The Manawatu Herald. Saturday, June 1, 1912. NOTES AND COMMENTS.

Manawatu Herald, Volume XXXIV, Issue 1051, 1 June 1912, Page 2

The Manawatu Herald. Saturday, June 1, 1912. NOTES AND COMMENTS.

Speaking at the welcome social I tendered to him at' Wellington on Thursday night on his return from Australia, Sir Joseph Ward referred, to the stringency in the money market. He said he had put it on record more than once that a political upheaval in this country was likely to lead to some tightness in the money market. He was not opposed to the opponents of the party he had led getting into office for a time, but the fact remained that there was a tightness of money just now, which was felt in different portions of this country. This would disappear very soon. One of the things for which he had been blamed was raising money for carrying on the various requirements of this country. Prior to the first ballots, he had taken an opportunity of making preliminary arrangements for raising a loan of ,000,000 for New Zealand. Between the first and second ballots he decided that it would not be a fair thing to have any such operation carried out. On seeing the result of the second ballot, he decided to abstain from raising the loan for the reason that in the event of the other party coming into power, it was only reasonable that it should be left free to shape its own financial policy. “Had the result of the election been favourable to the Liberal party, four millions sterling of capital would have been introduced into New Zealand at the end of February last. Had this been done there would have been no tightness of money, nor. would it have been said that business was somewhat slack at the present moment. “This is a somewhat startling admission, for it is stated that Sir Joseph caused a message to be sent to the British money-lenders between the first and second ballots informing them that he would have a working majority after the second ballot. The breaking off of the negotiations would have been justified had he done what any broadminded statesman would have done after the second ballots — resigned. But he preferred to intrigue with pledge-breakers in order to gain a snatch victory and in these circumstances he should have completed his negotiations. However, it is pleasing to note that the stringency will be only of temporary duration. The admission throws a little more light behind the scenes prior to the ushering in of the present hybrid party.

Thk Hon. J. A. Millar, exMinister iu the Ward Cabinet, during a political speech in Dunedin on Thursday evening, only whetted the appetites ot his hearers iu reference to the present political situation. The lull meal will be served up to the country from the floor of the House. He made it quite clear, however, that he has absolutely no time for a party which owes its existence to half -a - dozen men who have dragged the traditions of liberalism through the mud. He said he preferred honourable opposition to such existence. His reference to the absorbing of some ot these doubtfuls on Royal Commissions will meet with almost universal approval, which fact goes to show to what the present Ministry is put to maintain solidarity.