The Press. MONDAY, JUNE 10, 1912. SIR JOSEPH WARD AND THE TRADE COMMISSION.

Press, Volume XLVIII, Issue 14377, 10 June 1912, Page 6

The Press. MONDAY, JUNE 10, 1912. SIR JOSEPH WARD AND THE TRADE COMMISSION.

After an apparently inexplicable delay •Sir Joseph Ward has at length rocognisod that it is impossible for him *io serro on the Imperial Trade Commission and-continue a member of tho .New Zeiiland Parliament. Ho has therefore withdrawn from tho Commission, and will continue to kit fon 'Awarua in the House, of Representatives. This, fact will undoubtedly add piquancy to a session which in any promised to be full of interest, but wo cannot refrain from remarking that in first accepting the Imperial appointment, then dallying with an invitation io enter, politics in Australia, and finally resigning tho Commission to continue his political work in New Zealand Sir Joseph Ward seems to hare treated his Majesty's warrant of appointment, tho Imperial Government, .eind his colleagues on the Commission ,• with less tespect than was reasonably ■due in such a case. He explains tint ,-beforo agreeing to accept the position 111© was informed that tho Commission would sit in Australia and New Zea- ? land first. It has since been decided, to take evidence in England "first and then Canada, with the-result that if ho attended tho Commission ;tWould involve his absence from Parliament for tho whole of next session and necessitate the resignation of his teat. For our part wo have never been able to see how Sir Joseph Ward would be able to sit on an Imperial Commission which is to tour tho. Empire during tho next three years, ,md at the same time do his duty to ;his constituents as representative for Uwarua. Even if the Commission had

decided to Kit first, in Australia and New Zealand we should hare thought tlio two positions would have been incompatible. It is, however, some weeks since it was first announced that tho Commission would first sit in th*> United Kingdom, and it certninly looks as if Sir Joseph Ward has shown an inexcusable amount of dilatorinesa in making up his mind as to what lie intended to do. Uα has hardly treated the Imperial authorities and the CommitBion with proper respect, and ho lias not been fair to New Zealand, which will ba without a representative on this important tribunal during the most important stage of its labours. Tho worst feature about the affair is tho fact that Sir Joseph Ward's vacillation will naturally f!!lve rise to tho impression that this important Imperial appointment is being used as a. more pawn in the petty game of local politics —to bo taken up for a time, dallied with, and then laid down again, possibly with the view of handing it on to someone else, if such a course seems likely to facilitate the underground intrigues which arc known to bo afoot. Whatever else happens now, there roust bo no further countenance p; ; .ven to this injurious Suspicion. Wo approved the appointment of Sir. Joseph "Ward, because we thought that, on tho whole, he was the best man available for the position. We trust, however, that the Stop-Gap .Ministrywill not bo allowed to make anoth?r recommendation, and use tho appointment for tho purpose of getting rid of some member of tho party whose absence from New Zealand would facilitate iho party manoeuvres, which they seem to understand a good deal better, than the proper work of government or tha interests of tho Empire. Tho next recommendation should be mado by a Ministry -which has been proved to' possess the confidence of the eoiintry. Tho delay which has already taken plaoo is inexcusable, but we had much better wait another three or four weeks than inflict on New Zealand tho ineradicable disgrace of breaking such nri important inljteriai appointment as if it were one of the local "jobs" which the Government find ao useful in theif party intrigues. "THIS REPOfttED LOAN NEGOTIATIONS. We have moro than once recently expressed uneasiness as to tho position into which the finances of the Dominion liavo been allowed to drift. If tho report which has reached us from London as to tho terms oh which a four million loan—'another account says 44 being negotiated is coneot, wo can only say with regret that our uneasiness was more than justified. It is stated that New Zealand is arranging to issue 3J per cent bonds'with a currency of two years for the amount in question at fit),, and that the loan will be underwritten at 1 per cant. This, of Course, reduces the amount to be received fey the 6dminit)n for each £100 bond td £98, and the usual costs of brokerage, etc., will mean a further reduction of rihything from half to 1 per c*nt. In tho latter case—which we do not believe to be_ an.excessive esti* mato—we shall receive only £97 for a bond /which we shall have to redeem at £100 in two years' time. This means that tho flourishing Dominion will in reality, have to pay at least 5 per cent, for the loan of four or four and a half millions for two years. Until quite recently any Now Zealand farmer with first-class security to offer could have raised money ttt a less cost by a mortgage on his land.

But it is not only the usurious terms which wo are called upon to pay, if the cable message is correct, which must give rit*> to serious misgiving on tho part of every intelligent business man in the community. The short period of the loan is, t»rhaps, its most bbjoctionablo feature. Mr Seddon, who started the system of short-dated dobenturoa, lived to regret bitterly that ho had ever touched them, and more than once said that they gave him many an anxious moment. The system is: absolutely unsound—a spendthrift's device for getting a little more breathing time at tho cost of creating fresh difficulties in a very short space of time.

- For the position in which we now find oureelvee, we have, in the first instance,, .to thank Sir Joseph Ward, who deliberately neglected to make proper financial arrangements when tho market was moro favourable, because ho saw his defeat was imminent. Knowing, as he must have dono, that this neglect must inevitably cause considerable embarrassment to his successors, he must Lo held guilty of a crimo against tho country which ought to debar him for ever from being again entrusted with the control of its finances. How tho Stop-Gap Ministry ore to blame for this heavy prico and extremely unfavourable terms on which the loan is to bo raised we cannot say, without some further information. It may be that thoy wero driven into a corner by the reckless conduct of the late Finance Minister and could pot help themselves. It is moro than over evident that there must be a complete change of Government, and a thorough reform of its financial administration. Otherwise the country will run the danger of incurring something approaching disaster.