OUR WAR LOANS.

Evening Star, Issue 18021, 15 July 1922, Page 4

OUR WAR LOANS.

Some very wide and deep issues are raised by Mr MacManus in a letter appearing in our columns to-day. It is really a protest against tho pains of deflation, for which wo know no sovereign remedy, and can only recommend stoicism. We are afraid that the way in which our correspondent assembles his facts, pushing in among them some statements which are at least disputable, constitutes an appeal to class prejudice. War brings in its train as many injustices and cruelties off the field as on, and they are seemingly just as far beyond the power of man to remedy. It is an unfair tiling, however, to characterise results as they develop, unforeseen in many ways and to some extent uncontrollable, as the working out of a diabolically deliberate plan on the part of financiers and capitalists. In tho first place, when war loans first began to bo raised, and for long after, the subscribers to them did not know whether victory or defeat was to be our portion; whether the scrip would ultimately be worth more than tho paper it was written on. In tho second place, subscription was not confined to the capitalist class. The community as a whole found tho money according to its moans, impelled by patriotism. Later on, as money became scarce, compulsion was applied. There was no rush of people with piles of depreciated currency itching to invest it so that, after drawing ample interest in the meantime, they might at maturity receive back a principal of vastly increased purchasing power. What really happened was that a great many business firms realised other securities or went to tho banks and borrowed money at a higher rate of interest than tho war loan yielded so as to be able to. comply with the Government’s requirements. To them it represented not merely inconvenience, but a losing transaction. And it seems to ns that there is no guarantee that when the time of maturity arrives the purchasing power of money will be greater than it was at the time of eubscription. According to authorities there has not been in New Zealand- any inflation in tho strictest sense of the word. There has been no wholesale resort to the printing press, such as has brought the position in regard to German currency to its present pass. Ample gold reserves have backed the issue of all hank notes in Now Zealand. Tho only reason why the gold, has not been in circulation has been to prevent its exportation, with opportunities for exploiting that that would have involved. Tho point of tho whole matter is: What other method could have been -adopted to enable us to take instant steps to defend our national existence, and what present remedy can our correspondent suggest except the ugly-sounding one of repudiation? A rise in the purchasing power of money is the same thing as a fall in the cost of living, and this is a matter of such moment to tho wage-earning class that tho appreciation of war loan investments (including their own) from this cause can scarcely be regarded as a calamitous setoff. Eenowal -looks a more likely contingency than straightout redemption at maturity, in which former event the, sting seems to be extracted, from Mr MacManus’s argument. Should redemption bo possible to any extent it would free a large amount of money for investment in new industrial enterprise, and that would mean increased trade activity and the opening of fresh fields lor the employment of labor. Altogether there seems to bo in Mr MacManus’s complaint something of the spirit which induced Omar Khayyam thus to apostrophise his Creator t What! from his helpless creature be repaid Pure gold for what he lent him drossallay’d j Sue for a debt ho never did contract, And cannot answer—Oh the sorry trade!

Mr Paulin’s forecast t—• Strong N.B. wind 1 ; fine twenty-four hours; barometer fall.

Some industries that have been started In New Zealand cannot hope for protection sufficiently 'heavy to give them a footing. Ono case of recent origin is brought to our notico of a line of goods that is made in Now Zealand and sold at £l, and lias been imported from England; at a cost, after meeting all transit and other 'charges, of 12s.

The Post Office collects duty on goods arriving per parcel post, and in other ways it is related to the Customs Department, not only in the matter of parentage, but functionally, both being revenue collectors. One would naturally think that with these departments there wouM he some sort of uniformity in their dealings with the public, and it seems strange that their practice in regard to duty receipts is distinctly at variance. The Customs, which collects in pounds, is willing to give an importer a receipt on a form that is printed and ruled in black ink, provided the particulars are filled in in red ink. The Post Office Department, that deals in shillings, stipulates that the whole form and the whole filling thereof must be in red. Why? Surely there is no political significance in the color! The Post Office cannot be feeling the way towards the Rod Feds. The that the liking for red is not to bo so interpreted lies in the fact that a change is contemplated. Representations on tho subject, emanating from Dunedin, are answered by the assurance that the question of permitting an admixture of_ rod >aud black is under consideration. _ It is to be hoped that the ruminations will not ba so deep as to upset anybody’s mental balance.

The Conciliation Commissioner (Mr W. IT. Hugger) will hear tho local stage employees’ dispute on tho 2nd of next month.

An Otago deputation started this morning for Wellington to present a sheaf of facts and figures with which to finally clinch the argument for the immediate deviation of the railway line to Ravensbourne. The members of the Harbor Board who have undertaken tho trip are Mr H. C. Campbell (chairman), Mr fl, E. Moller, and Mr J. M. Wilkie (engineer). With them is Mr C. J. firrington, representing the Otago Expansion League, and ho..has in his pocket a letter from tho mayor authorising him to act for tho Unemployed Relief Committee. Soloists have been engaged bv tho Dunedin Chora! Society for its performance of ‘ Hiawatha.’ Madame Winnie Fraser is to 'sing tho soprano music, Mr W. N. Satterthwaite is studying the tcnoiy part, and Mr H. P. Desmoulins will again sing the baritone solos.

Of the £200,000 authorised to ho borrowed by the Dunedin City Council for Waipori extension about "£170,000 has been subscribed by the public, and as it will take some time to spend that amount in tho purchasing of the necessary plant and equipment, the city treasurer does not propose to ask for tho balance at present. “The daily tally by the men now engaged in slaughtering at tho Burnside Freezing Works is excellent,” said the Dunedin manager of tho New Zealand Refrigerating Company when approached by a ‘Star’' reporter to-day. “Everything is going along very smoothly,” ho continued, “and we are fulfilling all present requirements. The police are still on duty daily at tho works, but tho men on strike have given no trouble. Very few of tho strikers’ pickets are to be seen in tho vicinity of the Burnside stock yards.”

“ Sights and sounds lend color to tho day,” said a well-known -writer once. Had ho been on the Clyde quay wharf on Tuesday evening (says the ‘Dominion’) ho would have received full- endorsement of that view, for a comical scene was there enacted. Among the outward passengers for San Francisco by the Maunganui was Mr Smith-Wigglesworth, tho Yorkshire evangelist and faith healer, many of whoso adherents and wellwishers gathered on the wharf to bid him good-bye. These good people started a community sing with ‘ Onward, Christian Soldiers,’ ‘ Nearer, My God, to Theo,’ and other hymns, whereupon another faction of farewellers, not to be outdone, struck up ‘ Good-bye-ee,' and ‘Feather Your Nest.’ Both parties opened their lungs to the damp breeze, and sang high andi strong for the sheer delight of it.

General Sir lan Hamilton, who commanded the forces on Gallipoli, writing to an Auckland resident, expresses his distress at learning of tho tragedy hv which SappGf Moore-Jones met with “just tho heroic death I believe he would have chosen if ho had been asked how ho would wish to dio. I had tho greatest personal regard for him, and Lament his ross, but feel that it has added another glorious incident to the history of Hew Zealand.” The new member for Dunedin North (Mr J. W. Mimro) has a sense of humor (telegraphs our Parliamentary Reporter). As a preliminary to a few minutes’ talk to tho Labor amendment just before tho dinner adjournment yesterday, ho said that when he first got to Parliament ha was somewhat scared by an interjection from an old member, who said that Parliament cost £1 per minute. “ I will not bo too greedy,” added Mr Mimro, “and I shall take out £lO worth by speaking till the adjournment.” He carried out his promise, providing ‘ Hansard ’ with £lO worth of arguments against tho reduction in tho Public Service salaries. Ho explained that he was against wage reductions generally, but particularly those of public servants.

A meeting of the Otago Classical Association was held on Thursday evening, when several members contributed to a symposium on Horace. Mr W. J. Morrell, who presided, gave a judicial summing up of ths various appreciations, and also, in the name of the association, wished bon voyage to Mr W. Pels, the vice-president, who leaves shortly for a visit to Italy and Greece.

Notifications of Sunday services as enumerated below appear in our advertising columns: —Anglican: St. Paul’s Cathedral, All Saints’, “St. Peter’s. Presbyterian: First Church, Knox Church, St. Andrew’s, Port Chalmers, North-east Valley, Musselburgh, St. Stephen’s, Kaikorai, Morningtom Caversham, South Dunedin, Maori -Hill, and St. Clair. Methodist: Trinity, Central Mission, Mornington, Cargill Road, Belleknowes, St. Kilda, Woodhangh, North-east Valley, Dunclas Street, Ravensbourns, Roslyn, Maori Hill, and Cavershara, Congregational : Moray Place and King Street. Baptist i Hanover Street, Roslyn, Cavorsham, N.T3. Valley, Moniington, South Dunedin. Church of Christ: Tabernacle, South Dunedin. Mornington, Roslyn, N.E. Valley, and Filled! Street. York Place Hall, Christadelphians, Playfair Street Hall. Salvation Army. Christian Science. Orange Hall. Gospel Hall, South Dunedin. The Dunedin Bums Club bolcla Its monthly concert in the Art Gallery Hall on Wednesday next. Admission is by membership ticket only.

New season's photographic goods; excel* tent stock now arching. Cameras from 6a. Bend yew: order early to H. 3, Gill, 11 and 13 Frederick street, Dunedin. 'Phono 1,144, -tAdvtJ The ratepayers of Green Island are reminded to attend the meeting in the P.A. Hill on Tuesday, ■ July 18, at 7.45, to form a Ratepayers’ Association, The revival meetings will bo continued at the Queen’s Theatre to-morrow morning and evening. There is reported to be marked increase of interest and enthusiasm amongst those attending these services, ■Watson’s No. 10 is a little dearer than most whiskies, but is worth the money.— [Advt.3 To-morrow, at Trinity Methodist Ohuroh, the preacher will be the Itev, M. A. Rugby Pratt. At the evening service solos will be given by Miss Florence Pacey. and the choir will eing Rea’s ‘My Soul Truly Woiteth.’ Mr M'Kellat's subject at the Filloul Street Church of Christ on Sunday evening will bo 'Tho Foundation Faith.’ The Dunedin. Highland Pipe Band will play in the Botanic Gardena to-morrow (Sunday) -afternoon, commencing at 2.30. Lovera of the national music will have tho opportunity for the last time this season of hearing tho band. A collection in aid of the uniform fluid will be taken up. ■ Wo look back with pardonable' pride to tbe part we have played in abolishing washboard slavery through the scientific discovery of “No Rubbing” Laundry Help. J. Airey, agents for “No Rubbing.”—[Advt.] - Tho Otago Mutual Sbaxr-Bowfce-tt Society advieea that No. 3 Group, nad started, is still pjen, f«r shares.

Tho United Starr-Bowkett Building Society advertises £1,500 for disposal, and invites membership for new No., 6 Group.Intending shareholders foy No. 5 G-roup, Dunedin Starr-Bowkebt Building Society, are requested to forward) their application for shares early. Poet Chalmers.—J, Watson’s Clearing Cash Sale General Drapery, House Furnishings, Clothing, Boots and Shoes, now proceeding. —[Advt.] At the ITornington Baptist Church tomorrow the Eev. Frank H, Smith, of Ilford, will preach in the morning and Paster Eemfoll in the evening.

The Bov. D. H. Moore will continue his Gospel mission at the Hanover Street Baptist Church to-morrow, will address a young people’s rally, and on Tuesday will close the mission with an entertaining account of his own life. At this dosing meeting thankofferings will bo received. Clear Water! Aluminium Anti-splash Tap Strainers, Is. White House'; George street. -[Advt.] The evangelistic note will bo struck tomorrow at the Eoslyn Baptist Church. The evening message will ho ‘The Water of Life, Tho services at tho Methodist Central Mission, to-morrow will ho conducted by the Rev. Thomas Skuse. Tho subject for the morning will bo ‘A Fallen Hercules, and for the evening ‘ Divine Companionship. Mr Jas. Snodgrass will sing ‘The Blind Ploughman ’ (Clarke), and Mr Chas. A. Martin will play ‘lntermezzo’ (Hollins). < All interested in radiophones should lake tho opportunity to be present at meeting advertised in this issue. The hip for nippy winter weather—Watson’s No. 10. fine old Scotch whisky.— fAdvt.l An event of more than ordinary notico is a concert being arranged to ho held early in August which has been promoted by tho city and suburban grocers. Tho proceeds will bo devoted to assisting a follow-worker who is passing through a very serious illness, and who has a wife and young family dependent upon him. ’ Branches of the New Zealand Labor Party will bo formed in Dunedin Central, Green Island, and Mosgiel during next weok,_ when candidates for tho selection ballot will address meetings. Ladies recommend Martin’s Apiol and Steel Pilh. Sold by all chemis ts and stereo. See yon get tho genuine.—fAdvt.l

Electric power users in certain areas are notified by advertisement in this issue that power will not bo available between 8 arid 1 10 a.m. to-morrow.

On Monday week, in Wesley Hall, High street, Musselburgh, the St. Kilda Methodist Bible Class will present a lengthy and varied programme of musical and elocutionary items. Members of Hibernian Society are notified of notico re medical officer in this issue.

Members of Court Enterprise, A.0.F., are notified of notice re medical officer in tins issue.