DOMINION FINANCE

Auckland Star, Volume LVII, Issue 78, 3 April 1926, Page 15

DOMINION FINANCE

(To the Editor.) Sir.—Sir James Gunson, in his opening speech, snid that "the record of the Government snowed that its financial administration had been sound, and that it had been conducted on business linos, giving results of which the country might justifiably be proud." Now it seems to mc that this was an extraordinary assertion to make, for Sir James admits that up to March of last year, the public debt amounted to practically £228,000,000. On top of that the Government, in order to keep going, had to borrow during the last twelve months practically another ten millions sterling, which means that the producers of this Dominion have now to produce about twelve million pounds worth of exportable produce to meet the bill— allowing nothing for sinking fund. On top of that they have to support themselves, the young, the old, the incapable and the widows, besides the whole Civil Service, and all those in professions and those having an income from rent, interest, or otherwise, which enables them to live (consume) without producing anything. When we consider that in the whole Dominion, there are not much more than 100,000 actual producers ot exportable wealth, this is a tremendous and permanent burden that has been placed upon the shoulders of the workers by the reckless borrowing of successive Governments. The finances of this Dominion are very far from being in the satisfactory position that Sir James Gunson would have the electors believe. There is no necessity for further borrowing from abroad. I will undertake to show how New Zealand could finance itself, and that it seems is more than Sir James Gunson or any member of Parliament is able to do.—l am, etc., C. P. W. LONGDILL.