SOME AUSTRALIAN NONSENSE

New Zealand Times, Volume XXXII, Issue 7302, 5 December 1910, Page 4

SOME AUSTRALIAN NONSENSE

Soane of Now Zealand’s critics at homo pi id abroad who refer from time to time to “lack • of confidence” can. certainly not be accused of Jack of imagination. It is not clear why the Australian "Pastoraliats” Review!’ feels called upon to join in the gloomy prognostications and strange assertions common to certain of tho Opposition journals of this country —unless tho imposition of progressive land-value taxation by the Federal Government has irritated the "Review” into a state of linind making it oppose anything and . everything. "LabourSocialism” is the terrible spectre said to be threatening the peace and security of this Land, and wo are told "it is a grave situation.” In order that the public may know what they ■ have to fear, and may observe tho devious course of

our ■ contemporary's reasoning, we may as well reproduce the "Review's” words of warning, in the hope that those of our readers who are not terrified may at least be amused:— The financial situation in New Zealand at the present time is most abnormal. The country is unquestionably prosperous; the revenue is buoyant, even beyond the expectations of that most sanguine of Treasurers, Sir Joseph Ward; the spending power of the people is larger than ever, judging by crowds who have attended the various gatherings held during the last few weeks, and by the increase in . the imports; the principal products are at good prices; and money is more abundant than ever before in the history of the Dominion. Yet the feeling of confidence which should be manifested in such circumstances is absent. Enterprise languishes, and men and money are leaving for other countries.

How a country can possibly be "unquestionably prosperous,” with revenue "buoyant/* the spending power of the people "larger than ever/* exports increasing. and money "more abundant than ever/* while at the same time men and money are deserting it is very difficult to understand. Such a state of affairs would certainly be "abnormal/* It seems to have occurred to the "Review** that such contradictory conditions as it had conjured up need explanation, and here we disclose the secret to readers who may not be among the subscribers to the "Pastoralists* Review”:—

Inquiry as to the reason elicits the one answer—dread of the Labour-Socialist, Dor years the efforts of the Labour unions were directed to the obtaining of increased wages, shorter hours, and better conditions of labour; but the agitators who lead the workers have now declared for possession of the political control of the country nationalisation of land, production, communication, exchange, and, in fact, of everything. The prospect that the Socialists will to some extent succeed deters prudent persons from embarking in any enterprise which is in the least dependent upon labour, and money i!s allowed to remain idle or is invested in securities which are beyond the influence of awards or strikes. Though at the moment the workers may be gratified by the high wages extorted, in the event the consequences will recoil upon them in the form of loss of employment, and their last state will be worse than the first. The much-vaunted Conciliation and Arbitration Act is flouted by the Labour unions, and the Government confesses itself powerless either to enforce it or to amend it so that its purpose may be effected And industrial peace be preserved. Meantime a Labour war is looming near, and capital and enterprise have taken alarm. It is a grave situation.

It is hardly possible to take this sort of balderdash seriously, but wo may perhaps express curiosity as to the channels in which the ‘’'Review** made its in-

quiries. Who told our contemporary that Socialists are likely to obtain political control, that the Government confesses it cannot enforce the Arbitration Act, that capital and enterprise are alarmed, and that “a labour war is looming near ?" Where is the authority for these wild stories of apprenhension and dismay? Abundance of evidence is easily obtainable, if it were needed, that our contemporary, and others who are frequently guilty of similar indulgence are talking the wildest nonsense. Just a few facts of recent date, however, will be sufficient. The New Zealand Loan and Mercantile Agency Company has just reported a year's profit of .£180,900, and is paying. shareholders a 7£., per cent, dividend. The chairman of the Mosgiel Woollen Company stated the other day that an "excellent trading year" had been experienced, enabling considerable reduction to be made in the company's indebtedness. No provision, he said, had had to bo made for bad debts since 1901. The firm of Abraham and Williams, Ltd., which does business'largely among theclass to which the "Pastoralists' Review" may be said to be attached, showed in the report presented to shareholders at Palmerston North a couple of weeks ago an increased turnover of £193,000.; The chairman gave a glowing account of a "very successful year," and referred to the "rosy prospects of trade in the Dominion." “Then there is y the Union Steamship Company,, whose finances afford one of the best possible criterions for judging the trading of the Dominion. This company's profit for the year ended ‘September last is .£75,086, of which tho directors propose to distribute £40,000 in dividends and bonus. Capital and enterprise must be terribly alarmed! A statement submitted to Parliament on Friday by the Prime Minister showed that the Dominion's revenue for the first twothirds of the current ; financial year exceeded, that for the corresponding, period of 1909 liy <£645,930 —another little fact to be explained by people who are for ever saying that "the bottom has fallen out of the country." Finally, oh Saturday a very woe-begouo Opposition newspaper (sorrowfully admitted that; "Trade is booming, prices are good, development is proceeding apace." Really th© "Pastoralists' Review" seems to be dreaming evil dreams.