Mr Wilford on Finance.

Press, Volume LVIII, Issue 17401, 11 March 1922, Page 10

Mr Wilford on Finance.

From the Auckland "Star" wo learn that Mr T. M. Wilford, the leader of tho Opposition, "has been in Auckland " for eeveral days engaged in some preliminary organisation work in preparation for the political contest at the "end of tho year." He found time, during his arduous labours, to in for mi the "Star" tihat he has done exceedingly well, and to take what we ahould soy is his maiden dive into . the perilous waters of financial criticism. As this is Mr Wilford's first Berioua attempt, es leader of the amalgamated Opposition, at specific criticism of the Government, we feel obliged to give some notioe to it. The point he chose for an exhibition of his quality waa the probable position of the ordinary revenue account of tho Consolidated Fund, and he commenced witlh the remark that the Government last session took authority to borrow up to four millions sterling by issuing Treasury Bills. went on to say: It would be well to watch carefully the declared surplus after the end or this month, and withhold comment until it is ascertained whether any "sly bor- " rowing" has taken place between *no end. of last session ana the 31st of this month. Far uhtil we know whether 1.0.U.'s or Treasury Bills have been issued without publicity by the ment, no real conception of the financial condition of the country can be obtained. A business firm in debt at the end of the financial year on its operations could hardly fairly put itself m credit if tho day before it, closed its books it borrowed a large sum of money on an 1.0. U. and calculated the amount , received as money in hand unless it announced the amount of the 1.0. U. it issued. Any surplus, of course, obtain-* ed by tho issue of Treasury Bills just before the end of the year would be unreal.

Now, whftb ia all this if it is not a suggestion that Mr Massey may raise money by means of Treasury Bills, call it revenue, slip it in to the receipts side, and thus fake a surplus P What is Mr Wilford's warrant for such a suggestion as this? Either he know the facts concerning the presentation of Treasury Bill transactions in the public accounts, or he does not. We shall first say what the facts are. For -many year6—since long before Mr Massey took offioe — Governments have issued Treasury Bills to meet current liabilities, those Bills being redeemed out of revenue before the end of tlhe financial year. When the accounts were gazetted at the end of the year the Tronsury Bills at one time did not figure on either side of the ordinary revenue account, but had a little balancing account all to themselves. In recent years this separata account has been dispensed with, and tbe Treasury Bills issued and redeemed or renewed have been recorded in the main account, the totals in respect of these Bills being the same on each side of the account. Whenever, at the end of a quarter, there have been Treasury Bills outstanding, the fact has always been starred and recorded in a footnote. Everyone whose business it i 9 to take notice of the quarterly and yearly sooounts axe perfectly aware of all this. If Mr Wilford is not aware of it, he Should abstain altogether from criticising the public finances, and apply himself to acquiring at least an elementary knowledge of the subject. If ho ia aware of the facts as we have set them forth, what interpretation should be placed upon the remarks we have quoted from his statement to the Auckland "Star" ? "We are surely entitled, to say that in this case (he haa presumed upon the general public's ignorance to make a' most improper and unwarrantable suggestion. Our own opinion is : that Mr Wilford knows very little about the public accounts, and that he really thinks it possible for Mr Massey to " fake" a surplus by issuing Treasury Bills and concealing the issue. Hard hitting is inevitable in politics, but moot

people will agre© that the Liberal Party has, in this and in other instances, been carried by their passionate narty zeal far beyond the bounds of what is permissible in political .criticism.