POLITICAL.

Stratford Evening Post, Volume XXXVIII, Issue 49, 27 February 1914, Page 5

POLITICAL.

HON. JAS. ALLEN'S SPEECH. The Hon. James Allen, in the course of a speech at New Plymouth last night, outlined the position the Government had to face when it came into office and criticised the financial method of the Ward Ministry. Fie deprecated short-dated loans, and said it was nonsense to say that even a throe and a-half per cent, loan at two and a-half per cent, discount for a short period was cheaper than a loan for a lengthy period. The Government's policy was a long-dated loan raised with a view to the needs of the year for ordinary puhlic works, advances to sot tiers and local bodies, etc. He could have raised three millions more cheaply than four. The Government had started with nine millions due o-i short-dated loans, and, moreover, he said emphatically that much of this money had not found its way to the Dockets of the legitimate investor, but those of the speculator and the broker. So it was with the five million loan. part of which. Sir Joseph Ward had raised. The speaker had been told that it was impossible to raise twelv ■ millions for Xew Zealand in one year. but he had raised part of it before 1914 to meet requirements and to pay off part of the four-year loan. At the present time the four and a-half millions duo in July was in hand, and the throe and a-half millions required for the year were also in hand. Towards the end of last year he bad to raise throe and a-quarter millions to pay for works done four years ago, and with a knowledge of the difficulties of this, he advised a policy (if long-dated loans. Tie had proved that he was not against loans in general, for he had raised four and a-half millions, one million to pay off the loan which Mr Myers had been forced to raise, the balance being distributed among public works, loans to local bodies, advances to settlors and workers, and lands forsettlement.

After dealing with othor matters Mr .Mien denied the assertion of those who said the Government had no noliey, and maintained that it had redeemed the pledges they had made to improve the pensioning of women, widows and veterans. Dealing with the land question, Mr Allen said the Government's policy was to give small holders security of tenure with the option of freehold or leasehold as might 1)0 desired. He defended the present compulsory military training and said the Government was looking to Sir lan Hamilton for a lead in future operations. As regards the navy, he advocated not a New Zealand navy hut a Xew Zealand section of one great Imperial navy. In concluding his speed] Mr Allen referred to the oil industry, and mentioned the question of the flooding of the field. He said that from what he could learn he did not believe the field Mas flooded but ,the question was a serious one and if legislation wore introduced concerning it, it would be done in the interests of the industry. The Government had assisted the industry in the past and would continue to do so in the future. Mr Allen who was well received was heartily applauded on resuming his seat.