Ward and His Outlook

NZ Truth, Issue 1199, 22 November 1928, Page 1

Ward and His Outlook

BORROWING POLICY B AGAINST ■ ■ BETTER INTEREST^ OF' THE DOMINION

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THE mantle of premiership will no doubt fall on the shoulders of Sir Joseph Ward. The bayonet has a world-wide reputation as a financial genius,- this reputation being founded m'Qre'pr. less upon his ability to engage Uncle Bull m friendly conversation and "bite" him for a loan. The borrowing" . policy *' whether undertaken by the individual or by the nation is economically unsound and it is to be presumed tha-t if Ward ultimately holds the reins of power, there .will be a welter of borrowing, leaving the kid to foot the bill. Production and still more production must act v as a : counter-balancing factor. ■ The Dominion might well ; profit by the example of Australia's present financial position, > due : to a wasteful and extravagant borrowing -policy. Sir Joseph Ward might well tread warily along the financial road which is already so heavily pegged with/"borrowing" milestones. His undertaking: to complete all. main line railways, hap-, py as it- will be for the districts f through which the ..-.-.. lines will pass, does riot recommend i&self altogether to the masses. '■ . -'•There are certain and costly portions of main line railways that at this present juncture;- it -would not be wise to complete, / ; as the Westport-Buller-Glenhpp.e section.' '■.''■■•■■ It Is impossible to see how, even with the natural'" resources of this district available to feed the line, a regular through service would not fully compensate for the immense cost involved m; the initial, undertaking. JEveii a steady volume of, tourist traffic -Will not pay the country ; for/ the heavy building cost that, will be laid against the Coast m the building of its main line. , The same | argument applies to various other sections that will "necessarily be included m Sir Joseph Ward's £10,000,000" railway, programme. Only when the districts concerned reach a higher state of cultivation and productivity will it be safe to assuihe a fair

U Money Spender

ilwillliiillilliiiliMiniiiiiiiiiiiiiiiiiiiimiiiiiiiiiiiiiiiiiiiiiiiiiMmiiiMiiiiiiiiiiiiniiiiimiiiiiiiiimiiini^l return for working cost and sinking ■fund. ■ ' ' > „".;. .;/•, -: .■ ' - ; - V.-". v This proposal of the United Liberal party leader; is, of • course, indissolubly bound up with his land settlement scheme. If this succeeds, and there is no reason why, with careful and close management it should not, New Zealand's old financial wizard is banking on: a closer, settled and -more productive country that will receive support from the railways. ; ' ;. . - -\ State- enterprise is ; not a ; hobby of Sir Joseph's and if he can confine his undoubted- ability to the country's gross turnover m, firstly, primary products and, secondly, industriba, without giving rein to squander -mania or raising a too high tariff wall, then the people's confidence may be justified. Two decades .S have passed . since Ward held his finger on the throbbing pulse qf the nations affairs, biit it would, of course, be folly to ■ ''■'•■■•_ assume that a man with such big interests as he has, would fail to keep m touch with ,the business ;o f , th c -.-..-. ..-■• country. . •.., '■. 1 The fact also, must not be lost sight of that Ward has- definitely fixed a period over which he intends to borrow money— ten years. In perspective over the. past' v teri years the country has ; borrowed a ; matter of £50,000,000 and the State coffers at the- commencement of that period also had something like £17,600,0P0 m them. Now they are empty. ■ It would-be folly to assert that the Reform administration has not borrowed largely from overseas during itsregime, but its present unpopularity iti, m part, due to this very' factor. That and the grouch of the farmers because all has not gone their way. . ; Astutely, Ward: realizes this and has; held out the olive branch \of easy money to 4 ,the nian on the land: At a period though,, •when; despite aflßrmatiohs to the contrary, financial depression is acute, it behoves the i people to treat carefully any project that entails the immediate raising and indiscriminate broadcasting of huge sums of money: i