The Dominion. FRIDAY, OCTOBER 9, 1914. FINANCE AND WARDISM

Dominion, Volume 8, Issue 2276, 9 October 1914, Page 4

The Dominion. FRIDAY, OCTOBER 9, 1914. FINANCE AND WARDISM

It was unfortunate for the Opposition that the member for Avon should have been indiscreet enough a few evenings ago to l raise the question of recent borrowing. There are few subjects on which the Wardists appear to less, advantage than their makeshift financial methods, including their dangerous policy of short-dated loans. Short-dated loans are very pleasant things for the gentlemen in London who draw commission's from our constant appeals to their-good offices, but they are liable to place tho country at a disadvantage, and to prove a very costly business in time of emergency. It is at a time like the present that this is brought home to the community and the evil of this vicious system is fully realised. The Massey Government 'was left a legacy -of muddled finance by its predecessors, which happily it had managed to straighten out as completely as was possible before the outbreak of the present war. The funds of the_ great State, lending departments which had been depleted by Wardist methods, and embarrassed by the heavy obligations incurred, have been greatly strengthened, and tho major portion of the millions of short-dated loan repayments which havo.fallen duo during the past two years have been satisfactorily met; "but there still remains a substantial sum in the way of short-dated loan money which requires to be paid off. As was to be expected, the outbreak of the war and tho consequent jump in the price of money rendered it extremely difficult to secure a renewal of any loans falling due, except at a. very heavy price, and in the case oi at least one of our short-dated loans it was found impossible to obtain a renewal at all. Fortunately the Government has been able to raise tho money elsewhere, but the experience should prove a warning to the country against the hand-to-mouth methods which grew up under the Ward Government, and which in course, of time would certainly have landed the country in a very unenviable position. One of the supporters of Wardism has been asking why the Massey Government could not go on securing the renewal of loans just as the Ward Government used to do. This is a quite characteristically dishonest attempt to create the impression that it is just as easy to-day, with Europe at war and the money markets of the world_ dislocated, to raise money as it is in normal times. No one is likely to be misled by such transparent dishonesty; but it serves to illustrate very well tho unscrupulous nature of the attacks which are ' being v directed against tho Government by a section of its opponents. Even at a time like the present, they cannot fight fairly, but descend to such mean depths of misrepresentation in tan unworthy endeavour to serve their purpose. It is satisfactory 'to .know that, thanks to the care and judgment exercised by the Minister of Finance and tho Minister of Public Works, during tho period preceding the war, our financial position is such that we can view the futuro with equanimity. It will bo recalled that in 1908, at the first sign of financial stringency in the money markets of the world, the Ward Government was filled with panic. It knew its' own weakness and its lack of financial prescience, and in its alarm it embarked,on a course which not .Only exposed its past incompetence and neglect of duty, but added to the goneral embarrassment ' of the community. Scores of Public Servants were dismissed from their positions; expenditure was curtailed in all directions, excepting in Ministers' own salaries, and there were thousands of unemployed throughout the country. That was how' the Ward Government met a passing emergency. Today, in the greatest crisis of the Empire's history, with the •finances of the whole world dislocated, tho Massey Government has faced an unparalleled' situation with calm courage and quiet confidence. There has been no dismissal of Public Servants; no closing down on public works expenditure; no panicky decisions to disturb and unsettle all classes of the community. It is well that these things should not be forgotten. We have seen the Ward Government in an emergency, and we have seen tho Massey Govern-

ment in an emergency last year and' in a great national crisis this year; and the public can judge for themselves which has acquitted itself with the greatest credit. In the piping times of peace, with everything in his favour, money plentful, the country prosperous, an overwhelming majority in Parliament to support him, Sik Joseph. Ward proved himself a weak leader, incapable of holding his party together, with nothing Better to offer the country than a policy of wild promises <and highsounding professions which could begiiilo none butthe most ignorant In these sterner times, when strength of purpose and practical statesmanship are still more urgently called for in the Government of the day, it is more than ever desirable that his activities should be continued in the sphere he now occupies as Leader of the Opposition, where words are looked for rather than deeds.