DOMINION FINANCE.

New Zealand Herald, Volume LXI, Issue 18706, 12 May 1924, Page 12

DOMINION FINANCE.

THE NEW £5,000,000 LOAN. JTJBLIC WORKS ACTIVITY; POUR MILLIONS PROVIDED. *-;' MONEY FOR MAIN HIGHWAYS ; r j. The State loan raised in London 'a few | •; flays ago and immediately over-subscribed, ■' is to be allotted to public works and ad- <' ranees, in the proportion of three mil- • % lions to two millions sterling. An active programme of public works is to be main- : tained throughout the year. \-r- '.;'; -'; ; i -"A considerable, portion of the • £3,000,000'f0r public works will be spent. "• jn hydro-electricity development and' the' ronstruction 'of ' y : main highways," explained Mr.-; Massey, as Minister for Fin--knee, in the course of an interview. "But • in addition,'it : is intended to transfer £1,000,000 from the Consolidated Fund lor the same purposes, so that" a total • j»f £4,000,000 will be provided this year for public works. ..'/»• "The latest official; cablegram from Loudon ' regarding the new r loan states : that applications for £100: and £200 in the loan were met in full; those up to E6OO got £200; up. to £1000 got £300; bp to £2000 got £500, and all over £2000 • were allowed 25 per cent, of the total »mount of each application." The message adds: " The press comtnent that the good terms given to the Dominion were due to the good management of New Zealand finances, and that tie success of the loan is a testimony to the Dominion's popularity in this county." "'. ; The accounts for the last quarter of the financial year ended March 31 last -will be issued not liter, than 'next, Thursday, and possibly on Wednesday';. explained the Prime -Minister.',-: "This is specially provided for by law, and the accounts will disclose a satisfactory position. The Bud- '/. get will show" in detail this year where the savings v have been made in national , expenditure. I hope to present it early in the session. Parliament will meet next . month, opening ''■■ about the same time as . usual, toward the end of the' month. " I do not think there. will be an emergency general election this year," added Mr. Massey. "There is much solid work ' for Parliament to do, and a good session of service should be the result if Parliament settles down to hard work. .-■'■ " The finances of the Dominion are good, but one has to ..very, careful .to • keep expenditure within the, income and also to see-that the country gets value for the money, otherwise ; r the taxpayer has to make good.* Loan money will", as' far •as possible, be {spent in interest- ' earning -assets. ''~-'■ ■ ."',. ■ •'