NO LOAN MONEY.

Taranaki Daily News, Volume LVII, Issue 63, 3 August 1914, Page 4

NO LOAN MONEY.

EFFECT OF WAR. STATEMENT JJY MINISTER FOR PUBLIC WORKS. By Telegraph—Press Association. ■ Dannevirkc, Last Night. Speaking at a banquet at Takapauon Saturday, after the opening of tin bridges 'built by the Waipawa Count,, Council, tile Hon. W. Fraser said an unfortunate state of affairs was prevail ing in Europe. Whoever was .in charge oi the Public Works Department woull Slave to depend upon borrowed money, and it might be that for a time, it would bf impossible to get a shilling of borrowed money in London. If they went to the London market now he did not believe if they offered seven or ten per cent they would get a. loan. Nobody would dream of floating it. People were not investing in scrip but were tTying to sell, and there was lack of buyers. In Berlin alone recently f!00,000(,000 h&d been lost through securities regarded as gilt-edged investments having sunk so low as to represent that differ- , eDce in their value to-day and their ' value a few weeks ago. He waa not one of those Who was going to borrow at any price. They could afford to wait. As far as the products of the Dominion were concerned, he did not think there would be much trouble concerning them, even, if Britain were involved. He believed her fleet was strong enough in the North Sea to prevent any nation at war with her interrupting the passage of our produce Home. They all l endorsed the sentiments expressed in Par (lament on Friday night, and were prepared to make every sacrifice for the sake of the Empire. They had done so in the past, and would do so in the future. (Applause.) They could not seni men to the front from here. ' That as nonsense. The great thing was to show the Old Land that we were heartily with her and intended to back her up on every occasion to the fullest extent in our poer. (Applause.)