THE NEW ZEALAND LOAN.

Taranaki Daily News, Volume LVI, Issue 190, 10 February 1914, Page 2

THE NEW ZEALAND LOAN.

SIR JOSEPH WAKD'S VIKW. J Sir Joseph Ward, replying to Mr. Allen in regard to the loan which lias just been raised by New Zealand on the London market', says: —"Shorn of all. its paddir ;. the real' reason for the successful flotation ■• of the loan is the. enbrmous accumulation of money at Home, Both in the House and out of it T; have pointed out the position, and have frequently said that the price of mdney was'- bound to fall. for Hint reason I have pointed to the inadvisabiity) of obtaining longdated loans when moiiev is high, and only a short time ago.l uttered a worll of friendly warning that the country should not go in foi) long-dated loans' at that time.; ■' I am : very glad to find that the' Minister of 'Finance has now gone in for a .shortdated loan. "It" must lie quite, clear to anyoiw.■with Jin impartial view that on au.ojpen market in London—with money dovyu ,to, 1 per cent., and for discount '"•pMTp'oses 'to "under"'2 per Cent.—t'pe'r cent, is distinctly high for this ■country to he called upon to pay. lam quite satisfied thai; the rate of "'/., per cent, . which was one thai 1 did my best to secure in ' London for this country's ! loans, will rule again before long. in that case, none of the oversea dominions.: which' offer undoubted security, should be called upon to pay 4 per cent. ''lt is very pleasing to note that Mr. Allen pays a tribiilis to the :! per. cent, loan-raised by me iiilSfl'i, and'thej'.nd'verse: criticism he levelled at me then may now be'ehavitabiy forgotten. .'lint the regrettable thing' is that the: fin- : anees of the country are made a partsy question by the lieforan Party. " The I finances should not be for ever the sub. : jeet of party fighting, for it is in the vital'interests of everyone that money should be obtained : in Loudon at the Toast; possible rate. That rate is the .gQvoiiiiitig factor to business people and to small settlers." After referring to oilier matters, Sir Joseph Ward added: "The fact remains that, notwithstanding all the criticism hurled at tint Liberals, the average of the present Government is much more than anything ever borrow- , cd by the Liberal Government.''