The Taihape Daily Times AND WAIMARINO ADVOCATE. THURSDAY, JANUARY 27, 1916. CONSCRIPTION OF WEALTH.

Taihape Daily Times, Volume 8, Issue 22, 27 January 1916, Page 4

The Taihape Daily Times AND WAIMARINO ADVOCATE.

THURSDAY, JANUARY 27, 1916. CONSCRIPTION OF WEALTH.

(With which is incorporated The Tai tape Post and Waimarino News.)

There are yet many people who fail to realise the necessity for national economy; we hear discussions in the street that discloses to some extent, how far we fail in determining how the war is progressing from a financial aspect. That there is some strain ha s been brought home to us by the fact that we have had to raise, a: fairly large loan within New; Zealand, and by the later proposals for a cooperative adjustment of expenditure. England has now to meet a daily expenditure of over £5,000,000, and this country is participating in this expenditure by borrowing £6,000,000 a year. Accounts, returns and statistics disclose that British investments in other countries total £4,j000,000,000, and that her earnings on account of interest thereon, for freight, banking commissions, and such-like are not more than £400,000,000. Against this the loans to Britain's Allies total £400,000,000 a year, and as her imports exceed her exports by £600,000,000, that sum is a clear deficiency on the year's accounts. How long Britain can stand this strain is a matter that is giving quite as much, concern as the supply of lighting meii. ;In. : any case it i s obvious to the most casual thinker that a breaking, point cannot be very far distant. That time can. be materially shortened by a, determination to economise; by stopping the,iin--portation of unnecessary silks.- and other luxuries, and by otherwise bringing the nation's buyhigs more on a level with its earnings. That there should be .millions speut on luxuries. while the hkticn is going to the bad to the extent of £600,000,000 a year, makes it understandable why there is

a Cry "by the BVitteh Pvess for greater economy. If only moderate economy were practised it would enable the war to be financed for a much longer period. It is stated by & thoroughly reliable source that if the war continues for another year Britain will have to borrow from some country or countries the huge sum of £1,600,000,000. When these financial facts are realised no ordinary person should have any misunderstandings about the strain that has to be born. In New Zealand we have plenty, and there are those in money circles amongst us who not only oppose any effort on our part to raise internal loans to reduce the depth to which our hands are still going into the Homeland purse, but they opposed the £2,000,000 we raised purely for our own public works. It is just as well for us to recognise our responsibilities to the Empire. It is true we are freely giving the flower of our manhood, and it almost seems that we are taking a consideration in Cash for so doing in. drawing on the British Treasury to the extent of £6,000,000 a year for war expenditure. As an Integral part of Empire there seems no good reason why we should not raise

'war loans internally as well as raisemen. Mr. Massey talks of it being impossible to have conscription of wealth, and we cannot credit him with frankness in dealing with the subject. 'There are only a few extreme social ists of the filibustering type that would urge a conscription such as Mr. Massey only thought it worth while to deal with. There is a serious aspect, however, and while we should strenuously oppose any attempt to interefere in any way that would be likely to cause the slightest disorganisation of production and trade, we are of opinion that New Zealand is capable of doing something towards relieving the financial strain that Britain is now feeling. For our capitalists to be asked to invest some of the huge amounts many of them have to lend in Government securities, or, in other words, war loans, is quite a different matter to what Mr. Massey suggested. It i s not pleasant to reflect on the fact, that we willingly give the lives of our young settlers to be used up in the fighting trenches, while.we, not only refuse to give anything to the financial side of the fighting, but we go on drawing from the Motherland more money the more men we send?* We might reduce the £6,000,000 by something. ~