A POPULAR MINISTER.

Hawke's Bay Tribune, Volume III, Issue 146, 5 June 1913, Page 3

A POPULAR MINISTER.

WELCOME IO MIL ALLEN. MORE ABOUT THE £3.GCO,t-00 LOAN. COST GF FLOATING INSCRIBED STOCK. Auckland, June 4. A large gathering assembled in the Town Hall to-night at a welcome tendered tn the Hon. James Allen on his return from England. The function was held under the auspices of the Auckland Women’s Political Reform League, and was a great success. Mr. J. P. Campbell (president of the lit form Club) presided, and was supported by the Prime Minister and t’he Hon. Mr. Alien. Other members cf the Ministry present were: The Hon. W. H. Hcrries. the Hon. IL Heaton Rhodes, ami the Hen. Dr. Poma.ro. Amongst odiers present were: Mr. J. 11. Bradner. M.P.. Mr. F. XV. Long. M.P.. Mr. F. Mand£r, M.P.. Mr. J. B Dickson. M.P.. Mr. A. Harris, M.P., Mr. J. A. Young. M.P.. Mr. R. F. Bollard, M.P., and Mr. 11. M. Campbell. ALP. Mr. Allen, who was very heartily

! received, expressed hearty thanks i for tiie welcome extended to him. | Referring to the Public Service 1 Commission, Mr. Allen said that- by j the Commission the Reform party I had t:ik.:n out of its hands the c->-j portunity to reward its supporters. | He asked his hearers to support the 'party in its endeavour to clear tire i atmosphere of political support and I political patronage. Possibly some ! people who had been expecting re- | wards from their friends who Jiao i come into office might 'be' disapI pointed, but he asked honest men | and women to support those who | had deliberately given up the opporI tur.iiy to give such rewards. Air. Allen said that his chi< f busines: was to tell the audience something of what lie had gone to England to

do. His report would be in the Prime Minister's hands that night. New Zealand stood higher to-day. lie said, in the i-siimation of England and Canada than she ever had done before, and this, he claimed, was the result of the success of the Reform party and of opinion in England ami Canada as to what it wonk! do in the future. The change of Government was the reason why New Zealand had such a high standing now in London. It cost a great deal to float the inscribed stock loan —one per cent, to the underwriter, J to the Bank of England. I to the broker for finding the undervv riters- and 12.6 pci- cent, as stamp duty to the British Government. A ll these costs were repeated every time a loan was floated. The two loans lately raised by the late Government had cost all tko.-.e charges. i and next year would cost every penny of them again. The loan he had himself raised bad been obtained at a most unfavourable time, ano he claimed no credit for having raised it, except that he had been able to convince those at Home that New Zealand was sound at heart and was not going to be extravagant. The cost of this loan was £4 5 6, and no such loan had been floated in New : Zealand for many years. It hue been s-ated that the Dominion had io pay £4, 5 6 for 50 years. This wa.-. not correct, as the Government had tin- option of. paying off the whom .-.mount at the expiration of thirty years if it was to the country’s advantage to do so. It had been charged against the Government that it had neglected to make provision tor rite wants cf the Dominion. In reply to this all he could say was that the Government bad made provision for meeting the responbiiities which had been left them by thenpredecessors. Having absolved themselves from responsibility, they were in a better position than before. During his visit an additional £350,000 had been raised, and on better terms than the £3,000,000 loan had been obtained. In a few weeks after the £3,000,0’00 loan had been issued nearly every penny of tin amount bad been taken up by genuine, solid investors. He d.’d not believe that such a thing had ever occurred before in connection with any New Zealand loan. The additional amount of £350,000 loan money had not yet been allocated, and he was going to consult his colleagues regarding the- allocation of it. He hoped that the £350.000 would not be the last of new money.

NEW ZEALAND NAVAL POLIO! Referring to the question of me Dominion's navp.l policy. Mr. Allen said the Prime Minister had not yr I, had time to peruse the proposals brought back by the speaker, and neither could be explain just yet what those proposals were. "I do say this much, 1. >w-.-v< r ; I believe 1 know the country well enough to have the assurance in my own mind chat it is patriotic and believes in the Empire. The people realise, though, that New Zealand cannot sW.r.d alone : that it would not be vise to attempt to do so: and that it is sound policy tor each of the ; >.-.r,s of the Empire to do i.s part in keeping open the sea pathways. upon which to a great extent the safety of the Empire depends. Definite proposals concerning New Zcaland's naval policy v. ill bo put before ilie country by the Prime Minister before 1< ng." In conclusion. air. Alien explained his proposals in regard to the expeditionary force, anti rr'umtd his seat am:ds r loud applause. SPEECH BY ME. MASSEY.

The Prime Minister thanked the audit nee for the honour done Air. Aus n. the Eelorm pa.ty, tbs- Governpiciit r“<l 1 ho t'i -hu. . <- it rsiir: to Cite sue <• . ’ <-l * > M, Alien in respect to tl t r< e-t. g vt loans. Mr Massey said that when he had gone Home the country could take no risks. The finances of the Dominion had got mt<> a nnich more unsatisfactory state than any member knew. Mr. A'.?n. said the I' 1 .:::: - Minister, had been imfcittniato in having tv go Home when the money market was vo.-y bad ; and yet t.e had managed to raise a icnn at a lower rate of interest than the country had been able to do daring the last three years. This fac,. spoite

not only for the financial abiliry of the Minis'.r.f Finance. 4«m f. r the esteem in which the credit of the country was held in the London money market. lie referred to the fact that the Reform Government Lad brought down a genuine surplus of £7OO.CO<), Lut added that not a single sixpence of this would be expended without the authority- of Parliament. When this was secured sums would be available for advances to settlers and workers, for acquiring land fcr settlement, and for the dcvelc'i’-r.K'nt of the country generally. Air. Massey referred to the various planks of tiie Gcvcrnmen's platform on the lines of previous speeches. In regard to the Wai hi strike the Gcvenmcr.t had been attacked for the policy that it had followed on that occasion, but if there was a similar strike theGovernment would again do the same thing. (Loud applause). Although the Government would not be afraid to face an election to-mor-row, he did not think there would, be a dissolution this session. He believed that a large majority cf the people of the Dominion were r.i favour of the policy of the Government. Speeches were made by HerI ties and Dr. Pomr.re.