OUR FINANCES

New Zealand Times, Volume L, Issue 11648, 12 October 1923, Page 4

OUR FINANCES

Hopefulness will be encouraged throughout the Dominion by the publication of the figures in the statement of the Minister which appears ] in another column of to-day’s issue. At the end of the first half of tlie financial year, revenue has, these figures show, bettered last year’s receipts of the similar period by £921,000. This is a great fact in itself. It marks as very substantial the flow which has followed the turn of the financial tide which saved last year’s operations from disaster. There is more than that, for the tide is still flowing strong. So strong that, with all Government departments of service showing surpluses, it is possible that the second half of the year may, repeating the experience of the first, place another million to credit in the Treasury, bringing the unexpected help to the State finance up to two millions sterling. Men will be everywhere saying that the elasticity of the Dominion’s resources is amazing. The occasion, however, will demand more than a statement of joyous congratulation. The occasion will be a great opportunity for a forward financial policy, stable in foundation and progressive in development beyond any previously known rate of development. The need of money for various purposes of settlement is great, as is shown by the figures of the vast business done and approached during the half-year, amounting to seven millions sterling in all. It is not that, however, which matters in this connection. The need is for a great policy which shall increase settlement and supply it with public works, and at the same time push rapidly forward, and comprehensively, the hydro-electric power system now being developed too slowly for the needs of the Dominion, It is for such a help to progress that the Dominion will he looking when the Budget is presented next session. For the present, it is enough to feel satisfied with , the prosperous state of the public finance. Also, it will he necessary to be cautious with these advances. That is not a policy to be judged merely by the vast sum advanced in the aggregate. There is tremendous hurry, necessitating the employment of additional officers, “ut the hurry ought not to deaden the allnecessary caution. When the system is judged it must be by results, not numbers of pounds invested.