TWO MILLIONS

New Zealand Times, Volume XXXIX, Issue 8810, 13 August 1914, Page 4

TWO MILLIONS

In asking for authority to raise two millions the GovernmenfT have acted prudently. The Act passed at their suggestion will help them to get the money necessary for the needs of the Public AA’orks Department more easily than under .the old system. The old system is reinforced by the hill introduced, and therein lies the prudence of the arrangement. At the present stage it is difficult to say for certain whether the money will be obtained at all. But there is ground for hope. The best expression of that is to be found, strangely it may ho said, in tho last recorded speech of Mr Bonar Law in the House of Commons. The leader of the Opposition did. a great service, at the present juncture, by declaring himself ah optimist. He reviewed the trod© of the Empire with dispassionate calm. He proved statistically the great importance of the Imperial overseas connection to the trade of Great Britain. Ho shewed, in fact, that in pommorce the value of the overseas is even greater than their value iu war, of ivnicn the Empire is' speaking with enthusiastic acclamation. In other words he drew attention to the financial basis on which the Imperial connection stands firmly. His deduction, however, is the point on which we wish to enlarge just now. It is that h© so©s no reason why, with the command of tho sea in the hands of Britain, as it certainly ip now, the commerce of Britain should not go on, regardless of the gap made by the stoppage of the trade with Germany, great as that trade was. It is a better view than Sir Edward Grey's, for ,iir Edward seemed in His last speech in, the Commons to anticipate the entire stoppage of British commerce. Probably, howsyer, Sir Edward had his mind’s-eye on the possibilities ofa protracted war. But even so, we prefer, given the continuance of the British command of the sen, which there does not sesm to be any reason to doubt, the optimism of Mr Bonar Law, who is an* expert commercialist, if we may be permitted the term. He has boldly sketched;!;**® enterprising continuanos of British commerce. If the merchants of New Zealand will ,;ake that view they will take the advice of their London confreres and Continue their orders. Doing so they will be coming into line with Mr Bonar Law in good company. The P. and O. and Orient lines have already done that with their determination to make no alteration in their regular services. With this spirit moving all 6vcr the Empire the commercial outlook is good. Therefore, the probability that the Government may got this two millions, for which they have arranged the preliminaries so prudently, is strong. They may have to pay a high price. But that would only be minimising the evil consequences of war, which we have to face whatever they may be. On the other hand the bank rate is down to five, and financiers.- like everybody else, in the Empire are patriotic. If the two.millions com© in on fairly reasonable terms we shall not b esnrprisod. On whatever terms they come in the Dominion ought to he thankful.