Hokitika Guardian & Evening Star SATURDAY. OCTOBER 13th, 1917. THE WEEK.

Hokitika Guardian, 13 October 1917, Page 2

Hokitika Guardian & Evening Star SATURDAY. OCTOBER 13th, 1917. THE WEEK.

Theke continues to bo an unusual I amount of. mystery about the financial position of the Dominion, which, were it not for other outwaru evidences of prosperity and solvency might be disquieting. The Minister of Fin anro could not do better than take the country into his confidence on the subject. Presumably he has enlightened Parliament at the private gathering this week, hut th© people at large tiro in the dark. Tn some quarters quite, a gloomy outlook is taken of the position, an ( | a financial crisis ie hinted at. On the fact of things outwardly, this does not appear at all probable. 'Hie banking returns for September quarter just closed have boon made available and show a continuance of the well-provided condition of tho money market that has been in evidence for some time past. The War Loan, which was floated between the middle of August and September 3rd attracted subscriptions to ex- j

tent of 16 million*, when 12 millions wore asked for. This flotation shows little effect ort the bank figures under review owing to the fact that It practically only affected the latter third of the quarter and the figures are cverages for the whole quarter, also the subscriptions are payable in. instalments spread over some months. The surplus of deposits over advances stand at the satisfactory level of £7,292,185; this is £629,000 less than a year ago, and -0i,G2?,u00 less than the previous quarter, but it is still an ample surplus. One of the main causes of this decrease is probablv the largo amount of capital locked up in produce awaiting shipping facilities, whidh is orto of thie biggest troubles facing the conn cry at present as there is big money waiting for the produce as soon as it can be got away.

The signs of disintegration within Germany—the master mind in the creation and prolongation of the war—are in keeping with the progress of events on the Western battle front. They are signs that the pcope are realising that the Central Powers are not winning the war, indeed are doomed to lose it. Tile heavy fighting now waging on tlie western front, coupled with the tremendous losses which are being inflicted on tno German troops—who are out-matched at almost every point,— should further awaken the nation to the defeat and disaster ahead. The leaven of disloyalty in the German Navy is likewise, significant and will make it more difficult still to utilise the Grand Fleet, with that sense of security desirable in a maritime engagement. The breach in the German discipline indicates somethng of a serous breakdown of German methods. There is a reflection of this likewise, in the /‘readiness with which many hundreds have so willingly surrendered to the British on the Western front. It was in fact over-eagerno: s for the men were ready to conduct themselves to their confinement cages at the rear. All this suggests a much damaged spirit, and there are grave possibilities likely to arise*. The debates in the Reichstag will not ho conducive to a better understanding among the people. There is a serious threat to the Chancellor from the member who warned him against dealing severely with the Socialists so that altogether the internal condition of Germany is such that the ,nation seems to be bordering on a crisis of possible far-reaching effect.

The manner in which the British are maintaining the pressure on the West 1* ronfc is super-proof that at last there is a Britain prepared in the field. Despite the atrocious weather, and die resulting conditions of mother earth, Uie British troops leap to tin* advance mm indomitable spirit and a display of what can be regarded only as supercourage. The whole trend of the battle stories goes to show that no obstacle the enemy can organise or put in the way of the attacking forces can hold them up seriously. The repeated onslaughts and the quick practice tof succeeding attacks, have a demoralising effect on the enemy . The British and French are making the most, tyrtainly of the remaining few days liefore winter falls upon the country, abd when nature forces a short respite our troops should bo occupying country more comfortable and advantageous lor quarters than were possible for the past three winters. This will bo 1 a material relief, and will afford a 1 mean.; for an earlier commencement of the serious hostilities in the spring, which it Is being foreshadowed in many quarttrs will he the commencement of dm last round -n the world’s greatest 'conflict. The news of the submarine toll is so far satisfactory that shipbuilding methods are now out-stripping the losses. These latter must be further minimised tvecause of the fading days by the falling winter, and before the days lengthened again further devices will be available to grapple with the most difficult menace to delay victory, which the resourceful enemy have put, forth.

The interest in the Public Works Statement has been a vanishing character of late. Particularly is this so sirtco the war flias held attention. The vital part of the Statement has been always the Estimates. It is interesting of course, for the Minister to dress his Statement out in well rounded sentiment,s, reviewing the position and progress of large public works, and dealing with the ways and means he has available to further prosecute an extension of the public works policy. Rut the local interest is ever and always crushed round the Estimates in search for the crumbs which were to fall from the rich man’s table. The present Minister, even before war’s alarms and exactions spread their tentacles into the public treasury, was never happy about, his finance. His political learnings seemed to make him very doubtful about the outlook. What has been done with finance since tho war began, even in this Dominion, must have been a great revelation to the Hon. W. Fraser. As to tho estimates this" year, they are largely, if not entirely revotes, embracing money which has appeared and reappeared for two or three years, and more, back. Locally there are not any crumbs, really. About £3.000 of money voted previously and bold over sine die, is to be released this year for works under the Public Works Department, while in the. Mines .Department some £3OO or £4OO of new money already authorised for expenditure, is to he formally passed. These are restricture times in the matter of public <>-r.-i-* expenditure, and Westland, for some reason or the other, is being made to feel the pinch very vigorously.

Tin: Local Bodies arc wrestling with the Mikouui bridge question, just now. On the face of it the proposition does not nresent any very serious financial problem. Tf the work is of the importance members of tho local bodies have from ti me to time with such apt>mrent esmestross voiced, there should not he any reluctance on their part to heir mi ««i-iblisliimr tho bridge at a cost to the local bodies of less than £3 p Pr week. For tho amount, indicated, thanks to <-uWic-Hpirite<l offer of the company entering on the sawmilling the bridge can he made suitable for vehicle traffic and paid for within twenty years. Had the ardent wishes of the local bodies in regard to this matter been gratified

by Government-, and tho railway hridge put across the river and made available for general traffic, the local bodies would have had to contribute for all time a larger sum than that mentioned for tho privilege of using the structure. To that extent- tho local bodies aro in a better jyosition. Chatting with one of tho enterprising promoters of tho southern industrial venture, we learn that tho company - a fair nay to procure nil tho necessary material for the structure right away, and that within six months tho bridge would be available for traffic. This means that before next winter is here tho terrors and delays of the Mikonui crossing can bn but a memory of the past, if the local bodies aro in earnest in their agitation for the work. Tho bridging of the Mikonui river would be a big incontivo for increased southern traffic, for that obstacle surmounted for vehicles, t-lio time would not he far distant- when the lesser streams at- present barriers to motor traffic would be bridged also, and the rising communities of the south brought much nearer to us in the matter of travelling.