The Daily News FRIDAY, OCTOBER 1. THE PREMIER'S RETURN.

Taranaki Daily News, Volume LII, Issue 203, 1 October 1909, Page 2

The Daily News FRIDAY, OCTOBER 1. THE PREMIER'S RETURN.

Persons of all similes of political thought should feel gratified that the people of Auckland accorded, on behalf of the dominion, so warm a welcome to Sir Joseph Waul on his return. His mission to London was in no sense a sinecure, and it must be admitted the Premier most wurthily represented the dominion at what undoubtedly was the most important Imperial Conference ever held. In London if was freely admitted that Sir Joseph was one of the most prominent figures at the Conference, which, it should not be forgotten, was the direct outcome of his historical oiler of a Dreadnought to the Empire. Although iill the details are not ~ct available, it is abundantly evident Wat the Conference has laid the foundation of a truly Imperial system of co-opera-tion in defence. The policy for which Sir Joseph Ward ha»' consistently stood in the matter of New Zealand's association with the British Xavy received the full assent of the Conference and the Admiralty, and as a consequence within the next two or three years there will be permanently located in Dominion waters a detainment of seven vessels of the most modern design—no mean line of defence—at our most vulnerable points. In addition the Dreadnought cruini r which the experts of the Adnii.iiit;, preferred the Dominion's offer of a i'i;,»liiought battleship, becomes the d.igsiiip of the British Pacific Ad miral, whose command embraces the Xew Zealand division of the squadron A new feature of some importance in connection with the naval proposals was disclosed by the Premier jesu-ruuy with regard to the Clnil.OlW subsidy. While this would be continued as usual after the completion of the new Pacific squadron, the money is to be devoted to the payment of the extra rate ol pay to -New Zealanders in the naiy. As should be well-known, colonial sailors draw considerably higher pay than the ordinary British rate, and niter lllli the special rate will be paid by tlie dominion. The new arrangement, while ill but a minor sense a variation of the present unconditional subsidy, should meet with approval because of the fact that it will give the people a direei ~i-terest terest ill the maintenance of the local Heel. There is little doubt that the new

arrangement, wiiich almost everyone in I lie dominion hopes to see ratilied, will greatly strengthen Hie interest of Xew Zealanders in the Umpire's Ih-st line of defence, and we look forward confidently to the lime when the local navy will l> aimed mill largely olliccred by \ew /.e.ilunilers horn. For the conspicuous pint he has taken in the great naval anil military reorganisation scheme, therefore, it is tilting and proper mat >\r Joseph Ward should .he Heartily welcomed back to the Dominion, and made to feel that his patriotic endeavors iliive the endorsement of the lillll; ot

Hie people. Another important statement made by Sir Joseph at Auckland yesterday referred to the very satisfactory financial arrangements be had been enabled to make whilst in London. .Some week.-

ago we gave publicity to a rumor' currout in well-informed circles that the Premier's activities whilst abroad would not he confined to defence matters, and that there was more than a probability that he would be successful in completing negotiations for an adequate supply of cheap money for purposes of public development. That there was justification for the report is a matter all'ording considerable satisfaction, and completely answering those Jeremiads who have attempted to damage the credil lof tlie dominion in the eyes' of London financiers. Local and public bodies particularly will be warmly thankful to the l'reinier for his successful endeavors to make cheap money available. Under the conditions on which he proposes to finance their loans, a direct saving of about c:ic per cent, will he made on the average rate of interest, and aggregating a yearly saving of many thousands of pounds to ratepayers throughout the dominion. Presumably the local bodies' loans will be raised under Government guarantee. Had the legislation dealing with this particular class of loans, which the Premier promises to bring down early in the session, been in existence when the recent New Plymouth harbor loan was raised, a saving of considerably over <:■>:.{):. per annum would have been effected, This will give some idea of the arrangements' Sir dosph Ward has been able i„ complete with financial institutions i» Loudon—

an achieve it quite irrespective of iiis work at the Defence Conference.