NO-CONFIDENCE

Grey River Argus, 29 July 1925, Page 5

NO-CONFIDENCE

NATIONALIST MOTION Budget a Dud BIDEY SIZES UP TORY FINANCE (Special to Argus.) WELLINGTON. July 28. The finane.ial debate opened to-night Air Wilford was absent from his place Mr Sidey connnenced the attack, it-.’ said that tin- Financial Statement com-tair-e'l little new, and it was indeed a characieri.-tic Reform Budget, as ■' was full of protests about economy. If full advantage bud been taken cf this

country's great productiveness and th high prices, its condition would be fa better to-dav. If the Goveiument ha

been alive to its opportunities then almost the whole of the war debt ecu. I have been paid off from tl.e high prices of our products during the war. instead of that, the Government had not pit on any war taxation till there was a cry from one end of the country to the ether for it to do so. They had put no restraint cn tho importation of lux uries and they permitted an orgy of extravagance. This was no eritieisri after the event, but criticism that was made at the time. The revenue last year, said Air Sidey. was underestimated by £6(18,0i)0, and the expenditure had been over-estimar cd by £8(57,000 last year. The inereas ed amount provided for widows’ ami old-age pensions (£60,000) was almost entirely met by a reduction made .n war military pensions of £68,000 It w.:s clear that the cost if the re cent loan would be not less than 5 per cent., therefore, it could not be profitably invested at 41 per cent., bv the State. Mi- Sidey moved a No Confide>.-iee Amendment the wording of which read; “'ihis House has i 1 confidence in the Government, as it has failed to bring into effect a mure equitable system < *' taxation, by placing the burden of taxation on individuals in proportion to their ability to bear it.’’ Mr Forbes seconded the amendmentSir Janies Parr described Mr Sider a attack as being feeble. He referred t> New Zealand as “a Wonderful country. ’’ Its population was only 1,2.10,000, yet its achievements were marvellous . There was a sum cf £104.500,000 yearly of exports aim 1 imports. Last year's exports were £54,771,158, the highest yet attained. New Zealand exported more goods per head than any other country. New Zealand was the most prosperous of all the Dominions There was here the widest diffusion of wealth, which was proved by Post Office Savings-bank deposits, which totalled in 1925 the sum of £46,948,628. The average amount standing to the credit of depositors was £64. There was no doubt of prosperity of the people. This was proved by attendances at the pictures and th. races, by the totalisator investments oi £7,500,000, by the liquor bill of Ij- motion pounds, and the importation cf motor ears. There was a cloud in tha sky and excessive borrowing had to be guarded against. We had sound as sets, exceeding our debt. Money for settlers we should endeavour to raise in New Zealand.