Finance and Parties.

Press, Volume LIX, Issue 17740, 17 April 1923, Page 8

Finance and Parties.

In another article we. have discussed' the party situation which the electors of Oamaru will have to consider when they choose their representative on May Ist. We shall deal briefly hero, with another aspect' of tho matter. This c-vening Mr Massey will deliver an address at Palmcrston, and it is understood that he will deal with the iiiian cial position of the Government. He will announce that the year ended March 31st last wound up with a very substantial surplus indeed—a surplus of at least £BOO.OOO, and probably a good deal more than that. Ihis suipliiß is due' in part to the recovery of the sources of revenue, and in part to the operation of economies in expenditure. Jf Mr Massey urges that this result is as good a testimonial as, in all the circumstances, any Government can bring forward in its favour, and that tho Complete restoration of the country's economy health is a process which can best to safeguarded by putting the Government in a position to carry on without anxieties concerning the smallness of its majority, he will be urging no more than will commend itself to all sensible people. The country has heen through a critical and even dangerous time, and it realises that the careful management of the national finances is a prime necessity if stable progress is to continue, anil those substantial reductions in taxation made possible which everyone, desires. In this position it has to choose between the present Government on the one hand, and on the other hand a .combination of Liberal and Red minorities, the limit of whose capacity is now the hampering of the ' Government's programme. The choice for rational men is easy, and we have no doubt that Oamaru will reflect tlie general opinion of the country that the Government which has steered it safely through bad times, should be enabled to carry on without being hampered by a Liberal Party which Fas demonstrated in the clearest possible way in the past year that it has no sane or sound ideas regarding the national finances. This may appear to be an over-harsh criticism, of the Liberals, but it will cease so to appear when one reflects upon the recori of the Liberals .in their treatment of the national finances during the last year. They were confident last year that the. Prime Minister would have a dismal story to tell concerning 1922-23. They prophesied 1 disaster, they talked of rood to "ruin" and "the slough of despond," they scared their simple followers out of their wits. During tlie election' campaign they relied mainly upon their eloquent prophecies of the ruin which could not be averted except by the defeat of the Government. ' We must assume that they believed all that they were saying; and what is the result of tho year? 'There has been so large .a reduction in expenditure and such buoyancy in the revenue that Mr Massey is announcing a' surplus of something like a million sterling. This is his repartee to the flood of ill-in-formed criticism with' which sition hoped to wash him out of office., A more complete answer to the prophets of "ruin" and "despond" could not be imagined.