RATES OF INTEREST.

Taranaki Herald, Volume LXII, Issue 144525, 9 November 1914, Page 2

RATES OF INTEREST.

Daring his third reading speech on the Appropriation Bill in the House ilie leader of the Opposition referred to the increased rate of interest since the Massey Government took office. Dealing with mortgages. Sir .Joseph Ward sold that in the year 1010-11—the year ho went mu of office —the interest onmortgages was £2.600.000. Las, year, under the Massey Government, the morfutges at -t per rent, to ,1 per cent, had la).on to £412, 00P- tl ,700.000 less than in 1910-1911. The high rates had gone up immensely during the pre.-ent Government’s reign, "The proper thing to do.” said Sir Joseph, "is to bring me hack, and yon will got low rates again, and the country will ho very milch happier than at present.” The New Zealand Times, which gives pnblicitv to the above, heads it with the words "Shvloek's Year; Reform's High Monev Rates; A Comparison with Libera! Times.” It is impossible to make sense out of the figures, hut whether that is due to Sir Joseph Maid’s careless handling of the subject or to bad reporting we cannot, of course, toll. What Sir Joseph Ward meant, however, is clear enough—that mortgagors have had to pay much higher rates of interest under’the Reform Government than under his Government. Everyone knows that during the last two years money has become dearer the world over, lint it is not perhaps so well known that the increase in New Zealand was less than in most countries. Whether that was duo to greater confidence in the country under Reform Government than under its predecessors wc will not pretend to sav, hnt the fact is that while in the year 1910-11—the year Sir Joseph Ward is reported to hove said he went out of office, though he really retained office until March 28, 1912,—the average rate of interest on mortgages registered was 0.30 per cent., the average rate in 1912-13, the first year of Reform, was 0.70 per cent., or an increase of seven shillings per cent. A comparison of the rate* of interest paid by the leading securities of the world during the same periods will show that this Dominion escaped very lightly, for in most countries and in most classes of securities the increase in the rate of interest was higher.

The steamer Canada Cape, which was delayed cm the voyage across from Newcastle through a breakdown in the cagine-room. arrived in Wellington safely at G o’clock on Sunday morning.

Shortly after the outbreak of the war a resident of Eltham sent, a copy of the Argus to a friend in England. In a letter to the sender the English friend mentions that the Argus contained news from’the front which the censor would not permit iho Home papers to publish until three or four days later than the date on which they appeared in the New Zealand papers.—Eltham Argus.

Tho Conciliation Commissioner for the Northern and Taranaki Industrial Districts (Mr. T. Harle Giles) arrived in Now Plymouth on Friday. He wilt preside, over tho Waitara Genera! Labourers’ dispute on Tuesday next. The hearing of the dispute will take place at tho Courthouse, Waitara. Tho claims lodged by the union include increase of wages and improved conditions.

Tho last week of tho Melbourne s great slaughter sale is announced. Customers wishing to participate in tho special bargains offered should make a special point of attending this week, as tho - sale positively concludes on, Saturday next.*

Kawhai were plentiful in the Waitara River during the week end, and;a party of Now Plymouth sportsmen had some exciting fishing, landing about eighty fine fish.

On the night of the Citizens’ Ball, the Citizens Band has kindly offered to play in Devon Strcoet and afterwards outside the Coronation Hall. Judging by the .sale- of tickets there will be a very largo attendance. Mr. J. Terry has received advice from Wellington that there will be four sittings of the Supreme Court q.fc New Plymouth for 1915. The dates will be as follows; Tuesdays. February 2, May IS, September 7, and, for civil and divorce business only, November 23. A soft goods traveller who has just finished laranaki informs the Eltham Argus that he has had a ‘‘record” trip ior business. He found only one man who was afraid to order. At the beginning of the war orders were “shy.” but now they arc rolling in. Mr. W. Pryor, secretary of the Employers’ Federation, will arrive in Now Plymouth by to-night's express, and will take part in a sitting of the Concilinxion Council at Wnitara to-morrow. Employers who may wish to sec .Mr. Pryor can meet him at Mr. Buxton’s office on Tuesday evening at 8 o’clock. That good strawberries can bo grown in New Plymouth is demonstrated by Mrs. F. S. Cory, who has .sent a nice sample of good-tlavourod fruit grown in her garden in FilHs Street. A groat hindrance to the successful culture hero cl this delicious fruit is the immense number of blackbirds, which levy a henry toll unless the beds are protected by wire netting. Our Waitara correspondent writes:— I have heard if a Erenui Maori woman, who is quite certain that, the end of the world is at hand. The present gigantic wn-r is a strong argument in: favour of the belief, and it is clinched by tho fact that she has had a dream on the wak-ing-up stage of which sbo was being taken up to Heaven in a, motor-car. That would boat Elijah. With the approach of the ©lections and No-iiccnse poll many letters on tho Prohibition question are reaching us. It is impossible to give space for all, therefore we must close our news columns for the lime being to further correspondence on this subject. Those correspondents who still deeiro to air their views on the question can do so through the. medium of our advertising columns; and also communications will carry tho distinguishing words “Published by Arrangement.” Ail sides and individuals will be treated alike in tho matter.

A I a meeting of the Now Plymouth branch of the Biblo-in-Statc-Schools League held ou Friday afternoon, among other business the hon. secretary reported that he had written both the candidates for the Taranaki scat at the forthcoming election asking for a written reply to the innuiry if they wore returned to Parliament what their attitude on the euestion would he; (a) If (hey would support the pintform oi the league: (h) if they would support the demand for a referendum on the matter. Mr. Okey's reply was in both cases in the affirmative. Mr. Hughes declined to give any reply in writing.