The Marlborough Express PUBLISHED EVERY EVENING. MONDAY, JUNE 14, 1909. THE CHEAP MONEY QUESTION.

Marlborough Express, Volume XLIII, Issue 142, 14 June 1909, Page 4

The Marlborough Express PUBLISHED EVERY EVENING. MONDAY, JUNE 14, 1909. THE CHEAP MONEY QUESTION.

Whatever difference of opinion there may be as to the necessity for and propriety of Parliament adjourning until the Prime Minister's return from

England there is a general agreement, even amongst the most pronounced opponents of the Government, that Sir Joseph Ward is immeasurably the bestrepresentative the Dominion could have at the Imperial Defence Conference. The keen personal interest ho hasalways displayed in matters of Imperial importance, his capacity to realise the financial aspect of the defence problem, and his long experience of public life are all admirable qualifications. That he will represent New Zealand with dignity, and that he will bring to bear the powers of an exceptional intelligence may be taken for granted. But there are other directions in which the Prime Minister [ can, during his brief sojourn an the capital of the Empire, render signal service to his fellow colonists. It is an open secret that quite apart from his attendance at the Defence Conference, Sir Joseph intends to do his utmost to arrange for a substantial supply of cheaper money for lending out to the farmers by the Advances to Settlers Department. It is already to Sir Joseph's credit that largely by his personal influence and acquaintance with the London money market he was able to secure a loan for this country at a lower rate of interest than had ever before prevailed when one of the Australian colonies had "gone a borrowing." The hope is, it may be expressed, that Sir Joseph may be able to follow lip his early success as a loan agent by securing money for the purposes above indicated at such a rate as will enable the Department to assist the farmers and others who stand in need of money wherewith to open upland, and increase the productive powers thereof, without too heavy an interest being compulsory. Cheaper money is the one special and urgent need of New Zealand at the present time. The banks, it is iiotorious, have temporarily been obliged not only to curtail advances but practically to cease lending altogether for a time. No matter how excellent the security, no matter how wide and'safe the margin; bankers _ simply_ will not look at what in ordinary times they would consider as the soundest of financial propositions. The result we all know. The country is perfectly sound, for, outside Wellington, there has been no boom, and now that our exports are every month showing a substantial rise the financial atmosphere is bound to become more and more clear. But dear money is throttling business and blocking progress. Anyone who can secure a supply of English capital at a reasonable rate of interest for investment in this country will prove "himself a very practical benefactor to New Zealand. If the Prime Minister .can but do this he will earn the gratitude of all patriotic colonists, and his visit to London will be regarded as a distinct public benefit. There is no need to depreciate the efforts of the High Commissioner and our regular loan agents in London, but Sir Joseph Ward's personal efforts on the London money market are much more likely to be productive of good results. If he can but manage to raise a million or so for investment through the Advances to Settlers Department the adjournment of Parliament and the alleged disruption of public business, over which so much fuss is now being made by the Opposition press, need par be regarded as a mistake or a mis- ■ fortune, but quite otherwise.