“NEVER HIGHER”

Hawera Star, Volume LI, 13 September 1930, Page 7

“NEVER HIGHER”

CREDIT OF DOMINION

POSITION REVIEWED.

INCIDENCE OP TAXATION.

(By Telegraph—Press Association.) WELLINGTON, Sept. 13

At the annual meeting of the Commercial Travellers and Warehousemen’s Association last night, the acting-Prime Minister (Hon. E. A. Ransom), replying to the toast of the visitors, made a lengthy statement covering the present financial position of the Dominion and vhat the Government had done. and was doing in the interests of stability. He stressed the fact that the Government had set out to balance its Budget at the outset. In this regard New Zealand was in quite a different position from Australia, which had only begun to do so after the visit and report of Sir Otto Niemcycr. The Government, moreover, had taken a right step in not trying to meet the expected shortage of £3,000,000 wholly out of increased taxation, but had made departmental economies and placed less than half on the taxpayer. The result for the last five months was a revenue of £7,094,000, a decrease of £503,000 compared with the corresponding period of last year, the Customs revenue showing the decline anticipated. Imports over the. same period showed a decrease of £2,000,000. An effort had been made to spread taxation as evenly as possible. The expenditure was £9,588,000, a decrease of £601,000. "Referring to the visit of Sir Otto Niemcycr and Dr. T. E. G. Gregory, I may tell you here,” said Mr Ransom, "that we do not regard our position in anything like the same category as the position in Australia at the present time. Not that I wish in any sense to deprecate what is being done in Australia, but wo recognise that tiie finances of the Dominion arc on a perfectly sound footing. "My conversations with these gentlemen have convinced me that they regard the matter in a similar light—that the credit of this Dominion has never stood higher in the British Empire or the Old Country than it stands to-day. They realise that this country will at all times recognise its full liabilities and obligations and meet them in the proper financial way.” Mr Ransom referred to the high rates of exchange and expressed the hope that Sir Otto Niemeyer would help in that matter. The latter would defer the preparation of his report until his return to England, and legislation based on it would be submitted to Parliament next session.