AN INTERESTING DISCOVERY.

Press, Volume XLVIII, Issue 14380, 13 June 1912, Page 7

AN INTERESTING DISCOVERY.

(srzrm to "my, rnK<ss"Y

WELLINGTON, Juno 12.

To-day's "Dominion" points out that in his recent speech at the Town. Hall, Wellington, Sir Joseph Ward, mndo the, following assertion:—"Had the. result of the election been favourable to the Liberal Party, four millions of capital would havo been introduced into' New Zealand at tho cm! of February last- Had this been douo there would have been no tightness of money nor would it have been said that business was somewhat slack at. the present moment." Commenting upon this the "D-ominion" adds: "It will bra noted that the member f or Awnrua distinctly stated that if the loan had been raised ' four millions «f capital would havo been introduced into New Zealand.' Ho emphasises bus point by asserting that the introduction of this money would havo -eliev<?d the tightness in the local money market. These statements when read in conjunction with the announcement n.ado yesterday by tho Prime Minister as to tho purposes for which the foir million loan i.s being raised, hardly harmonises. Sir Joseph Ward, in his somewhat boastful remarks, claimed that tho raising of, the loan would have introduced four millions of capital into New Zealand whereas Mr Mackenzie states that the loan ' was principally for repayment of old loans, maturing advances already received in anticipation of receiving authorised loans, and for payment of tire T>roailnoiignt. , Tho Prime Minister, it is to he assumed, knows what he is talking about, and tliat being the cas«, perhaps Sir Joseph Ward will explain how such.a loan as tho one under dis-cu-'iion could possibly introduce four millions of cap'tr.l into the country and relieve tho tightness of money. Tho repayment of old loans does not introduce now capital any more than dot;s the raising: of money for the payment of tho cost of a Dreadnought built '.n England. 1,