The Hawera Star. THURSDAY, JULY 25, 1924. THE FINANCIAL STATEMENT.

Hawera Star, Volume XLVIII, 24 July 1924, Page 4

The Hawera Star.

THURSDAY, JULY 25, 1924. THE FINANCIAL STATEMENT.

Delivered every evening by 8 o’clock in Hawera, Manaia, Nr-mianby. Okaiawa, Elthain, Mangau.ld, Kaponga, Awatuna, Opunake, Otskeua. Manutahi, Alton, Hurleyville, Pateii, Waverley, Mokoia, Whakamara, Ohang&i. M creme re. Fraaer Road, and

The Financial Statement delivered by the .Minister of Fin ante to the House last night is perhaps the most interesting for years past. The statistics quoted by Mr. Massey indicate clearly the remarkable growth which the Dominion is making, and also show that the country is steadily recovering from the severe effects of the war and its aftermath. Naturally the Finance Minister makes the most of the encouraging facts at his disposal, and the Budget, after setting out what has been done and paying a high tribute to the spirit in which the people of the Dominion have worked for its welfare and recovery fiom the srmnp, take.-; an optimistic view of the future, optimism which we think is justified by the facts. Mr. Massey, however, finds it necessary to include' in his remarks a note of warning against over-borrowing and extravagance, there being in his opinion a tendency towards the latter. The

returns from the country's primary industries have grown enormously since 1914. but so has the gross public debt, which at March 31 was £221,616,361. not far below the value of the Dominion's assets, £229,000,000. There are also loans totalling some £89.000,000 falling due in the next six years, but with the country's credit standing so high in London (which is one of the greatest assets) and our annual total trade nearing the £100.000.000 mark, with the trade balance in our favour, the Minister is able to look with confidence to the future. Since 1922 the Minister claims that economies totalling £2,318,833 have been effected and taxpayers have been relieved by £1,217,000. The Budget promises that the Government intends to continue to effect economies wherever possible, and also to grant further relief to taxpayers. Mr. Massey also states that a careful watch will he kept over borrowing, which cannot he undertaken indiscriminately, *f the country’s credit is to be kept high. Moreover, a fioocl of loan money would tend towards another boom, and Lhat no one would like to see. We believe that Mr. Massey’s att-ixude towards borrowing is the correct one. R ead ers should find the extracts which we have taken from the long document very interesting, and especially the figures showing the progress of the Dominion during the last ten years, figures of which this young

country has every reason to be proud. The Budget- contains much of interest to producers, and no doubt it will he well received throughout the country. The task of Minister of Finance during the last ten years in any part of the Empire has been very difficult, especially since the war ended, and the results which Mr. Massey shows in this year’s Budget will be regarded as very satisfactory, and are evidence that the Dominion is inhabited by people who are proud of their country and are willing to work hard and consistently for its welfare. The position is decidedly encouraging. Definite progress has been made, and the prospects are that the country will continue to grow and prosper, its trade increasing and its people enjoying the benefits of life in one of the happiest- parts of the Empire.