THE SEVENTY MILLIONS

Manawatu Herald, Volume XLIX, Issue 3882, 11 December 1928, Page 1

THE SEVENTY MILLIONS

In his speech in the House of Representatives last week Sir Joseph Ward raised again the question whether he intended to borrow his £70,000,000 in one year or spread the borrowing over eight or ten years (says the Auckland Herald editorially). The limitation to one year had ajmost been forgotten, for it has been universally admitted that Sir Joseph Ward did not intend any such limitation. But since he lias raised the question of the accuracy of the Herald’s report, it is as well that the facts should be stated. There is no doubt at all about what Sir Joseph said in the Auckland Town Hall. He said clearly and distinctly that if the party of which he was head was returned he would undertake “to bring into this country within twelve months £70,000,000 for the use of the people.” There is, perhaps, as little doubt that his words went beyond his intention, for his manuscript, prepared beforehand, referred to the borrowing as to be spread over eight or ten years. This manuscript was sent by Sir Joseph Ward to a number of newspapers, which accounts for the reports not being the same in all parts of New Zealand. But the fact remains that all the reports taken in the Town Hall without the aid of the manuscript* used Sir Joseph’s words that he would bring £70,000,1)00 into the country “within twelve months.” It is also a fact that though Sir Joseph Ward stayed in Auckland for a few days after his meeting he did not then dispute the accuracy of the reports. He published an explanation which he prefaced with the words: “It appears that I did not make myself fully understood in regard to my borrowing .proposals.” That is exartly the position. Sir Joseph’s tongue slipped, and he did not make himself fully understood. But when the misunderstanding was cleared away the explanation was everywhere accepted quite generously, and it is futile for Sir Joseph Ward to now make charges of misreporting against the Herald, and of “not playing cricket” against Mr. Coates. The £70,000,000 was discussed during the election campaign without reservation as a loan to be spread over eight or ten years, but Sir Joseph will insist on easting doubt upon the period. The “twelve months” have a strange fascination for him. These words slipped glibly oil his tongue again in the House yesterday afternoon, and he had to submit to correction and again correct himself so that he should be “full understood,”