NOTES AND COMMENTS.

Timaru Herald, Volume XCVIII, Issue 18084, 16 June 1924, Page 8

NOTES AND COMMENTS.

Mortgages Registered and Discharged. Interesting statistical comparisons of the number ami aggregate amount ol mortgages registeied and discliaiged arc given in the latest issue of “Alonthly Abstract ot statistics. I'oi the year ended April JUth, 1923, 34,i2i inon> T ages ivorc registoied, lcpiesentmg JLiM.819,327, compared with 40,730 registered the lollowing year represenr.-4j3y.0-12.3a9; in other words, the. returns show an increase ol 13 millions whereas the mortgages registered wore larger in number by 00].o. It is interesting to note, however, thaalihough 3,329 mortgages representing £2,578,419 were registered in March ol lasi year, 3503 mortgages registered in March, 1924, aggregated no less than .(.'0,007,916; indeed in the first four months of tho current year (January Ist to April 30th) mortgages representing £15,500,000 were registered. In the year May 1, 1922, to April 30, 1923, 21,60-1 mortgages representing £15,502,069 were discharged, while m the corresponding period just concluded 23.339 mortgages were discharged aggregating (.'22,059.022. An interesting feature of tho statistics

indicates the transactions in the various provincial districts. The mortgages registered for the year ended 31st March, 1923, compared with the same period which ended on 31sl Maxell last are given as follow:

This return shows an extraordinarily large increase in Canterbury,, where although the number of mortgages registered increased from 4637 to 59U1, the amount represented was nearly double. Further returns giving details of number and amount of mortgages registered duiing April, 1924, show that in Otago 274 deeds were registered and the sum invested totalled £1,172,383, which represents an unduly large proportion of £3,845,092 for 2,997 mortgages registered in the whole of New Zealand during April. The explanation cannot be found in any abnormal increase in the amount of mortgages discharged in Otago during April, since 220 were discharged representing a comparatively small amount of £128,334. These returns show, despite the allegations to the contrary, that large sums of money are still available for legitimate investment on ordinary mortgage security.

“ Creator of Unemployment ”

as tne net result oi Mr Snowden s

....ndiwoiK, at least Iuu,UUU. men, according to the expert opinion ot im. uiotor trade and possioiy a great mau> more, win be deprived of employment, x’oreign motor cars will pour into this country; slulled .British workers win pour out.” In these telling voids a noudou metropolitan journal denounces the Labour Government's decision to abolish the iUclveuna duties, and designates Mr -Snowden as a croator oi unemployment. From the viewpoint of the oversea Britisher, second in its mischief-making eilect is Mr Snowden a attitude to the Dominions and imperial dereference. The Government is leadv to go on hands and knees to tho Bolsheviks and cringe to them for some visionary trade agreement. But, as Su Robert Horne so well said, “the only people with whom this country is not to make a trade agreement, lest it brings about a condition of hostility, is our own Dominions.” Yet Russia is bankrupt, with neither raw materials nor money. Business with her is a mere illusion. In the very best yeai before the war our exports to he. (when she included all the border States) were only £18,000,000 in value, or 3£ per cent, of our total export trade. Against this dubious market, controlled by a criminal Government which has recently chased the last German traders out of the country, s to be set tho market which the Dominions offer to British goods, where they give Britain preferences ranging from 5 to 15 per cent. British Export in 1923 to Dominions:

Russia £2,493,000 London newspaper opinion admits that the contrast is simply ludicrous. Any one of the Dominions is worth enormously more to British manufacturers and industries than Russia. Commenting on this decision one jotnnal says: “They (the Dominions) have asked from us certain extremely small preferences in return: a penny a pound duty on foreign dried fruits, a halfpenny a pound preference on Dominion sugar, and a diminutive duty on foreign tinned fish. They have pointed out that, if wo buy from them in preference to buying from foreign nountries, they cau buy more from us. Mr Snowden’s reply is to propose to take away every shred of preference that past Governments have granted. For a second time in one generation the door is to be closed, bolted, and barred against our British flesh and blood, and their offer rejected with contumely.’' Presumably the Labour Government is more concerned for the welfare of Soviet Russia and the promotion of internationalism, than to preserve the unity of the Empire and all it means to civilisation.

* * *

The Next President

Although Mr Calvin Coolidge by an overwhelming majority, has gamed the endorsement of the Republican Conventiou, his re-election to Lincoln's chair is bv no means a foregone conclusion. During Ida short, but interesting presidential career, Mr Harding's successor has shown himself very much at variance with tho Republican policy; while the two most inlluential members of bis Cabinet—Air Hughes (Secretary of State) and Air Mellon (Secretary to tho Treasury)—have also experienc-.-d the humiliation of being forced to accept Senatorial decisions diametrically opposed to their recommendations. Air Hughes is strongly opposed to tho exclusion of the Japanese, while Air Alellon persistently advocated substantial tax reduction that would make the granting of the soldiers’ bonus a financial impossibility. Both the Senate and tho House of Representatives declined to follow the ministeiial lead and highly controversial measures dealing with these great national questions wore enacted despite the scowls of Cabinet and the veto and threats of veto by the President. So many dramatic political events have been witnessed during recent years, that no one would be very much surprised it the United States emulated other countries and sought relief from pre-

sent-day financial and economic worries by overthrowing the existing politic-.' regime. Moreover, the extraordinary revelations of national corruption ami lack of personal probity have so seriously undermined the nation’s faith ,n its public men. that reprisals are not unlikely. Scandals, inivolving not a few Rcpnblic-aii leaders have aroused the country to the tr.cn-iee of corruption ill high places, .-n-d although the proposed election platlorm adopted by

the (Republicans rather naively admits there have been scandals involving members of both Republican an! Democratic parties, it is tolerably certain that the reigning regime will have to face a tornado of criticism based on the reports of the investigation committees. Unquestionably, Mr Calvin Coolidge is the strongest Republican candidate available, but it is significant that the Democrats have delayed choosing their standard-bearer pending the decision of the Republicans. Moreover, since change is the order of the day, the Democrats may be able to capture the vote of the discontents and return in triumph to White House.

1923 1924 Auckland . . . 8,453.603 12,705,750 Poverty Bay . 931,994 1,983,295 Hawke’s Bay . 1,759,211 2,197.860 Taranaki • • 1,177,675 1,903,101 'Wellington • . 6,248,604 8,697,024 Nelson . . . 478,175 529,092 Marlborough • . 531,980 618,187 Canterbury • . 3.628,720 6,117,734 Otago . . . . 1,907,276 1,915,380 Southland . . . 829,046 1,168,144 Westland .. •. 85,312 116,647 26,031,596 37,862,214

Australia ...... New Zealand . . . 57,700,000 . 20,095,000 Canada . 27,565,000 South Africa .... 27,600,000 £132,900,000 Soviet Rus.si a :