WELLINGTON TOPICS.

Taranaki Daily News, 1 April 1921, Page 7

WELLINGTON TOPICS.

THE WORLD’S FINANCE. GETTING DOWN TO FACTS. (Special Correspondent.) Wellington, March 28. To the man in the street, unfamiliar with the great economic problems of the day, the Hon. Arthur Myer’s talk to the representatives of the Press the other day on the world’s finance may not convey a great deal that is tangible and easily understood, but even he is realising that the absence of the member for Auckland East from the recent short session of Parliament was a public calamity. Never before have knowledge and experience of finance and the faculty of handling figures been so urgently needed in as they are at the present time and never before have they been so sadly lacking, speaking collectively, of course, in t'he people’s elected representatives. Even Mr. Massey, who has charge of the Treasury, and Who is easily the best qualified member on his own side of the . House to bear this responsibility, • must loan heavily at times on advisers who have no particular claim to be regarded as masters of the intricacies of the world’s finance. THE PLAIN TRUTH. To say this is to utter no reproach against the politicians -who frankly admit their inability to understand this phase of the “dismal science.” Financiers, like poets and golfers, are born with gifts and penchants which cannot :be acquired in the schools or colleges and which do not often incline them towards a political career. Mr. Massey, considering all t'he circumstances, has simply achieved wonders. By sheer industry, dogged perseverance and the exeifcise of robust common sense he has overcome obstacles that might have dismayed even his stout heart had he foreseen the troubles in fronts of him. People who a few years ago were scoffing at his emulation of Mr. Seddon are now ready to admit he has advanced far and with very considerable distinction along the path the great Liberal leader blazed. But the sure touch of the inspired financier is not among his many gifts, and it has been left to a private member, with ministerial experience, on the other side of the House to give the country a convincing diagnosis of the economic ills from which it is suffering. THE NEW PARTY.

Just how and when and where the root idea of the National Progressive and Moderate Labor Party originated, the public has not yet been permitted to know. The impending formation of the new political organisation was talked about during the short session of Parliament, but the promoters of the movement did not extend their confidence very widely. Mr. Statham’s acceptance of the presidency of the party, however, is regarded here as an assurance that the movement has some considerable backirfg and that be, fts its official title suggests, both progressive and moderate. Mr. Statham was one, of the impatient Reformers in the last Parliament, who were dissatisfied with Mr. Massey’s “make-haste-slowly” policy and wanted to accelerate considerably the Prime Minister’s rate of progress towards long promised goals. The leaders of the incipient revolt were propitiated by appointments to the Ministry, reconstruction “coming along,” as Mr. Massey himself would say, at an opportune moment. But Mr. Statham remained undeterred in his seal for results and having 'his attitude endorsed by bis constituents at tte last general election, is now free to seek them by more expeditious means than his old party has yet employed. THE TOTALISATOR. The members of the Totalisator Commission rested .from their labors during the Easter 'holidays, and most of them made their way to the race meetings neatest thpir own homes to see in operation, and perhaps to test in practice, the maol 'ne whose destinies in a large measure have been entrusted to their keeping. Various attempts were made to get from them some forecast of the tenor of the report they are to present to the Government, but none of them was successful. It was gathered from one member, however, that he thought the racegoing habit and the gambling fever less prevalent in the South Island than in the North. This, he admitted, might be an impression gathered from the larger attendances at race meetings in the north, particularly around Auckland, without taking the denser population into account. But putting two and t two together it seems fairly safe to predict that the Commission willMiot recommend the issue of a large numoer of additional permits, nor their distribution, few or many, on a population basis.