Except that it doesn't really.
I'm sorry to inform you that the heir to the Austro-Hungarian empire Archduke Franz Ferdinand and his wife Sophia have been assassinated in Servia. It is very unfortunate indeed and may destabilise the area a bit more than the level of really quite unstable that it was previously. As far as I can tell from the newspaper coverage so far (all of two days), it looks like it won't have anything to do with us (except that we'll get to read about all the exciting details in our daily paper). It may be a bit more interesting than the ongoing dramatics in Mexico (where Huerta is still not sure whether he's running the country or not). But it probably not.
Before the outrage in Servia (yes, it definitely has a 'v' in the name in NZ in 1914), other things happened in the papers which were interesting in their own right.
Ironically, there is an editorial explaining that war is inevitable, but they appear to be expecting a very different war from the one they got.
Meanwhile, there are some other interesting notes:
"women police" might be good for keeping order in parks.
early days and origins of Lincoln and Massey agricultural colleges.
Early, early Olympics (just deciding that they will be amateur).
A quite lengthy report on the cook islands.
Interesting comparison of teacher and Public Service salaries.
A summary of the Government's response to alcohol problems (mostly depressing).