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NEED OF WISE ECONOMY

AND PRACTICAL PATRIOTISM.

FIMANCE SATISFACTORY. PARTICULARS OF LATENT LOANS. i STATEMENT BY HON. J. ALLEN. Hon. J. Allen, Minister of Finance-, 3iia.de it clear in tho course- of an interview with a 'Star' representative, to-day that the financial position of New Zealand, all circumstances considered, is satisfactory. As regards the general aspect of Dominion finance there is a fairly heavy strain upon th-e Consolidated Fund, and it cannot bo expected that the revenue should keep up to the standard which would have bee. i anticipated in normal circumstances, although the Customs return? up to the end of November were better than the Minister looked for—a position that must be considered satisfactory, lie thought that these returns would have dropped materially, but they .hardly decreased at all. He is unable to give details of the December returns, a« the quarterly accounts have not yet come to hid hand. —Railway Revenue Good. - The jailway revenue up to the end of November showed a satisfactory increase. The net increase on that revenue up to 7th November v, as- just about £46,000. That, was satisfactory- in the circumstances. —The Imperial Loan.'lhe, Minister also referred to the present position as regards Dominion loan, money, and gave some details concerning the loan from the Imperial Government of five ard a-quarter millions sterling, and also a loan of £250,000 raised in London. The £5,260,000 was obtained ou exceptionally satisfactory terms —at 3£ p-er wnt. for the next 14 years. But as we only got £95 far every £IOO the cost (including charges) is close on 4 per cent. This, Mr Allen considers, is very, very satisfactory indeed. In addition to that loan the, Government had been able, to secure another quarter of a million in London, but not, of course, upon such good Terms, It is redeemable in 1929, and costs a little bit more than the Imperial loan. He does not yet know the exact cost of the smaller loan. Mr Allen remarked that it is- exceedingly difficult to raise n oney in the world's market, and mentioned thai, as the Chancellor of tho Exchequer had stated some time a to o, it was not advisable, for colonial Governments and municipalities to go upon the London market during tho progress of the war—a statement which required no explanation. Tho New Zealand Government had kept off as much a L s possible, and it was this attitude that had necessitated a. conservation of funds in order to avoid a serious decrease in public works. TheGovernment did not want to create unemployment, and were doing everything possible, as they had done, throughout, to keep public works going steadily. —Promote Employment !■-- '•' 1 think it i.s necessary,'' continued Mr Allen, " for everybody to practise, a. wise economy without doing anything that- will tend to dispense with employment. This is the policy of the Government, and I think it should be the. policy of every individual, firm, and company. Waste and extravagance, should ' be carefully avoided, but it would no absolute folly to give, way to pessimism and indulge in an economy which would detrimentally affect emplovment and industry. What ifiTo be encouraged i.s faith in our Empire, our judgment, and the. righteousnese of our cause. But in doing that, it is a common dutv to give practical expression 'to that faith. What I mean by that is that, we should all economise and do everything wossiblo to keep industry going stoHdify, even though if necessitates'strain and personal sacrifice." —Expeditionary Force. — As to the question of sending reinforcements for the New Zealand Expeditionary Force, the intention of the Government ir, to keep on .«pn<iing drafts pcricdieally until the Imperial C-overnnwut. announce that, there is no necessity for further numbers of soldier*. ' "It is necessary," remarked Mr Allen, "to -observe absolute secrecy as to the nanips of troopships, tho exact "number of troops, their departure, and their destination." The Minister of Defence, who has not vet secured a well-earned holiday, will remain in Dunedin for a few days.

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Permanent link to this item

https://paperspast.natlib.govt.nz/newspapers/ESD19150114.2.28

Bibliographic details

NEED OF WISE ECONOMY, Evening Star, Issue 15700, 14 January 1915

Word Count
670

NEED OF WISE ECONOMY Evening Star, Issue 15700, 14 January 1915

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