PUBLISHED EVERY MORNING. Thirty-ninth Year of Publication ESTABLISHED 1875 Manawatu Daily Times MONDAY, MAY 25, 1914.

Manawatu Times, Volume LXXVIII, Issue 12800, 25 May 1914, Page 4

PUBLISHED EVERY MORNING. Thirty-ninth Year of Publication ESTABLISHED 1875 Manawatu Daily Times MONDAY, MAY 25, 1914.

IN the "Christian World" Dr. Adeney, who included Palmerston in his tour of this country, praises the social conditions of our "Fortunate Isles." lie writes:—"This is rightly called 'Brighter Britain.' Better than the brightness of its climate is the brightness of the people. We have never come across any indication of poverty, never seen a ragged garment or a slum district. There is practically no unemployment and no want. Everybody has at least enough to eat, and most enjoy many comforts and luxuries. That hideous palace of misery, the workhouse, is unknown." But the reverend critic is evidently of opinion that we cannot stand the prosperity that among others is one cause of the greater brightness of our people, for he says—"lf poverty is the dead weight on the national life of England in spite of amazing commercial advances, prosperity is the threatening temptation in New Zealand. It seems to be the ambition of everybody to ride about in a motor car. Farmers from the back country motor 30, 40 and 50 miles into town to visit the theatre and rush back again in the night. 1 must say that Ido not see the same eagerness in the pursuit of the higher aims." The critic apparently did not note our large expenditure on higher education, nor did he observe that while we enjoy material prosperity there are many who arc pursuing the higher aims. Perhaps, indeed, if it were possible to collect statistics on this subject it would be found that the proportion of those who consider more than the sordid views of life is even greater than that in the Old Country.

W E do not expect from politicians either consistency, logic,

or accuracy, consequently when j we find them regardless of these I things we make allowances for the exigencies of party warfare. But when we find them making allegations absolutely contrary to fact we feel constrained to make some protest. For this reason we take exception to the repeated allegation by certain politicians to the effect that the establishment of the State Advances to Settlers and to Workers was the means of keeping down the rate of interest. It is I not within the power of any Government to regulate the price of money. A Government may deter capitalists from investing money in a country, but it cannot affect the rate at which the owners are willing to lend it. When money is plentiful and idle the rate of interest naturally falls, when there is scarcity of money and a strong demand then the rate quite as naturally rises,

If a Government borrowed money and lent it out at less rate than it cost, of course a for-

tunate few might temporarily benefit, but the taxpayer would have to make up the difference. These State Departments were established wholly and solely forparty purposes—for extending the area of political patronage, and to secure support. They have had no effect whatever upon the rate of interest, which fluctuates

just as the price of other articles is affected by the invariable law of supply and demand.

THE tremendous strain of the j rivalary in armaments appears to be proving too severe for France, for her best financial authority declares that unless she obtains 24 millions of money within the next two months she must face bankruptcy. To relieve the present strain he suggests heavy taxes on capital aud alcohol, but as readjustment of the finances will probably cause still more expenditure in rivalry it is doubtful whether the relief will be more than temporary. It would seem as though fear of her neighbour is causing even more loss to France than she sustained when the German conquerors compelled her to pay the milliards, now said to be locked up in the strong fortress of Spandau, and at the same time seizes| two of her fairest provinces. Some day soon there must either be a decisive struggle, or the nations must agree to end the mad and wasteful rivalry.

THE methods of millionaires are being revealed by the American Railway Commission which has incidentally enquired into the doings of the late Mr Pierpont Morgan.. The power of massed millions is undoubtedly enormous, and there is some reason in the demand that no man shall be allowed to accumulate a dangerous amount of wealth and especially that he shall not make gain out of public utilities. "How oft the power to do ill deeds makes ill Oieeds done,' is quite true, and it has been proved time and again that successful use of means of accumulating wealth only means that the possessor becomes eager to obtain more. Instead of merely advising Mr Morgan to keep within the law, President Roosevelt would have acted msre in the public interest if he had arranged that the law should check the millionaire's work.