THE FINANCIAL STATEMENT.

Lyttelton Times, Volume CXXII, Issue 15717, 9 September 1911, Page 8

THE FINANCIAL STATEMENT.

Many of the figures contained in tho Financial Statement which Sir Joseph Ward delivered in the House of Representatives last night were given by tho Acting-Minister of Finance when addressing his constituents somo months ago, but they obtained fresh interest and additional importance from tho Prime Minister's illustrations and comparisons. Tho main features of tho Statement —the revenue for the year, the expenditure, the amount of the publio debt, the surplus and so forth—were mentioned by Mr Millar at Dunedin last May, but Sir Joseph Ward was able to clotho these dry bones of the public accounts with a large amount of more attractive information. We are glad to seo that ho dealt seriously with the silly stories in regard to tho public debt and the taxation it imposes upon the people that arc, so industriously circulated by his political opponents. Quite recently the country has been afflicted rather badly by tho repetition of these tales, and as the general election approaches they are sure to be revived with all their virulent inaccuracy. The Prime Minister’s remarks on the subject ought to be carefully read by every elector who is anxious to cast bis vote on the side of Bound finance and intelligent economy. Th 9 dominion’s obligations are large enough in all conscience without being magnified into an intolerable burden, and the patriotic politician will not seek to distort the figures for the purpose of serving his own party ends. For their own sakes our Conservative friends should liavo learnt by this time that their constant attacks upon tho financial position cf tho country nro not going to help them- into office. Probably tlioir disregard for tho public credit and for the good name of tho dominion has done more than anything else to keep them in the cool shades of Opposition so long. Sir Joseph Ward devoted more time last night than wo should have thought necessary in replying to the criticism that has centred around the five million loan, but we supposo that his remarks were intended for the electors rather than for tho House and that ho will oxpect them to bear fruit at the polls. He certainly made it clear that the money was required, and with the assistance of the High Commissioner’s cablegram showed that it was obtained on the most favourable terms that could be hoped for at tho time. Borrowing countries cannot always choose their own markets, and on this occasion New Zealand seems to have suffered to some extent from circumstances which were quite beyond the control of her rulers. But theso are matters which niay be discussed in more detail later on. The most interesting part of the Statement to the general public is that outlining the Government’s proposals for the future. These may fairly be taken as the basis of the platform on which the Liberal Party will oontest the elections. Tho needs of every class of the community have been remembered, but those of the producers and of ths workers, if we may employ theso terms in their more restricted, sense, are given special prominence. There is no announcement of any very revolutionary policy and no promise that can bo fairly construed into a bribe to this section of the electors or to that, but there is abundant evidence that the Government has not lost its constructive ability and that it is still prepared to march forward along safo and practicable lines with tli-e progressive thought of tho people.