THE NEW GROUP

Evening Post, Volume CIII, Issue 57, 9 March 1922, Page 7

THE NEW GROUP

MR. WILFORD IN AUCKLAND

CRITICISM OF GOVERNMENT

FINANCE.

(IT TILISXAFII.—FKIIS ASSOCIATION.)

AUCKLAND, This' Day.

The Leader of the Opposition, Mr. -T. M. Wilford, has been in Auckland for several days, engaged in some preliminary organisation work in preparation for the General Elections. There is no question that politically things have changed in Auckland. ; "The present Government has lost and is losing ground daily," says Mr. "Wilford. "Every indication that I have seen shows that the new alliance is certainly acceptable to the city of Auckland. I have had no trouble in forming a strong, virile, and enthusiastic organisation in this city, and I believe that the foundation is now well and truly laid-^lt will be of great assistance to my party, in the coming contest. I shall return to Auckland in a few weeks to see how the very! effective organisation I have founded on behalf of the new alliance is getting along."

Speaking on financial matters, Mr. Wilford remarked that Mr. Massey i began the last financial year with, a, surplus of £6.000,000,. and he estimated a substantial surplus in his Financial Statement for the year ending this month. Notwithstanding this prediction, and despite emphatic protests by the Opposition, he' took authority at the end of the recent session to borrow, by the issue of Treasury bills, up to £4,000,000. The whole of the,, public did not • realise that a Treasury bill is a Government lOU, with a currency not exceeding twelve months. This method of raising money was described by Reform, when in opposition, as "sly borrowing." Mr. Massey had stated'to Mr. Wilford at We end of the session that £880,000 Was the' amount of. Treasury bills, or lOTJ-'s, then in circulation. He therefore took authority to .slyly borrow* £3,120,000. It would be/Well to watch carefully the declared surplus after' the end of this month, and to withhold comments until it was ascertained whether any "sly borrowing" had taken place between the end of last session and the 31st of this month. "Until we know whether lOU's or Treasury bills have been issued without -.publicity by the Government, no real conception of the financial condition can be obtained."

Asked if any representations had been made to him while here on the subiect of the purchase of land for*soldiers, Mr. Wilford said:—-"I have no inside information. Some day, perhaps in the' near future, I may have access to that information. The doors' of secrecy are firmly locked, bolted, and barred at present. We intend to set the fullest information for the public about every piece of land purchased by the Government from private individuals' for soldiers, and that information will include the valuation in every case."