THE COLONIST. THURSDAY, NOVEMBER 28, 1918. THE FINANCIAL STATEMENT.

Colonist, Volume LXI, Issue 14930, 28 November 1918, Page 4

THE COLONIST. THURSDAY, NOVEMBER 28, 1918. THE FINANCIAL STATEMENT.

Thk ■financial Statements presented "to the House of, Representatives by Sir Joseph Ward during the war period have been confined to the briefest possible reviews of the financial position, and proposals for new taxation. The other features which usually make up the bulk of the, Budget were little in evidence. Public works were virtually at a standstill, the official theory apparently being that the prosecution of necessary developmental works was incompatible with a state of war. It is true that shortage of money and shortage of labour were, alternately pleaded as an excuse for inactivity, although the country was never more prosperous and ample labour was available, notwithstanding the drain upon our man-power. This year's Budget is different. It naturally reflects the transition period between war and peace, and discu,sses new problems incidental to the repatriation and rehabilitation of the soldiers, while the

Government is again permitting itself i to take longer views on subjects bear- ! ing upon the progress and development of the country. The growth of the. Dominion's war commitments is enor-j mous, but it cannot be said to be excessive. We are now carrying a war debt of £51,400,000, the past financial!

year having swelled it to the tune of £18,754,945. The great bulk of this expenditure is represented by the cost of maintenance of our troops in the field, which, of course, will now rapidly decline, and outgoings under this head will reach the vanishing point before long. Expenditure under the headings, of pensions, repatriation, and assistance to discharged soldiers in varioiis directions will soon, on tho other hand, reach the maximum, and a fairly large volume of it must be reckoned a practically permanent liability. It is one, however, that the country can easily bear, and it will be borne cheerfully as only a partial discharge of a debt which can never be paid in full. In this connection we are glad to see that the Government has prepared a, comprehensive repatriation scheme, which is to be under the.administration of a new department co-ordinating operations which are at present divided among several branches of the public service. We await the details of tho scheme with interest. This will be the most

pressing duty of the Government in the immediate future, and both as regards the liberality and -practical; soundness of the proposals a very: , critical public will have to be satisfied, i In the domain of public, works we hope to see an early return to 'fw.ll vigour. '* The prosecution of the routine operations of the department, such as rail- j way and road construction, still offers) i unlimited scope for a. much more; energetic administration than has been j i known for several years past. No • • convincing reason has yet been ad-{ ' vanced for the cessation of work on! many important national undertakings j during the war period, and their com- '• pjjstion would have immensely ' strengthened the country in meeting the conditions which have now to be • faced. Close settlement must be. tackled on a large scale, both to increase the producing power of the country, and to provide for discharged ! soldiers, large numbers, of whom are^ already seeking a future-on the land,,' an -example that we must expect and ■ hope will be extensively followed by! others when repatriation becomes general. Soldier settlers must not be placed on inaccessible areas, and in the success of this, as of other classes • of settlement, adequate means of cdm-) munication is essential. As regards ! new works, the most important problem of the "future is undoubtedly the harnessing .of the immense water power j resources of the country, and we are '■ glad to see that the preliminary work' in comprehensive national schemes is; to be taken in hand during the current: financial year. The Budget also contains a promising project for enabling local authorities to develop water power iv cases whore they are beyond the ! reach of Government undertakings, j These interesting proposals will no I doubt be more fully outlined in tho ' Public Works Statement. p