H.M.S. “NEW ZEALAND.”

Grey River Argus, 22 July 1926, Page 7

H.M.S. “NEW ZEALAND.”

A GIFT NOT YET PAID FOR. In his speech in whicn he opened ’the Finance Debate, Mr H. E. Holland, M.P., said;— “ While talking about our Public Debt, may I draw attention to one item in it, H.M.S. New Zealand. The other day the member for Invercargill asked the Minister a question as to the position of the finances in connection with that warship. The Minister replied that the total debt of tne ship was £1,795,167; less redemptions, £247,331; and that there was outstanding £1,547,836, of which £715,800 was included in the funded debt, which win be paid off in about thirty-two years. The remaining debt, £832,036, he added was held in Lopdon, the bulk of it maturing in 1940 and 1963. I think that is something for the people of this country to think about. In 1911 —or thereabouts—the Government of that day decided to present Great Britan, with a Dreadnought; and they proceeded to borrow the money to pay for th< ship to be presented to Britain. They were borrowing money from th. Motherland in ordpr to give th< Motherland a preset! I have heard of a man borrowing from his mother-in law in order to make her a present, and then forgetting to pay her back; anc that is very much like what has hap pened in this case. The Rt. hor gentleman’s Government borrowed nearly two millions of money. Sir Joseph Ward: Not from the Bri tish Government. Mr Holland: They borrowed it fron. Britain. Sir Joseph Ward: That is not a cast ot the mother-in-law. Mr Holland: They presented Grea* Britain with a battleship, which a dozen years later was no more; and the bulk of the money is still owing. By the end of 1963, wo will possibh have paid back round about three mil lions in the form of interest, and we will still owe at least £BOO,OOO. . Sir Joseph Ward: We shall havt paid for it twice over.

ML Holland: Possibly a few time* over. Would it not have been bettei finance to have struck a levy on the wealthy of this country and to hav( made a present out of the money ob tained in that way? Mr Coates: That would have beer patriotism, I suppose. Mr Holland: Patriotism does not con sist in owing Britain for the gifts which you make her. I once knew o politician who gave gifts freely, and ultimately he went bankrupt; and ir the subsequent proceedings it came out that the gifts he had been making, his prizes and donations to tlifc various so cieties, had never been paid for, though he got the credit of the gifts In this case New Zealand got the credit of the gift at the time, but NewZealand has not paid for it.