"LIBERAL" METHODS.

Press, Volume L, Issue 14917, 16 March 1914, Page 2

"LIBERAL" METHODS.

RUSSELL AND FINANCE

SOME MINISTERIAL CORRECTIONS. "Within the |>ast few days the member for Avon, Mr G. W. Russell, has boon endeavouring to make party capital out of soino figures relating to the financial affairs of the country. These figures have already been corrected in somo quarters, bit a "Press" interviewer took the optortunity on Saturday when tho Minister of Finance was passing through, on his way to IHinedin. 10 ask him if ho desired to make any further comment upon the statements circulated by Mr Russell. • "Yes," replied tho Minieter, "I have been looking through some of Mr Russell's figuresl, as published in the 'New Zealand Times' of March 13th. I am very pleased to see that he is taiking such an interest in finance, and hope ho will continue to do so. It is, however, essential that anybody taking up finance should be acenrate. I do not presume to say that Mr Russell meant to mislead, or meant to be inaccurate in the speech he made and the figures I he quotea. But the bald statement that there was so much money in the Publio Account at June 20th, 1912. has littlo meaning without further details — tails as to what tho money was in thu Public Account for, and as to what tho liabilities were that had to be met. These liabilities can bo found on pages 4, 5, and Gof the Budget of 1912. i quoto just two of those liabilities—the liability of the Consolidated Fund j amounted to £640,445, and that of the Public Works Account to £1,649.319 This last included some liability on *c count of the Midland railway. "But tho main point about Mr Rus- i sell's statement, ,, continued Mr Alien, j "is this: its inaccuracy. He has statou ; that only £172,000 of Mr Myers's loan j was in the Public AVorks Account. That may be.true as regards the Public ' Works Account, but during the Juno* quarter £123,000 was paid into tho Ad- j vances to Settlers Account. £123,000 to the Advance to Workers Account, anl j £31,559 to the Land for Settlement j Account, as well as £172,793 into the \ Public Works Account. In addition to this. Mr Russell ought to have explain- j ed that in the balance which ho took ! from the Gazette the total sum was ' not available, as said by him, as it , comprised large amounts already j pledged, as, for instance, Deposits Ac- | count £205,000, and the Local Bodies Revenue, both of which were only tern porarily in the Treasury. It also included "amounts to -which the Govern- j merit were already committed, and ! which could not bo made available for j other purposes. Anybody can eeo thte by looking up page 24 of the Public j Accounts foi the Juno quarter. '•Mr Russell also," added the Minis-1 tor, ; 'has forgotten to tell the public j of the large liabilities and commitments under the State Guaranteed Advances, especially of the £7.50,000 for local authorities, with practically nothing to meet them. Further, Mr Russell also forgot to say that of the balances of the Public Account, £339,661} was due on account of Naval Defence, and that of the £398,705 balance in tho New Zealand State Guaranteed Advances Loan Account, every penny was pledged, and a great deal more."