THE FINANCES

Evening Post, Volume CV, Issue 87, 12 April 1923, Page 6

THE FINANCES

. MR. MASSEY'S FORECAST ' SURPLUS OF £800,000. In the course of some remarks at Levin yesterday, the Prime Minister, alluded to the improved condition of the trade of the Dominion, and forecasted a surplus of £800,000 as a result of the operations for the past financial yew. ■

"We have got out of our, difficulties to a, very great extent," he said. "A year and a half ago, when I came backfrom England, my heart was iu my boots. The slump had struck us. and it was really bad. We were going to thebad day by day, and the trouble was to Dut tfie brake on. Fortunately. I had a very good man- at the head of tha Treasury.- W« have been successful because the people of the countrv were very hard-workng, energetic, and loyal. During the last twelve months it is m'ar- ; vellous what they have done. Look at the wondei'ful increase in exports to see what the people have been doing— particularly ..the p*aple engaged in dairy farming. It has saved us. The addi-, tional export and the additional money coming in just gave us the turn we wanted. We have never looked back. Today the improvement is going on all'tha time. The accounts ara not quite made un yet, but if I am not very far out we are coins- to end the vear with a surplus of £800.000. That is a marvellous change from the position twelve months ago. We collect the income tax' in February, but the income tax is not collected in any February for the year to which that February belongs. Ylt is collected for the previous year. ■> When we collected the income tax 'this year we were £2,000,000 short. We knew nerfectly well that we should be £2,000,---000 short. -Well,, we. have wiped that out and are £800,000- to the I am speaking in round figures. There it U: we have sot a clean start-."