COUNTRY'S FINANCES.

Hawera & Normanby Star, Volume XLIV, Issue XLIV, 10 June 1924, Page 7

COUNTRY'S FINANCES.

MR. MASSEY REPLIES TO CRITICS

(BY TELEGKAPH—PBESS ASSOCIATION.) AUCKLAND, June 10. Replying to criticisms of New Zeaj land finance, at a banquet to the Hon. | C. J. Parr, Mr Massey spoke of the success of the last loan, which showed how sound the credit of the country is according Jto the most competent judges. The Government had been criticised for ending the year, with a surplus. "Heaven only knows," he' said, "what the critics would say if we had a- deficit in the. present position, with heavy expenditure to be faced." It was necessary to have a surplus. He! hoped to be able to induce Parliament j to make considerable reductions in] taxation within the next few months.! He maintained that exemption from! tax of mortgages up to £4000 was right I and showed that the Government was J concerned with the smaller settler, strugling along. He believed that the trade of New Zealand per head of popu- j lation was higher than in any other j country, yet people were going about saying that the country was going to blue ruin. While the country owed £218,000,000, the interest-earning assets reduced the dead-weight to only £63,000,000. Much of it was also productive.