NOTES OF THE DAY

Dominion, Volume 22, Issue 92, 12 January 1929, Page 8

NOTES OF THE DAY

of advertisement. " n ig T e,y c^ r suits sporting goods, weapons, and cold cream in the very good cause o“ advert Cement. That is all taken for, granted When, however, The Hague claims that milk for His Majesty the King is specialy obtained 8 from Denmark in order to -assist his convalescence, one cannot but wonder if it be really true. Are there no cows in Britain ? Why, His Majesty himself, not to mention the Pi me. Of Wales, Princess Mary, the Duke of Gloucester and a few hundreds of thousands humbler persons are capable of supplying milk of the required standard from places considerably nearer than Denmark. Cows in Britain are not dried-off dating the wintei. On the face of it, there is surely something fantastic about this stoiy which has a ring more of advertisement in it than anything else. * * * If the thirty Italian sailors who despoiled the picture show at Shanghai had wanted to give a film world-wide advertisement they could not have conceived a better way of doing sq. It is genera ,y difficult to sympathise with lynch methods even in the fi rn wot Id. However patriotic the .stimulus, feats such as this are dangerous, particularly in cosmopolitan places like Shanghai. They may act as a trigger for troubles on a scale difficult to control. lhe Innisfai. incident when some youths removed the Italian coat-of-arms from the Consular Office showed how a stupid and pointless bit of biavado might embarrass a nation and stir up feeling, and it is a pity Italians have now done the same thing. There is scarcely a film made or a book written that cannot be construed to do harm to somebody or other or some nation or other. So far there has been no international censor set up to decide problems such as this. Mosi people and most nations take these little pin-pricks niore or less philosophically. In really glaring cases it is geneially better to remonstrate through the usual diplomatic channels and to use the usual weapons of industry rather than resort to mute foice. *'* * * It is very satisfactory to learn that the New Zealand ;£7,000,000 loan flotation in London has been over-subscribed. Sir Joseph Ward this morning gives an outline of the position leading up to this loan. It seems that the Coates Government had initiated arrangements for the flotation of a £5, 000,000 loan and for the conversion of £10,000,000 of the £24,000,000 of loans falling due this year. The Ward Government lias in each case increased the amount by £2,000,000. Probably it is a wise precaution to arrange for the extra two millions of loan conversion. The tendency of the money market has been towards cheaper credit, but with the heavy conversion operations in prospect Sir Joseph Ward has decided to “play safe.” As to the fresh borrowing, that is the £7,000,000, this apparently is for railways, hydro-electric, and public works undertakings generally. It is not quite clear from the published statement, but the provision for Advances to Settlers and Workers appears to have been arranged locally. The Prime Minister intimates that he has tentatively arranged for £2,000,000 locally if required, and it may‘be that he has this ’in reserve to supplement the funds of the Advances Department. If so, it means that the new borrowing commitments will be £9,000,000 instead of £7,000,000. The terms of the new loan cannot be complained of.. They are slightly better than the loan of last year, but as previously explained the rate of interest to be paid will not permit of advances to settlers and workers at per cent, unless the State is prepared to face a loss on the advances made. The rate at which the local loan has been arranged has not been stated, but presumably it will not be any better than Lhe London ti’ansactifllL f