SELF-RELIANCE.

Auckland Star, Volume XLVII, Issue 64, 15 March 1916, Page 4

SELF-RELIANCE.

Sir Joseph Ward continues to exhibit a nther exasperating indefinitenesa about the local war loan question. Addressing a Tecruiting meeting at Gore a few days; ago, he referred to it in a tone and temper that was unworthy both of himself and the subject. "Some people were crying out-for New Zealand to raise a large war loan locally. Well, why did not some of them subscribe to the recent two-million loan? He had been told, and people had written to him to the effect, that the Dominion must raise a war loan and give 5 per cent. But they would not get it. They would not get more than 4_ per cent for an internal loan, as far as he was concerned." The taunt about not subscribing to the Public Works loan of last year is quite beside the point. First of all, that loan was over-subscribed. Then there i 3 the important fact that it was not directly a war loan. Thirdly, the Empire's financial situation has growi, more serious since then, while profits in New Zealand have been piling up. Sir Joseph Ward cannot expect people to come forward to offer him money when he does not make it clear that he wants it. The point that the advocates of self-reliance are making is that it is the duty of the Government to tell the people that money is urgently needed for war purposes. One has only to look around to s.eje that there is.plenty of money available, for war loans. To mention only two instances, land speculation goes on merrily, and more picture theatres are being built. The country] needs to be told emphatically its duty in this respect, and not to be taunted with not doing something it has not been asked to do. As for the rate of interest, that seems to us to be a comparatively minor matter. The main consideration is whether we should be self-reliant or not. If it is > great, strain on Britain to lend us 'money, then we should get it tiere, even if we have to pay a higher interest. The Commonwealth is paying 4} per cent., plus exemption from .Federal -and State income taxes, for its second wan loan, while the British Government is paying 5 per cent for short-term money. At any rate, Sir Joseph has yet to find out what he can get at 4J per cent. He has not attempted to explain why what has been done successfully in Australia and Canada should not be done here.