Loan Expenditure
Neatly half the net , expenditure of the Consolidated Fund consists of debt
charges and any further loan expenditure is a direct factor in the budgetary position. The fall in the national income and in the taxable capacity of the people has automatically increased the relative burden the existing debt charges. The v sooner we can cease borrowing abroad the better, and this remark applies equally to the loan expenditure of local authories as well as to Government expenditure. Tor this financial year no additional capital is being provided for State Advances, but repayments from existing advances are available for fresh advances for public works.
The additional loan capital to he provided has been limited to approximately £4,750,000 which means that a curtailment of over 40 per cent, has been made in the raising of fresh capital. If State Ad- '■ vances is included the curtailment is over 50 per cent, compared with the amount borrowed last financial year.
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Bibliographic details
Horowhenua Chronicle, 7 October 1931, Page 8
Word Count
159Loan Expenditure Horowhenua Chronicle, 7 October 1931, Page 8
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