The Press. MONDAY, MAY 3, 1915. New Zealand Finances.

Press, Volume LI, Issue 15268, 3 May 1915, Page 6

The Press. MONDAY, MAY 3, 1915. New Zealand Finances.

The very clear and straightforward stateme-at of.tho result of tho Dominion's finance for the year ended March 31st, is highly satisfactory. It affords " convincing evidence ajiko of tho soundness of this wonderful littlo country, ' and of tho care , and prudonco -with which its affairs been administered by tho Government. Although tho Empire had been eight months at war, Col. Allen is ahlo to show a balanco at tho end of tho year of £147,139, and this after paying off all Treasury Bills in existence at March 31st, and after transferring £350,000 to tho .Public Works Fund,- tho full amount the Government stated it would transfer. Provision. has been made to carry on " public works at something like tho rato that they have' hcon carried on for at least tho next" sis months, and should favourable- opportunities occur on tho London market—for which the Government can. afford to wjnt—they will bo

. taken advantage of for tho purpose of further strengthening tho Public'"\Vc-rks finances. Equally gratifying and romarkablo is the fact that even, in. this 'fcreat financial-upheaval, tho Govern- ' ment have been enabled to keep tho State Advances Department in a strong position, and to make advances to set- " tiers, workers, and local bodies on a 6calo. ' •.* ~ That the Government have been ~pru- " *. dent- in their administration is shown by ' the details of tho expenditure. Thero Js an increase in tho permanent appropriations duo to increase in interest and binking funds (including a portion of interest on war loans and an increase in " ' old age pensions, widows' pensions, and military pensions). The expenditure of tho Post and Telegraph Department shows,an increase of £74,000, but this is movo than counterbalanced by un increase of something like £96,000 in tho revenue. Tho Justice Department shows an increase of '£22,700,- largely due to increases in the pay of th'e police and others, and Ihe Department of Internal Affairs shows an increase of close on £33,000, mostly duo to tho genera} election. The Education Department shows an increase oT £76,000, but. as Colonel Allen points out, the alteration made in tho law lust year, and the'natural increase in tho'cost «>f education, account for this. In regard to the receipts, tho effect of tho war shows itself chiefly in connexion with the Customs revenue and tho Railway revenue* The Customs revenue is £2")9,4G0 less thr.n that of last year, and tho Railway revenue, thougli jt exceeds that of Jast year by nearly £78,000, is short of the estimate by 22143,32-j. Fortunately tho receipts 'from stamps and death duties have exceeded those, of last year by about £195,000. That tho revenue on tho ■whole'has kept up so well is mainly due to tho natural productiveness of the country, tho-industry of the -setilers, • and the high prices prevailing for our ■ ; jnain articles of export. But none of

thoso factors would havo availed, had it not been that tho British Navy retained (ho supremacy of the se-a, and kept opon the ocean paths of commerce. Tho position row disclosed should ii*i v* with fresh hope and confidence for tho future. Even a substantial war tax can bo paid without any material hardship, although, -were it otherwise, the country, wo feel sure, -would not havo grudged any sacrifice that may bo necessary to ensure tho success of our arms. The Government has earned the thanks of the country for its careful administration, and Col. Allen is to bo congratulated, not only on the ableand prudent manner in which he has controlled the finance, but on the promptitude and clearness with which he has laid tho details before the public.