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Hokitika Guardian, 29 February 1924, Page 2

The political shallows which beset most navigators in troubled wate.s are presenting themselves already to the Prime .Minister at Home, But the [‘rime Minister at the helm is making fait headway in what is sure to be a difficult passage. As so often bappens the trouble seems to start at hone 1:1 unexpected quartets. U ell meaning colleagues speak 100 long or too loud and in the end say too much, with 1 l.e result that the I ’rime Minister lias had to explain to Larliament wluit is really meant, the action taken in respect to the Poplar Guardians was a ease in point. Now there is the excess ol zeal by Air Henderson in lighting the by-election and saying Hanes about the Versailles Treaty width it repeated seriously in the House of Commons would mean the prompt defeat of ihe Government. One paper at Home credits Mr MacDonald with adopting a line of delicate iines.se which has enabled him so far to escape lrom serious embroilment, but this cannot go oil indefinitely. Withal Parliament is sliov.llo itself patient and tolerant ot the Government administration which stiggi.s.tx a real desire to give Labor (till opportunity to make good. So far the Government is standing the test well. .Mr Thomas spoke sanely the other day when lie reminded his auditors that the Government had to move circumspectly. He might have explained further that tie; actions of the Government wore governed entirely by its voting strength. x« doubt il' tbe Government had ttie voting power it would move more rapidly, but it is not without value that lor the better education ol tbe Government it should be tied, so to speak, in its actions, and possess less Ireedom than the party in power usually bolds. Tin; experience and education of the party is likely to he more thorough and complete, and will stand it in good stead in the days to tome.

Tin: Prime .Minister continues to make a virtue of necessity while the loan market is in an adverse condition h not borrowing at a high rate n! interest, This is well. Mr Massey professes to he able to raise a loan when required below the rates ruling now. hut- lie is wise to show patience in the matter for the good of the country in the end. While in the mood to wait patiently for cheaper borrowed money, the Premier has indicated that it is necessary both publicly and privately to exercise care and economy, and that undoubtedly is sound advice for the Dominion as a whole. The public indebtedness of the Dominion is too high. On top of the national debt there is the huge sum owing by the local bodies, and the further enormous amount owing by the general public under mortgages. This gross indebtedness results in. a severe strain on the public and private finance to find the interest accruing. Instead of thinking about more borrowing. New Zealand should be studying ways and means to reduce its national debt. Heroic efforts are being made at Home to do so, and a wonderful achievement has been accomplished ; but here the administration is on tile qui vivo for fresh opportunities to raise new money. At this juncture with the. price of wool appreciating there is less occasion to worry about borrowing money, as large sums are being put into circulation following the substantial clearances at the wool sales. Jt is well, therefore, for the financial policy of the country to be so ordered at the present juncture ihat there wbe no haste in adding further to the national debt.