NOTES OP THE DAY.

Dominion, Volume 6, Issue 1796, 8 July 1913, Page 4

NOTES OP THE DAY.

Since ho joined the ranks of the Labour party Mr. G. Fowlds would seem to have bccoine quite as reckless in his utterances and methods _as his new associates. The resolution concerning the Bank of New Zealand, of which ho has given notice at the Unity Congress, would do justice to tho wildest and most irresponsible of the Ilcd Flag brigade.

That this conference, it roads, expresses its surprise at the audacious proposals being put forward on behalf of the shareholders of the Bank of New Zealand, and it warns the Government and the Bank shareholders that any arrangement that may be made between them which- fails to conserve to the State a full half of tho future earnings of the Bank will not bo recognised by tho Labour Government when it assumes office.

Me. Fowlds must know .that such a resolution, if taken seriously, is calculated to do great injury to the Dominion. What is the financial world likely to think of a country in which there is a political party which threatens openly confiscatory measures against private property; and repudiation of the contracts entered into with financial institutions by Governments which have preceded it? Fortunately the probability is that most people who read the. resolution will treat it Els the wild threat •of an irresponsible LabourSocialist; but coming as it does from an ex-Cabinet Minister, it may be taken seriously and do tho country much injury. It would almost seem that "Comrade" Fowlds, feeling his position with his new-found associates insecure, had determined on tho extreme course which ho has now taken as a means of assuring them of his readiness to the full length of the Labour-Socialist policy regardless of consequences. Should the Congress treat the resolution seriously, it will further strengthen the hands of shareholders in asking that tho Bank shall be removed completely beyond the reach of political influence. The prospect of tho LabourSooialists securing office appears very remote, especially under the leadership of those who at present dominate the party; but it is very unpleasant to contemplate the possibilities of what might happen to such an institution as tho Bank of New Zealand should that party ever have a majority in Parliament and possess the power to nominate a majority on the Board of Directors.

Whatever may be Baid concerning carelessness and lack of foresight on tho part of tho local bodies which nowifind themselves committed to the huge capital cost of £100,000 for the Hutt Road construction, it is very plain that thoy never, at any stage during the progress of the work, anticipated being placed under bo heavy a. burden. There is not the least doubt that at tho outset of this undertaking they were led to believe that the cost of the whole road and railway scheme would at' tho very outside be no more than is now debited against tho road alone. Sin Joseph Ward, with that optimism which has landed him in so many difficulties, painted the rosiest of pictures as to the cost' of the work, and the local bodies no doubt followed tho lead he set them. In moving the second reading of the Bill to authorise the railway ; and road improvement ho stated in t ; ho plainest possible terms that tho total cost of railway and road would not exceed £100,000.

The total amount of tho authority we ask for, he said, [Hansard 127, p. GS3I is .£IOO,OOO. The reclamation of tho land and tho disposal of same will make up the balance, and I would not be surprised to find, after it is finally completed, that the cost to the colony will bo practically nothing on aocount of the proceeds from the sale of the land reclaimed.

The local bodies were unquestionably influenced by these sanguine anticipations, and so placed themselves unreservedly in the hands of the Government. Probably they were unwiso in not specifically fixing a limit to their liability, but they were guided by tho Government's estimate of tie cost and apparently saw no ground for taking this precaution. That they have a strong claim to consideration from the Government is beyond question. The cxcessivo cost to which they are now committed—more than three times the amount they anticipated at the very worst —will cripplc 'sonic of them so seriously that it would be unwise, apart from all other considerations, for the Government to press the full claim against them. Moreover, there is the fact that tho road is a main arterial road—a point which has not been sufficiently emphasised there is therefore reasonable ground for expecting that the Government should bear a share of its cost. The Minister for Railways held out some hope to the deputation which waited on him yesterday. His colleagues, we trust, will authorise him to relievo the local bodies concerned of a very substantial part of the crushing burden which' they have so unexpectedly found themselves committed to.

The death of Mr. J. C. Williamson removes a figure which has been a remarkable ono in the theatrical history of Australasia. An American by birth, Mr. Williamson became an Australian citizen in the 'seventies, since when he has been a dominating influence in all matters affecting the stage. As a manager he was ever respected for his unswerving probity and high ideals. Whether it was opera, comedy, or the drama lie endeavoured to give the play-going public the best in his power, the result being the uniformly high standard which has made the label "J. C'. Williamson" of value in the land-