WHAT OTHER WRITERS ARE , SAYING.

Star (Christchurch), Issue 17863, 3 June 1926, Page 8

WHAT OTHER WRITERS ARE , SAYING.

Politics and Unemployment. Although some estimates of the amount of unemployment that 'has arisen in the Dominion are exaggerated, the trouble obviously has developed to an extent that justifies the institution of organised measures of relief. It is one thing, however, to recognise that religf work must be provided for the unemployed. It is quite another thing to expect the Government and local bodies to organise special works on such a scale and in such conditions that they would draw or keep workers away from normal eraployment where that is , offering. In a good deal that has recently been said about unemployment, particularly by Labour-Socialist politicians when taking part in deputations to Ministers and on other occasions, there have been clearer indications of a desire to make political capital than to help the unemployed. It is certainly not helping those who are unfortunate enough to bte for the moment out of work to demand that thev should be employed at full union rates, irrespective of their ability to earn these rates. Some of those in need of help admittedly are incapable of doing anything like a normal day’s work as labourers, and it is chiefly work of this kind that can be offered by way of relief. The reasonable course in these circumstances is to fix a minimum that will provide for subsistence, distinguishing, of course, betw-een single men and married men with families to support. Beyond this, the best plan, where it is practicable, undoubtedly would be to provide for the payment by results of all who are capable of earning more than the minimum rate oh relief works.— “ Dominion.”

The Speakership. In a little more than a fortnight Parliament will meet, and, of course, the first business will be the election of a Speaker. Ever since the electoral landslide of last November the position has been much canvassed, and many rumours have emanated from the dominant party. There are in the party not a few ambitious men, some of whom consider that they would make heaven-born Speakers. No doubt they have a good conceit of themselves, and some of them have what might be termed a “ political pull.” It has been hinted from places where the Reformers “ most do congregate ” that the Hon C. E. Statham, who has filled the chair with conspicuous ability during the past three years, will not receive the Government nomination—that the coveted post is intended for another—a Reformer. If this is correct, then the outcome is a foregone conclusion. But so far the Government has given no indication of its intentions, and we would be extremely sorry to think that Mr Coates and his colleagues would so far depart from accepted custom as to lend any countenance to a move which would detract from the ,dignity of Parliament and demonstrate to the world that this shibbolith of “ No spoils to the victors,” which the Reformers have preached in season and out of season, constituted only lip-service.— “ Timaru Post.” The Price of Money. It is* announced by cable that a New Zealand loan of six millions has been “ underwritten.” If this means what the phrase usually means the investing public must be regarded as somewhere very much in the background. While waitnig to see if the underwriters will presently announce a steady demand for stock we have in the facts as they stand their appreciation of the value of money in the market, or to put it another way, the cost of credit. The loan is issued, we arc told, at £9B 10s per £IOO bond with interest at 5 per cent. This means that with charges and rebates counted the loan will cost us 5* per cent. This may be taken as bedrock prices with New Zealand as a buyer. It is the cost of the par loan which the Government issued in New Zealand some time ago at 5* per cent. So far the Government has been remarkably silent as to the result of its appeal to New Zealand. The Government knows exactly how the matter stands, whether the loan was filled or half-filled, but the public knows nothing. But yes, the public knows one thing. It knows either that the loan has very elastic limits or is not filled, for the Government is still desirous of receiving applications for stock, as notices at money order offices prove. Meanwhile we get this far, that the bed-rock price of credit in New Zealand with Government seeurit-- is 5i per cent.—“ Napier Telegraph.”

A Stalemate. We learn that the British miners arc already suffering hardships, and their strike funds are inadequate. They are, however, determined to fight to a finish rather than submit to any reduction in wages. The owners, on the other hand, protest against Government interference, which, they claim, is hindering the re-organisations of the industry. The position, therefore, is one of stalemate; and we think that Mr Baldwin is justified in declaring that both sides showed an inadequate appreciation of the gravity of the situation. It looks as if on both sides there was a disposition to bluff; the employers relying on the feeling against State ownership, the workers on the sympathy which their present condition must necessarily create. It is clear, as the Prime Minister says, that it is impossible for any Ministry to stand aside when the national well-being is so vitally affected. It is necessary that the owners should get this into their heads at once. On the other hand, the workers must not regard the Government as a charitable institution, which is to make good the losses of the industry and guarantee them a certain wage. Unless each side will come down from their never-give-in attitude, there is not much hope of settlement. We note that the “Daily Chronicle” says it cannot understand the Government’s relapse into indifference and inactivity. As the paper is Mr Lloyd George's organ, we presume it contemplates the continuance of the subsidy. The dole was Mr Lloyd George’s creation, and we do not think that any political partv is greatly enamoured of it. To speak of Mr Baldwin’s inactivity is ridiculous.—“Hawke’s Bay Herald.” "