NOTES OF THE DAY.

Dominion, Volume 6, Issue 1696, 12 March 1913, Page 6

NOTES OF THE DAY.

The current London wool sales, so far as they have gone, been excellent; that is to say, prices have been well maintained for good wools, but faulty and wasty descriptions arc slightly easier. Wool has been a remarkably good asset this season, and those who have marketed their wool have done exceedingly well. Growers must riot be ■ disappointed if, before the current sales end, values show a downward tendency. To many this will appear a somewhat wild forecast, but to those who follow the trend of the money market it will not seem improbable. A glance at a few of the facts may be of interest. The Bank <of England minimum discount rate has stood at 5 per cent for nearly five months, or to be more exact it has held for 146 days, which is an exceptionally long period and a record for this rate for very many years. In normal times the rate is generally reduo;d early in the new year, and probably there would haye been a reduction but for the extraordinary conditions that have'-prevail-ed. Just when money should become cheap, enormous outlays on armies and navies are announced. Germany is to spend £50,000,000, of which about £10,000,000 is recurring; France is to spend £22,000,000, and Japan is contemplating an expenditure of £36,500,000. Kussia, Austria, Italy; and Belgium are also spending freely, and presently the Balkan States will bo wanting money. Tn national policy Barracks and Big Guns take precedence of .trade, and so the money market will be depleted or made very stringent to finance* the defence expenditures announced, and trijde must in consequence suffer. Germany is reported to be suffering from a gold famine, and this scarcity of gold will react on the trade, commerce, and industries of the country. The whole of Europe is affected by the new situation that has arisen, and a set-back to trade seems inevitable. A rise in the monetary rates and a slackening of the industrial activity which has been a marked feature for many months past are possibilities which cannot be ignored, and if they result New Zealand products marketed in London mtist suffer.

In another column we print an interview which a'representative of the London Morning Fost had with 'the Hon. James Allen, and there is one point in ib to which we would call attention, especially in view of the fact that his visit to London is given special mention, in connection with Imperial defence, in the King's Speech. We refer to s his observation upon the proposal that the Dominions might be represented by Cabinet Ministers on the Committee of Imperial Defence. In dealing with this proposal the other day (in correction of the Hasty idea of a few critics that a recent Colonial Office dispatch had broken new ground and that .Hit. Massey had been very wrong in "suppressing" it) we deprecated the idea of a big, sudden, "forward" move, mainly on broad constitutional grounds. Mn. Allen has his own doubts about the wisdom of keeping a Ministerial representative on the Defence Committee, and he bases his doubts on practical grounds. "Tho 'proposal," he said, "has a practical value in the case of Canada, because Canadians arc sufficiently near to.England to make frequent consultations practicable. But I cannot see in what way New Zealand can take advantage of the Imperial Government's offer with advantage." He pointed out that adequate representation would require the attendance of a Minister, which would mean that such a Minister would possibly get out of touch with his colleagues. Finally he urged that, as the _ Committee was after all only advisory, frequent consultations would serve all present purposes. This is very good sense.:

Tiie other day the public of this country and not a few newspapers were feeling grateful to Judge Ed,wards for his free resort to the lash as an actual, and not a merely theoretically correct, treatment of certain horrible criminals. If Judge Edwards were a London Judge he would have tho Radical pack after him, if we are to judge from the ferocity with which tho Daily News has assailed a Judge, who, at the Old Bailey, said very bluntly that some Judges shranl? from ordering flogging when it should be ordered. This Radical journal taunted the Judge with a lack of courage, in his turn, in not himself carrying out his sentences. "Why," it asked—and we tire ready to believe that a great section of the Daily Xews's public

regarded this fatuous question as a final argument—"why should Judge Kentoul leave to a common warder the glory of the valour of wielding the lash Such a question requires no attention, but for those who are curious iu such matters some other parts of the article may be noted. Intended as strong arguments against severe punishments, they arc entirely conclusive arguments in favour of unsentimental justice and adequate severity. We are warned against "the corrupting of the mind by all cruel and barbarous punishments"—as if our ■ criminal codc would lead to a purification of the public mind if it provided that murderers and ravisiters should be coddled and even specially pensioned. Then there is "tho peril to justice arising from tho separation between sentence and punishment" ! A Judge, that is to say, cannot deal out justice because he sits apart from tho place of punishment! There could be 110 more naked plea than; this for the permanent security of; criminals. If Judge Edwards had to flog the criminals, hang the murderers, mind the gaols, drill the convicts, capture the escapees, ■ and all the other duties in the enforcement of criminal law, and if all the other Judges had to do the same, there would certainly be few sentences passed, $.nd this is the Radical view, apparently, of what is an ideal state of affairs.