“ASSETS IN PAWN”

Poverty Bay Herald, Volume LX, Issue 18249, 18 November 1933, Page 5

“ASSETS IN PAWN”

CRITICISM OF BUDGET

FOOLING THE COUNTRY"

MR. SAMUEL’S ATTACK

(Parliamentary Reporter.)

WELLINGTON, this day.

The Government’s methods of managing the Budget surplus were scathingly described by Mr. A- M- Samuel (Coal., Thames) in the House, when he contended that t)io financial statement in its presentation of receipts and expenditure was simply an attempt to fool members and the country.

“It seems to be a new system of accounting,” said Mr. Samuel, “whereby we can show, by pawning our assets, that we can get a surplus at any time we want one. Last year wc put in pawn £2,000,000 worth of soldier settlement assets. Now we are budgeting for a deficit, but if we had any more assets we would have to pawn them.” He understood that the £2,000,000 pledged last year would be the. last, but the accounts were so smothered up that it was impossible to say what, assets the country possessed. He would like to know what was going to become of the soldier settlers if the people who loaned money wanted to he paid, or to take possession of the assets. The returned soldier might then find his landlord, instead of being the State,, was the bank. It would have been better if this year’s Budget, which showed a prospective deficit of £2,090,000, had admitted that it would be nearer £6,000,000. The lit. Hon. J. G. Coates: How do you make that out?

Mr. Samuel: If we paid the £1,500,000 war debts, which were suspended, and other items.

Mr. Coates: The war debt suspended was not claimed. Mr. Samuel reminded the Minister that he had previously interjected: “Don’t the people expect us to pay our debts,” and “but for the generous offer of Mr. Hoover we would have had to pay £1,500,000.” “The Minister of Finance,” ho continued,” has only been a short time in office, but he has become an expert juggler in figures, and I am prepared to debate the point at any time with him that the position he presents is misleading.” Mr. Coates at this point closed his desk and slowly walked out of the Chamber, while his critic added: “It seems to me that to pay our way we are mortgaging tho office furniture. This year wc are mortgaging the typewriter; next year we may have to mortgage the tvpiste.” (Laughter.)