OUR NATIONAL DEBT.

Rangitikei Advocate and Manawatu Argus, Volume XLV, Issue 11855, 11 June 1919, Page 5

OUR NATIONAL DEBT.

INCREASE OF 81 MILLIONS. TH£ COST OF THE WAR. Per Press Association. Wellington, June 10 ■The Hon. Myers, acting Minister of Finance, referring to the large addition to the National Debt accrued during the war, and to the corresponding increase in annual charges thereon, said: Loans raised in New Zealand since Ist August, 1914, amount to some 56 million sterling, whilst those raised in London during tho same period aggregate 26 millions, thus making together an increase of the National Debt during the war of some 81 million sterling. The additional charge per annum by way of interest and sinking fund on such increase in onx indebtedness amounts approximately to 4 millions sterling. War loans raised during the war total some 69 million sterling, of which 43 millions were raised internally and 26 million at Homo. The total National Debt is now roughly some £l7O per head of our population. Taking very conservative estimates, our national wealth amounts to some £4OO per head, and the National income to over £55 per head and with deposits in banks of about "£73 per head of the population, there is no question as to onr ability to meet our war obliagtions if all classes of the community will unite in preserving stable economic conditions. As regards the savings of the people of this country, comparison of reutrns published in various Post Office Savings Banks throughout the world disclose the fact that New Zealand is an easy first in this respect, with total despoaits of £3O per head of the population in the Post Office Savings Bank alone, corresponding figures for Australia and the United Kingdom being £23 4s and £5 7s respectively. Deposits in all savings banks in this country have increased from 19 millions in 1914 to 83 millions in 1918, It must he understood, of course, that the above figures are given in round sums for convenience of comparison.