POLITICAL.

Gisborne Times, Volume XXVI, Issue 2327, 21 October 1908, Page 7

POLITICAL.

A SCHOOL OF ECONOMICS NEEDED.

That there is some need for a School of Economics (says the “Dominion”) must bo obvious to everyone who has observed the complete ignorance of economic theory displayed by most of our members of Parliament. Jiist now the public throughout the Dominion is hearing a great deal from tho candidates for . election about the financial excellences of the Government-, and the most astonishing absurdities are being uttered on the subject-. The average Ministerial candidate is almost completely unacquainted with tlie theory of • any economic or social question. Either he adopts without analysis the ideas of the Government-,' or he lias some still more foolish ideas of liis own.

This -is a natural result of the development of politics into a scramble for tlie loan-money expended on public works. The fact that practically every Ministerial candidate supports the Government’s practice v of using capital as revenue and believes that the railways are splendidly administered is alone sufficient to prove our contentions. In Great Britain the conflict of Politicians are not conflicts between ignorance and knowledge, but between points of view. The whole House of Commons would gasp in amazement if any member of it gave expressions to the absurd opinions on economical and financial problems that fill our own “Hansard.” As it is impracticable that a candidate for Parliament should pass an examination in economics' and finance, we can only hope- that provision will be made so that in the future a- better class of mind than the average will be found in the House of Representatives. J

THE NEW ARBITRATION ACT. The most important- result of the passage of the Industrial Conciliation and Arbitration Amendment Act, to come- into operation upon Ist. January next (says the “Wellington Post”) is -the curtailment of the territory given over to arbitration, and the specific limitation of the powers of the Arbitration Court. Ruder the present law it- is possible for the regulation of the Court to apply to every trade and industry in New Zealand; -and the Court, within its legal_sphere of action, has seemed almost" omnipotent. By tho new Act, giving the Court power to refuse to make an award in any case of industrial dispute, it is definitely, recognised that there are or may be many industries to which,'even when Arbitration is asked for, the principle of Arbitration will not effectually apply. Before the passage of the Act the Canterbury Farm Laborers were refused the regulation of their industry by the Court, acting upon its own responsibility and without’ express legislative authority. The new grant of the requisite authority implies that in the Canterbury cases the Court’ exceeded its power, or at least that its exercise of power was doubtfully, valid. In future the Court will have warrant for any action of the kind, and the effect can only be to limit the extent of-fits jurisdiction.