LABOR AND FINANCE.

Taranaki Daily News, Volume LV, Issue 287, 3 April 1913, Page 4

LABOR AND FINANCE.

The prevailing stringency in the money market lias had the effect of depressing most securities, including those of Australia and New Zealand, and this fact lias given occasion for certain capitalistic organs to criticise the borrowing policy of the Dominions. The London Observer has administered a lecture to Australia, because of alleged attempts to injure capital or to raise money to injure existing British investments, and the Wellington Dominion has seized the opportunity to indulge in a diatribe against I the Labor policy and Labor tactics in general. It is airily assumed by newspapers of that class that Labor domination in public affairs is synonymous with reckless finance and lack of patriotism. The policy speech delivered by the Premier of the Commonwealth has come opportunely to dispel this illusion. Mr. Fisher was a He to foreshadow a surplus of £2.2(i!.541 at the end of the financial year, and he further stated that since his Government took ollice a sum of £10.0110,000 had been transferred from revenue to the Public Works Account. That is not a bad record for a Labor Ministry: and when we turn to the achievements in defence of the Common-

wealth Government and contemplate the proposals for future expenditure, we find ample evidence of patriotism. In other respects, iM'r. Fisher's policy for the development of the country and the preservation of a "white Australia" is as enlightened and progressive as could he wished.