THE DOMINION'S NEW LOAN

Taranaki Daily News, Volume LIII, Issue 186, 16 November 1910, Page 5

THE DOMINION'S NEW LOAN

STATEMENT BY THE PREMIER. By Telegraph.—Press Association. Wellington, Last Night. In the House of Representatives this afternoon, referring to the five millions loan, Sir Joseph Ward said that the allocation of amounts had been incorrectly triven by him in his statement on Saturday morning. The correct figures were as'follow:—Advances to settlers, £1,500,000; advances to workers, £500,000; naval defence,£l,2so,ooo; public works and lands, £1,050 000; total, £5,000,000. He went on to refer to the cable published in the Press on Friday evening last, concerning which ho had cabled to the High Commissioner pointing out that leakage of information had occurred. The High Commissioner had replied that leakage was unavoidable with underwriting, and it was fortunate that the loan was underwritten before there was a run on the Birkbeck Bank. The Premier went on to say that he had desired to defer the statement on the loan till Tuesday, but the cable news made that impossible, lie referred to the article on the subject appearing in the Dominion of Saturday, which had either been written or dictated bv Mr. Herdman, and which was of an extremely vicious character, and quite on a line with what frequently happens. He had fixed the amount of the loan himself, which was the largest ever raised by the Dominion at one time. It was of the utmost consequence that he should not have made a premature statement about the loan in fairness to the underwriters, who ran the risk of its being successful or otherwise. Mr. lierdman sai l the Premier was absolutely misinformed as to who was the writer of the Dominion article. Mr. Massey asked if the Prime Minister would place the prospectus of the loan on the table of the House this session. Sir Joseph Ward replied that this was impossible, as the mail would not reach Wellington in time, but he would do so next session. The rate for underwriting was one per cent., the usual one.