WELLINGTON NOTES.

Hokitika Guardian, 19 January 1925, Page 4

WELLINGTON NOTES.

E LECTI ONE E RIX G. (Special to “Guardian”.) AYE LUNG TON, January 10. The Reform. Party lias made a start with its electioneering campaign, and in several of the suburbs meetings have been held and the faithful called to heel. The Reform Party is not very sure of Wellington. There was a time when the Conservatives could make sure of securing four out o'f five of the seats, hut at the last election the tables were turned on them and they secured two seats only- and these were won by Sir .John Luke and .Mr K. A. Wright by small majorities in each case. Since the election in 1922 the Government has lost the confidence of the Civil Servants most of whom, will vote for Labour. The Labour Party is very active in its election campaign and scarcely n week passes without a political meeting being held somewhere in Wellington. The Labour Party was at one time very sure of winning the 1925 election, but they are not quite so certain of their position now. Had the Ramsay MacDonald Labour Cabinet continued in power in England the stocks of the Labour Party in New Zealand would have soared, but as that Party was igimnliniously defeated in October last the outlook hero is not quite- so rosy as it was a year ago. Recognising this the Labour Party will put un a vigorous light and it will be well organised for the campaign. So far one has heard very little of the Liberal Party and Mr Wilford who has a wonderful knack of securing press publicity lias nut been heard of for months. So lar as Wellington is concerned the Liberals do not appear to have much of a. chance, but of course a. great deal may happen between now and election day. II the Liberals intend to tight as an organised body it is time they sot about organising. The real fight in Wellington electorates will be between Labour and Reform', with the odds in tavmir of Labour. Sir John Luke and -Mr Wright will have keen competition and if a third candidate stands in their electorates Labour will certainly win. After the close of this month there will he considerable activity in political circles more especially as it is rumoured that Parliament will meet in May instead of June. Mr Massey is a very sick man, and may mot be able to take a personal interest in the campaign work. Some people seem, to think that a new party will develop which will assimilate sonic of the less radical men in the Liberal Party. THE MORATORIUM. The decision of Mr Justice llordiuan in a case involving consideration or the Mortgage final Extension Act, |()21, and bis clear explanation of the effects of the Act have caused some alarm herd. The mortgagee’s position appears to be worse now than alien the original Act was placed on the Statute Hook, because lie is now absolutely deprived of bis power ol sale which under the main Act could be exercised by leave ol the (ourt. The Government displayed considerable weakness last session in dealing with the Moratorium and in furtliei imposing burdens upon the mortgagee will drive capital to seek other channels of investment than that of mort-

gages or real estate. Capital is liatlirnllv very timid, and il in lull peace lime and seven years alter the close of Hie war contracts can be impaired by Legislation and at the sweet Mill oi Parliament, what guarantee is there that- the operation will not be repeated at some future time either by the present Government or some 1 11 1ure G°>ernnic.nl:. Those mortgagees who arc suffering from the effects of the moratorium will certainly think twice before they again venture into lending .m mortgage. The effect of the legislation will, in Ibe long run. be detrimental to the borrower.

MONEY FOR INY EST.M ENT. Coin •■etc ul -tut liu l Hi l ", (Olisidet that there will Ihi a vear be large savings ■for investment, because ol the bettei economic conditions of the luunlry. Before the war there was nilv cue outlet for such savings lendc i mortgage—hut with tho baneful effects of ih.e moratorium to scare investors, the savings will be mostly invested through the stock exchanges. Sharebrokers; here anticipate nil active share-market, with plenty of business ill bank and insurance shares and in similar safe securities. Municipal and other debentures will not receive much attention unless a higher rate of mitorest is offered. The Government has to provide for about .011,250,000 of lot si I loans maturing this year which will overshadow the debenture issues of local bodies.