The Daily News. MONDAY, APRIL 24, 1922. THE FIVE MILLION LOAN.

Taranaki Daily News, 24 April 1922, Page 4

The Daily News. MONDAY, APRIL 24, 1922. THE FIVE MILLION LOAN.

General satisfaction will be felt at the cabled news that the five million loan, which the Dominion Government has placed on the London market, has been underwritten at par. As the interest on this loan is only five per cent, it can readily be seen that the terms are considerably better than those ruling for some years past. By waiting till after the Bank of England rate was lowered to four per cent, before issuing the loan, Mr. Massey exercised sound judgment, and the Dominion will reap the benefit both as to receiving the amount in full and paying a lesser annual charge. The fact of re-; dueing the Bank rate showed that the London money market had made a marvellous recovery, especially in view of the Bank rate in 1920 having risen to seven per r-ent.. it being at a higher average level in that year than in any previous time since 1844. It will be remembered that the loan raised by Mr. Masse- when he was in London was obtained at 96, with interest at 6 per cent., whereby the Dominion received £200,000 less in cash than is the case with the issue just floated. As it is only a few weeks since the Commonwealth Government raised a similar amount at 96, there is every reason for gratification, not only at the improved state of affairs on the money market, but also with the financial standing of the Dominion. According to Mr. Massey’s Budget statement last November, the six per cent, loan he raised was allocated as follows: Public works 2} millions, electric supply If millions, railways improvements a million, no account being taken of the £200.000 discount, represented by only £96 being paid for every £lOO of the loan. How much of that loan had been spent in advance, and how much found its way to the purposes stated, is matter for speculation, the way in which the public accounts are kept being beyond unravelling, though there is no question but that, in one way or another, the country had the benefit of the money. The usual sphinx-like reticence is being observed about the allocation of the new loan, or what is left after discharging pressing obligations. Treasury Bills and other adjustments. Mr. Masses’ merely states that the loan will be used for public works and land settlement. Obviously the shadow of the coming general election will have some influence in settling the details of the expenditure—at least on paper—as the pernicious custom of bidding for votes still exists. That all the five millions —and twice as much—could be spent to great advantage in revenue-pro-ducing works is a matter of certainty, and it is equally clear that much of the money can be frittered away with little, if any, benefit to the community. So many promises of the adoption of sound business methods have been made, and are still awaiting fulfilment, that the public has become enured to existing on promiess and to despair of performances. Apparently business methods are dreaded like a plague in departmental ad* ministration, and no more striking illustration of this has been given than by the Government’s refusal to appoint a committee of business men, as was done by the Home Government, to institute radical economies in the public service, and thereby enable taxation to be reduced, instead of which fresh burdens have been imposed on the people. Now that the sunshine has pierced the financial gloom there is every reason to fear that the lessons which the depression inculcated will speedily be forgotten. Yet there is more need th art ever for the strictest economy, for there will be another quarter of a million to provide for interest, besides the expenses entailed by the general election. Now that the Bank of England rate is down to four per cent., and money can be borrowed on the London market at par on five per cent, loans, it is time the Dominion banking and financing institutions materially reduced their terms for accommodation.

ANZAC DAY. Although seven years have passed since the Australians and New Zealanders landed at and gave the name to Anzac Cove, the memory of their glorious heroism has in no way been dimmed bv the passage of time, rather has it. deepened and become more sacred, as is fitting for an achievement unparalleled in war. though most of these men went into action for the first time — the - finest body of- young men ever brought together in modern times” —to receive their baptism of fire in “a feat of arm* onlv ’’.h. to the flower of a very fine army.'’ Dramatic and path-

etic incidents at Gallipoli were closely! interwoven, and though the Dardanelles | campaign was only one of many links in the vast chain of war operations it stands out as an inspiring example to the manhood of the British Empire for all time. No cenotaph or other memorial built by hands can worthily perpetuate the noble sacrifices made by the Anzacs. It can only be by enshrining the exploits of these heroes in the hearts of the citizens of the great Empire that the deeds which have made the word Anzac an honored, revered and imperishable memory, can be fittingly kept alive. The Empire remembers, and always will be proud to bear in mind the anniversary of that thrilling episode at Anzac Cove on April 25. 1915. There is a special appropriateness in this anniversary being held sacred as the day on which the whole Empire honors its valiant dead, not only at Gallipoli, but on every theatre of the Great War. One of the most touching and most affecting incidents connected with the burial of the unknown warrior in Westminster in November, 1920, was the presence of a company of bereaved, who were so placed as to be the first to pass the British warrior’s grave and lay by its side their offer- i ings of flowers. To-morrow’s anniver-1 sary will also give first place to the be- ■ reaved in the minds of those assembled at the memorial service, while the wearing of the French poppy will indicate a full measure of sympathy with our brave Allies, for whom and with whom so many of the sons of the Dominion fought and died. Such solemn anniversaries tend to make the air we breathe seem sweeter, make life feel a better and worthier thing as the result of the purification of the spirit. It should create a new intensity of thankfulness arising from the sense that the greatest task ever undertaken by the Empire has been worthily accomplished, and that the cause for which valuable lives were sacrificed was the worthiest ever defended in arms. Time will clear away all the dross that trouble and strain, anxiety, and disappointment have mingled for us. with the gold of honor and thanksgiving. The great outstanding feature of to-morrow’s anniversary may well be the feeling that the debt, of gratitude we owe to all who served on land, on sea and in the air is incalculable. We honor alike the dead and the living. They did all that was [ lequired of them, even to making the supreme sacrifice. If we could all do our part as citizens, with such a heart as these men brought to their task as soldiers, there would be nothing dark in the prospect before us, whatever shapes of difficulty it might disclose. Anzac Day should be a glorious inspiration to the highest and beat form of citizenship, for it signifies duty to others well and nobly done.