FINANCIAL POLICY

Otago Daily Times, Issue 23882, 9 August 1939, Page 10

FINANCIAL POLICY

GOVERNMENT CRITICISED RESULTS OF EXTRAVAGANCE BUDGET INCONSISTENCIES (From Our Parliamentary Reporter) WELLINGTON, Aug. 8. " The extravagance of the Government has let it into such difficulties, that it has found it almost impossible to extricate itself from them," said Sir'Alfred Ransom (Opposition, Pahiatua) during the Financial debate in the House of Representatives to-night. Sir Alfred said that the Budget was bristling with inconsistencies. It said, for example, that production was necessary for the welfare of the people, but New Zealand lived mainly on primary production and here was a Government that had been four years in office and still had no land settlement policy. The Budget also said that unemployment was practically nonexistent and yet in the year just ended the sum of £6,500,000 had been spent on unemployment relief. When he first read of the outcome of the visit of the Minister of Finance (Mr W. Nash) to London, he felt ashamed that the position of New Zealand was such that the country had to go on its bended knees and beg for credit, Sir Alfred said. The credit of the country had suffered very severely from the arrangements the Minister was compelled to make. Everyone was pleased to see that the recent internal loan was slightly over-sub-scribed, but no particulars had ever been issued showing the sources from which the loan was subscribed. The public was entitled to know that. The Minister of Defence (Mr F. Jones): Members of the Opposition subscribed. Sir Alfred: Yes, some did. Mr Jones: That shows great confidence in the Government. Sir Alfred concluded by saying that it was extraordinary that absolutely no details had apparently been received of the success or otherwise of the conversion loan which closed last Saturday in London.