OUTLOOK BRIGHT

Dominion, Volume 21, Issue 84, 7 January 1928, Page 10

OUTLOOK BRIGHT

PRIME MINISTER’S OPTIMISM PRODUCE PRICES GOOD Dominion Special Service. Auckland, January 6. “There never was a day,” said the Prime Minister at Ruawai, “when the revenue and expenditure of the country were more carefully watched and expended than at present.” Mr. Coates said he was sure that posterity would not feel the weight of the present development. The total number of registered unemployed had never exceeded 4000, although the total was probably up to 7000. The country’s credit was at high water mark. We were borrowing money more cheaply than other countries could, though that was no excuse for excessive borrowing. With increased production and increased population a certain amount of borrowing was necessary to complete the Government’s policy of railway toads and electric power schemes. A Sound Investment. The Prime Minister said he was quite sure that hydro-electric power schemes would be one of the best investments the Government ever had. He looked forward to 1940 to the Government having from £6,000,000 to £8,000,000 in cash, which could be used either to reduce the cost of power or to go into the Consolidated Fund. For eight months to the end of November the increased revenue ever all services was £50,000, and the figures lor the preceding corresponding period had been a record. The Customs revenue showed a slight drop, but there were reasons for thar. The production of wool was a record. There were over 26,000,000 sheep, the greatest number since 1918. Butter and cheese prices were good, and the wheat crop would be a record for all time. Fruit and honey were also good, and the value of primary products exported would be £5,000,000 more than last year.