NEW METHODS & OLD.

Dominion, Volume 7, Issue 2003, 10 March 1914, Page 5

NEW METHODS & OLD.

JJOREOWINO BY TEJIfOK.AHY '■ . ADVANCES. Tlis Tim. J. Attep, Minister of FijiaiifH?) qiifltod sonip fiftitres to a re)sor« ter yesterday to show tljat the pwseiit G'ovexwm-ent has been able to avoid tl-ie extensive- berrowins l)y itdvttnees pi'(icbise(l by the previous Gov«riiiuent. "In tho financial year 1911-12," said Sir, Allen, "th'o amount raised oft te-m----fprary advanofis iJas £1,78-5,0(30. Of this £&7O y SQQ was : required for short-dated dobentwreSj and £if 15,000 for ovjrreMt espwdi-WH-e. Vγ t-ift Slay 23, in 191% iii tliat part rf the finansial year 1012' 13 that tics AVard and Macketi7.ro Govcrnnwaits were in poiver, £1,00(5)009 tfas raised on tßrnporiiri , sudvancea. Of tins £5()Q,Q00 Wits r(?quir«d for rodtiujptwiis, and £500,000 for current exp.nnditu.ro. No-iv, 1 am going to give .you our figures. On December l t 181% I had to raise -on temnorary advattccs MUMO for re-tfemptio-u of loans coming due. Again, hi oidx* to assist the PuWic Works I'ltm}, on December 21, I Jsnd to get .£300,000, because the loa«i had jjot bttin raised at tktt time. Then I' did nothing wore iji th<J way of temperary adcauwjs tintil Oetober 17, 1918. In that luoutb, and in JToven-itiei , , I taisod altogether £800,000 for current expeis.ditUHS on puMic «*a:i;ks. I liitve iwt raised ally jnoro since then. .

"TJ-ieso figiifos show to wiiat 'an extent Sir Joseph/ AVard anttcijJated his loan moneys, petting himself in the position of boiiig cojßpeflod to fto en the London ißoimy liarliet syjietjier tie time was oppa-rtwie or not. B.y putting o.fF the evil d-sy for floating a loan he was constantly piling sip trouble for him-sc-Jf. Oitr ii-gures show that «ts have bean n!>te to miikts 'ptoxisiqn.hr repayments and current expenditure without recourse to aweh extensive temporary borrowing."