WHAT OTHER WRITERS ARE SAYING.

Star (Christchurch), Issue 17347, 12 May 1924, Page 6

WHAT OTHER WRITERS ARE SAYING.

THE FEABS FOB THE F.MPIBE. Up to a point the criticism directed against the most controversial features of the British Budget—the formal rejection of the Imperial preference proposals and abolition of the M’Kenna duties—is bound to appeal very largely to the sympathies of the dominions. There will undoubtedly be a strong feeling of disappointment, with some degree of apprehension ; and this will arise not only from considerations of self-interest, but also from genuine conviction as to the policy that would lies! make for the mutual efficiency and strength of the AJother Country and the oversea parts of the Empire. But one may be quite certain that the general sentiment does not run to the extreme length suggested to it by some protagonists at Home and in the dominions.— “Marlborough Express.” GUARDING OUR TRADE. The protection of trade routes is a most important branch of naval defence for a Dominion such as New Zealand, which lies so far from her principal markets. The importance is not always recognised, for many people cling to the old idea that a country secure from invasion has nothing to fear. A few minutes’ thought should convince any person acquainted with the ramifications of trade that it is not sufficient to make New Zealand secure from invasion. An enemy could do untold damage to this country without ever landing a soldier or dropping a shell on its shores. By cutting the trade routes the enemy could deprive us of our essential means of communication with the outside world.—“ Post,” Wellington. THE NEW LOAN. The moment for placing a new loan upon the London market lias evidently been well chosen by the AJinister of Finance, for it ‘has met with a very favourable reception. The amount of the loan is £5.000,000, its period 20 years, the rate of interest 4£ per cent and the price of issue £95. This means that for every £95 the Dominion receives it will have to repay £IOO in 1944, in the meantime paying £1 10s interest on each £95. The actual rate of interest paid will therefore be approximately £4 14s 9d per cent, but when allowance is made for the pavment of £IOO in 1944 for each £95 the loan will yield the cost of the loan will he a little higher.—‘‘Taranaki Herald.” AAIATEoR FINANCE. The four Christchurch Labour M.P.’s are continuing their publicity campaign v bich constituted one of the side-shows of the recent railway strike. The object appears to be a complex of several brilliant ideas— to discredit the present Government, to keep the Labour Party prominently before the publ c eye as desirable. speedy occupants, of the Treasury benches, to spread disaffection in the Public Service with an eye to the big block vote for Labour at the next elections as soon as these can be forced on, and to obtain useful practice preparatory to the time when they themselves shall be Ministers of the* Crown Whether it is Air Howard. Air Armstrong, Air Sullivan or Air Al’Combs who holds in his pocket the portfolio of Minister of Finance in the Labour Cabinet of the future has not been disclosed. The joint effort precludes the credulous from concentrating on any one of the four as the wizard of finance to whom the opportunity of administering New Zealand s finances cannot come too soon in the best interests of the country, just as it shields any single one of them from the criticisms ° f those in whom the new finance has engendered a deep feeling of mistrust. —' e Star.” Dunedin.

HOAIE POLITICS. It is evident that the relations between the Labour Party and Liberalism in the Home Country are .not improving. It is possible that the directors of The Liberal Party are questioning the wisdom of their action in establishing and maintaining the minority Government in office, though it is not clear that more advantageous tactics were open to them. In a cartoon by Raven Hill, on February 27. Air Asquith is depicted as aburly woodman, leaning meditatively upon a hefty axe, in front of a tree labelled “ Government.” “I wonder.” he muses, “whether Gladstone would have spared this tree.” We may wonder; but conjectural surmises on the point are more interesting than practical. Gladstone, if he were alive and attire to-day, would not relish the situation : but his infinite resourcefulness might find a way oub of the forest of difficulties. As it is. the professed custodians of the Gladstonian tradition have to choose their own path.—“ Otago Daily Times.” INTERN ACTIONAL STUDIES. A prime distinction between the modern age ayd antiquity has been found in the fact that, whereas in ancient times great civilisations could rise, flourish and decay without the slightest suspicion that there were otners iiko them in the world, no country in these time’s can live to itself alone. The nations have been drawn so close together that hardly anything which affects one of them can be without its influence on the rest. Half the problems which perplex them are common problems, half their troubles due tc common causes, as the war and general depression following the war have shown. Tn those conditions the j/eople of a nation which, though it began in two small islands, lias spread since over all parts of the globe, while its new States still constitute one Empire, can least of all afford to have insular minds. The constant study of international problems has beEurcpe, and pre-eminently for the British race, which has the seven seas for its highways and the five continents for its homo. Dunedin Star.” THE LOAN. While the raising of loans remains among the necessities of the Dominion’s progressive development, the only thing that matters is the effect on the Dominion’s credit. This loan of fair test of that. Large as' the amount is. it was subscribed nearly four times over, and its issue has established a rate of 4} Tier cent. These facts prove- that the Dominion’s credit stands high in the finance market. Its large public debt is known ; the burden of that debt is perfectly appreciated. It follows, therefore, from the success of the loan issue that the resources of the Dominion are as greatly appreciated as the burdens of the Dominion are known. The expenses of flotation, moreover, are moderate, quite within reason, in great contrast to the days when T*to price paid for loan issues represented some doubts of the Dominion’s ability to bear the bunion. ’ New Zealand Times,” Wellington.