PUBLIC FINANCES

Nelson Evening Mail, Volume LVI, 7 May 1924, Page 5

PUBLIC FINANCES

PREMIER’S REPLY TO LABOUR MEMBERS THE YEAR’S SURPLUS (United Press Association.) WELLINGTON, This Day. iMr Massey, in reply to criticism of the Canterbury Labour, members on the financial position, explains that there is no parallel between the position in Britain and New Zealand, as the systems of keeping the public accounts are quite different. . Therefore up comparison can fairly be made. So far as the financial position in New Zealand is concerned he s < l y s: __“l have already published the figures of imports and exports for the last financial year, whilst- the facts with regard to the revenue and expenditure of the larger departments have also been published. X have also indicated that the surplus would be satisfactory and substantial. As for the suggested surplus of ‘well over three millions,’ using the words of the telegram, 1 am sorry that such is not the case, but it is. a surplus which will satisfy the public, as it will be found to be the .result, .of the industry of the people and strict economy on the part of the Treasury and Financial. Departments. The balance carried forward from March 31st., is now being used and is essential for covering that period when expenditure is in excess of receipts, which is the case at the beginning of each . financial year. To satisfy my friends and show them that it is not well to jump at conclusions I may say that the surplus will be well under two millions.”