Manawatu Herald. TUESDAY, FEB. 24, 1908. The N.Z. Loan.

Manawatu Herald, 24 February 1903, Page 2

Manawatu Herald. TUESDAY, FEB. 24, 1908. The N.Z. Loan.

The Opposition journals of this colony have broken out in a shriek of delight, and, of course, indignation against Mr Beddon, because the British public have not subscribed freely to the loan offered in London, One paper, the editor of which started in political life as the supporter of Mr Beddon, (because he would never have had a hope of being elected otherwise) and for certain reasons, turned as foolishly against him as he showed himself as foolishly for him. No man is perfect and every one will be misled, and therefore exaggeration either for or against anyone is absurd and makes the utterer as absurd. This paper announces the news with heavy type “ Our Loan a failure,” and “ Only 8 per cent of it offered.” We must hope that the editor knew that these head lines were misleading, or otherwise he knew very little about the matter. The loan put on the market by New Zealand was not a failure for the Colony gets the money, and if any one suffers, which we take leave to doubt, the underwriters of the loan who were unable to sell the whole amount to the public are the ones. The security is good, and the underwriters will soon dispose of the amount in large enough parcels to secure a quotation on the London Stock Exchange when, as with other loans, there will be daily dealing with the stock. The underwriters have not made so much money or so quickly as they may have fancied they would, and that is the matter. In a footnote, by this editor, it is amusing to read that “ We can ussuredly say that so far as borrowed money is concerned New Zealand is in the mud, brought there by the reckless extravagance of the present Government ” ! What is the matter ? if the Colony is in the mud, the chances of further borrowing is stuck, and this should be a matter of great delight to those who think so, as this reckless extravagance would then have to cease. The fact is that to urge for an expenditure of money locally, and to, in words, condemn expenditure, is the fashion of Oppositionists, and thus the chances of any one, doing anything, to stop the golden flow from the Old Country, is looked upon as most iniquitous. A calm consideration would have stopped these big headlines and curious notes, as the condition of the world is most carefully studied by financiers. It is almost a wonder how it is that wb get any money we want, at the low rate of interest we are prepared to pay for it, whan millions are wanted by better payers, or by those whose security cannot be questioned. Just now the British Government are about to raise millions on account of the South African war, and she has only to ask, to receive; then the whole of South Africa wants money, the Cape, Natal, the Transvaal, and the Orange River colonies, and these are likely to be willing t« pay a larger interest than

we are, and their security will be amp’e. Morocco with her internal troubles will have need of money, and if it can be obtained, will Turkey, Rouraania, and those in the neighbourhood of that distressful country. War hangs over the world, and the most necessary ammunition for war is money, at high rates of interest. We have heard also that the Commonwealth of Australia purposes getting money, if she can, from London, and if the money is needed he e, which one and all must admit, it appears that this loan has been put upon the market at the right time, if perhaps, not at a good time. These men who like to run the Government down could compare this last loan with those raised at similar interest, and considering the times it will be seen the difference is not so great. It is a pity that any paper .having the interest of the public at heart should adopt a tone of delight in what might have been a misfortune. Our duty is to assist the progress of the colony, and riot to worry about the “ms” or the “ outs,” Them is an old saying that it is an “ ill bird that fouls its own nest,” and it is unpatriotic to hope that any occurence will hurt the Premier, as it reverts oil the heads of the people who put the Premier in power. The prosperous state of the colony is, fortunately, admitted by all, and even the most rabid Oppositionists cannot point to any Gase to the contrary, but get over their admissions by asserting that prosperity could not possibly have been averted by any action On the part of. the Ministry. This is rich beyond compare, as there have been deputations from all sorts and conditions of men to the Government asking for this and that concession. Why has the Government’s aid been sought if the trade could advance itself ? The story of the progress for the past ten years, the story of present Government’s tenure of power is too long to refer to here, but if borrowing by the colony was ever justifiable, it is so now, as the money obtained is so laid out to increase our resources and assist the settlers. Time will show that this last loan has turned out better for the colony than the Australian loans to be floated presently.