The Week in Review.

New Zealand Graphic, Volume XLVIII, Issue 4, 24 July 1912, Page 1

The Week in Review.

The Chancellor and the Banker, THE difference in the point of view of the politician and the man of business was clearly illustrated in the speeches of Mr Lloyd George and the Governor of the Bank of England on industrial prospects in Great Britain, The Chancellor, as in duty bound, had to maintain that everything was most prosperous, that the injury done by the coal strike was not worth mentioning, and that there were no proEpects of any great industrial troubles in the near future. Trade, of course, was booming, and the unprecedented prosperity was likely to be maintained. Mr. Lloyd George conveniently ignored the phenomenal decline in consols, and Jeontented himself with general etate-ments-as to the enormous advance British trade was making in every direction. The Governor of the Bank of England, on the other hand, dealt with hard, solid, facts. J* The Price of Consols. He began by saying that during the last twelve months there had been great industrial and -financial unrest. That is tin deniable. He then went on to say that Consols stood lower that they had Stood during the present generation. This is very significant. Consol's possess unique advantages as an investment. They can be sold for cash at a moment's notice, and the brokerage is only h.ilf-a-crown per cent. They are secured on the credit of the whole British nation. Yet, at the present moment, they are actually lower than Canadian three per cents. At their present prices Canadian three per Cents, yield £3 5/9; Consols, £3 678; Metropolitan Consolidated three per cents., £3 8/2; and New Zealand three per cents., £3 9/10. If England had to borrow she would have to pay more than Canada, and very nearly as much as Mew Zealand. The Governor of the Bank laid special stress on this matter, and nsked what would be the position of England if she was forced to borrow on a large scale. J# Foreign Investments. The Stock Exchange official list is to most people a dull list of figures. Yet it is full of instruction. It reveals the fact that a large amount of money is being invested in the Argentine. English industrial stocks are out of favoiir at present. In a single day there was a Considerable drop in fifteen, as against a small rise in five. Out o,f 45 English railways, only 9 are quoted as above par; while out of fifteen Argentine railways, no fewer than ten stand above par. The \Bupnos Ayres Western stands higher than any of the large English lines. The. Governor of the Bank said that the feeling of insecurity in Home investments was increasing, and was encouraging investments abroad. The official list is not a party paper, and often tells some very Unwelcome truths. There is a decided tendency to invest money abroad. Gilt-edged Securities. As to the reason for this tendency opinions must differ. In many cases a higher rate of interest is offered. Large death duties mean heavy insuran.es to bo paid, and investors must perforce Reek a higher rate of interest to meet these insurances. Then, again, taxation >s heavy, and this al<o makes investors look fop a better return for their money. Nor can it be denied that there is some feeling of insecurity. When responsible

politicians begin to talk about the nationalisation of the land, capitalists naturally fight shy of securities based in any way on land values. All sound business must rest on confidence, and confidence comes from a feeling of permanent value in any security. Less than thirty years ago, Consols yielded only £2 12/7 per cent., and on the same basis they ought to stand only a point or two below par to-day. Yet they are twentyfour points below par. This is too great a drop to be ascribed solely to the increased area for trust investments. The Governor of the Bank of England thought that heavy taxation had a good deal to do with this forcing down of gilt-edged securities, and as he is in a better position to know than anyone* else, we must assume he is right. The main difficulty will arise should Great Britain desire to borrow.to any large extent. In the event of that happening, she would have to pay three and a-quarter per cent, for the loan. J* d* The Elder Son. Much attention has been paid of late in France to the question of the alarming: increase of juvenile criminality. Many explanations have been 'forthcoming, and some are inclined to blame the ■prominence given to the exploits of the notorious motor bandits. But by far the most interesting theory is that advanced by Professor MetchnikofT. He connects the increase of crime amongst the young w-ith the decline in the birth rate. The distinguished head of the Pasteur Institute has been making observations on the relative merits of the first-born and those born, later. He says:.—“The first-born is generally inferior in the animal species. Does often devour the first of the litter, acting on an instinct that the produce is'inferior. In France families have rarely more than two children; that is to say, the race seems to be degenerating, physically and morally. Cue might discover whether men of genius are not rather the last-born, than the first. From my own experience, I must say that my hypothesis is often confirmed by facts.” The theory would have been useful for Mr. Asquith when he was declaiming against the House of Lords. But the increase of criminality amongst the young is probably due to other causes as well. Of late tire criminal in France has been regarded as something O'f a hero, and the juveniles have come to regard crime as a thing to be proud of. Public sentiment has in all probability more to answer for than any decline in the birth rate.

The Printer and the King. The entente was considerably strengthened by the invitation of the municipal authorities of Paris to a large number of London school children to visit the gay city. The children thoroughly enjoyed

their trip. Everything possible was done to render their visit enjoyable. They were shown the chief sights of the city, and they learnt much of the history of France as short accounts were given of the leading events connected with different places. Tile children also had

an opportunity of meeting their French comrades. In future France will be something more than a mere name; it will lie a living reality. They will

realise the beauty of the French capital, and they may come to recognise how very ugly London is by comparison. 'l’ho visitors were entertained to a capital concert, and each child was given a pro-

gramme as a souvenir of the visit. It was unfortunate that by a printer’s error the last item on the programme appeared as “God shave the King.” City Clocks. It is always a puzzle to visitors to any of our cities to know how to tell the correct time. The city clocks seldom agree, while the station clock, the postoffice clock, and the ferry-office clock nearly always tell a different tale. The suburbanite sets his watch by the clock most likely to be of use to him, and does not bother about the others. Thus a man who comes in by train uses the railway clock, and one who has to use the ferry takes his time from the ferry clock. The dweller in the city itself learns to take a mean between the 'times told by the different clocks. But in London there is a clock that is so accurate that it may be said to be perfection. In his annual report on Big Ben the Astronomer Royal says that during the past year this famous clock showed an average error of under one second, while for fifty-eight days rt kept time to within one-fifth of a second. This is truly a marvellous record. A clock that literally never varied one second for a whole year is something to be proud of. Ji <S» Universal Suffrage in Italy. In connection with the new scheme of electoral reform brought forward by Mr. Asquith, it is interesting to note that Italy has also adopted universal suffrage. (Before passing the measure the members voted - themselves a. salary of £240 a year for their goodness in giving the vote to so many new voters. They then discussed the question of votes for women, and ungallantly threw out the measure by 218 votes to 47. This done, they next dealt with illiterate voters, and the Socialists put in a strong claim for their inclusion, on the ground that their party largely depended on these votes for their support. The matter was

compromised by giving the vote to illiterates, provided they were over thirty years of age. jSignor Giolitti, who must surely have Irish blood in his veins, said that the suffrage should be given to those who had given such admirable proof of their patriotism by sacrificing their lives for their country. Suffrage for the dead seems to be an extension of the franchise beyond anything yet attempted in England, though it was said that at the last election in New Zealand the names of dead people figured on the electoral roll. Under the new law the number of voters has been increased from three to eight millions. The

first general election under the new franchise will take place in the autumn of next year. The School Cadets. Both Sir R. Baden-Powell and Generis! Godley have expressed the opinion that the training of our school cadets should be of a more definitely military character. At present we have at least three forces at work among boys under different authorities. We have the senior cadets under military authorities, the junior cadets under educational authorities, and the Boy Scouts under private individuals. The military experts naturally wish to see the junior cadets brought under definite military control and drilled by commissioned officers. From their point of view there is much to be said for their ‘contention. Boys would pass from one step to another with one organisation controlling all. If the junior cadets are t'o be regarded solely as a part of our defence scheme, no one would deny that the Commandant of the Forces ought to have supreme control. But the question arises whether school cadets are not rather schoolboys undergoing drill than cadets being trained for military service. d* 2* The Schoolmaster and the Soldier. Physical training is a part of all education. Drill is an essential part of physical training; but military training is wo essentia] part of education. It has an educative value, doubtless; so has the art of navigation, or any professional art. However, if boys at school are to 'he enrolled as junior cadets, the educational authorities must look at the matter from the point of view of education. The first object of all education is the training of character, and from this point of view the present system seems to be better than a purely military system. If the Commandant is to be supreme in his own department, the schoolmaster must also be supreme in his. The headmaster, not the general, is responsible for the conduct and discipline of his school. A divided control in the school would be disastrous, and it is not easy to see how this could be avoided if the military authorities took over the training of the school cadets. The Value of the Cadet System. To parents the value of the cadet system lies in the fact that under it boys are taught habits of discipline, respect for authority, self-respect, and self-con-trol. They look at it from the point of view of morals rather than from the

e-.~ Lari?: . *rade<* are not a ** amy/* tost boys * ::aiß-I hi <*rtaLn ha •■.:*. If our r.*T »ia’ \«e’?m 1* lo n>a:h> :•• be a --■_ _ ' ‘ snflfle compulsory to wbirh any reasona mcgbl 4-ipe* Z- Many pe- ; -■: - ■ • a.r.’. - : e*. It a* iLI. tberef.-r*. *een< >* be the wiser plan to let the school cadets "-.- : . ‘'. : ■ z' •- - - _ -- : . ' *■'.•* organkatioa and to allow them to be as a: • ’ ■<&?: ?_ ?.| -.*• *-.'■'>■• • K%ea from the point of view of cost :here i* m > 7 : • le <xl agaim*: it. ’;- ■.-.■• - - - • ' • - T -.

bowexer. is * -Elinor item. The real ob*eezr» :o be shat a Jaai . cstf-4 . - fi*r ’-«:•*• y* ..:s >y*. a».-i :'••.« teaks y • ■_- • : os she «ia-rs; u «_..a □- dea *. » : # is? an jp. t *-..- «- B | #;«; cber p***. ’The Great State. • - other mraor prophets. ha* issued a i-c*-k ‘ - ■ - Well* explains that by the legitimate - - work with their aeet. We may pret ... t-‘-'A.tors are £<• - W »»> brain workers. no journalists. eo niter* - . . - - ■ ■. -. - - - ' : ' - * - ._• ■.- - - -.- - ' '

SiAX’ "5-. g i*• i have ~ * . the e ... Mt the Expense cf the Taxpayer. Is-- - - - r ... . . - r • - . d.-'■•: --y essa-jdaery. Every ix»ly U to hax- —■£ r t .xy AF.'.l lb > W.'-rk. >54 -SB€-FP l’? be ao ehar*e for aaythiagr. boC ' - . * t - - . - I - ■.. . - -•- . _ _ I ’• ’ ■ tS-- :av ,ay«-z. a-tbi -je will be ?e- - aU ■. -it- r iiifci aa» ; 2i - .... . « and a ehr-a|» asul '- ■ - •»■&’-:ar-!i“ary fail E«> Wiftsfy ibe nes:ie*w erdmag* its the bexX r ’ • ~ ' _ ■ - ■==“ - - . . •ol feraksaeatly — - - w - * r«t _;. The Refereidu AetIb a— 1 frd ... -'> * _ - MIMtOM ■Mary «• aßy - y ra-~. tv ->t -L4 . «f ail a«i*er~2«rf‘ r***»J* r < V w..h >.« a; m. 7 xs«>*ey* rw**-.\e»! ix pay . '.: Mr •■?•.-•.-. adveß~r>*afte«t4 • r lac :he —je* iavU«e4 cuwx b* •d wiih the bmw< of the writer. IU

praaltiea for iailure to comply with these waditk-n’ are fixed a: fine* vary* from xoO to xX<\ she alternative being *-x month*' imprisonment. The Federal Premier ’* determined to gag the Pres* if it can be done by any lorn of penalty. Smashing the Mirror. We are a«.v&»stomeJ so bear a lot •?? drivel about the capitals*:*- Pres* from xho*e irresponsible people who spou: fro?i *s.x*p-boxe* at the comer* of our *:ree:*. bu: it is a different matter when the head of a great Goveranzent jtoj<—r* :<« inv. ke the ail of the baT :o sltfle free dis<iis*son. and democracy ■*>'.• 3 : .d be ymcrue to it* be*: tradition* tow one of its most precious pTTviSegv-* :o be fi’ hed fror-L i:. Xlr. Fi*'. • r ha* a deep-rooted a ver*'©a to reasjafer Tommests. Tae Federat:-.!! of Eaboor has evinced a similar aversion. 1: be<oaie* < duty to seek for some for this aversion. Only »>se 7 ■ -k - : - <ena-'n form- of 'egislation not War mvestigatk-u. There can le no other reason. if the people are kept iz the .-.;■ •. : - • .. . < ’ ed_ Newspapers bring things int«a the

isgh'. day. and give voter* an • p£*’r:un;.:y of knowing *<?n»ethtng a'_ the real 3**ite* at stake in any proposal sub- ■ . ’ ".’.-.• - : ■ ..." - -' • >..■. - : ■ • _ ■ « f ’7e or the <•: Li-’«-.;;r The in power ■.k** :•• io;, :*e hi* wiil er: s\e ; * «.•*•■'. ’ - :7c ws!i *.w :he people, but if the people dr' if* •-.it'<ury to tL* --f Mr. ■i-en T.aaic ?e taken make them • _%* Mr. F-7er desire*, i every .■._ - - - lift! ::rkis3d of Mr. Ffeber. *e-‘-.g :7s Pre** h’rt? to *-.ey iike*. tT.i wiieu • ‘ 4 -- :* kir a ; «‘-ay* th a: r..xs <'- • ‘ - sei-« Fy ztLeaiES o: test : ■.'. . - epiniosr. .asl waen the thr-nno- - •-:-?* • . - _ J . ' ' .. •ici ce Thrown czs the ■ . a s..irr; r for reflecting : issi- . . . .. reflecting any hcemishes that may exis: - - • :- ment.