HON. W. ERASER AND LOAN MONEY.

Dominion, Volume 7, Issue 2218, 3 August 1914, Page 4

HON. W. ERASER AND LOAN MONEY.

the'immediate outlook,

(By Telegraph—Press association.)

Dannevirke, August 2. Speaking at a banquet at Taknpau on Saturday afternoon, at the opening ot the bridges built by the Waipawa County Council, tlie Hon. W. FraScr «aul an unfortunato ..'state of- affairs was prevailing in Europe. • Matters were exceedingly serious, and those of them who read papers must realise that tho trouble on the various Stock Exchanges must react upon countries -such as New Zealand , and Australia, which were necessarily borrowing countries, to a certain extent, and would have to go on borrowing for a good many year's to come. They were dependent upon the state of tlio money market. It was rather a severe task for him, as Minister of Public Works, to start and frnvpe his Estimates 111 a couple of weeks' time, with the knowledge of all this trouble at Home. He intended with perfectly calm and equitable mind, to prepare his Estimates, hoping and believing that the trouble would not be of long duration. It might be much worso than they anticipated but he would make provision for it, and hope for the best. Whoever was in charge of the Public Works Department would have to depend upon borrowed money, ajid it might be that ' for a time it would be impossible to get a shilling of borrowed money in London.] If they went to the London market now lie did not believe, if they offered 7, 8, or 10 par cent, they would get a loan. Nobody would dream of 'floating it. People were not investing in scrip,' but were' trying to sell, and there was a lack of ■buyers. In Berlin-aloue recently nearly £100,000,000 had beenIdst through scifiiraties regarded .as gilt-edged investments' having sunk so low as' to represent that difference in their value to-day, and their .value a few weeks ago. He was not saying this to- discourage them.,. As long a: trouble lasted the Government intended to. tako every' opportunity if they saw . a chance of getting money of doinjj so, but if they could not get it, then tlio people of the Dominion muat -bi patient. They should rest' assured that •tlio Government would take A every step it could to get money, but it was not going to get it at inordinate rates. Ho was not one of those who was going to borrow at any price. Tliey could afford to wajjj.

As far as products of the Dominion ■were concerned, he did not think there would be t much trouble concerning them even if Britain were involved. He believed hor Fleet was strong enough in tho North Spa to prevent any nation at. war with her interrupting the, passage of our produce Home. They all endorsed the expressed in Parliament 011 Friday night, and were prepared to make every sacrifice for the sake of jthc Empire. They had done so in the past, and would do so in the future. (Applause.) Tliey could not send men to the front from here; —that -was nonsense. Tlie great thing was to show the Old Land that wo were heartily with her, and intended to back her up on every occasion -to t-lie fullest .extent .of our power." . (Applause.) - ;