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Taranaki Herald, Volume LXVIII, Issue 16821, 20 August 1920, Page 2

The Minister of Finance is faced this year with tho necessity of raising about 15 millions for soldiers’ settlement and public works, and lias also to provide for the renewal of loans amounting to 10 millions. In tho Budget Statement ho announced that the House of Representatives would be asked to grant authority for a 'compulsory levy in case the appeal for voluntary subscriptions at fair and reasonable rates of interest proved insufficient. While -no one can object to compulsory loans in war time it is a new departure to extend such a system after tho ordinary conditions have returned. The only justification for such action is tho desire to keep down the rate of interest. If the State can borrow at 4J per cent, the annual interest charge is considerably less than if tho rate is Si per cent, thus saving the country a large amount, and tho rate at which the State can borrow provides a standard which probably nas some effect on tho general rate of interest. But with tho rate of interest rising all over the world, it is useless for the Government of a small country like New Zealand to attempt to- hold back the tide by erecting little dams, and the wisest course is to offer the market rate'for money and face the real position boldly. ‘ During the war money was borrowed at 4J per cent., but the interest paid was free of in-come-tax, and compulsion was applied where necessary. War bonds are now quoted at £93 17s 6d, so that the capital of investors has already been reduced By nearly 7 per cent, and those who purchase to-day will receive practically 5 per cent free of income-tax. Mr. Massey has stated that future loans will’ not bo free of income-tax. Tho concession was not a popular, one, as it was all in favour of the wealthy man. Tho Change will entail* an increase in the rate of interest, and it is probable that the Government will have to offer at least 5J per cent, in order to secure the money required. Tho rate can be t varied slightly by offering the loan at 98 or at any figure which experts decide to be necessary in order to secure tho money. The threatened compulsion should be abandoned as it will only serve to conceal the real position from tho country, besides checking voluntary investment, since people will know that the market value of 5 per cents, would quickly drop below par. Tricky methods of finance do not really pay in the end and should not bo countenanced in the hope of getting something for nothing.

A cable received from Sydney early this morning said that English cables were greatly delayed. Church of England services will be held'on Sunday at Uruti 11 (H.C.), and at

The New Plymouth Eire Brigade acknowledge with thanks a donation of one guinea, from Mr. E. N. Whitcombo.

There are about 170 dairy factories throughout Taranaki, and at the present time only 14 are making butter. The rest are making cheese, with a prospect of others deciding to do so.

A preliminary survey of the proposed hydro-electric scheme for the Wairarapa, which will produce 2000 kilowatts, shows that the cost will be £116,000. The power will be obtained from the Waiolnne River.

Notice of appeal in the Stratford wagering case, Morrison v. Sharp, iyas on Thursday lodged in the Supreme Court by Mr. Moss, and tho matter will be before tho next sitting of the Supreme Court. Dunedin farmers, says the Star, are evidently expecting high prices for their sheep. A well-known firm of butchers last week received an offer of several lines of fkt wethers totalling over 2000, at prices ranging from 60s to 60s, most of them being at the latter price. The prospects of cheaper mutton are not promising.

In consequence of Mr. Justice Salmond having to .be in Wanganui on Tuesday next to take the Supreme Court sessions there, the New' Plymouth sessions will be adjourned at the end of this week,' and the business remaining uncompleted will be taken after the Wanganui sessions, Judge Salmond returning here for that purpose. The committee of the New Plymouth Horticultural Society met on evening to make preliminary arrangements for the holding of shows for the coming year. It was decided to hold three shows, a spring show' on the first Thursday in December, a general show oh the last Thursday in February and a chrysanthemum show on the last Thursday in April. For some weeks past the Rimu apparently has felt it her duty to arrive from Onehunga after both trains for the South have departed, thus seriously inconveniencing' passengers. By some mischance, however, she cut*things too tine, and as tho second train was delayed for a short time, the Rimu’s passengers, by a frenzied bustle, were just able to catch the train. An accident which might have been attended with serious results occurred in Moiesworth Street on Thursday afternoon. A borough electrician, while working on one of the transmission lines, received a shock Which was not sufficient to produce serious results in itself, but wdiich caused the man to release his hold and fall from the ladder. He Vas taken to his home and attended by a doctor, and is reported to be making good progress towards recovery, no bones having been broken by the fall. -A deputation (from all racing and trotting clubs in New Zealand, headed by Sir George Clifford, president of the racing conference, waited upon the Prime Minister on Thursday morning at Wellington in connection with the recent decision of the Commissioner of Taxes to levy income tax upon racing and trotting clubs, pursuant to tho recent decision of Mr. Jttstice Chapman that such clubs were liable for income taxation. In reply, the Prime Minister agreed not to collect the tax for tho last five years and to take the other matters into consideration.

In sentencing a prisoner to 12 mouths’ hard labour on a charge of theft in tho Supreme Court on Thurs-' day afternoon, Mr. Justice Salmond had occasion to refer to tho leniency shown to the prisoner on previous occasions when, bcfoi’e the courts on similar charges, and remarked that such leniency had been misplaced. Ho noted a growing tendency in the Police Court to deal with cases of theft by imposing a fine, which his Honour thought was not adequate. A potty fine reduced the offence to the level of a breach of a bv-law.

Webster Bros, advertise for tomorrow three lines of the primest table potatoes. Included in the lot are Up-to-Dates, Dakota Red and Derwent varieties. Tired, worried mothers! You can face tho weekly washing without the old feeling of dread if you uso "No Rubbing Laundry Help.” It’s a veritable blessing! Is packets.* For Bronchial Coughs, take

Woods’ Great Peppermint Cure. 1/9. 2/9,