The Sun THURSDAY, JULY 2, 1914. THE "BOOM OR BURST" POLICY.

Sun (Christchurch), Volume I, Issue 125, 2 July 1914, Page 6

The Sun THURSDAY, JULY 2, 1914. THE "BOOM OR BURST" POLICY.

The Commonwealth is booming. The revenue for Victoria constitutes a record. In New South Wales the revenue for the year was £18,298,591- —which represents the tremendous increase of close on two and .a-quarter millions sterling. Coincident with the latter announcement comes the cabled advice of the outlines of Mr Holman's programme for the approaching - session—a stupendous programme, in which the Labour Premier of New South Wales talks glibly of authorising millions for developmental works. The generous advance in the State revenue will be very welcome to both Mr Hoi man and his Treasurer, since it means that it can be used as an excellent security on which to borrow in the London market. It was only a few months ago that the Government was forced to resort to the imposition of sensible additions of taxation, much to the disgust of the third party in the State, the Country Liberals, and specially aggravating to those who used the trams on the Sabbath. Things New South Wales are hardly so bright as they appear at this distance. The State has been for years notoriously lavish in its borrowing and spending, and the Public Debt has not been reduced in any way by the advent of the Labour Party to power. The Consolidated Reserve Fund has of late been entirely neglected, and a„ month or two ago it was stated to be something, like £2,500,000 to the bad. But apparently Mr Holman is not at all disturbed at the prospect. The Ministry has formulated a tremendous programme which is calculated to please friends and mollify enemies. The Premier, as we have noted in previous articles, has had considerable trouble with his "secret council, '■ the dogmatic, opinionated caucus, which threatened at one stage to support the ambitious Mr Meagher in his challenge to the head of the Government. The inner facts, the general outcome of this internecine warring, have not been made public, but the idealistic Socialist tinge in the Government 's proposals indicate that Mr Holman has seen fit to make his peace with his extra-Parliamentary masters, and has utilised his programme for this purpose. He has thrown delicate morsels to the political tigers, which should keep them quiet—until they become hungry again. Summed .up, his policy is one of '' boom-or-burst,'' and where he is to obtain all his financial requirements only the resentful taxable public knows.