WELLINGTON NOTES.

Hokitika Guardian, 3 February 1925, Page 4

WELLINGTON NOTES.

A SOUND INVESTMENT. (Special to ‘'Guardi-n”.) AYELLIXGTOX, January 29. The statement made by the Minister of I.amis (Mr A. 1). Mel.cod) at Auckland in respect to the work- of revaluing Soldier Settlement Lands and orauting relief to those is characterised hv the Government paper in Wellington as “A Sound Investment.” The Government has advanced an aggregate of ti11),499,000, and in dealing with 80 per cent of the claims of soldier settlers for relief, the Heparin lion Board has written down mortgages and the capital value of leaseholds by just over a million and three quarters. When all the claims arc adjusted it is anticipated that the total loss will be about 22,250,000. In regard to this lor- s the following hit ol special pleading is advanced:— “It would he quite erron (■ms to lo >i; upon the sums the State is writing off as representing only the inflated values placed upon Soldier Settlement land when it was purchased Part of these sums, and a not inconsul-' crahle part, evidently must he regarded as a subsidy paid by the State in order to establish on the land men without experience in the farming industry who would otherwise have over-loaded the population of the towns.” There is absolutely no evidence to support the latter contention ; the loss is the result of gross blundering on the part ol the Reform Government, and if the loss can he called a subsidy it was a .subsidy paid to those who sold their properties to the Government for Soldier Settlement. The amount written off represents tin; inflation of land values, and a loss of i .38 per cent is rathei a serious item. Assuming the loss is 92,250,000, that will he a perpetual burden on the community for the hulk of \ the money was borrowed and at I per cent means an annual charge of .2101, If such a blunder had been committed in connection with a private enterprise the blunderer would have been discredited forever, hut in political lilc such blunderers are apparently commendable, at any rate, various excuses can be found for the mistakes ol the Government. It is doubtful whether we have heard the last of the relief for Soldier Settlers, for it is not yet possible to forecast with any degree of precision the effect which the removal of the existing moratorium will linve upon land values. . It is also impossible to predict when there may he. a serious break in the prices of our primary products, nor yet how the Soldier Settlers will he circumstanced when a slump does

POLITICAL PROSPECTS. The Minister of Lands, in the North ami the President of the Fanners’ Union Executive in Wellington have both taken steps to proclaim Mr Massev’s recoverv Ironi his recent illness, but the ollicial recovery has been so sudden that few people believe in it. Most people are genuinely desirous to see the Prime Minister out and about as of old, but most people know that Mr Massey is a sick man. There is considerable anxiety in Reform circles At the outlook, and some of those closely connected witli the party talk freely about forming another party and they are'easting about for a name that will take the popular fancy. It is hoped by this to take in the more moderate element in the Liberal Party and hirer the balance into the ranks ui Labour. There are developments pending in the political arena. lint much will depend upon the health of Mr Massey. In any ease ft is probable that ('Hurts will he made the reduce the number of parties to the traditional two. In the meanwhile Mr 11. E. Holland is busy with a political campaign in Wellington. Mr Holland delivered an address here on Wednesday and clearly indicated that the Labour Party’s supreme objective was the Socialisation of production. distribution, and e.vhaup.e, and if is held that the Labour Government would not. require to pass much legislation to oiled this for the various Control Acts provide enough machinery to put this lorm of socialism into practice. Labour promises to make a big fight at the municipal elections in Wellington. They did so two years ago with very poor success, and thev will not do much better this year.

WOOL VAI.FKS. The <1 mil in wool values recorded at the Dunedin and Invercargill sales is expected to lie emphasised at rimaru and Cliristclinrch wliere sales are tn follow, hut brokers here are not alarmed. They seem to think that finance has had somethin;' to do with the matter, hut in any case it is contended that the wools that have been affected by the drop were the lmlfhreds and line crossbreds. The North Island is mainly interested in coarse and low crossbreds, and wool men think that these orndes will continue to sell well. The “ Mercantile Gazette” just issued has an article dealing with wool value. The official range of prices for the January sales of 1023 and 192-1 are compared and the paper says: “ It will he noted that in every instance there is a substantial advance in values and assuming a hale of greasy wool to weigh .TiOlbs nett., the average quality of wool at the lowest recorded prices show that fine crossbred wool in January 102:1 was worth L2O per hale, while at the January sale this year the same quality of wool made £29 Os 8d per hale. On the same basis medium crossbred was worth CIS 13s id per hale, and this year the price is equal to £2S. Coarse crossbreds CIS against C2O 13s -Id, low crossbreds CIO Os Sd last year as compared with C‘2o this year, a gain of CIO 13s 4dt per bale which is very good for this low grade of wiol. Medium quality lambs wool last year made £2O per hale, this year the growers are realising £29 Os Sd. Crossbred bellies and pieces, good to super, last year made £lO 13s Id per hale and this year the same class of wool made C 2-1.