PARTY POLITICS.

Auckland Star, Volume XLV, Issue 215, 9 September 1914, Page 3

PARTY POLITICS.

MINISTER KEVISES THE OLD CATCH CRY. lAXGEV PROTEST BY LIBERALS. AX UNCONVERTED LOAN. WELLINGTON. Tuesday. A revival by the Minister of Finance of an old jib at the Liberal Government "c short-dated throo million loan reused an angry political storm in the House of Representatives to-night. The Hon. James Allen originated it when explaining that the Government w-as unable to raises money in London at present, either on ordinary loan or sijort-da.ted debentures, and would have to carry on public trorks on its on Tesources- The finance of the State lending departments was in a strong position, a.nd tbev wore prepared to meet every commitment. However, tie Government wanted the help of looM bodies in not, asking ior money except for urgent works. '•But,' , adidod the Minister, changing 'bis cheerful tone, "it is not the samp, in regard to the loan which is coming dnp in December next. This amount of three millions cannot tie met out. of money raised in Xew Zenland, but it must be met from outside. The loan raised by the Leader of the Opposition four years ago i? in the hands nf the financiers, who ■will not. renew it. They have Veen asked over and over again to renew it during the test few montbo."' Mr. "Witty: Is this not party? The Minister: I -want, those things to eink into the public mind. Mr. Russell: YVo axe not stating some facts. We know at present we are keeping them back. The Minister of Finance went on to declare that, the Government had no means of meeting the three million loan. Mr. Payne; You have eight millions io meet. it. Mr. Anderson: Shut up. Mr. Payne: Shut up yourself}, The Minister of Finance: It is true \re can get the money in London at a price. lam pleased to say that so far as ths wax loan is concerned a. most satisfactory arrangement his been made for the whole of it with the assistance of the British Go-.ernment. Sir Joseph Ward rose to refer to the Minister's criticism of the three million loan. His first sentence Wis grouted with derisive laughter from Ministerialists, oi© of whom rose to a point of order. However, he got a whispered hint from the Front Bcnoii that the Leader of tlie Opposition had a right to fpeak, and Sir Joseph Ward went on to fay that -very debatable matter had he.en introduced by the Hon. Oaf.. Alien. Members on the Opposition Mc had refrained from n-aking statements upon many matters on whica they were en-iitle-i to indulge in strong criticism at ordinary times. "All I can say is that Sf I had continued to be Minister of Finance that loan would have been converted now into a 32-year loan beyond doubt. [ have never heard a. statement from a Finance Minister more calculated to hurt this country than the one which ha<s just been made. The >liruster lias made a statement on onw or two matters which lip ought to rrjrard -as etrioUy confidential ;uid secret. I am not going 1o s-iy anything else, except that we are prepared to assist tlio Government. We hive sat still •rchiln three Miniiter? have made strong party speeches. It is grossly unfair, and ought not to have, been indulged in bj the Minister of Finance."' "I nannot agree that the Minister of Finance made ft strong party appeal." declared the Prime Minister, adding. •Tie made 3. *plain. straightforward statement —(Opposition laughter)—and appealed to tie recognition of members to the fact tha.t » have, to find the cash to meet, war expenses ami the current needs of the country." Mr. y[assey added the opinion that, provided people did not Tiecomc alarmed by every little wind that blew, things would go along , very satisfactorily from a financdaj and industrial point of view.