The Guardian AND EVENING STAR, With which is incorporated “The West Coast Times.” WEDNESDAY, JUNE. 1st, 1921. MR MASSEY AT HOME.

Hokitika Guardian, 1 June 1921, Page 2

The Guardian AND EVENING STAR, With which is incorporated “The West Coast Times.” WEDNESDAY, JUNE. Ist, 1921. MR MASSEY AT HOME.

thru Prime Minister has lost no time in getting into the lime light at Home. Incidentally lie is the lirst of the Dominion Ministers to arrive, and thus has the full glare of the spot light all to himself. Greater stars than himself will soon appear in the London lirmament, to wit, General Smuts and Mr W. H. Hughes, to sa y nothing of the Canadian Premier, so that it is just as well Mr M assey is seen and heard in advane 0 before the impending eclipse takes place. Mr Massey has made the most of his opportunity certainly, and lie is proving as solid a worker at Home ns here in the Dominion. Feted and banqueted as he lias been, he has been able to cover a good , deal of ground, and despite the transcendent interest in the first test match—which Mr Hughes should have been there to watch —as well as the burning interest over the coal settlement, and the engrossing interest of Irish affairs,- Mr Massey has certainly made himself well heard. He has been able to cover a good deal of ground, give a graphic review of the Dominion’s finances and undertakings, and generally put a very good showing to the affairs of this country. In the midst of this orduous task, Mr Masse v took time by tV forelock in just mentioning the desire of New Zealand to trespass on the good graces of the Englftslv money lender for a loan At the moment, New Zealand will regard the adjustment of this last task as the most pressing of all. With the Acting Treasurer declaring that the treasury is empty, the Minister of Public Wolks shutting down on expenditure, and other Ministers saying there is no money for anything, it is about time the Treasury was replenished so that the golden key which Sir Francis Bell possesses may he put to some practical use. is regards the loan Mr Massey has consulted the financial advisers at Home and gleaned that the credit of New Zealand is good, hut the present moment is not the best hour to attempt loan flotation. Apparently the coal crisis is still at a critical stage, and until “a way out” is found, monetary matters are to stand in obeyance. The coni strike has been in progress since about April Ist., and while there are signs of the end coming, the actual ending is not at all clear. Mr Massey is now on the spot, and will bol able to get the pulse of things, and in his judgment he will decide when and how lie is to go on the market. There is no doubt a New Zealand loan will float, but - it just depends on what terms. In regard to the latter, Mr Massey will have to seek for the best terms lie can obtain. The underwriters will dictate these. No doubt it will be much dearer money than we have been in the habit of obtaining on the London market. A very good ease can bo made out of the self reliance of this country in regard to the war period, but it would lie a better case if the vanished surplus money Sir Joseph Ward earmarked for London securities against borrowing had been intact. Mr Massey allowed Sir James Allen while treasurer, “to collar” this accumulated fund for other purposes, and at the moment the missing nest egg makes it's absence felt. However, that was the way with Reform finance. Tt was an easy way to meet present trouble—the line of least resistance—and the future could take care of itself. The fuTni’o has become The present, and Hie present has to he met

with £ s. d. resolutions, and the more material they arc, the better the borrowing terms. The country must await the bargaining wlieh Mr Massey must enter upon under disadvantages of his own party’s financial policy.