The Guardian (And Evening Star, with which is incorporated the West Coast Times.) SATURDAY, APRIL 21st, 1923. THE WEEK.

Hokitika Guardian, 21 April 1923, Page 2

The Guardian (And Evening Star, with which is incorporated the West Coast Times.) SATURDAY, APRIL 21st, 1923. THE WEEK.

Politics are in the air again. The Oamaru campaign has opened and Mr Massey has rushed to the rescue (if possible) of his colleague. Although a Minister in the last Parliament. Mr Lee evidently does not carry enough guns to make assurance doubly sure on polling day, so the Prime Minister dropping all other matters, gees a ca tit-

pnigriing. We should hope that the electors of Oamaru will he sporty enough not to defeat Mr Ataepliersi 11 because of a mistake made by tlie Government returning officer at the j revions poll. However, there is nothing sentimental about Mi Massey’s action just now, bul a due rogar 1 to win the seat for his party. Mr Macphersoh has merit and ability on his side, but, as was disclosed at Tauranga, the Government will not I e diary about bringing to its aid all soils of intluenees other than the personal qualifications of their candidate. On that account the Liberal candidate will meet with a very stiff opposition all along the line. Still, he is wellknown to the constituency and enjoys a reputation for political consistency, which ( an hardly he said of Mr Lee. Air Lee during the ah-enoe cl Mr Alas-ey on an Imperial mission joined a Reford “care" which threatened serious eonsequemes to Air Massey’s leadership of tin ; arty. Al l Leo and others —were placated by place and office, and now Air Alussey is out to save AH Lee's portfolio!

Ain Alassky G a strenuous and 1 . levs campaigner, and the amount of work he throws into a political contest indicates that if lie is as energetic in other directions, it should he pos-ihlc for him to ho present at the next Imperial Conference in London. He i> itvi iding that engagement for party, rather than country reasons. Air AHskcv talks line and large at limes about the robustness of hi- 1 Tofc-Moiis, hit here is an opportunity to serve the Empire, hut in regard to which he is taking up a shirking attitude. Air Massey is not. disposed to leave the Dominion at this juncture, and the reason ih. ci, down in his own mind is proha! 1,. Ilie I ankrilptcy of his own party to provide in the House et Representatives a deputy leader during his absence. Even AW Lee. were lie relumed, could not fill the hill, and as a consequence Air Ahe-sey liar to stay at heme, and New Zealand of all the oversea dominions will he the least

adequately and influentially leprcscnted. There will he merely 11 delegate prevent bound l;y instructions, and not ; representative as fapahli as Air Alass. y would he, to steal. lie - New Xe.Ji lid. fi is not a v ry good adverli "incni for the Dominion at Hoiua, Imt 11 would appear that is no reason why Air Alas ey should jeopardise itlire! Tin’s eenelusioii is not very complimentary to tin political Well living of the lb minion.

Tun liritish Budget, as usual, is a document of big figures and a wonderful revelation of the recuperative powers ol a great nation following tin strenuous vears of the war. A. s is etisto-

ulary with successive governments m England, the party in powe: invariably produces a capable financier to handle the enormous task involved in Britain’s financial operations. The effective direction ami control ol a counny s fimuite is not iicccsonrily a matter of party polities. There is the need to make revenue and expeiulitute at least balance, ami whatever party is in newer lots to find a Clmm-vlloi who pan rt-nlisv liis tvspcnsil.iilituv and c-arry them through with credit to the country. The present occupant of the ('hancellorship is a gitlecl fiimncier who has lately operated tho British debt with America on what most he considered successful lilies. It was a huge tiansiivllen. hut it was but part of tile duty to perform in bundling the yca.'s linanee. The first call upon any Chancellor in Great Britain just now is to reduce the national debt. The expense of tile war was tremendous, hut in addition to carrying her own burden, the Motherland had to provide for her Dominions mid also for her Allies. That, task was pertormed by ethers, hut Mr Baldwin has to endeavour to c lean up the cin rmous-’acc umnlatecl liabilities.

Tin: Budget. Speech is invariably a jugglery with figures—as it were. Alillions and thousands of millions occur and reoccur again and again, and, the wonder is that it is possible to control so vast a linanee. and still show daylight through the dense cloud of (V-lit to he disclosed. But there is always something more for a ( hanceilor to do besides saving money. He has to make remissions in taxation, especially at this stage w hen the Inn den ot the taxes is clogging industry and producing unemployment. The Labor party clamour for a capital levy, hut already that levy exists in fact, under am.tlier name. It is imp-eraiive for tic industrial welfare of the country to reduce taxation. Naturally the scope for this is limited. The reduction ill debt reduces the interest charges, and it is always a moot point in what direction this relief should be conceded to tho taxpayers, direct and indirect. Ihe Chancellor naturally tried to reach the happy medium by taking a middle course which will aiford the greatest relief to the greatest number, but them is always a limit, and there must be always a section who are disappointed when tho concessions Jo not go lar enough. That lias been Air Baldwin's experience in the Commons this week and it is the invariable experience of successive Chancellors on such o:*-

Thk business community and the British taxpayers generally will need all their fortitude, says a contemporary, to agree with the advice given by many responsible commentators (and adopted by the Government) that they will in the long run be in a better position if the 51 rk of debt-reduction is kept up us the first duty of the Government. A sinking fund of AO millions a year—which is the Chancellor's aim is a but it makes a comparatively triflling large sum to take from the taxpayer, difference to the annual charge lor interest. Nevertheless, at A per rent., it would extenguish ft debt of 00'X) millions in altout 37 years. This is tho calculation of the ‘'Economist.” which urges that the burden of debt per head will not shrink through the growth of national income in the way in which it shrank after the Napoleonic wars, and that, in the industrial competition of the future. Britain must make a serious and sustained effort to disencumber herself of a handicap from which many ot her competitors will he free. The ‘‘Economist” brings forward an argument which suggests that a policy of of debt-redemption may operate as affectively as a policy of taxreduction to increase tho funds avail-

able for investment in industry in Britr.in :—“Money used for the repayment of internal debt is merely the transfer of purchasing power from one set of hands to another. The difference in the economic: effect between transferring money from taxpayers to holders of War Loan, as compared with leaving it to be spent bv the former, is not precisely calculable; but, genet a!!y speaking, it may be presumed that, on the whole, the transfer would tend to take money from j eople who would spend it on consumable goods forthwith and hand it to those who would reinvest it in industry.’’

TimtE are prospects that Ireland will at last reach the goal of pea:e it has ..oen striving for. 'lhe cordon round the rebels has grown tighter and tighter and the authorities have hocn fortunate in capturing prominent leaders whose standing was of marked inllnon.e with the rebels. The youthful followers will soon l:e left minus leaders, ami this process of attrition will result ill the camp of the rebels melting away, it will he well for Ireland. The courage and resource of the Free State loaders suggests their capability of righting the affairs of Ireland. Ireland needs peace as a prelude to entering upon brighter days. The rebellion this he n a sore trial to the country

from every point of view, hut now emerging from the refining lire of civil war. let us hope a new era will be entered upon in which the highest hopes and ardent ambitions if capable Irishmen in respec t to home rule will he fully realised. The country lias its own government within its own keeping, and there will he now the opportunity to make good. That seems to he highly pruhnhle for the Free State Parliament lias faced its initial and most diflicult task in a manner altogether commendable. The leaders have been true to their plighted word and (rue to themselves. That disposition lias laid a line fioimlat ion. It lias gained the admiration of the Kmiiiie. ami from the great Kmpue goes out

the mc.-.t sincere wishes for the future lasting good government of the Free State Iceland.

Tin: ( hailman c.f the Wellington Chamber of Commerce, at the annual meeting this week, in the course of a lengthy address, said : Traders have by now cleared mo.-l el the high-pli ed stocks they accumulated h r the most part on a falling market and at heavy loss, but it says much f< r the iccitp.MMlive power of I: is country that there tunc not keen any insolvencies of any great magnitude, although many of even the larger and cild-ostahlislicc! firms have had to fall hack on iheii rorves te meet the heavy 10-.-es that have been entailed. The management.:(if many '• neerns have experienced many anxious moments, but the reput:ilKi!i of the Dominion and it- i conic for stability has been sustained. l ivi Iciiio of this was afforded iron) the receipt ion from the Hi me no ney maikct that New Zealand loans received, end it may well lie altirmed that the ciedit of .New Zealand on the Home market is of the very highest. Some years ago criticism was levelli d at what was called experimental Labour legislation, hut the British public has learn-. (1 that we

ere not such a radical type as they were prone to imagine. Some of this change of opinion is no doubt tho reIPix of tie' good coiicnnt cl our New Zealand -oldie's whilst in Fng.land. P i these in Britain now reali-c that there is a saneness in cut polite-- and m our I’d'-s, end that public opinion 111 New Zealand stands tor stability.’’ The Hon. \V. Ilounie Mewatt. Min-i;.t,-r ol (.'it.-toms, who was one oi tlar-e invited to attend, in tho course ' t a short speech, sounded a slight la te owarning, and urged business men I" still exercise care, so as to make their lin uncial p' sit ion still more stable. Pi h a lieu it by sign of the times to find foili teen candidates in the field for the Borough elections. Six ol the number are new laces. '1 he burgesses will now have the opportunity of making their own selection and the newCouncil will be of their own shaping. The Council will have important duties devolving upon it. in the coming years of opportunity. The town ennui t. afford co ignore the opening which direct railway communication with the populous province ol Canterbury and beyond will afford. More people will come this way, and with the steady expansion <>t the district, the town must derive advantages which tan lie enjoyed mil;, by meeting the improved position in lla right way. I hen- is everv ei.courags'iucm to face the lot tire courageously and to improve the appearance of tlit' town without delay. The people have favored such a course by supporting the loan proposals lately, and there is now a mandate tor the Council to carry through the expenditure to the host possible advantage. The general outlook for the town is such that the local body would be .instilled in mapping out a definite line of municipal policy and carrying it forward progressively in a reasonable way as funds permitted. Me have great confidence shown in the- luture of the district by people outside. 1/et us shown our eonliilence. too, from within and justify the mure the special outside interest taken in our welfare.