AT HIGH WATER MARK

Evening Post, Volume CV, Issue 5, 7 January 1928, Page 12

AT HIGH WATER MARK

DOMINION'S CREDIT PRODUCTION RECORDS (By Telegraph.) (Special to "The Evening Post.") AUCKLAND, This Daj\ The development of the Dominion was referred to by the Prime Minister (the Eight Hon. J. G. Coates) at Kuawai. He said that he was sure that posterity, would not feel the weight of the present development. The total number of registered unemployed had never exceeded 4000, a-1 though the total was probably ur> 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, roads, and electric- power schemes. POWER SCHEMES. Tlie Prime Minister was sure that hydro-electric power schemes would be one of the best investments the Government had 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 tho cost of power or to go into the Consolidated Fund. For eight months to the end of November the increased revenue over all services was £50,000, and the figures for tho preceding corresponding period had been a record. The Customs revenue showed a slight drop, but there were reasons for that. The production of wool was a record. There wore over 26,000,000 sheep, the greatest number since 1918. Butter and cheeso prices were good, and the wheat crop would be a record for all time. Fruit and honey, were also good, and tKe value of primary products exported would be £5,000,----000 more than last year.