BIG LOANS.

Hokitika Guardian, 3 September 1921, Page 4

BIG LOANS.

!JI!),(>!in. 0(11) (•'OK NKW Sdl'Tll WALKS. SYDXLY. Ati;j. 11l 11»‘ I'm eof tilt' ii ndis”lli Si'll sceptic- ; ism ill list' Act iiils- I’i inir -M ini -1 "r. S’ Joseph Cuilk. mill Ilf \ II lioll.-. other P* Imiiis, tin- I’reinicr nl Ncu Sniitli V. ales, Mr blurry. Inis ;n Imi'illi aiimmii. that tin' result nf !n> ri'ci *11 1 mi'-i ii i Loudon Ini' lii'i'ii mi assurance ot leans jin- uvor ninotiii’ii millions sptcad over 1 1 1 roc years. Ilnrrowilifi Inis nl la* years developed a somewhat imp!” - i e ilavniir on tlie pidilie palate u! tins State. .MiiuntiiiK interest eliat-jo s have had too pronounced an effect upon tion to lie altunether ayreealde. Im: is ■'oilcrnllv einieeded that development must at all costs he carried oil. for at the present time, apart from ne'v work ; there are hundreds of thousands e pounds lyino idle in ineoniplete railway and other works tvhieli will iniinedi:i I■lv iK’coine reproductive when they are (inished. At the inonieni they am ” iny their own heads oil. So, notwithslandinn the prevailing distaste tor borrowing, there is oeneral sa I isi act ion at the announcement, and a hope l 1” the incredulity which still exi'ts in hie places is not well founded. As a matter of fart, the price, iif the loan has created more interest than the loan ilS”!f. And not so inileli the luunetar.v price ns the moral price. Mr Storey s reception in l.ondon. it appears, pro'.eo for him a sharp and convincin'; lesson that no ((overnmeitt can uitit impunity deviate from the. path nl tail’ dealing and pp'liitv. The I .and Hill, with its wiek’ed provisions for the eetntadsory :esttmption nl estates on low inletest dehent tires wlthli would not apprise' their face value eu the market, was an insuperable obstacle. Kver.v arpumen! ot lairness and honest ilealiny had heett meed aeatnst t'ie measitie lnn<; before Mr Stores left Imre. but the rank socialistic' elements of his party had prevented any mil iyat hut o! tile sheer ininst ice of l lie Mill. So M r Sitin' 1 1 it in ilint ii >M of lmvine to apivc ! a modification of the measure tu 11. c instance of London financier'. The experience will be salutary, but it dees mil, leave the community untiliecd wits shame.