THE NEW LOAN.

Press, Volume XLVIII, Issue 14379, 12 June 1912, Page 9

THE NEW LOAN.

STATEMENT BY THE PRIME MINISTER. (PKE3S . ..S-OCI.. TION TEI.KGnWI.I WELLINGTON, Juno 11. Reference to tho loan of £4,500,000, which the, New Zealand Government <s raising, was made by the Premier in an interview with an "Evening Post" representative to-day. The loan, he said, was principally for repaying old loans maturing, advances already received in anticipation of receiving authorised loans, and for the payment of tho Dreadnought. Full details would bo given to Parliament at tht_> earliest opportunity. "I have no observation to make in regard to the loan," added Mr Mackenzie, "beyond this: That the money is required, and it is being raised on tho best terms that we can raise it on. Of course, no matter what in dono, faults will be found. Indeed, faultfinding has been raised to such a stato in this country that it may at times interfero with the best being done." (special to "the pbess.") WELLINGTON, June 11. The moro the Government's new loan is considered and discussed, tht» moro shrewd business men condemn it. The Liberal Government have certainly put New Zealand in a very unenviable position in the London finance market. The 'Tost?' in a scathing article tonight, deals with tho recent five million loan and the present four, or four and a half, million loan, and winds up by saying:—"There is no economy in four million propositions for two years. This is a wasteful, demoralising, haphazard svsteiß of frenzied finance, which must cease. This colossal four million blunder cannot bo explained away by-all tho words of Webster." .