DOMINION WAR LOANS.

New Zealand Herald, Volume LV, Issue 16798, 14 March 1918, Page 6

DOMINION WAR LOANS.

■ . ♦ MR. FOWLDS'S CRITICISMS. STOCK EXCHANGE ATTITUDE. The criticisms regarding the method ol raising'the New Zealand war loans made by the lion. Geo. Fowlds in Clvrißtclmreh on Tuesday were referred to by the chair, man of the Auckland -Stock Exchange, Mr. W. R. Walker, at the noon call ol the exchange yesterday. "I feel euro," said Mr. Walker, "that, like myself, you have all read with pain and regret tlio statements attributed to the Hon. George Fowlds in a Christchurch telegram ill this mornings Herald. I rotor first to the suggestion Hint the Government could justly conscript money without interest, which would bo such a manifest injustice that such a plan would suggest itself to no Govornmout in tlio world, unless, perhaps, to that of tho Bolsheviks of Russia. But tho most objectionable part of the statement is in the end, where, if he is correctly reported, Mr. Fowlds goes on to say: ' The injustice involved in our national finance will not be allowed to ■continue- indefinitely when tho war is ovor, and the most unfortunate aspect of the whole matter will be that wo will have given a moral sanction to that ugly word "repudiation."' I say deliberately that if an enemv should desire to damage the prospects of the forthcoming War Loan he could hardly devise a more effective way of doing so than by adopting the course followed by Mr. Fowlds, I beliovo Mr. Fowlds to* be a man of the highest personal integrity, but it is a deplorable thing, and a satire on outpolitical life, when a man of the high character of Mr. Fowlds stoops to plaeo his party before his country, and to take such a course as is disclosed, in order to gain a political advantage over all opponent. I deprecate most strongly, on behalf of the exchange, the deplorable remarks attributed to Mr. Fowlds." Mr. F. Hull, who supported _ Mr. Walker's remarks, said that be considered it most unfortunate that Mr. Fowlds should have made such statements. Ho considered that there was no reason for the use of the word "repudiation." MR. FOWLDS'S RHETORIC. PROFITS - AND INCOME TAX.

Mr. J. H. Upton writes:—lt is the dread fate of politicians that their propaganda leads them to say too much, and especially so when they are in the position of ''greater freedom and let's responsibility." In his attack on Sir Joseph Ward's war finance Mr. Fowlds described it as an unparalleled crime, which to say the least is. a large order. In Wednesday's paper lie is reported to have said: " in justice we could go much further and conscript the monoy without any interest at all." In the same column of the Herald was the Treasurer's statement that the war loan certificates amount to £2,900,340. This is infinitely to the credit of the small investor; it is 25 per cent, tof the last issue. That is to say, the thrifty people of small means, of from £1 to £500, have set a fine example to the rest of the community. Would Mr. Fowlds in cool blood, when not exhilarated— will not use tho classic word— " with the exuberance of his own verbosity," say that these savings should be confiscated? Is it mere rhetoric when he uses the "ugly word repudiation!" A few years ago Sir. Fowlds, when advocating land nationalisation, admitted that ho was prepared to tako away by legal enact, ment tho'money value of land which had been purchased from the State: Now. today, he is for confiscation 'of money. Surely he progresses. As to the largo profits made during the war, and it may be truly said, consequently, out of the war, the income tax is already 7s 6d in the pound, and thus of those profits more than one-third is already " conscripted," and as to the loan, Sir Joseph Ward has stated that he is prepared to put in force tho compulsory clauses, and doubtless in fairness he will do so. It is not apparent what rfood purpose can be served by eloquent, but crude, criticisms of the character of those- in question, especially at a time like this when everyone must know how extremely difficult it is to adjust ourselves to conditions so unprepreccdentcd and so terrible.