ACCOUNTS SURPLUS
“Borrowing Reflected” (N Z. Press Association) WELLINGTON, April 2. “While at first glance this surplus may appear very satisfactory, it has to be read in the light c" the fact that the New Zealand accounting system lumps all income, including loan income, together,” said the Leader of the Opposition (Mr Nordmeyer) today. He was commenting on the announcement by the MinisUr of Finance (Mr Lake) of a £12.4 million excess of income over receipts in the public accounts for the year ending March 31. “The cash surplus therefore i$ merely a reflection of the huge borrowing undertaken by the Government. Had it not been for such extensive borrowing, the cash surplus would have been non-existent.”
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Bibliographic details
Press, Volume CIII, Issue 30406, 3 April 1964, Page 6
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117ACCOUNTS SURPLUS Press, Volume CIII, Issue 30406, 3 April 1964, Page 6
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