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Hokitika Guardian, 6 May 1924, Page 2

Tiikkk is to be more borrowing lor the Dominion. Mr Massey mentioned some time ago that Xew Zealand would lie on the Loudon money market, as soon as the position was favorable! The time is at band, and a five million loan is to be nneiied immediately, 'flic tonns of the hum which ilio Government is reported to luivo arranged in London, I) per rent, at 9.1, are apparently the best that have been accorded any colonial llotation this year, and with the exception of the 1 per cent loan of last year, which was issued at 92. the loan is the cheapest raised by this country in recent years. In the last three years, counting the latest llotation. Xew Zealand has raised close on twenty millions in Loudon, the average fiat rate of interest, disregarding redemption value, being £-1 7s B}d. The flat rate of the latest New Zealand flotation is £1 I ts 9d, which indicates, remarks the "Lyttelton Times”, that the Dominion’s credit stands high in London. Tlie purposes of the loan have not been stated. It is possible that, as in the ease of the last loan, a substantial proportion may remain in England in payment for supplies, in which case tlie inflationary ofled of the creation of extensive new credits in this country will lie felt. London loans aro highly appreciated bv colonial speculative investors, since the influx of new money tends to increase the value of all stocks and shares. The general community also benefits, temporarily at all events, owing to the easier condition of i.e money market, and so long as the borrowings from abroad are not in excess of the requirements of a sound and safe policy of national development harm is done by those periodical stimulants.

At Ifeefton to-morrow tbe:e is to lie a conference of racing and trotting club lopresentatives of tlie Coast to consider various suggestions in regard to a recasting of the* circuit of dotes. T’p to the present there lias been a certain amount of congestion at both the summer and autumn meetings, and the idea is to discuss proposals for a change which will give a greater spread, nnd better opportmity for owners on the Const to keep their horses in track form. At Christmas-New Year period there are some thirteen days racing and trotting spread over about throe weeks’ time. This will it is expected be changed. There is a proposal to alter tlie third day of the Greyinouth race meet ing to a suitable date in late November or early December. It- is suggested also to shift the trotting meetings at Orevniouth, Hokitika, and Reefton to February. Another suggestion is to pool the one dnv autumn permits. Ther aro four days available—one each for Kumara, Hokitika, Greymoutli and •Rootton. It has been suggested the four days should be held at two meet-

i nss of two days each. Thus Kumarn ar.d Hokitika would hold a two days meeting at alteriftito dates, and Greyliiouth and Reefton similarly. By tlint arrangement, say Kumara and Reefton would race ono year with two days each and the following year, Greymouth and Hokitika would have two days each, ft is further suggested that the Marlborough and Nelson meetings should transpose their March meetings, opening at Blenheim instead of Nelson. In that way outside horse could begin at Blenheim, (.'v>l lowing on to Xofytoit, next visit Westport, and do tho remainder of the Coast at the Easter meetings. It will be seen that there are important proposals to discuss. The discussion, however, can be but preliminary, as the final decison rests with the Clubs. The. meeting will be useful in bringing all the representatives together and it is fortunate the Secretary of the Racing Conference is at hand to advise in the matter. Mr Sellers is so well equipped in racing knowledge that his presence will be most useful, and in the end might lead up to some practical outcome from the meeting proposed.