DOMINION FINANCES.

Hawera & Normanby Star, Volume XLVI, Issue XLVI, 30 May 1914, Page 5

DOMINION FINANCES.

STATEMENT BY THE MINISTER/ Speaking; in the south, Hop* Ml Allen said: Regarding the Ternary ui.mJ© by the Leader of the Opposition »J«>ut the memorandum accompanying 1 t.Jjo prospectus for the New Zeajdna loans, the speaker said that wf wai mri, his purpose when in IxmdohJß* draw the attention of the k°i£P®Sß Hii.-mciers to the fact that New «§££■ ljMid, up till the time he had cOSot ijito office, had carried out the* #flß practice of selling land and adding fclie canital proceeds to the or.dinaryl revenue. ■ Whilst that practice °°n-l tin vied the surpluses were unsound. f As a matter of fact he had little or nothing to do with the memorandum iH'c'ompanyinrr the prospectus regarding the loan.' "It was prepared at the Hi ah Commissioner's Office, and the> ■spoaker let it go.. Nor was it his purpose to draw the attention of the London financiers- to the fact- that Now Zealand had huilt buildings out of capital, and when they were burnt down" renlaced them out of capital. That added to the surplus of previous years, and that had been now reformed. ' "I do not know," said Mr Allen, "why the Leader of the Opposition* should try to compel me to advertisehis unsound finance." The surplus of the year if the cash land sales had been included would have been greater. I have also to draw attention to the fact that wo hand out of revenue a small loan of £11,400. I have already alluded to the smallpox, the strike, and the decrense of railway revenue due "to the strike. The increased experditure was very largely due to the increase in interest and sinking fund amounting to £171,000. There has been an all round increase in pensions of £32.000. and those of the piiblic who are interested I in the old military pensioners will bo I nleased to know that the present I Government has made provision for them involving a total of £29,445. I may with pardonable pride allude to tW ver^ much. stronger position financially of the Public Works Fund. •, At the beginning of the year 1912-13, flip balance of the f""d was only £82,580: in the year 1913-14 the balance, after the deduction of £249,7*6----for thp redemption of debentures, was £376,965. At the beginning; of the, ' year 1974-15 the Public Works Account hnd a balance of £1.178,584. During the year there has been an increase in the expenditure on public works over the previous year of £43,268^ This wa* largely owins to the increased ; telegraph extension, the increase there being £141,000. I note , that the , Leader of the Opposition has been oriti<-i6ing the expenditure on public buildings. We inherited a large re^,, sponsibility from hie Government for T>ublir> buildings,, but I am pleased ,to", be able to say that during the year, there was a decrease in the expendi- > ture on them of £75,542. I have, another announcement to •make which will be pleasing to the country Generally and ev©n to the, Leader of the Opposition and Mr Bus- • sell. The finances are so.strong that I am able to announce that the board ~ has been able to increase the amount - } that may be> lent to settlers for the ■redemption ©f mortgages on freeholds from' £500, to £750, and that it nas, also been able to increase the amount " that m'ft.v be lent to counties from 'J610.000 la £15,000 and to towns and ' t smaiTer "boroughs from £5000 to1 (£15,000. •■■•■ :■". v;