OUR FINANCES

New Zealand Times, Volume XXXII, Issue 7024, 12 January 1910, Page 5

OUR FINANCES

PRESENT AND PROSPECTIVE.

INTERESTING STATEMENT BY PRIME MINISTER.

DUNEDIN, January 11. Sir Joseph Ward recently informed a ronorter that the total revenue received lor tho December quarter was £2,047,U73, or £55,085 more than in tho December quarter of 1908. It was tpointed out that tho revenue for tho .nine mouths of the financial ending on December 31st was £O,-1*1)5,1211, whiclii was £2-1,1283 over that for the oarreoponding period of 1908. To tms had to be added £07,1-12 from national endowments, which g;avo jan _incrcasc tor tho nine months of £91,-120. Tho Prime* Minister, speaking with an “Otago Daily Times’' 1 reporter to-day on his way to Christchurch, was asked whether he had anything ■more to say about public accounts for tho period referred to. “I think,” said Sir Joseph, “the 'figures pretty well cover tho position. From various standpoints tho results .must bo regarded as satisfactory. Tho ishrinkago in Customs revenue, which aip to a certain point was very heavy, has been more than compensated for ,by accumulation in other departments. The increase for the December quarter tshows that for that particular period it is higher than tho average* for the whole nine months, which, in my opinion, is a good tifying commercial activity, and that the business world is moving forward in a satisfactory- way; and if one is .right in the assumption that wo can ■maintain anything like that average for the next three months, I think tho readjustment of our revenue which was ■made by legislation last year should .Login, aided by the normal increase of revenue, to make provision for tho necessarily largo demands upon the consolidated revenue during tho aexu financial year. . “This means that Wo will require to borrow loss money to the extent that wo are able to transfer from Consolidated revenue to the -Public V\ orks Fund. It is to be recognised that tho interior development of tho country by railways, roads, and bridges is as necessary now in some parts as it was twenty years ago, and tho ability of the country to carry on this work in a satisfactory manner is to a considerable extent dependent upon the amount of revenue that we will be able to transfer to tho Public "Works Fund, and thereby enable us by borrowing within reasonable figures to keep our expenditure about equal to what we are now doing, though this year wo have had to rely largely upon borrowed money for necessary provisions to carry on public works. “In my opinion, our borrowing from outside the country is as heavy as it ought in any circumstances to bo, and our efforts should be to supplement moneys for public works by a largo amount from the Consolidated revenue. So far as my judgment goes everything points to a satisfactory position of o-Ur public revenue, will enable ns to provide next year possibly half a million at least in this way. It is too far ahead to make estimates with anything approaching definiteness, but I feel satisfied with tho results of the year’s operations so far as they have gone, indicating as they do an improved condition of things so far as the public finances are concerned and a . more plentiful supply of money for the use of private enterprise.”