THE LOAN DISPUTE.

Auckland Star, Volume LX, Issue 206, 31 August 1929, Page 8

THE LOAN DISPUTE.

We suggest that the difference between Sir Joseph Ward and Mr. Downie Stewart about London loan arrangements arises from a misunderstanding, and that the.Prime.Minister and his party should do everything possible to clear it up. Sir Joseph. Ward charges Mr. Downie Stewart with : having prevented New Zealand from going on the London money market for eighteen months. Mr. Dqwnie Stewart has denied this emphatically, and keeps onv denying it-■ -Yesterday, with the Labour Party leaning towards the Opposition, the Government was in sight of defeat. The Opposition promises to bring the question up again, in which case the Government may be in an equally embarrassing position,, with no way out. Of course, the safety of the Government is.not thQ only reason why the controversy should be settled. An imputation lies against Mr. Downie Stewart, resentment is engendered, and time is wasted. We do not know what is on'the files, but we suggest that the explanation lri'ay be in the action taken-by. Mr. Stewart when, before he left office,..he forwarded material, ior a loan prospectus to London. Mr. Stewart has explained that he did this to help his successor, who would be in control o£ the situation. Sir Joseph Ward is" naturally enough unwilling to disclose confidential' information, and: it is worthy of note that the Leader of the Opposition did not favour reference to the Public Accounts Committee. But why not accept Mr. Goates , suggestion'that Mr. Stewart and Sir Joseph Ward should meet and go through the files? There could be nothing improper in: allowing an ex-Minister of Finance to see all* the documents. The Leader of the Labour Party has .made the helpful suggestion that he should act as arbitrator. 'A short conference between the Prime Minister and' Mr. Stewart might clear up the whole business,; and we hope that the Prime Minister will agree to this course.