The Hokitika Guardian SATURDAY. NOVEMBER 4th, 1022 THE WEEK.

Hokitika Guardian, 4 November 1922, Page 2

The Hokitika Guardian SATURDAY. NOVEMBER 4th, 1022 THE WEEK.

Cheaper money, as forecasted by the Prime Minister on Saturday will be welcome news in many quarters. Mr Massey anticipates that New Zealand’s next loan will be raised on even better terms than the last 5 per cent, loan. It sounds rather optimistic at the moment to look forward to raising the money at 4J per cent., but presumably the Finance Minister is not speaking without knowledge of the prosper ts .At the moment money is plentiful in London, nml no doubt the banks would he glad to see some of it transferred to New Zealand. The estimation that the bank overdraft rate in the Dominion is to he reduced by one-half percent., as from the beginning of the coming New Year is a hopeful sign of easier conditions ahead.

Closing prices at the London wool sales afford grounds for hope that the movement upward in the values of New Zealand grades of wool lias set in in earnest. It is eomputed that the advance recorded at the sales if maintained represents, in conjunction with the reduced freights, a gain to the wool growers and to the Dominion of something like three-quarters of a million sterling. This, of course, is contingent on a sale of the whole of the season’s output as well as the assumption that prices will hold at current rates. There is, of course, the expectation that prices will go on improving, in which case the position will he further improved. The fact that farmers have still a lot of leeway to make up bel'oro they arc on a satisfactory footing in the matter of the return for medium and coarse wools must he recognised. but there is nevertheless very good ground for congratulation on the improved position.

Some references were made in Pnrlia- | incut last week to the necessity of instituting a stricter regulation of motor traffic in order to minimise the danger to which the public is tit present exposed. In view of the extending list of fatal and other accidents, this necessity certainly stands out very clearly. There was not anything done by legislation this session to meet the position, hut there is room for a stricter enforcement of the existing law. Anyone familiar with the street traffic is aware that instances of reckless anil furious motor driving are common—so common, indeed, that it is a wonder iccidents are not much more numerals. V reckless disregard Tor the safety of the public appears not only in indue speeding, but in the negotiation corners and bends, without sound ■f warning horn. Only a percentage "f motorists are guilty of such prne- ’ ice 3, hut the effect is to create nn oloaoni of needless danger, particularly io children and the aged. There is an urgent need of stricter measures of relrossion.

Oorirrs were expressed in Parliament as to the success of the proposed rural credit associations whioli may be established by farmers under the pill which noosed through the House of Representatives on Saturday. The idea is based on the system of agricultural bints »vhieli Jinn been vorv Rileeessful ( A Pf.‘-H;**»t Puii-'UJ. itfsff

in some parts of the United States. As now proposed in New Zealand, tanners may hand together for the purpose of pooling their assets with a view to borrowing on their joint and several securities on more advantageous terms than if they attempted to borrow as separate individuals. In view of the limited authority to make advances under the Bill as passed—the limit is £soo—the scheme can only he worked on a very restricted seide, and it can therefore he regarded as merely an experimental beginning of the larger project which thfe Fanners’ Union has in mind. To some extent, agricultural banks have been forestalled in New Zealand by the Advances to Settlers Department, and in consequences their establishment here may be of slow growth.

The stir lecently created over Die question of Obtaining U-itbill the Empire supplies needed for the sendee of the British Empire Exhibition appears to have been well worth while. As chairman of the Executive Council, the Duke of Devonshire explained at the end of last week that it has always l>ecn the intention of that body, and of the Management Committee, to go to the utmost limit of practicability in demonstrating the variety and wealth of the resources of the Empire. From the disclosures made by Mr Robert Donald and others, however, it is evident that this principle was not in all details carried as thoroughly into effect as it might have been. It must be added that the exhibition authorities have very readily done the light thing in offering the Dominions representation on the executive and managerial bodies administering its affairs. This action will he appreciated in the Dominions, and no doubt the eO-opera-tion of the High Commissioners and other oversea representatives will contribute valuably to the success of the exhibition as an adequate and effective display of the resources of the Empire.

•With the genera! election in the United Kingdom s-t down for the middle of the week after next, it evidently behoves the contending pasties to lose no time in showing exactly where! they stand. It is now clear that Mr Lloyd George and his followers including Mr Winston Churchill, are prepared to give the Unionist Government conditional support. Like the Unionist cx-MiMis-ters, the National Liberal leaders continue to deplore the shattering of the Coalition, but they aie not prepared to divide rnd endanger the country, by quarrelling. in Mr Lloyd George’*phrase, as to which officer shall he on the bridge. The most important development reported is the arrangement, approved by Mr Lluyd George and Mr Bonar Law. under which a number of local Conservative associations. in areas Whe’.e no candidates of their owii party arc standing. are a "icc in a to support National Liberal candidates who undeiTike to give the Government support. Some of the local Conservative associations—how many is not stated—are protesting against this arrangement and refusing to lie bound by it. Though it perhaps follows logically on the disruption of the Coalition, their attitude is, on the face of it. shortsighted and unwise. The National Liberals are nominating 155 candidates—only about 25 in excess of the number of seats they held in the late Parliament. In effect, therefore, the Conservatives are offered an opportunity on reasonably favourable terms of avoiding vote-splitting, which almost certainly would have the’effect of presenting seats to the Independent Liberals and the Labour Party. A firm understanding between the Conserve ives and the National Liberals would go as far ns any arrangement between parties could towards ensuring a Conservative victory in the* impending election.

Thi: new Government lias little to fear from the Independent Liberals. Mr Asquith practically admits, in a spoeeli reported that this party is not in a position to play any very important part in the contest. The Conservatives are seriously opposed only by the Labour Party. ■Undoubtedly they will fight Labour with better prospects of success if they agree to abstain from splitting votes with the National Liberals than if their party machine is allowed to veto such an arrangement. The situation is not without its oddities. There is point in Mr Asquith’s jibe that both sections of the Coalition though turned out of the stable to seek fresh pastures, and parted for the moment, are still neighing wistfully over the palings. On the other hand the revival of old party lines appears not only in the attitude of the Conservative associations which object to an understanding with the National Liberals. but in an arrangement between National and Independent Liberals at Leeds to pool forces and fight the election on.a common platform. This last however, is presumably a local development of limited significance. It seems obvious that the Conservatives cannot reject the measure of co-opera-tion offered by the National Liberals unless they are prepared openly to place a possible, or rather problematical, party advantage above national interests. Apart from the possibility of nil irreconcilable stand by the Conservative “Dielmrds”. which would be condemned vigorously by a fairly strong section of their own party, there are now fair prospects of n clear-cut issue being submitted to the British electors on "November 15th. The real choice is between the ornate, but reckless schemes of the Labour Party, and the policy of careful reconstruction submitted by Mr Bonar Law. There is not much doubt that this policy will command approval at the election, unless a verdict in its favour is hindered by the exprestson of a narrow party spirit.

Mr A. Little announces the arrival of another shipment of the famous Red Ball (lirst quality) gum boots. These are to be soid cheap. Only a limited number of a size, so call early.