THE OTAGO DAILY TIMES WEDNESDAY, NOVERMBER 27, 1918. THE FINANCIAL STATEMENT.

Otago Daily Times, Issue 17483, 27 November 1918, Page 4

THE OTAGO DAILY TIMES WEDNESDAY, NOVERMBER 27, 1918. THE FINANCIAL STATEMENT.

The Budget, which the Minister of Finance presented in the Houso of Representatives last night, furnishes no surprises. Nor does it contain any proposals which will arouse either excitement or enthusiasm. It represents the anti-climax of the series of war Budgets and in this sense it is to be welcomed. The record which it supplies of the operations upon the public accounts for the past financial year, terminated nearly eiglit months ago, is so much ancient history as to be devoid of interest. And, generally speaking, the Government is content to allow the current year to come to an end before it interferes with the machinery of finance which was established t6 meet the conditions that arose out of the war. There is consequently no proposal for the alteration of the system of war taxation. The public has, however, no sound reason for cavilling at this. There will be a heavy but diminishing war expenditure until the demobilisation of the Expeditionary Force has been effected, and, although Sir Joseph Ward expresses the hope that "the country will ere long be welcoming the return to their homes of her gallant soldiers," the next financial year will in all probability have run a considerable extent of its course before the last of the home-coming troopships will have reached their destination. | It is consequently necessary that fresh provision shall be made for raising funds for meeting the expenses of the war. The Government possesses authority under existing legislation to raise war loans to the approximate amount of £17,000,000; but it proposes to seek power this session to raise, if necessary, other ten millions. While it is not suggested that the whole of this money will be required, it is obvious that the loan authority must be sufficient to meet all possible emergencies. With the question of demobilisation is closely associated that of repatriation, the supervision of which is to be entrusted to a new department under a Ministerial Board of Control. The repatriation of the soldiers will be a much less simple matter than the demobilisation of the forces, and, in order that it may be successfully accomplished, it will be neces-. sary that tho department charged with the duty of providing re-employment for the returned soldiers shall commence its activities without delay and secure as speedily as possible the co-operation of local committees which should be representative of a comprehensive variety of interests. In the meantime it is to be observed that the Government proposes that half a million shall be set aside out of the War Expenses Fund for the purpose of providing a fund out of which grants may be made, in approved cases, to soldiers who require assistance in re-estab-lishing themselves in businesses that were sacrificed by them. The Minister emphasises the importance of facilitating uho resumption of civil occupations by those who have served their country so gallantly oil the field of battle, and the proposals to raise funds for public works have a certain value in this relation. While provision is to be made for the resumption in a modest way of the construction of railways, the Government is seeking authority to borrow for afforestation. purposes, for the undertaking of important hydro-electric schemes—the main benefit of which is to be derived by the North Island, where a State enterprise on a large scale is contemplated, with general power to local authorities to institute measures of their own for the utilisation of water-power subject to the right of the State to take over the plants and systems—and for the erection of school buildings. The Government seeks also an extended authority for the acquisition of land for settlement by discharged soldiers. These constitute the principal features of the programme outlined in the Budget. It is not a very impressive programme, but, having regard to the fact that twothirds of the financial year has already passed, we can hardly feel disappointed that the Ministerial proposals are not more imposing.