THE WAR LOAN

Nelson Evening Mail, Volume XLVIII, Issue XLVIII, 31 October 1914, Page 4

THE WAR LOAN

success of TriE -.govern Ats . SCHEME. , ' M- v' STR JOSEPH WARD'S ADMISSION..' (By Telegrapii. —Own Correspondent WELLINGTON. Day.', In tlie House of Representatives J'ffH ierdav afternoon., Sir Joseph, Wuvd arcW , attention to a press cable message. from. London stating that tlio Now I-lio-h Commissioner bad formulated fjv solioiiu- to secure -the ■ Imperial Governs , • m-ui'a financial assistance for tlio Do-, minion during war time, arid that the. ; scheme secured the money at- a rato notexceeding 44. per cent. He asked if tho; % statements contained in the message werov- i correct., • • , ' '' i The Hon. Jamas Allen said tlio senemo had been started by the New Zealand Government before the High Commissioner or anvbodv else had formulated! it Ho hiniself had given instruction# to sec if it, could be arranged .with thy Imperial Government to guarantee tll« war loan The result of .the negotiA- . tions was successful. In regard: to th® rate, of interest, ho could not disclosa ; that-, because he had been specially asked by the authorities not to do So. Tho cablegram <lid not- state, that .jlie rat ft was 4£ per cent. ; but that it. was to bo at a rate not exceeding per cent. Ho had offered already to show the. right hon. gentleman the papers in confidence; but' IVo had not availed himself of that opportunity. Ho regretted that tho right hon."gentleman was attempting to> make political capital out oi this niattqr. Ho evidently wished to make the public believe that tho High Commissioner had started this scheme, and that ho (Mr. Allen) knew nothing, about it. Ho again offered to show Sir Joseph Ward tho filo of papers in confidence. Sir Joseph Ward .said ho wished only to ascertain'if the cable was correct. Later in the afternoon Mr.Alien read from the official correspondence and cablegrams in support of tho statements ' ho had made. ' The. correspondence' showed that it' would have been undesirable to hav cfloated a loan under the war conditions prevailing, and so. the very advantageous arrangements had been - ma do with tlio Bank of England and tho Imperial Government. Ho mentioned that ho had since himself gone to the Leader of the Opposition with file, and'hadshown it to him in confidence, i lia ;• hoped that- tho right hon. gentleman, was thoroughly satisfied. _ ' .'i. * Sir Joseph Ward said ho had seen the file,, and was perfectly satisfied. - It seemed to hi hi that a very. • satisfactory . arrangement had been made, and lie recognised that at present the Minister for Finance was not-.at liherty'to disclose the rate of interest. '. -W