NOTES OF THE DAY.

Dominion, Volume 5, Issue 1327, 3 January 1912, Page 4

NOTES OF THE DAY.

A London cable message published yesterday stated that the Economist estimates the capital applications for the year 1911 at £191,759,400, the following being given as the principal heads: United Kingdom, £26,145,900; Australia, £3,332,900; Canada, £41,214,700; Argentina, £16,676,900; Brazil, £19,210,600; United States, £21,314,300. Taking these figures as correct, there has been a .remarkable drop from the figures for 1910, when the capital applications totalled £267,439,100. This in its turn was an enormous increase on the 1909 figures. The totals since 1904 havo been: X wot 123,019,000 1005 167,187,400 190G 120,173,200 1807 1ii,G30,000 1008 192,20»,700 100!) 182,356,800 I'JIO 267,13!), 100 The Economist's figures do not pretend to represent tho full sum of money raised in shares or by loans in London and the United Kingdom, or the amount of cash that has changed hands between borrower and lender. They show, as the Economist is always careful to explain, nothing but the amount applied for by prospectus in the English market, the sums put into new companies publicly advertised, or included in the official Stock Exchange record of new issues aud increases of capital. The total includes British, colonial, and foreign Government loans, which in 1910 made up nearly £.80,000,000 of. the total of £267,430,100. A notable feature of Uic 1911 figurcfi, as givon in the table messages,.* is the continued i?rc-

emineuce of Canada as a field for the investment of* British capital: despite the decrease in the aggregate total the Canadian investments show an increase from about £37,000,000 to over £41.000,000. It would be useful to have the figures showing the amount of new private British capital subscribed for investment in industries in each of the British Dominions. We fancy that New Zealand's total would be extremely small.

It is to be hoped that nobody here will take too seriously the declarations of many of the German newspapers that Britain is "preparing for war" with Germany. There is positively no reason why any sane man should fancy that Britain is "preparing for," i.e., contemplating, a declaration of war upon anybody. All that she is doing, or will do, is to take care that she is not unprepared should war be forced upon her, as it is unfortunately as certain as anything can be must be the case sooner or later. For the present the danger 'of war has passed, and the alarm of the German newspapers is partly the result of their New Year broodings upon the exciting November discussions, which, as we mentioned yesterday, filled the London newspapers now coming to hand, and partly the result of calculations upon the elections just about to be held. ' Although a broad line can be run through the welter of the German political groups that shall place the and retrenchment party on one side and the war ■And big-navy party on the other, yet every party in Germany has to be Anglophobc, since Anglophobia, to most German voters, is just now an essential ingredient of patriotism. As the Berlin correspondent of the Westminster Gazelle observed, writing on November 21, it will not be possible, until after the elections, which take place this month, "to judge how much lasting substance there is in the movement against England, and how much is merely good tactics." Captain Faber's speech, which fired the magazine of excited and explosive discussion in November, will at anyrate have had the good effect of making British public opinion more anxiously alive than ever to the need for as much readiness as power in the Navy.

The Washington correspondent of the London Morninc/ Post telegraphed the other day that "in the annual report of the Smithsonian Institute just made public, Professor Thomas C. Ciluibfxlin, geologist of the Peary Relief Expedition of 189.1, former President of the University of Wisconsin, and one of America's greatest geologists, says that the earth will remain intact and habitable for tens of millions of years." If it is from an advance copy of this report that the Piusiu Minister has concluded that he need not hurry about announcing his intentions, we /eel bound.to tell him ibat his conclusion is erroneous. There are oilier things that will not last for tens of millions of years. The public's patience is one of them.

The letter on the political'situation from Mβ. Atmohe, the nowlyelecled member for Nelson, which we publish to-day may bo taken to embody the views of an Independent member. With the greater part of Ins letter we arc in- entire agreement. It indeed voices what we have been urging upon the public for a. very long time, and what, wo arc pleased to think the bulk of the people now endorse. Mr.. Anionic, for instance,- says he believes it has been clearly shown "that the people revolted against the Government on the extreme party lines on which it, ■has been conducted during the last few years when party interests have invariably been-considered of greater importance, than public welfare." This of course is simple truth. The interests, of the party, and more especially the interests of the leaders of the party, have always been the first consideration of the AYard Administration. Then again Mr. Atiioee very truly remarks: "The people are now of opinion that it is high time Parliamentary control was re-established in New Zealand to supersede the very absurd autocracy which has controlled this alleged democracy of ours." And again: "In brief it may almost bo said that the Government legislated for the people but administered for themselves." Mr. Atmork in this pithy sentence has summed up the Ward Administration very accurately. He is not quite correct in his statement that the Government have legislated for the people, because they have not. They have passed some useful legislation, but their chief concern has been to pass legislation which will win them votes regardless of its after-effect on the people. It is not necessary to follow Mr. Atmoke's estimate of the political situation further. He has analysed the position with a good deal of shrewdness and the case he makes out against the present Administration is utterly damning from all points of view. Yet curiously enough we find Ministerialists classing him in their estimates of the strength' of parties as a supporter of the. Government. Mr. Atmoee says ho places principle above party, in which case it is difficult to see how he can possibly support a set of politicians whom he so justly condemns for having invariably placed party interests above all other considerations—even the welfare of the people whose interests they are sworn to serve.

The victory .of the Australasian tennis team over the American challengers for the Davis Cup must be very gratifying to New Zcalandcrs. Although on the present occasion the Dominion has no representative in the team, a New Zealander, Wilding, shared in tho honour of bringing the world's tennis championship to Australasia, and would certainly have been selected as one of those to defend the title had his services been available on the present occasion. Unfortunately he could not spare the lime to make- the trip. Australia, however, provided- worthy substitutes in Heath and Dbnlop, and with their champion fellow-countryman, Brookes, they have triumphed over the strongest team that has yet been pitted against tho colonials. It is to be regretted that Lakn'ed, the American champion, was not in his best form, but that is the fortune of war. The American team is a very formidable one and it was generally oxpectpd that in the absence of Wilding they would carry away with them the coveted trophy. Brookes was fully expected to hold his own against them, but doubts were felt concerning the other members of the Australasian team. It is so much the more to their credit that they have pulled through so brilliantly, winning the first three contests outright and thus making certain of the. Cup and the Championship. Australasia, has produced so many world champions—rowing,

swimming, billiards, football, cricket:, boxing, running, lawn tennis— that it has coino to be regarded as cjuiln the natural thing that our small population should 'hold its own with the rest of the world in the matter of sport and athletics. Yet it is a quite astonishing record and in its way a, tribute to the stamp ol men the colonies produce.