The Guardian AND EVENING STAR, With which is incorporated “The West Coast Times.” SATURDAY, JULY 2nd, 1921. THE WEEK.

Hokitika Guardian, 2 July 1921, Page 2

The Guardian AND EVENING STAR, With which is incorporated “The West Coast Times.” SATURDAY, JULY 2nd, 1921. T HE WEEK.

I llk llotalion of the live million New Zealand loan which went oil the London market this week was no doubt assured from the outset. New Zealand has not been on the London market since the If million loan raised in January, 1911. The interest on tjiat was ! per cent, and the loan was taken up at a premium of 10/.- per £l6O. New i Zealand receiving £IOO 10s. The present rate of interest is 6 per cent, and the minimum price of issue £96 or a discount of £1 per £IOO, hut the average yield will he no doubt, better than that rate. - In the circumstances New Zealand credit is standing well to get the money at the rate quoted. The Dominion is not faring badly in securing the loan oil the terms of flotation, for money is much dearer, and more in demand than ever. The limit of the loan to five million is quite satisfactory, and is less than was expected. Six million was thought to be the minimum to he asked for, while in some quarters ten millions were mentioned. If, however, the country can get along without material discomfort and dislocation on the five million, so much the l etter-for the taxpayer, whom in the end has to foot the loan hills willgeneral taxation. As indicating how money rm the London market has increased in value, it is interesting fo note that the N.Z. JlwWt rf 1915 gave particulars of the lest five loans raised in London, ns follows; —5 millions, 31 per cent., November, 1919, is--ned at 98}: U millions, 31 per cent,. r-n.O. 1919 issued "+■ 99 • 2 milli-m* * jvr cent,, Fobtwy. IBW. iMuag »t 98*

3} millions, I per cent., October, l!)lb. issued at 98 J ; 4.J millions, 4 per cent., January. 1914, issued at IQOJ. From time to time criticism in the French press is rather severe on Britain. The newspaper ‘‘•Matin*’ .is an offender -often referred to in the cable news. It had an outburst over Mr Lloyd George’s attitude in regard to the Upper Silesian question, and his firm stand has since been justified by developments, and acknowledged French statesmen. Lately the “Matin" resented the pro-American speeches of-the Dominion Premiers at the Imperial Conference, and the paper was offended nt the strong note littered in favour of the maintenance of AngloAmerican friendship as the cardinal principle in British policy. Matin comment pretended to see in this attitude the breaking up of the British Empire, and indulged in jealous and unkind criticism, ft was pleasing to note, howevoir, that from another French paper “Petit Parisioii,” came a word of protest, and' the situation was put rather neatly when it. pointed out that the criticism of the Empire b v the oversea Premiers was but evidence that the British Empire was evolving, and that did not imply that it was dissolving European people can thus understand the situation within the Empire, which is founded on complete unity within on the* fundamental ajiibm that union is strength. There will, of course, he divergent views and expressions of opinion on the matters of policy internal and external, but all along there is tile one desire for ofEmpire, one Flag, and such being Hie case hostile criticism from without <-• within for the matter of that) can only stimulate the desire to make the unity more binding, and the security of the Empire the greater by alliances with nations appreciating the true import of the world situation in these frmrlilnii'Q rlflYS.

li uu t i p, Tmo simple and straight forward confession of the coal miners’ executive when recommending a settlement of the 'Knglish strike that ‘‘every economic and political factor was dead, against ns.” shows that the true position was realised at last. But it has keen a costly process to drive this plain fact home. Mr Lloyd George handled the situation with his accustomed broadness of spirit, and he summed iip the positioh iii a generous healing speech which should leave no rancour in the minds of the miners. The British t’rcinicr has grasped the issues arising out of the war very clearly, and with a fine insight into human nature, rail weigh the most difficult situations very fairly. His hopeful remarks and the generous treatment of the position were endorsed by Mr Asquith and Air Clynes, two most formidable critics' on flic question at issue. But when we find the :.-.itiers’ executive themselves realising so clearly where their leadership has landed the miners’ union, we can understand why Ml- Lloyd George has high hopes for the future. His tact in handling the great issues during the three months is worthy the highest national appreciation. When com'age was needed he displayed it, and showing the strength of the nation prevented the dire results happening which would have resulted had the Triple Alliance of industry struck in complete unison. Weathering that great crisis he again had fouroge in boldly telling the minors there must be a limit to their vagaries and lie fixed a time limit, and at flic mid withdrew the ten million offer < f I the Government. When the strikers sought to recover this offer, it could be only had on <> new basis which involved ■ a complete settlement, and that capitulation being obtained, the Premier bespoke generously the reoffer of the t ten million to stabilise wages. Sound ! statesmanship Inis marked the handling !of the great issue, which has . been settled without the overwhelming catastrophe which once threatened the na turn

Ai/rnovim very little headway lias been disclosed as being made during the week by the Imperial Conference we may be- sure the days have been fully occupied and results are being focussed daily. The discussions and explanations arising out of the great issues at stake must of oou-rse he illuminating, and each member will have something to learn of the point of view of others who regard the. issue from a different standpoint. But with Irish affairs, and the settlement of the coal strike occupying so much of the attention of the British statesmen, even the affairs of overseas dominions must give way for the time being. The righting of the two questions just, referred to will have their effect on Imperial matters generally, so that indirectly the conference is concerned in what is going on outside the sitting chamber. Naturally all the subjects proposed to Ac dealt with at the conference will not he brought to a finality, but some progress more or less material will ho made, and the most useful of all will he the educative side in learning exactly what those chiefly concerned in the issues, most desire. To that end the conference will he progressing more nr less effectively all the time. The suggested renewal of the Anglo-Japan-ese treaty is still a. subject of keen ,DJ n to In America, where Japan is re« garde?) [is the ))f/LjiUnl eneipy of tty*

'liited States. It would appear, how■ver, that the position is greatly exaggerated in many quarters, and a lot of iiHammator'y talking and writing is ndulged in that is not warranted. Looking to Mr Lloyd George’s generous recognition of the Japanese help in [he war-far in advance of America’s entry—it would seem that Britain lias ii moral obligation to go as far as possible now in meeting Japan for a removal of the treaty, and in a modified form we believe that will come to pass. Kvknts for the final settlement of Irish affairs are not moving as quickly as tlm importance of the question and the seriousness of the- delay, warrants. All I lovd George lost no time in lollowiii- up me opening suggested in the Kin., s niieraiiets ai, l tie opening of the , i.ivci .aniaiiniiL. 1 i‘e next mo.e mi si come from the south of Ireland reprcsciuuil. m. De A ultra is consulilug ms colleagues ana principal supporters as to me attitude lie shoukl umipt to me invitation. Meantime, it must be conic in mind that the invitation aneets only a eouierence, a lound

tiiii table tnlK, in the eliort to seek a hii.sis ior a permanent settlement. No doing Uo \ iilent well understands the position, lor his interim reply to ihe tit iLisn rjiiiio .Minister, touches the main issue- the degree of unity Irehind is to hate, i his brings us back to ilie jartiimn involved in the Home e.in Act. w hereby to safeguard Lister tiler,, were two raiiiainents created. ’Unit apparently is still the crux of th o po.iticai -issue, and it is hoped some middle course will he found to any blocking oi negotiations in that •direeton. Although there are two l'&rliaments set up, the machinery is there for a national fusion once the two factions agree amongst themselves on a local constitution. In that respect it is practically a matter for the Irish people working out their own destiny by displaying confidence in each other. If two parties will not agree, the best the arbitration can do is to afford them facilities to confer, and work out their own plan of •destiny. Britain lias done this wisely, but so far the action is being largely misunderstood and misconstrued, and the Irish nation is suffering for the lack of conciliation and sympathetic action which the Irish leaders should themselves temperately display for the common good. On the part of Ulster, Sir dames Craig, the Premier of the Northern Parliament lias agreed to attend the conference. Nearly two months ago he very bravely conferred with Do Valera in the south, which action was evident; of his sincerity to reach a solution. The two parties really know th 0 mitid of each other On the crucial issues, an 1 thi' only hope is that, they can be g'*f together in l.ond.m. am! there in the presence of car ic-t statesmen dciirow f„r the peace of Ireland, and talk over the whole position. It is conceivable that at that conference, Mr Lldyd George might invite the representatives of the overseas premiers to be present, t owatch the position, and suggest with

their knowledge of colonial government some practical way of reaching n solution; The possibilities of a l.orvdoit conference at the present juncture are 8 noli that to comply with the request should l,e the ardent wish of all having Ireland’s affairs closely at heart. This view is intensified if we consider what is the alternative fo the reiusal to participate. Rejecting the overtures invites a continuance of the reign of terror, probably more intense than ever, and that would entail complete disaster for Ireland. If peace is to come'to Ireland, it cahhot come too soon, and the conference is the main step to the end the Empire so much desires. AH await, therefore, the acceptance of the invitation rather hopefully. The spirit in which the negotiations are carried on will be the determining factor governing an immediate settlement. If toleinnce and due regard for national interests are displayed, it is surely possible for an end to be put to the piesent insane condition of affairs which are an offence to our boasted civilisation. Affairs have grown so acute that the public mind is prepared to concede a very generous concessions for peace sake, but as in August 1914, * there is a point beyond winch Britain cannot go.