AN OMINOUS HINT

New Zealand Times, Volume XXXVII, Issue 8363, 25 February 1913, Page 6

AN OMINOUS HINT

We have no hesitation in adding one or two bouque’ts to the shower with, which the squatters’ journal overwhelmed the Hon. W. Fraser, Minister of Public Works, yesterday. Like our contemporary, we regard Mr sor as a simple-minded, honest, straightforward gentleman, who would scorn to twist facts in order to score a political advantage for his side, and therefore we attach especial weight and value to the words that occasionally fall from him. The reason for all this appreciation is furnished by the fact that the Hon. W. Fraser, unlike most of his colleagues, is steadfastly setting his face against any demands for railway works, even when preferred by his Tory supporters. Ke-| plying to a request made at Invercargill for the construction of a WintonHeddon Bush line, Mr Fraser said emphatically that “the Government were not going to pay 6 or 7 per cent, for money, and public works would have to wait if such a rate had to be paid.” This is very sound and very sensible. But who has been asking for 6 or 7 per cent.? Mr Fraser never speaks unless he knows something, and bus sincerity occasionally prompts him to blurt out disagreeable' facts, but nevertheless they are facts. Have the Government been asked to pay 6 or 7' per cent.? We would go further and' ask if they have really paid 6 or 7 per cent.? We are sure Mr Fraser would not strain or exaggerate a situation charged with such an important bearing on our finance, but this allusion to 6 or 7 per cent, is disquieting, and is calculated to create a certain amount of uneasiness. We never a«i oepted the view, put forward by some journals, that the Hon. James Alien's loan-raising operation was a brilliant coup, or even a gratifying transaction to New Zealand, because at the bacr of our mind was the fear that tne London underwriters had carved an exceptionally thick slice for themselves. Then there is that awkward fact thutj the loan is quoted at three-quarter per cent, discount already. However, Mr Fraser’s hint sounds ominous, and we regret to say that we attach more weight to a hint from Mr Fraser than te an armful of glowing assurances from, Mr Massey or the squatters’ organ. However, let us hope that when Mr, Fraser said the Government were not) going to pay 6 or 7 per cent. for| < money, he was not thinking of thoj’ London underwriters, and that ho really knew nothing at all about tho, loan-raising operation.