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Sun (Christchurch), Volume II, Issue 362, 8 April 1915, Page 6

Yesterday's cablegrams relating to the New South Wales Labour Confe--ence made much mention of the NortonGriffiths' scheme, and since littfoe is known of this scheme in New Zealand it is as well* to mention that it is; put succinctly, Mr Hobnan's latest scheme of borrowing money to carry on public works." New South Wales, having so many I.O.U's in the hands of Europe's brokers, finds it very difficult to raise more money with which to pay the interest on its old 1.0.U 's so as to be able to cash more I.O.U's and carry on the work of the country. The result is that the New South Wales Labour Party, or Mr Holman at least, has had to fall back on the private enterprise it formerly repudiated. The scheme is that the Norton-Griffiths Company, which is an English firm of contractors, agree to assist in underwriting certain loans urgently required for public works in consideration of their obtaining eertain contracts to carry out. The firm is wealthy and influential, and can therefore easily command £4,000,000, the amount required for the first year. It is to make its profit on commission on the cost of the work done ;■- if the undertakings cost more than the estimate the firm is to receive a percentage on the excess. The scheme is admirable from the point of view of the contractor-loan raiser, since the more the woik costs the botter will it be for the firm, but it is bad busintoa for the State. Mr Holman and his Ministerial supporters aro between the devil of necessity and the' deep sea of political oblivion, however, and the Norton-Griffiths business, which has occupied the time of Parliament for nearly two years now, has been resurvected in order to float the Labour Party out of the ho'e caused by the explosion of war. But Labour generally is against the scheme, naturally enough, and the Federal Attorney-General expressed the feeling of the party when he said that the adoption of the scheme would undo all that Labour in Australia had striven for for years. There is one other thing it will do —it will remove Mr Holman from office. It has already spoiled his reputation as a financier and a strong man.