POLITICAL.

Stratford Evening Post, Volume XXXIV, Issue 53, 26 October 1912, Page 8

POLITICAL.

The Hon. James (Allen during his visit to London early in the year in connection with Dominion finance will avail himself of the opportunity to learn something of the probable financial position next year, when a large amount of loan money (including the £4,500,000 borrowed by the Mackenzie Government early this year) is falling due. The following table shows the loans falling due within the next three years:— Year 1912-1913.—London £30,300, Australia £155,000, New Zealand £3,113,306—t0tal £3,298,666. Year 1913-1914.—London £1,280,400, Australia £166,700, New Zealand £33o,6oo—total £1,777,700. Year 1914-1915.—London £8,048,200, Australia £152,100, New Zealand £l,330,565—t0tal £9,830,865. Totals.—London £9,358,900, Australia £773,800, New Zealand £4,774,531 —grand total £14,907,231. Of the £8,000,000 odd falling due in London in 1914-1915, £3,142,600 is of the £5,000,000 loan not yet converted, but subject to further conversion. Of the New Zealand amounts the larger proportion is moneys borrowed from the Post Office, and will no doubt lie renewed. The new member for Egmont was out of New Zealand at the time of the general election and the Lyttelton Times assumes that since his return just in time to capture the seat vacated by the present High Commissioner lie has depended on some of Lis fellow reformers to acquaint him with the details of the political situation. That explains, no doubt, why he announced in the House of Representatives the other evening that “the day of socialistic leg : s!ation is past.” But he will find, we think, that his informants have been too optimistic. It is true that a somewhat erratic turn of fortune’s wheel has put into office the party that used to declaim against “tlio seven devils of Socialism” and lament the graduated taxation, compulsory land purchase and old age pens:ons. But the day of socialistic legislation most emphatically is not past. It is just dawning and we give Air Alassey c ted it for being aware of the fact. He has given his adherence already to schemes that lie would have repudiated utterly in bis early political life and ue sec no reason why he should not continue to advance with the stimulus of a progressive Opposition to help him. The member for Egmont really has not got the hang of the situation at all.