DOMINION FINANCE

Otago Daily Times, Issue 21828, 15 December 1932, Page 10

DOMINION FINANCE

GOVERNMENT’S PROBLEMS CONSULTATION WITH, ECONOMISTS (Special to Daily Times.) WELLINGTON, December 14. Three members of the Economic Committee which reported to the Government last February upon the Dominion's budgetary position have been invited to Wellington by Cabinet with a view to further advice being given on the financial position. They are Professor J. Hight (chairman of tlie original committee), Dr H. Belshaw, and Professor A. H. Tocher. Even had the Government wished to make further use of the services of the other two members of the Economic Committee, neither would have been available. Professor D. B. Copland, of Melbourne University, is not in New Zealand, and Mr A. D. Park, Secretary of the Treasury, is still indisposed. No official statement was made to-day concerning the specific work which the three economists will he asked to do, nor was the fact that they had been brought to Wellington announced. It was stated this evening, however, that there was no intention by the Government to re-estab-lish a formal committee, nor was it intended that a specific report would be asked for. The economists would merely confer with the Treasury concerning budgetary and other problems. The three professors have been given the use of the Independents’ room at Parliament House for working purposes while they arc in Wellington. They met Treasury officials this morning on their arrival and informal talks were had with members of the Ministry. In the afternoon they met the Ministers in the Cabinet room.

When seen to-night Mr Forbes said the report of the Economic Committee dealt with the finances of the Dominion up to early this year, and it was merely intended that the three members of that committee who had been asked to come to Wellington should continue their discussions with the Treasury with particular reference to current questions of finance. It was emphasised by Cabinet Ministers that the presence in Wellington of the three economists has no particular significance. It was on the advice of the Economic Committee that the Government budgeted this year for what was considered a “ manageable ” deficit of £2,000,000. Since the estimate contained in the Financial Statement made in the House by the Minister of Finance on April 7 the prospective shortage has been reduced to about £1,000,000. It is stated that the economists are merely reviewing the position as it exists to-day and they will remain in Wellington for the next few days so that Cabinet may consult them if it desires to do so.