PULLING THROUGH

Gisborne Times, Volume LXXII, Issue 11495, 24 November 1931, Page 5

PULLING THROUGH

MR COATES IN HOPEFUL MOOD RECORD MEETING AT NAPIER BALANCED BUDGET ESSENTIAL. CONDITIONS ALREADY IMPROVING j. ■ ; fProsa Association* NAPIER, Nov. 23. A record attendance for a political gathering in .Napiei: assembled tonight to hear Mr Coates. It is estimated that 4000 people were present. Mr Coates was accorded a good hoaring, though subjected to a considerable amount of good matured bantering, which did not interfere, to any great extent, with his address. Mr Coates dealt with the country’s finances and the deficit of £B,600,000 at the Iffmq of the introduction of the Supplementary Budget and urged the necessity for the checking of the drift to save the Dominion from bankruptcy. Sound finance and a balanced budget were tho first requirements in the coming year. Taxation was at breaking point and, if tile country was to prosper, it had to live within its income. If tho country could not meet its liabilities and maintain its status, everybody within it would be ailectcd. The position had to bo grasped firmly, before it became worse. It would still be necessary to borrow' money, but Die policy would have to be one of tapering off. If the mopey could be obtained at reasonable rates for primary production purposes, he could see no reason why it should not he raised, hut it was essential that tho country’s credit should ho kept up in order to get low rates of interest. The balancing of tho Budget was a question which involved primary production, as without the farmers in a stable position, tho revenue would continue to decline. At the present time, 30 per cent, of the farmers were unable to pay their way, forty per cent, were on the margin and the balance were solvent. It was to assist those farmers not solvent that such measures, as the Mortgagors Relief Act "had been passed with the object of keeping men on the land and ensuring success of their efforts, w’liich would he reflected in next year’s budget. Conditions were beginning to improve and, if they continued at the present rate, Mr Coates estimated that, at the end of the year, the surplus of exports over imports would be £13,000,000.

A vote of thanks and confidence w'as extended.