PREMIUM BONDS.

Otago Daily Times, Issue 17064, 24 July 1917, Page 4

PREMIUM BONDS.

An interesting suggestion contained in a cable message within the last few days was to the effect that the next War Loan at Home may consist of, or include, an issue of premium bonds. On various occasions in recent months the desirability of a premium bond issue has been urged upon the Chancellor of the Exchequer, who has, however, preferred to rely upon the plan of securing the loan money that was. required for war purposes by straight-out borrowing. If Mr Bonar Law seriously contemplates the issue of premium bonds this year the probable explanation is that he feels that the money obtained by the State, other than that raised by taxation, has not been supplied to a sufficiently large extent by the man of small and comparatively small means who is not attracted by the prospect of interest upon his savings, because it is necessarily slender in amount, but m&y conceivably be induced by the chance of a prize to practise self-denial in his personal life and bring bis money to the service of the State. The mere fact that prizes are offered under the premium bond method of raising money has led to the system being described as a lottery. That is, however, a somewhat loose description of the system. "What actually happens is that every purchaser of a premium bond receives the fixed interest on his investment but has the additional chance of securing a prize. The system is not wholly novel in Great Britain, for it was largely practised there in the eighteenth century, but it is probably the case that the vast majority of British people at the present time know nothing about premium bonds. Upon the Continent, however, and in Prance, the system has been very greatly employed, and it is claimed for it that it has had the effect of encouraging the small investor, especially of the wage-earning class, to exercise thrift and, economy to an extent which no other means of public finance could have achieved. Apart from the objection that may be offered to the issue of premium bondß as a form of war loan on the ground that it is undesirable to introduce an element of chance into a scheme in which the operating force should be a spirit of sacrifice, there is a purely financial objection to the system, namely, that the result to the State may be disappointing. This view is based upon the assumption that, in order to provide the margin out of which prizes should be offered, it would be necessary to issue the premium bonds at a rate of interest less than that of an ordinary loan and that, in consequence, the investors to whom a war loan of the orthodox description would appeal might be deterred from subscribing. The objection is one, it may be observed, however, that takes no account of the spirit of sacrifice which is supposed to influence all classes of the communitv when the State, in a time of stress, demands their service from them. It is certain that, if the Chancellor of the Exchequer does propose to have recourse to an issue of premium bonds, his decision will be met with a food deal of opposition, on both sentimental and financial grounds. When, however, a sober paper like the Economist recommends such an issue as a possible means of getting money out of the pockets of the thoughtless and of checking the untimely extravagance of this ctt,ss, it is clear that Mr Bonar Law will receive valuable support for the issue if he eventually decides in favour of it.

Tho present positron regarding tho price of butter (says our Wellington correspondent) ia as follows t—The butter-fat levy operated only until June 30, and with it went the maximum price fixed by regulation to make the local retail price first Is 7d per lb and then Is Bd. With the large accumulated stocks in store in the dominion it is not anticipated, that the price will go beyond Is 7d, and it may even bo reduced owing to the lack of shipping for export purposes. What will be done regarding the re-imposition of tho levy has not yet been discussed by the Government.

Three' prisoners—Thomas Henry Roskilley {two oharges of indecent .assault), William Hanning (breaking and entering at Owaka), and Tasman William Wilson (five charges of breaking and entering)—will como up for sentence in tho Ftujrenv ftoru-J on Thacsday.

Tio question of constructing a cool store at either Port Chalmers or Dunedin was considered at tho meeting of delegates representing the Otago dairy factories yesterday afternoon. After discussion it was decided to appoint a committee consisting of Messrs N. Stewart (Waikouaiti factory), Jas. Dow (Momona), and Wm, Blackio (Mosgiel) to go into tho possibility of forming a co-operative company to construct tho cool stores, tho committee to submit its report to tho directors of tho various Otago factories.

A rather sudden termination to a premeditated honoymoon was brought about by Constoblo Srnale yesterday morning, when he arrested a young woman named Margaret Janes, who was wanted by tho polico on a charge of breaking away from custody. Janes, who was committed to the To Aorangi Homo somo time ago, succeeded in executing a "break-away" from tho home, but was subsequently located and confined at tho Dunedin Police Station oarly in tho present month. It is stated that her powers of breaking gaol wero again demonstrated on the 10th inst., when sho gained temporary liberty by jumping from the matron's window in the women's department of tho local station. She managed to avoid the authorities, and entered into the bonds of matrimony on Saturday, with a soldier. Arrangements bad been made for the honeymoon to bo spent in Auckland, and everything for tho purpose was in working order, when Constablo Smale, attired in civilian clothes, arrested the new bride, who was in company with her spouse, thus bringing an abrupt end to the romance. The woman will appear before tho court this morning. According to a recent visitor to the Pombroke district, the people there are not greatly impressed with the arrangements sometimes made by the military authorities. It is stated that certain residents of Pembroke, who volunteered or were called in the ballot, had to proceed to Gore for their medical examination, and that other residents, who lived just across the river, had to proceed to Alexandra. The sightedness of this arrangement was pointed out to the authorities, and a change was made, enabling tho men to be medically examined at Queenstown. The travelling tickets issued to the men stipulated, howover, that they must journey to Queenstown by tho Mount Cook-Queenstown motor service. Under the present restricted service it is alleged that tho journey necessitates the men being away from Pembroke for no fewer than five days! The revenue received by the Otago Harbour Board for June amounted to £6773, as against ' £8088 for the corresponding' month last year. For the six months from January to June, 1917, the revenue came to £63,313 (including salvaging charges from tho Antiope, £1251, and balance of sale money for Dredge 404, £6500). Tho revenue for tho corresponding six months of 1916 was £46,192. The expenditure for June of this year was £7173, and in June, 1916, it was £7975. From January.to June, 1917, the expenditure was £39,820, and for the same period of 1916 it was £48,071. Somo 80 hospital ship men have been ordered to bo in readiness to go into camp for the purpose of undergoing training preparatory to relieving tho staff on a hospital ship. Tho men will ibo in camp for about six weeks, and have, perforce, to leave their present employments. As most of them have already been away on active servico on hospital ships, they assert that putting them into camp for six weeks is a needless wasto of money and time—that they will not learn anything they do not already know. They consider that a fortnight would be ample time to spend in the concentration camp. A well-known Dunedin citizen, who has full knowledge of trie circumstances related above, say B he considers it is time that the ratepayers of the dominion were put in possession of the Governor-general's connection with the hospital ships—that, so far as he is aware in no other place in the British dominions is the Governor allowed to control the ships, as is the case in New Zealand.

The meeting of delegates of the dairy factories of Otago for the purpose of considering a telegram received from the Prime Minister regarding the price to be askea by the factories, should the Imperial authorities decide to purchase the cheese output of the dominion for the season was held yesterday afternoon. After discussing the matter at some length, Messrs W J Bolt (Dunedin) and T. Parker (Stirling) were elected to proceed to Wellington and act with the Southland delegates (Messrs 1. W. Foster and H. J. Middleton) A Park (representing the Kelso Dairy), who' will be at Wellington at the time, will be included in the delegation. The secretary of the association (Mr G. Lamb) will proceed to Christchurch to-day to organise a meeting there. Ho will then go on to Wellington with the delegation, which is to meet tho Prime Minister on Thursday morning.

Boduotions in the medical staff at Wellington Hospital have brought about a position so acute that the medical superintendent on Friday could not arrange for attention to out-patients (states the livening Post), The matter was explained at tho Hospital Board meeting on Thursday The chairman (Mr H, Baldwin) reported" that, m accordance with instructions, he had appealed to the Military Servioo Board against the calling up for service of one of tho house surgeons, Dr Fitzgerald. Tho position was that, in 1914, the average daily number of patients was 311, and the stall" comprised the medical superintendent, a senior house surgeon, and three juniors. Now they had 333. patients in the general hospital, and 40 hi tho Victoria Military Ward, but their staff comprised the medical super.ntendent, superintendent of the Military Ward, and two surgeons, one of whom was leaving to take up defence work, and tho other had been drawn in the ballot Thus, even if they retained all they now had, they would have one less doctor and 62 more patients. The medical superintendent (Dr Barclay) advised that ho could not arrange for tho attendance on out-patients. Dr Barclay explained that ho had arranged out-patients' duty with the assistance of outside practitioners, tout one of these had loit town for tho week-end, and another had undertaken defence work. He hoped to make other arrangements in fee future, but would have to miss one day. It was explained that two senior students, who had been at tho hospital, had gone to Dunedin to sit for their examinations. The board approved of tho action of the medical superintendent in writing to Dunedin to obtain three* extra mon from the Medical School, if possiblo, to replace tho students. At tho meeting of the Standing Committeo of tho Otago Harbour Board yesterday afternoon consideration was given to an inquiry from a Melbourne firm regarding tho sale of any of tho fooard't tugs. Tho opinion was expressed that the inquiry was mode on behalf of an agent, who was desirous of getting an offer for tho purpose of hawking it aroraid in search of a buyer, and the committee deoided not to submit any proposal. Moreover, the harbour master reported to tho board at its last mooting that he considored it would bo inadvisable to sell either tho Dunedin or the Plucky, and tho committee bae, decided to stand by that opinion.

Not many days ago somo travellers along a road that passes tho sea wore astonished to observe the Gisborno bailiff, fully drossed, wading up to his waist in tho surf and seizing hold of a man who wac also standing waist-deep in the water. It appears that the bailiff ]-ad visited a eottage in the performnco of his duties, and, not being prepared to accept a statement that his man was not at homo, made a search of the premises and located him under a bed. The man was coaxed from his hidingplace, but when he went to get his coat he broke from his captor's grasp and dashed for the beach. The bailiff was acoompanied by a fellow-officer of tho law, and the escapee was rounded up, so that his only moans of further escape was by the sea, wbioh ho attempted. Nothing dauntod the bailiff followed, and it was at this stage that tho travellers appeared.

A letter received by a Dunedin resident from Captain Stenhouse shows that he, Captain Woreley (ex-captain of the Endurance) and Dr Cope arrived in England the first week m April, and reported for service Dr Cope is with the R.N.A.S., and Captains Sfconhouso and Worsley are on special ser7i£?"- 0f this- Ca P tain Stenhouse says:— "This is great work, and wo are both extremely fortunate. "Wo are on different ships, bat hope to bo together again soon. Most of oar patty oro in fighting rig."

Several thousand bagß still remain to be disposed of in connection with Saturday's effort. Thoso who are holders of tickets and have not yet claimed their parcel are reminded that all bags not taken possession of to-day will bo sold by auction in the lirydono Hall at 8 o'clock to-night. Tho Standing Committco of the Otago Harbour Board had before it at its meeting yesterday afternoon an application from fcho City Council asking it to confcribtrto one-third of tho cost of repairs to the road running from the foot of Union street to Palmer's quarry, the estimated cost being £75. The committee decided to recommend tho board to decline to pay anything, as the road referred to did not in any way come under its control.

Our London correspondent writes that the Now Zealand rug, which was purchased by yueen Alexandra at tho Albert Hall bazaar, « a ■, ° f St Dun ßtan's, was presented by wife of Mr C. Holdsworth, of the U.S.S. Co., of Dunedin. It was made at the Mosgiel Factory. Captain Donald Simson presented to the bazaar a number of enlargements of a photograph of tho Now Zealand landing beach at Anzac, taken by himself the day after the landing Ihc mount was signed by General Sir lan Hamilton, Lieut.-general Sir A. J. Godley Mr Massey, Sir Joseph Ward, and other celebrities. .

At tho present time the chambers at the Balolutha Freezing Works aro practically filled with beef, mutton, rabb.ts, and by-products, representing 120,000 freight carcases. No idea can yet too given by the directors when this large amount of frozen meat will be shipped, but from present appearances it looks as though the company will commence tho new season next February with tho chambers half-full, and the directors are now considering tho question of installing more storage accommodation, lhe congestion of frozen meats in tho companies' buildings throughout the dominion— the position is most acute in the North Island—is causing tho greatest uneasiness amongst exporters, and this uneasiness is accentuated by the fact that there is a feet ing that the Government may not, after all, bo able to secure the 17 steamers promised by the Imperial Government. One Dunedin resident prominently identified with tho frozen meat industry &ayß that, if a start were made now to construct storage accommodation, there would be time to have it \ ready for the season's produce. The position as regarded cheese, he considered exceedingly critical, and he added some biting criticism of the* National Government's "wait-and-see" policy, in so far as the important question of storage was conoerned. Ho also stated that the people of New Zealand apparently failed to realise the great financial difficulties which would befall them if the export of tho primary products could not be continued through lack of ships. The lack of export would actually mean a restricted money market and hard times for everybody—especially tho farming community.

How Catholics education will bo affected by the early call of fcho Second Division was discussed at the meeting of the Catholio Education Board on Thursday (Bays the Wellington Post). Special consideration was given to the effect upon the financial part of the system through the family breadwinner going on military service, thereby reducing the amount available for the support of his dependents, and making him unable to keep up the payments necessary for the Catholic education of his children. It was resolved to advise all Catholic servists of the Second Division to see that the necessary claim was made from the Government to enable them to continue the education of their children in the same manner as they were doing prior to enlistment, the opinion being, expressed that no Catholio ohildren should bo denied the education their father was prepared to. give them in his civilian occupation. It was decided by the Wellington Hospital Board on Thursday that an order be given for X-ray instruments at a cost of £579 13s (states the Evening Post). The medical superintendent was authorised to make inquiries with a view to obtaining the services of a suitable man to take charge of the X-ray department. The superintendent's proposal was that some young graduate, possibly one handicapped by some physical disability, .should be engaged, , and, if necessary, be sent for six months to work in one of the X-ray laboratories in Australia, returning to be in solo charge of tha9 department of the hospital work.

A new departure was introduced by Mr Acheson, S.M., at the Assessment Court, Balelutha,, on Wednesday (says the Free Press), when several fanners, who were objecting to the valueß made by the Government valuers, were asked to name tho price at which they would sell -to the Government. One man, whose property of 315 acres was valued at £2545, promptly said he would sell for £1600, and signed a memorandum to that effect. The magistrate said he would recommend the Government to take it, seeing that it was after land for returned soldiers. A. genial appellant who was before the First Auckland Military Board on Wednesday stated ho was in the Second Division. He had boon married eight, years. The board was very surprised, and tho appellant went on to add that he had two children of his first marriage. He had re-married m September, 1915,, and had one child. Tfou were a widower in August, 1915 ?" asked Major Conlan. "Yes," replied the appellant The Chairman: "Then you are not really married eight yeara?" "Well, not exactly," came the drawled-out response. "I had a spelL" The court room resounded with ono of tho heartiest peals of laughter that have oconrred there. The appellant said ho oould produce both bis marriage certificates, so his appeal was allowed.

The Now Zealand Times says that the unfortunate position of children of many settlers in the baok-blocks who have not tho opportunity of cfctaining an education was brought under the notice of the Minster of Education in the House on Thursday by Mr Anderson, who asked whether tne Minister would provide a reasonable increase m the absurdly small' amount of capitation granted for household schools.

Referring to a discussion at a sitting of the Second Otago Military Service Board at Gore respecting tho age at which a youth is able to handle a double-furrow plough, a .North Otago fanner writes to us- "A contractor's team' of five horses was" employed not so long ago ploughing on my farm, and I was surprised and amused to see a small boy handling the plough dexterously. On being asked his ago, and how ho was getting on, he replied that ho was 14, and getting on all r ight>-and be certainly was doing very well, as I went down tho furrow with him to see how ho was managing the 'outs and ins.' Ho was getting over the ground much faster than tho ordinary run of grown-ups, and handling his heavy team very well. Tho manly nttlo fellow was quite 'porky,' and proud of himself, and I was ploaeed to bo ablo to congratulate him on his work."

In connection with the proposal to bring the advantages of pwbJio libraries within the reach ot school children, Mr Christie mentioned at the meeting of tho Education Board (says the Wanganui Chronicle) that Ohakuno had been fortunate enough to secure a Carnegie library. This Jad J&. Hemingway to narrate the experience the Patea people had with Mr Carnegie. Unfortunately for themselves, they had sent him a photo of tho new town hall, and had mentioned incidentally that Patea had a population of a .thousand peopk,. m Carnegie wrote back stating that a town with such a fine town hail should have no difficulty in finding room for a library in it. '

There is now to be seen in tho window of a lauranga ©stabl.shment (says tho B?y of Plenty Times) a pennant taken from No 1 Post Ape»j, Gallipoli, by the late- Private Oecd L. Walker, during the withdrawal on December 19 1915 The pennant is made of thick cloth, dark crimson in colour, and edged green on top ; It is inscribed "Advance, Australia Fair." Underneath these words is a largo imposing emblem of the Australian wattle, followed by tho date, ISI4, and a representation of the Southern Uross. The pennant bears. bullet marks in several places, and no doubt it has an interesting history. Tho late Private Cecil Walker, who forwarded tho pennant to his parents, Mr and Mrs Maxwell Walker of Otumoetai, served at Gallipoli, and subsequently went to France, whero ho mado the supreme sacrifice for King and country on September 16, 1916.

The New Zealand Times saya that the cost of furnishing in the various offices of the Efficiency Board was the subject of severo criticism in tho House of Representatives on Thursday by Mr Witty, member for Rieoarton. He stated that tho furnishings of one sot of offices in Christchurch had cost £500. Mr T. K. Sidcy has also moved that there be laid before the House a return showing the cost of furnishing tho various offices of the Efficiency' Board.

The Auckland Provincial Industrial Association Executive on Wednesday considered in committee a provisional report by a committee of members recently set up to consider tho question of education for industrial efficiency (says the Auckland btar). After various amenoimehts had been suggested, the report was referred back to the committee, and it will be dealt with '* m '? completed lorm. Professor A. i-. W. Ihomas, chaxman of tho committee, explained that reforms in primary education, continuation classes, and apprenticeship were being fully dealt with. Subsequently the executive passed a resolution urging upon tho Government the desirahurty of subsidising the Workers' Educational Association.

The favourable consideration of tie question of granting a reduction of the period of State control in the case of young people committed to industrial schools, whose conduct has been reported as satisfactory, was asked for m a question put to the Minister of Education in the House of KepresentaN™ T y by m Glover (a*? B the New Zealand. Times). Another question to the same Minister, which was put by Mr Jennings (laumarunui),. whether, in view of the pressing need for a custodial institution being established for tho confinement of low-grade, feeble-rrrinded children and adults and those cases which were not considered suitable for mental hospitals, the Government would take lie necessary steps to provide such an institution?

A development has taken place (states the Evening Post) in connection with the charge of bigamy preferred against a WelQ 5? rboar Board employee named Cuarles Thomas Luxon. Won was recenily committed for trial to the Supreme ' mS aUoWBd in accused'e own bond of £50 and sureties for a -mil., amount. A woman went surety for Luxon, but in consequence of certain threats made by the accused she swore an information against him, and he was arrested. Mr H. H. Cornish stated that the accused's tongue ran away with him, and that he had no uTfZ S threa *> mto effect j t K MGaTth 7 bad no option but to send Luxon to gaol to await his trial

t F e ~i hav^/<??3ived £1 ° from Mr G P SnSLPSSS" 5 for '*• Pakstko al? Dat th p,? ay 6^ Ung> you wfll amle will B f y a Hariey-Davidsoii, and you St Dunedhl^ Hard to Beat—Mollisons offer to-dav 27in heavv white flannelette at 7£d yard; iff worth, securing.—Advt. ' . Hurrah! for deEvorance from back-rack-ing rubbing. With "No Rubbing " LwSdw 7 P y ° a c2 u s i v Soai '.r nse ' ™™S> Md hang Advt Sfcm * here aid °°- Ge °fS® street*-? Which won? Well if you mean whisky, Watson's No. 10—easily.—Advt. ""*?> A. E. J. Blakeley, dentist, Bank of Australasia, corner of Bond and Rattray streete (next Telegraph Office). TdephonJ mfc . Aavt. ' Launch owners, motoriste and other. shot Batteries We havs a fine assortment of Dry Batteries, Holders etc for ignrhdn and lighting poses.—rurnbull and Jones (Limited) ele£ tncai engineers, Dunedin,— Advt. i For Influenza take Woods' Great P»mv«. mint Cure. Never fails. U6d £Is*' Advt. . * ""•—• Eye Strain.—Consult Mr P. G DiVJr D.8,0 A-, M.O. (London?, constdtin/S oculists' optician.—Peter Dick, etc., 490 Moray place, DtmedhT-AdTtT *