THE PRIME MINISTER AS PROPHET.

Dominion, Volume 3, Issue 914, 6 September 1910, Page 4

THE PRIME MINISTER AS PROPHET.

—♦ The optimism of the Prime Minister, is voi')' remarkable. In his involved speeches on the Public Debt Extinction Bill he has repeatedly advanced the opinion that there will be in future a great fall-ing-olf in the public borrowing of this country, as all. the main trunk lines of railway and all the expensive necessary public buildings will be completed. The secondary and branch lines, the roads, bridges, and buildings required will not, according to him, necessitate any extensive scheme of bnrrowing. The whole idea seems to be based on a fallacy, or-is merely' put forward to serve the needs of tho moment. The development of the country and its closer settlement, the evolution . of electrical schemes, and the establishment of industries which will follow will alone cause an immense demand for new roads, railway and electric tram lines, bridges, post and telegraph extensions, and public buildings, and will require the expenditure of a great deal of public money. But one has only to look back fifteen or twenty.years and notice what enormous strides tho world has since then made, mainly_ through the applications of scientific discovery and invention, and how profoundly these things have modified our modes of life. They have created new- demands, and with these are associated new and great expenditures both of private and public money. The enormous development of electrical power and its increasing applications and reduced cost of transmission, wireless telegraphy, the discovery of llontgen and other rays, radio-activity, the. laws of ionization of matter, aerial navigation, and ■ many other less prominent discoveries and inventions have revolutionised whole-de-partments' of scientific, activity. Save we heard the last word on these subjects'!' Is it not rather the case that the . development of scientific knowledge and its applications are a growing quantity, and may yet land us and other advanced communities into enormous public expenditure? It certainly is a more likely hypothesis than that we are going to stand still. Let'us just think how groat the private expenditure on motor-cars'has been within the last few years, and then try to imagine what, will be spont iii the .next.decade or two on flying machines. But leaving these possibilities -of new developments, what is to bo. .said about defence, and especially naval defence?. .The'great' nations of, the world are not.yet' showing signs of halting in their .mad race for the naval pre-eminence, and as long as this struggle goes on will - this Do-, minion be able, to hold its hand 1 It is' quite certain it will have to bear its share of Imperial. burdens, and, it is also certain that when expenditure is required in this direction it will bo met by loan, as in tho past.. Then the' Prime Minister hints at extending the already over-, grown functions of the Government and nationalising some of the industries, the'latest suggestion being that 'the frozen meat''industry should be : taken over. -But how is: the money: for this to be got? And if this industry is to be nationalised,; why not butter and cheese, bread; 'boots, woollen manufactures, .and other things ?, Again, -'.-the question is: Where is the money to-come from but from loans? This is one of tho inconsistencies.of the. Socialists who desire to see the industries, national: ised, and at the same time demand that borrowing, shall cease. The fact' is that Sir Joseph Ward allows his imagination to run away with him in regard to future borrowing and extinction of the National Debt. His vision is, however, very defective, and he-flinte fails to -take into account many of the considerations which are necessary to produce, an accurate forecast'.;