NAVAL AFFAIRS.

Gisborne Times, Volume XXVII, Issue 2515, 31 May 1909, Page 2

NAVAL AFFAIRS.

NEW ZEALAND’S OFFER

The. “Scotsman” (Edinburgh) says: “The colonies have been quick to realise how grave the situation may become. In Canada and Australia, and South Africa public opinion is moving towards the common of greater Imperial security; in New Zealand the splendid generosity of our fellow-sub-jects has taken the form of a definite offer which has been accepted by the British Government. The offer in itself is of great moment, it will have a worldwide influence. It is a sign of the power of the Empire: it is a factoi which must leave its impression upon international diplomacy, upon foreign policy, upon the wide&t'outlook on high' affairs of State.” . ~ The Edinburgh “Evening News says:—“Has New Zealand been a little, precipitate in offering to provide the Mother Country with a battleship? Some comments in the “Investors’ Review” raise the grave question whether the colony can afford to- make such a gift. New Zealand, it would appear, is in some danger of a financial crisis. In the first quarter of the current year the British mon,oy market has advanced to various colonics nineteen and a halt million sterling, Canada taking about half, while New Zealand, a relatively small country, with a population of Jess than a million, too'k £2,700.000. Reckoning .State and municipal debts together, New Zealand is debited with a total burden of eighty million pounds or over. That is fully £BO a head, or more than double the combined national and local indebtedness per head of the average inhabitant of Great Britain. It may be said that a colony’s borrowings are usually more reproductive.than those of an old country. New Zealand, it should be noted, is financing a system of administration which is at once Socialistic and Protectionist. Hence tho strong drain on tlie Mother Country for money. Indeed, we may note it is an 'economic paradox—unexplained by Mr. Balfour—that our flourishing Protectionist colonies should require to come to this played-out Freotrade country for cash to keep them going. When New Zealand, with its eighty million of debt, due largely to this country, comes forward to offer us two millions on the nail, or four millions if we ultimately require that sum, we get a curious mental picture. A rich banking uncle is in temporary difficulties in. the City. Enter a: small nephew in knickerbockers, with a toy money-box which the uncle’s tips were wont to fill, ‘l’ve no ready money at the moment, uncle,’ says he, ‘but I’m with you. I’ll see you don’t come to grief. .Say what you want, and you shall have it- I’ll sign you an 1.0. U. for the amount right away.’ As an exhibition of family devotion on tho part of the New Zealand nephew it is admirable. But unless' a British hanker honors a colonial cheque, where is the money to come from?”