The Dominion. SATURDAY, JUNE 29, 1912. FINANCIAL CRITICISM.

Dominion, Volume 5, Issue 1479, 29 June 1912, Page 4

The Dominion. SATURDAY, JUNE 29, 1912. FINANCIAL CRITICISM.

A good deal of nonsense was talked in' the Houso Of Representatives yesterday afternoon on the subject of financial criticism and the credit of the country. Tho member for A warn a who is peculiarly sensitive concerning iiis own financial methods, was mainly responsible for the discussion which took place and his resentment found vent in one of those vague and wordy harangues with which members have grown unpleasantly familiar. AVhilo professing the utmost indifference to criticism Sih Joseph Ward has shown himself bitterly resentful of any opinion adverse to his own and is ever ready to shelter behind the pretext that it is tho credit of tho country that is being attacked and not his own financial _ administration. His behaviour in this respect is quite on a par with hi« offc-ropoafcod twarticm that ho never reads lux DpiU2UQK L

and jet never fyisses an opportunity j of attacking ft »ything ap , r ™ mmd vT la^'^.Wmselfiftd': faslS aWng ,t in his own choice not- \V M-tl 1 i,, ' l,v of any serious attention jut the general question of tho dutv ol members and-oj n re -- s m the matter of financial ciitioism deserves notice. . ; it has boon tho stock cry of the Continuous Minbstrv when hard pressed concerning its administrative methods to, denounce its' crimes as traitors to their country; a ad so on; and in the course: of yes-"ii terdaj's debate ther.e appeared to be a tendency on the part.of sonie me'im bers to accept the viexv that frank and outspoken criticism of tin; financial administration.''of.'i'the country's affairs was prejudicial to the nation. Ihere was a good .deal of. talk on the question of sinking party prejudices and treating; ■financial' issues from a national standpoint; ;ah.d;.ati., one stage there appeared to ba a reeling amongst.. members that &- nance was really a;sacr,ed ;subject:.th'at ; should be discussed with'-bated breath and ;n an atmosphere of. sscrecy niici reserve, There is something to be for the sinking of party inter-, csts, for there is 'n n doubted ly too. much petty party squabbling in our politics; but it is the height Jab surdity to suggest that the credit of the country is going? to; be? strengths oned bv any «attemptHo7iiiMuce/m'em-: bers of Parliament oi th.- pi ess of the country tc lefiain from freely voicing their opinions concerning the: financial administration ;of 'the 'Do ; minioii's affairs. The verv best- guar-' antee that can be afiorded the' British investor that his inWest«sare.-6eing: well cared for is tho .evidence: that; a close watch is being • kept'-, at this end on tho manner in which his money is being expended and on tho policy and administrative methods of thosewho for the time boing control the country's affairs. It is' really i eiy ridiculous to hear members, talking about t]ie credit of the Dominion bedamaged by criticism is Calculated to check the " recklessness. of Ministers; but it is easy to under;; stand why Ministers of . plunging proclivities object to plain speaking concerning their recklessness '■ and 1 extravagance. As. Mr. PnutCL. in his blunt common-sense .way, pointed out, the financial world of Loudon is not guided by the .criticism'of/Min-:. istcnal administration'; it. is' the, actual financial position of the noun-: try as disclosed by the official'. records that affects our credit with the British investor. !ho'':.''seatter-casli.; policy" of the Wardist 'regimii'vi&t'. much more likely to Dominion in tho eyes. of the _ outside investor than the attempts , to. cheek; it by those who realised , the'necessity; for careful expenditure and who saw that the only way of ensuring this was to arouse tho public'to a recognition of the manner in which their; interests were being prejudiced.' So far as wo know no New .'.Zealand critic of any standing, has. evci',"failed to emphasise tho fact that with its enormous natural .resources'the security which this country offers the outside investor is absolutely .assured. It would take a great' many, years of the worst Government con-' ceivable to materially affect tuo value'of that security, but that is no reason why we should put up with bad government. The country , very wisely decided last December, to end the Wardist rcfjimt, and we hope ivery soon to see a complete ' change ..'•"' of Government and a return to sound and cautious methods of finance.' The Liberal party under Ballance began admirably, but gradually drifted into extravagance and waste under; Seddon and Ward. If the credit o r> the country has suffered at all— and we should be glad to believe that it has not—it is because of ; the financial methods of those)in- power--and in no way can it be . said to be-'duo to the efforts of those who have'endeavoured to act as a brake on Ministerial recklessness.