N.Z. ACCOUNTS.

Press, Volume LXII, Issue 18672, 22 April 1926, Page 8

N.Z. ACCOUNTS.

—♦— ■ j SURPLUS ON YEAR'S OPERA- ; TIONS. MINISTER COUNSELS POLICY OF THRIFT. (FKEBS ASBOCUTIOH TSUOBAU.) WELLINGTON, April 21. Although the. country's accounts for the past financial year have not yet been completely made was announced by the Minuter lor Finance (the Hon. W. Noswortby )when speaking at tho Chamber of Commerce dinner to-night, that the year's operations will show a surplus of approximately £1,100,000, which the Minuter considered extremely satisfactory. Revenue was very bouvant for the year, and the age**© l ** snowed a substantial inoreaea over the previous years, in spite of reduotioma in the rates of taxation A large amounVof the revenue had necessarily been derived from Customs duties. These had increased largely. The exercise of prudence would assist in restoring the economic balance. He felt that the country was passing through a phase in the. industrial life of the people. The. income-tax for the year had just about equalled that collected during the previous year. This was an indication that the prosperity of the Dominion was well maintained. Wieat and Flour Imports, "During the past two years/' the Minister continued, "tha country has purchased wheat and Hour of a total value of approximately £2,260,000. These products could well be produced, within our own country, and it is the policy of the Government to assist in every way to accomplish this. We wish to increase the buying of New Zealand-made goods and generally encourage local production, so we can reduce some of the overseas commitments that have been made during the past few years. In this - way we will safeguard our position in the matter of employment of the people. Traders will readily recognise that it is in the interests of all that primary and secondary production should increase. Anything in the nature of extravagance will lead to national difficulties. "Although I speak as a fatmer, i also speak as a New Zealander, born and bred. I feel sympathetic with the commercial community and with the people who have to earn their living in the city, as well as with those who are in the country. Long before I became a member of Parliament I recognised that only by increased production, both primary* and secondary, in the ' cheapest way, can we work out our immediate salvation. Ido not say that » we are not doing all right, but there ' is no wiser expenditure than that in Sitting top dressing on some land that as for the past GO years been giving us a good return." The Minister advocated tho treatment of both second and first-class lands as well as poor lands. New Zealand was possessed of a thrifty people, 1 but it required some more "Scotch" thrift in order to make tho Dominion j the country that it should be.