Liberal Finance.

Press, Volume LXIV, Issue 19461, 7 November 1928, Page 10

Liberal Finance.

Everybody, of whatever Party, will be sincerely glad to know that Sir Joseph Ward has recovered from his slight illness, and is able to address a meeting with some of his old vigour. There is only one point in the speech he made at the Railway Station yesterday which calls for notice just now. This was his reference to his borrowing policy. Ever since he staggered frieods and opponents alike with his announcement that if he were entrusted with the government of the Dominion he would forthwith arrange for a loan of 70 millions sterling, his supporters have been wearing themselves out explaining that the money would be spread over Bor 10 years. Of course this 70 millions sterling was to be an extra, an addition to the normal "borrowing for public works of all kinds, so that what Sir Joseph proposed was a policy of borrowing about 15 millions a year altogether. Yesterday he raised his bid still higher. We have all been mistaken in supposing that he was going to spread the 70 millions over 8 or 10 years. If necessary he will throw it about in 4 years. "I want," he said, "to lay down the basis of the policy which the people are asked to affirm, and which they are going to affirm. I advocate having £60,000,000 for settlers which would be lent out at the rate ,of £6,000,000 or £8,000,000 a year, or even £10,000,000 or £15,000,000, if there is a demand for it." This is, as we have said, to be additional to the loan expenditure for ptiblic works, which may be put down at 7 or 8 millions a year. What Sir Joseph contemplates with a serene mind, therefore, is a possible addition of 23 millions a year to the Public Debt. By Election day he will probably be talking of billions, and by that time, we suppose, instead of its not " costing the country one penny piece," the borrowed billions will be offered to us for nothing, or maybe the London investor will pay us 6J per cent, if we will take his money.