NOTES OF THE DAY

Dominion, Volume 8, Issue 2448, 29 April 1915, Page 4

NOTES OF THE DAY

The loan floated by tho Victorian Government in the London market has been over-Bubscribod._ There is some doubt as to the amount of the loan. "When first announced it was stated to be a million sterling, later it was said the total was two millions and a quarter, and now with the successful flotation the amount is again said to be a million. Whether the smaller or the larger sum, the amount sought has been' over-Bub-soribed. The loan carried interest at per cent., and was issued at par, that is to say, bidders could not bid less than f 100 for every £100 bond. The loan is redeemable between 1920 and 1825, but the option is given to convert into inscribed stock. According to a message appearing to-day, there were 3120 applicants for tie bonds, and the total applications amounted to £3,830,000 t or an average of a little over £1000 per applicant. ' It is obvious that .the small investor has been attracted, and this seems likely, for the rate of interest, 41 por cent., is the highest offered for such a security since the war oomnionced. This loan is for the domestic needs of Victoria, and had to pass the censorship of the Treasury Committee. Had it been a loan for war purposes the amount would have'been raised by the Imperial Government as part of their war issues., The fact that there were no fewer than 3120 applicants is evidence that the small investor is ready and willing to buy the securities of the Overseas Dominions.

Loud Kitchener's speech in the House of Lords, which appears in our cable columns, forms one of the most damning indictments yet formulated against the barbarous treatment of British prisoners in Germany. Evidence has been accumulating from all sides that many officers and soldiers alike have been and aYe being treated with brutal cruelty. Whether or not the intervention of the American Ambassador may bring about some amelioration it is impossible to sav, but it may. bo taken for granted that when fcho time for settlement arrives condign 'punishment will follow. Very different is the attitude of the British Government towards German prisoners. Questioned in tho House of Commons the other day, Mr. Tennant, on behalf of-the Government, stated that Donington Hall had been adapted for the reception of German officers at a cost of £8800, and that it was on the scale of a sergeant's mess. According to j, the London Daily Telegraph s Parliamentary report,

Mr H. M'Neill (Irish Nationalist) asked: Is it customary to provide billiardrooms in sergeants' mess? Mr. Tennant: I believe it has been done; I am not quite aware of the custom; Mr. Hogge (Eadical, Edinburgh): How many moro country mansions are the War Office going to rebuild for Gorman prisoners? Mr. Tennant: It all depends. If we eould get other premises we should bo delighted! When you come to make an untenanted house a fit place for 400 people—l dare say some extravagances have been perpetrated—l don't think it is outrageous. . Mr. W. Thome (Labour): Does the right hon. gentleman think that in consequence of this extraordinary treatment these gentlemen will want to go back to Germany? Mr. Tennant: Well, sir, we are a very hospitable people, (Laughter.) No one suggests that German prisoners should be treated other than belligerents of war; justice and equity demand it. But when it is proved beyond a shadow of doubt that British prisoners in Germany are being singled out for specially vindictive treatment, in_ many cases amounting to absolute inhumanity, Mr. Tenwant's answer appears to be altogether unsatisfactory. Among the masses- of the people a deep feeling of resentment at the Home Government's "hospitality" is manifesting itself, and that feeling of resentment is scarcely calculated to be allayed by the apparently . airy and flippant replies of the right honourable gentleman quoted above.

■ Citizens have good reason to feel satisfied with the result of the Mayoral election. Mr. Luke, has proved himself a safe Mayor during a trying period, and the substantial majority accorded him yesterday may be taken as a tribute to the service he has rendered the community.' His principal opponent, Mr. E. Fletcher, M.P,, could hardly bo said to have been a conspicuous success as Chairmap of the Harbour Board, as the finances of the Board show, and in addition he will have quite enough to do to attend to his Parliamentary duties satisfactorily. • But Mr. Fletcher is not overburdened with modesty, and the fact I that he has just undertaken the task of representing Wellington Central iri" the Legislative Assembly of the country, a position entirely new to him, was ho deterrent to his reaching out after the office of Mayor as well,_ to say nothing of his clinging to his seat on the Harbour Board. Possibly the lesson administered by citizens yesterday will penetrate sufficiently to induce him to realise his limitations. Our morning contemporary in its customary slap-dash fashion was rash enough yesterday to profess to see in the contest between Mr. Luke and Mr. Fletcher a contest between political parties. Presumably it was labouring under the belief that Mr. Fletcher would win, and that his victory might be turned to account for party political purposes, which are always uppermost in its columns. Perhaps like Mr. Fletcher it also may gather a little discretion from its disappointing experience. \