WAR FINANCE.
NEW ZEALAND'S SHARE,
DISCUSSION IN THE NORTH ISLAND. WHY DO WE LAG BEHIND? ("Gisborne Times.") Tho political authorities of this Dominion have, we regret to note, not yet yielded to the great pressure which is being brought to bear with a view to provision being made for the raising of an internal war loan in order to relieve the Mother Country of the burden—small as it may ho comparatively of having to provide all the moneys needed by this country to enable it to do its share in the prosecution of tho current struggle. As far as this country is concerned, it is true that it found within its borders the amount of its latest public works loan of £2,000,000; but there was nothing patriotic about that matter, seeing that our Government had no alternative on the point. If the statesmen of to-day in New Zealand had had their wits about them, this Dominion would not find itself now well behind Canada and Australia, both of which overseas dominions have already raised war loans in order to further assist the Motherland. ... On a per capita basis New Zealand must be wealthier than either Canada or Australia. And yet—thanks to our "short-sighted Coalition Government—we intend, .seemingly, to continue to draw on the Motherland for the cost to which the war puts us. The Government must be made to see this matter in a very, different light. Now Zealand has got money as well as men, and her surplus wealth should go, together with . her fighting strength, to aid the Motherland in her hour of trial. The economic situation of this Dominion was never healthier, with the result that the banks cannot find an outlet in this Dominion for all the', moneys that have accumulated. With two facts so clearly established, viz., that this Dominion should bear portion of the cost of prosecuting the war and that the power to subscribe is also beyond dispute, it is to be trusted that, when Parliament reassembles, one of the first measures to bo adopted will be a New Zealand War Loan Bill, and its success, it is certain, would bo very gratifying. . BRAVO CANADA! (" Poverty Bay Herald.") Tribute is paid in to-day's cable news to the action of Canada in rallying to the assistance of the Motherland not only with men and munitions, but with money. The last Canadian internal loan was largely over-subscribed, and the Government, instead of returning depositors the several millions surplus subscriptions, placed them to the credit of the Imperial Government for war purposes. Jt was a fine, generous and distinctly patriotic act' and we quite agree with those of our New Zealand contemporaries who are saying that, it sets an example for this country to do something really .worth while with the six and a half millions which recent banking returns showed -we had lying idle as a result of last year's balance of trade being so well in our favour.
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Bibliographic details
Lyttelton Times, Volume CXVII, Issue 17077, 28 January 1916, Page 7
Word Count
494WAR FINANCE. Lyttelton Times, Volume CXVII, Issue 17077, 28 January 1916, Page 7
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