MR. MASSEY'S SPEECH.

Taranaki Daily News, Volume LV, Issue 251, 13 March 1913, Page 5

MR. MASSEY'S SPEECH.

THE AFTERMATH. THE COST OF MONEY. By Telegraph.—Per Press Association. <_'hristfhuroli. La-t Night. After the big meeting in the Theatre last .evening Mr. Massey was interviewed by a representative of the Press. "I was immensely pleased with the meeting," lie •aid. "It was a meeting after my own heart. I feel quite certain that it has done an enormous amount of good. I think the Opposition played into my hands every time. They got me more converts tlmi my own speeches. I would willingly travel a thousand miles to have another meeting like that." « A press representative had a few minutes' talk with Mr. Massey prior to his departure for .-\shburton this morning, [ and the Prime Minister again expressed his •.'ratification with the result, of last night's meeting. There was one point, .Mr. Afassev said, that he desired to amplify, and that was the reference made by him in the course of his speech to the cost to the Dominion of the loans recently floated 011 the London market. The cost of the Ward (iovernnieut's £5,000.000 loan worked out at £4 Is P/Vid per cent., that of the Mackenzie Government's £4.500.000 loan worked out at Co '2< fid per cent, while the cost of the £3,000,000 loan negotiated a month or so ago hv the Hon. .7. Allen worked out at €4 5s fid per cent. The latest loan wa< raised at 4 per cent, at !18. In other words, the £3.000,000 loan cost 17s .*d per cent, less than the £4.500,000 loan, and 7s 2 1 /td per cent, less than the £5.000,000 loan, or a saving, in round figures, of £SOOO as compared with the cost of the Mackenzie Government's V/, million loan. It should also he home in mind that at the time that the £3,000,000 loan was floated the English money market was seriously disturbed, and was in a condition much less favorable to colonial loan flotations than it was at the time when the five million and 4million loans were offered. Despite the unfavorable condition of the English money market when the £3,000,000 loan was floated, 20 per cent, of it was taken up hy the public, as compared with 13 per cent, of the 4% million loans, and 7 per cent, of the five million loan. To-day the Prime Minister, the Minister of Justice (lion. A. L. Herdman) and the Postmaster-fleneral (Hon. R. Ilea ton Rhodes) spent a quiet morning. Departmental business occupied some of their time, but no public deputations waited 011 any of the Ministers. The Prime Ministers visited Addington yards and spent some time looking at the stock and conversing with many old friends that he met. Mr. Massey and Mr. Rhodes left by the mid-day express for Asbhurton. The ITon. A. L. TTerdman. Minister of Justice, this morning the building at Addington at one time known as the Samaritan Home, which is now used as a place of detention for female prisoners. This afternoon the Minister will he present at a parade of the police force, and this evening he will leave for Wellington.