DOMINION FINANCE

Evening Post, Volume CII, Issue 17, 22 July 1921, Page 10

DOMINION FINANCE

MR. MA'SSEY'S COMMENTS.

Brief reference to New Zealand finance was made by the Prime Minister at a dinner in London given by the Australian and New Zealand Club, stateß the official correspondent with the party. Inquiries were often made, said Mr. Massey, as to how the Dominion stood financially. His reply was that New Zealand was as prosperous as any other country in the Empire, and probably more so. (Applause.) He spoke of what had been done in regard to the repatriation of soldiers, and said that the indications were that a very large proportion of the men'would be successful in their businesses and . farming ventures. (Applause.) It was true'that sheep farmers had suffered very severely in the Dominion owing to the drop in the price of' wool, but he. had that Jay received a telegram from New Zealand which'indicated that already there'was: a recovery of the market; and he believed it meant that so far as prices were concerned they were round the corner. (Applause.) At the,end of the financial year the Dominion's surplus, according to information cabled to him, had proved to be in excess of six millions sterling— (loud applause)—which was very considerable, he had no hesitation in saying, for a country of the size and population of New Zealand. (Applause.) He explained how the surplus had largely come about—owing to the extensive importations during the year just ended— and said that he knew perfectly well that it would not be maintained this year, and that the revenue must accordingly be less; but with the 1920 carryover, the substantial reserve in hand, and with economies already had been effected, he did not anticipate any difficulty in making ends meet at the conclusion.of the financial year, and, perhaps, they might even be able to effect some reduction in taxation. (Applause.)