Finance Minister Surveys Major Obligations

Manawatu Times, Volume 70, Issue 110, 11 May 1945, Page 4

Finance Minister Surveys Major Obligations

(P*r Prea* Association.) WELLINGTON, May J

This is no time to be placid. The war is far from won.” declared Hon. Walter Nash, Acting Prime Minister and Minister of Finance, when he announced last night the hope of the Government aud of the War Loan Committees that on Monday next the 1945 Victory Loan campaign opens fully half of the

required £25,000,000 will have been subscribed.

The spirit of New Zealand during the five and a-half years of the war had, said the Minister, been irreproachable, but there were dangers to-day which we had to recognise. We had exerted ourselves fully both in fighting and working to assist in bringing the war to its present stage but who were we to say that it was time to relax? Our first duty was to press on until the defeat of Japan. Wc were not alone in this, but New Zealand had special obligations.

“The Japanese actually threatened our shores,” continued Mr. Nash. “We were spared the horrors of the Japanese invasion because the Americans at Coral Hea and Midway—particularly Midway—and the Australians in New Guinea checked the tide of Japanese aggression. The Americans and Australians are to-day fighting battle* as fierce as any that have already taken place to roll the Japanese back further. “Out of gratitude aud for our own honour we have no alternative but to continue to fight with our comrades. The people of Britain also have sent their forces many thousands of mile* from their homes to assist in ridding the Pacific of the menace which threatened us directly.” New Zealand was reminded by the Minister of the rehabilitation plans already swinging into operation. These would continue to be developed more aud more as thousands of our ser\ icemen returned home. Thus two major obligations faced us and Ave had to find the money not only on this account but also to pay for the victory that, had already been won. The cost of the war to New Zealand up to March 31 last had been over £500,000,000. The rate of spending in the last rear was estimated at. about £133,000,000. “But,” added Mr. Nash, “this expenditure does not stop because Germany has been defeated. A great many bills have yet to be paid. After tiie last war the greatest expenditure of any year was incurred at the end ol the War and in the year following. Similarly the expenditure anticipated this year will be exceedingly heavy although it has been possible to reduce the amount of the war loan this year to £25,000,000.' * The Minister has received a number of telegrams from chairmen of district loan committees regarding the prospects of raiding one half of their district quota before the loan formally opens. Otago reported £200,000 in flight and its neighbour telegraphed: “Southland will be there. Half a million in sight on the preliminary skirmishing.” Taranaki reported prospects excellent with over £150.000 in sight while the Waikato-Kir.g Country district considers that a quarter of a million is in sight. A message from Westland states: “£BO,OOO in sight. The good old Coast will do its best.” The Hawke’s Buy message was: “Prospects very bright. The will to win is with tis. ” Houth Canterbury, in reporting prospects *»eing good, added: “Machinery superi charged. * *