FROM BRITAIN'S POINT OF VIEW.

Taranaki Daily News, Volume LIII, Issue 313, 29 May 1911, Page 4

FROM BRITAIN'S POINT OF VIEW.

»Sir Joseph Ward's scheme does not commend itself to the great organs of public opinion of Britain any more than it does to his fellow delegates and the British Prime Minister. Some important aspects of the position are ably dealt with by "The Nation," the Liberal weekly journal, in a recent issue. It says: "New Zealand is perhaps the most British of all the great' colonies, but her attachment corresponds in no small degree to her dislike for absorption in the Australian system. And what does she propose? Her 'lmperial Council of State' is, in fart, an Imperial Cabinet, not merely acting through the Colonial Secretary, but in much the same direct relationship with the Crown as is the existing British Cabinet, and pooling responsibility for Imperial and colonial policy. Are the other Dominions prepared for this change? They might be ready to govern us. Are they equally prepared for us to govern them? Will they go into a Council in which they must of necessity accept a large and permanent minority of votes and inferiority of influence in shaping a policy? Will they take on the problems of Europe, and the English Channel, and the North Sea, and the Baltic, and the Mediterranean, while we accept those of the Atlantic and the Pacific? We have never had any such exchange of responsibilities proposed or endorsed by Australian or Canadian or South African statesmanship. And if no such thought exists in the minds of the colonial Premiers, on what foundation could our Government build up a brand-new Imperial Cabinet? We will tell why all such projects of Imperial federation go whistling down the wind. You cannot have Imperial Federation because of the Empire. If we had only to think of the autonomous sections, we might, in spite of the separations of oceans and continents, devise some loose scheme of common government. But not so long as we liave India, and the other half-free or unfrce Imperial possessions. Not so long as there does not even exist a standard of citizenship between the Hindu and the British Mohammedan on the one hand and tl\e >South African and the Australian on the other. We admit that the present relationship is anomalous and unfair. The position virtually is that while we must come to the rescue, with our whole naval and military force, of colonies threatened with foreign invasion or usurpation, they may or may not come to our help in our time of difficulty, and that while our scheme of European and world policy excites more or less interest in colonial hearts, they are passionately and vitally absorbed in their own problems, and cherish ideas 011 race and color which we do not share, and which would sink the British Empire in a tivelvemonth. In these circumstances, what is the value of pressing for a formal bond when all the teaching of the past shows that such a quest is dangerous? The trade bond was sought; it has already snapped in the Protectionists' hands, The single control of the fleets is gone; and unless Canada reverses her present policy, cannot be restored. Ts an Imperial Council likely to hold? Even if there might be some uncertainty as to whether Australia and Canada would take a hand in an Imperial war, we migh be wise to prefer such incertitude to a fixed arrangement, which would work well or ill according to -the degree of sympathy between colo°liial opinion and Imperial policy. We could never go into a joint war with confidence if we felt that it was unpopular with one of the dominions, whose fleet would be added grudgingly to our own, and would be independent of our control' and dependent on its home government, while we were under the full obligation to defend it. A chain so forged would always drag, and must some day snap Therefore, we think that the "Government have done quite right in promising, as Mr. Harcourt has promised, that there should be a confidential disclosure of foreign policy between the Imperial Government and the Prime Ministers of the great dominions—more blest in this inspect than the House of Commons—and in promising nothing more. The dominion Governments would like to have our confidence and we should have theirs. We ought to know the main lines of their policy; they ought to know the main lines of ours; the two Powers ought to have a medium of easy communication, so that the double machinery might have the best chance of working together and meeting a common crisis in harmony. The special use of such a relationship would be that one purty would tend to cheek the extravagance of the other. The dominion would this l)n a curb on Novtli Sea Jingoism; Hie Mother Country 011 Pacific and Atlantic Jingoism. This is 'co-operation'; wo believe it would defy iho wit of man to put it into an act and instrument of State."

in cash and £50,000 in paid-up shares in the new concern, the nominal capital of which, it is stipulated, must not exceed £400,000, with a subscribed capital of not less than £IOO,OOO. That is to say, I there must be at least a clear £IOO,OOO available for the development of the field. If oil is struck at No. 5 bore before the completion of the purchase another £IO,OOO is to be paid to shareholders, as well as the value of the oil already won and the Government bonus of £2300. Shareholders will receive about 12s fid in cash, with 10s in paidup shares in the larger concern. The terms are quite satisfactory, for it means that shareholders will get back more than they put into the company, and, in the case of the big majority, a great deal more. The directors are to be congratulated on securing the terms and safeguarding the interests of shareholders and the industry itself in the way tliey have. Even if the terms were less attractive, it would not matter a great deal, for, after all. what we want is outside capital, with outside knowledge and experience behind and directing its employment in the development of the field. In the success of the outside capitalists the district and its people must largely participate. The syndicate Mr. Henry is associated with is "out for business," and we have no doubt that their expectations will be fully realised. No one in the district will begrudge them the dividends that wc hope will follow their operations here. It is more than likely that other outside syndicates will shortly commence prospecting in North Taranaki as well. . The district will gladly welcome and help them. The more foreign capital invested and the more prospecting done, the better for the industry and the district. Oil is known to exist all over the province. Its extent and payable nature may be regarded as proved at Moturoa; 'only testing can prove the possibilities of the remainder of the district. It may be that we may become the Baku of the Pacific. Who can tell? The future of the oil industry of Taranaki was never so promising or so bright.