NOTES OF THE DAY

Dominion, Volume 22, Issue 71, 17 December 1928, Page 10

NOTES OF THE DAY

Australian cricket enthusiasts presumably are prepared to testify that the old saying relating to the glorious uncertainty of cricket is something more than an empty phrase. In the first Test, with a very powerful batting side, the Australians' made a very poor showing at run-getting. It is true that they had the worst of the luck, and the injury to Gregory and the illness of Kelleway put the final touches to a disastrous match. In any case the Englishmen no doubt would have won; but from the outset of the game fortune was against the Australians. Then came the second match and the luck appeared to change. The Australian captain won the toss and sent his men in to bat on a perfect wicket. Again fortune has proved fickle. That great batsman Ponsford, injured at the outset of his innings, had to retire and apparently his services will be lost for the remainder of the match. The whole of this reputedly great batting side was dismissed for 253 runs on a perfect wicket! Who, three weeks ago, could have forecasted such a mediocre display ? The match is not over yet, but the Englishmen are again shaping well, and the odds are now in their favour, in spite of losing the toss. The rain which interfered with play on Saturday may have an effect on the wicket, and there is “the glorious uncertainty” still to be reckoned with, but Chapman and his team appear to have gained the ascendancy in this as in the first Test match of the series.

When we get beyond the million mark it matters little how many extra figures are there, for the average person takes little significance of them. Even men of science in measuring the distances of the stars have looked to smaller figures to convey the vastness of the noughts of space. We in our turn can appreciate the merits of a crisp pound note rustling in the inside pocket. We can calculate its worth in food, in train fares, in toys, in clothes: we can multiply this pound by even a thousand or so and imagine it happening regularly at intervals of twelve months. We can appreciate the rhythmic flow of comfort and security that it gives. But multiply this thousand by even twenty and most of us find ourselves wandering into speculative paradises of which we know little. When it comes to such stupendous figures as 94,200,000, be it in pounds or in dollars, the amount is beyond us. All we can do is to measure its effect and thus its value by more homely means. We feel its effect without knowing it in the case of these huge debt payments to America, for the fairy godmothers of the Homeland have less money to lend to her Dominions. We see its effect in Britain, for the wheels of industry seem under-oiled: we see suffering that might be lessened, and in a host of intangible ways the significance of these rows of figures is borne upon us, and we begin dimly to appreciate that the after-effects of the war will be felt for a long time yet to pass.

Sir Joseph Ward appears to have puzzled Londoners as well as the people of this Dominion by his vague references to unexpected developments in respect of the Dominion's financial operations in London. One London commentator expresses surprise that any doubt should be felt as to New Zealand receiving sympathetic consideration on the London money market. The Australian Press Association after inaking inquiries surmises that what has happened is that Sir Joseph Ward, in framing his borrowing proposals, overlooked the fact that £24,000,000 of New Zealand 4 per cent, loans fall due in November, 1929. It is difficult to see how this oversight could have occurred. In his 1928 Budget, the then Finance Minister. Downie Stewart, explained the whole position. The loans falling due during the next two financial years, he stated, totalled nearly one-third of the country’s total debt, and details were set out in a table attached. As a matter of fact in May last an offer was made to convert £5,000,000 of the £29.000,000 4 per cents, falling due next November, and this transaction was carried through, thus relieving the obligation to be met next year to the extent stated. The conversion, was made into per cent, stock and on terms which work out at a cost of £4 18s. 3d. per cent, per annum. Probably what has now happened is that Sir Joseph Ward finds it necessary to arrange for the conversion of the balance of the loans falling due in November next, some £24,000,000. but how this obligation could have escaped his attention when putting forward his election borrowing scheme passes comprehension. The position was fully stated in the Budget presented to Parliament by. Mr. Downie Stewart on August 7 of this year.