SIR JOSEPH’S ACHIEVEMENT

Evening Star, Issue 20468, 26 April 1930, Page 1

SIR JOSEPH’S ACHIEVEMENT

SURPLUS, DESPITE DIFFICULTIES [Special to the * Star.’] CHRISTCHURCH, April 24.- “ Tlio political experience and financial capacity of the Prime Minister have been justified, in that, while » surplus Las been accomplished, there has not been that huge surplus predicted by the Opposition, upon which false premises it based its objection to the ' Government’s financial policy, said the Minister of Health (Mr Stallworthy) to-day in commenting upon the surplus shown in the financial statement of the Government for the past year. “Since the balancing of our National Budget is a matter of great importance, as having relation to tha credit of the country,” he continued, “it cannot fail to.be a source of sincere gratification to the people generally that it was- Sir Joseph, and not his critics,- who was . responsible for finance. The achievement is the more .remarkable from the fact that, in view of deficits in England and Australia, revealing unfavourable economic conditions, it cannot be said that the “good result in-New Zealand has come about simply as part of a world’s epidemic of} Government. surpluses. I think also tha the business community will appreciate that the surplus on the year’s accounts will exercise a steadying and helpful influence on the difficult, situation in which we find ourselves as the result of the drop in prices of our primary produce. “ The transforming of a deficit of over half ■ a million into a surplus, in addition to meeting heavy increments in interest and administrative charges (over which the United Government had no control), is tangible evidence of the Government’s capacity. This achievement, taken .with' the successful conversion of some £29,000,000 of loan money, the largest financial transaction in the history of New Zealand, makes the first year of office by the United Government quite a memorable one.’’