" COMPULSORY " LOANS.

New Zealand Herald, Volume LVIII, Issue 17730, 15 March 1921, Page 4

" COMPULSORY " LOANS.

Those who subscribed to the Soldiers' Settlement Loan under the impression that all taxpayers would be compelled to do likewise will find cold comfort in the statement on the subject made by the Prime Minister last night. Of the six millions asked for four and a-half millions have come in, and Mr. Massey is satisfied. He made a threat in order to get the money, but those who ignored his threat are not to be pressed. Ministers have frequently stated that this would be the last compulsory loan. It is -perhaps as well that it is so, for the likelihood is that on thp next occasion Mr. Massey's threats would be treated rather lightly by a large section of the community. Prior to, and during, the flotation of the loan all protests against compulsion were brushed aside. Now the Government admits that it did not mean what it said, an admission which no Government should make, for it is tantamount to an invitation to those who do not agree with its rulings to flout its authority. Since the purpose of the loan was to purchase land for soldiers it is probable that in the present condition of the overseas markets the money in hand will be mf»re than sufficient for a considerable time to come. But the subscriptions have been made, in many cases at considerable sacrifice, by people who respected the Government's demand, and those who treated it with disrespect have now the laugh on both Government and subscriber. All the consequences should have been counted* before compulsion was announced; once it was announced common fairness to those who subscribed should have compelled its enforcement There is in Prime Minister's statement a very mild hint that " a little later" the compulsory provisions may be revived. It would seem that what he really means is that '* a little later" the whole incident may be forgotten, but in this there is just the possibility that he may be mistaken, and disappointed.