SOUND FINANCES

Dominion, Volume 16, Issue 175, 12 April 1923, Page 6

SOUND FINANCES

PROBABLE SURPLUS OF £BOO,OOO

THE PRIME MINISTER’S ESTIMATE

“IMPROVEMENT GOING ON ALL

THE TIME”

At Levin yesterday the Prime Minister again expressed his belief that the accounts for the financial year 1922-23, whan finally made up, would show a surplus of £BOO,OOO, despite a fall of £2,000,000 in the amount of income tax collected.

“We have got out of our difficulties to a very greai; extent,” said Mr. Massey. “A year and a half ago, when 1 came baclq, from England, my heart, was in my beets. The slump had struck us, and it was really bad. Wo were going to the bad day by day, and the trouble wsis to put the brake on. Fortunately. I had a very good man at the head of fife Treasury We have been successful because the people of the country wore very hard-working, energetic, and loyal. During the last, twelve months it is marvellous what they have done. Look at tho wonderful increase in exports to see what the people have been doing—-particularly the people engaged in dairy farming. It has saved us. “The additional export and the additional money coming in just gave us the turn we wanted. We have never looked back; To-day the improvement is going on all the 'time; . “The accounts are not quite ma.de up yet, but if I am not -very far' out we are going ; Eo end the year with a surplus of £BOO,OOO. That, is ’ a marvellous change from the position twelve months ago. We collect the incometax in February, but the income tax is not collected, in any February for tho year to which that February belongs. It is collected for tho previous year. “When we collected tho income tax this year we were £2.000.000 short. We know perfectly well that wo should be £2,000,000 short. Well, we have wiped that out and are £BOO,OOO to the jj'od. I am speaking in round figures. There it is: we have got a clean start.” ,