LOAN FOR PUBLIC WORKS.

King Country Chronicle, Volume VII, Issue 592, 9 August 1913, Page 7

LOAN FOR PUBLIC WORKS.

1 have shown that at the beginning of the current year a sum of £1,621,515, less £240.770 for redemption of debentures was available for public work?, and to this must be added £675,000, the contribution from the Consolidated Fund. I have also shown that at the same date Were liabilities to the extent of £073.933. From these figures it is obvious that the Public Works Fund will require to be replenished during- the current financial year, and I propose to ask Parliament to authorise a loan of £1,750,000 to be raised in London.

Last year 1 considered it my duty to call the attention of honourable members, and of the people cf this country, to the necessity for more selfreliance. The huge demands for public works and State aid have made it necessary for Governments of late years to raise much larger loans annually than was the custom some years ago. These demands up to last year were to a considerable extent supplied from our own resources, but the activity in trade and the high interest obtainable have for the (iiiio being tapped the local available capital. I am not saying that this use of our own resources in aid of the rapid development which is going on is an evil, but it has cur tailed the power of the Government to borrow locally, and this fact, coupled with :he heavy liabilities and commitments left to the Government on taking effice, rendered it necessary to rely to a considerable extent on l.ana secured in London.

During the next eighteen months, in addition to the ordinary require ments for the year, short-dated loans amounting to over g£8,000,000 must be paid, and to do this an equivalent amount will have to be borrowed in London, It seems to be that both sides of the House should assist in inculcating into the minds of our people, especially at a time like the present, the virtue of self-reliance The Government has determined on a policy of progressive development of the Dominion's resources, and will not fail to make provision for the necessities of settler?, workers, local authorities, and public works generally; but even London, with the increasingly heavy demands for loan 3 from so many would-be borrowers, must not ba looked upon as a source of supply without limitations, and too great a reliance on London may prove unsatisfactory. The improved condition of the Dominion's financs during the time the Government has been in office is strikingly indicated by the table I have already read showing the improvement in the general financial position since the Government took office. It is the duty ui' the Govarriinent. an 1 may I not add of members of Parliament, whatever may be their politics, to assist to maintain and even to better this improved condition. The record of land settlement during the year has been exceptionally good. The' Government hopes to add to this good record by increasing the opportunities for close settlement, and by attracting the worker to make a home in the healthy surroundings o£ country life where work is available for him. and where, if he uses his opportunities, he can undoubtedly better his position, and to a large extent gratify his ambition. By such means the productiveness of New Zealand will be increased, the happiness of our people will be fostered, and the prosperity of this country will be assured.