tax imposed on their note issue being at the rate of 3 per ccnt; and this revenue will be lost to- the country. The Government, however, by selling its notes to the banks, who will have to pay for them in gold, will have the_ handling of a large sum which will ho doubt conic in very useful. For instance, the total value of the aotcs in circulation at

the present time is estimated at £1,000,000. Assuming, although it seems improbable, that the banks purchase from the Government notes to that value to rc"plaee those at present in use, it would mean that the Government would reccivc £1,000,000 in gold. Of this amount they would require to set aside £400,000 as a gold reserve, and the balance would be available for the use of the Stato lending Departments. Sir Joseph Ward stalecl yesterday that it would probably bo used for advances to farmers and workers, which is no doubt a very pleasant bait to hold out to the farmers and workers. This money, of course, will not appear in the public debt, but it is a liability against the Dominion all the same and a liability which will require to be carefully provided against. The_ objection that will probably be raised by most people to the Government's proposal is the fear that whatever safeguards may be provided at the outset in the way of limitation of the note issue and the provision of a satisfactory gold reserve there is aJ' ways the danger of the opportunity afforded a Government to issue paper money being abused. History has much to teach on that point,

There appears to be some prospect that the Parliamentary session may end 1 without any discussion of the proceedings of tho Imperial Conference. . The Prime Minister made a very indefinite statement on the point in the House yesterday. Last session he promised that the House would be allowed to consider the New Zealand proposals, but nothing was done; it is specially incumbent upon him, therefore, to see that an opportunity is afforded this session. There is practically nothing in the result of the Conference's deliberations that the House need object to or will be likely to oppose; but the rejection of the main proposal of the Prime Minister—the establishment of an Imperial- Council—is certainly proper for discussion although Sir Joseph Ward appears not to wish it to be discussed at all. We have enough of purely local politics and to spare; it is more than time that Parlianient began to get into the way of remembering the bigger things. A debate upon the Imperial Council idea might not be of much value as a contribution to the biology of Empire, but it would be instructive in its own way. Moreover, such a discussion is necessary if Parliament does not desire to affirm, by its neglect, that the Imperial policy of New Zealand is a matter that concerns nobody but the Prime Minister of the day. Unless Parliament insists upon discussing the matter, we shall have no choice but to conclude that it regards New Zealand's relation to the Empire as a thing to be arranged and muddled or made ridiculous just as one person thinks fit.

The Otaki electorate has been favoured with a good deal of attention of late by members of tho two political parties as well as by the candidates seeking the support of the electors. It was generally considered a few weeks ago tnat Mr. Field's chances of re-election were very poor indeed, but since the two Opposition candidates have been at loggerheads the supporters of tho Government have Become less despondent. No doubt they arc hoping that the split in the camp of the Opposition will widen sufficiently to cname Mr. Field to squeeze in. In the meantime Mr. Byron Brown is working away with that tireless enthusiasm which he has shown in his previous contests, and Mr. Monckton is proceeding quietly towards the same goal. Both these candidates appear to be fortunate in the possession of staunch admirers, and the danger ahead of the Reform party in this electorate will probably lie at the door of these personal partisans. There is a very large body of electors in the Otaki electorate —a majority of the electors, we believe—who recognise that the Ward Government has outlived its usefulness and that a change is urgently needed. To secure that chango it will be necessary for them to sink their personal predilections as between the two Reform candidates when the pinch comes at the second ballot and vote for whichever of the two is left in. Personal considerations should give way to the larger issue at_ stake. Every effort no doubt will be made to increase any personal antagonism which may exist, and it is just as well that the electors should recognise this and avoid the wiles of the enemy.