THE NATIONAL WEALTH.

Otago Witness, Issue 3397, 23 April 1919, Page 5

THE NATIONAL WEALTH.

INROADS OF WAR OBLIGATIONS. WELLINGTON, April 17. Regarding the discussions which have recently taken place in the British House* -oi Parliament respecting the inroads mad* upon the' national wealth by the demand* of the war, the Hon. Mr Myers said that by an authoritative source, he observed thai the extenuated national wealth of the United Kingdom was some 18,000 millions, an. amount equivalent to 34 per cent. Th*' figure had been expended by Britain on the whining of the war. The national income of the United Kingdom was estimated at some 2400 millione per annum, so that on. the same basis Britain might bo said to have mortgaged between two and three years' income in order to gain peace and freedom. The Minister stated that, taking the prewar estimate, New Zealand's national wealth aggregated approximately some 400 millions, about 15 per cent, of which had already been applied to meeting our obligations ;n----curred in taking full share of the fight for the principles under which wo lived and progressed for so many years. Again, our national income was estimated at some 5$ millions, so it might be said up to the present that we spent something over one year's income on the prosecution of the war The deadweight debt incurred duringf the war could not yet be definitely - stated, for pensions liabilities, the cost of repatria* tion, gratuities and allowances, etc., would continue for many years. | The ' Minister added that to make good tho inroaJs upon our capital sanctioned by the dominion for war purposes every effort must oe mads further to develop the resources of the country, applying scientifte methods to our primary and secondary fq» dustries, to the end that we may Increase our production to the greatest possible extent.