Borrowing and Taxation

Poverty Bay Herald, Volume LXVI, Issue 19978, 1 July 1939, Page 16

Borrowing and Taxation

Sir, —I read where our Minister of Finance, Mr. Nash, was endeavouring to negotiate for a loan of £33.000,000. Mr. Nash apparently believes that the age of miracles is not yet passed, It

is almost incredible that Mr. Nash should open his mouth so wide in the face of his recent operations in New Zealand when he put into operation his Import Restriction Bill, which allccts our prestige on the English markets far more than what the average person realises. Thirty-three million is certainly a lot of money to be borrowing in one hit for a country which is supposed to be on the peak of prosperity. Mr. Nash has always been very forward in condemning other Governments for their borrowing, but, alas, lie has been caught in the same vicious net. We already have tho distinction of being one of the highesttaxed countries in the world and evidently Mr. Nash is out to break all records. I wonder if our Finance Minister realises that since his party took office taxation has practically doubled itself.

I understand that taxation is purely a measure placed on the community to help a country in times of economic distress and to provide for a decent social scale of living. According to Mr. Nash’s taxation and the tax-paying barometer we arc evidently in the midst of a deep depression. It is time that people woke up and

took a look about themselves instead of blindly listening to the head sales man about what wo are doing and what we are not doing. The paper it full, of industrial disputes, which does not sound too well in view of the

Government’s promises ot making New Zealand a veritable Utopia. This surely will make good reading overseas, and may be Mr. Nash will be able to explain it to the satisfaction oi ris prospective lenders in England. I would say that the sooner he books .;is passage back and cuts out all this useless spending for which there is no return the better for himself and all concerned. ALLAN DOONE.