The Daily News. SATURDAY, NOVEMBER 30. OUR FINANCES.

Taranaki Daily News, Volume L, Issue 61, 30 November 1907, Page 2

The Daily News. SATURDAY, NOVEMBER 30. OUR FINANCES.

T!iu Premier has lit-oii giving the Wellington • linns"' sonic particulars of | llie iiiiaiuvi of the Dominion. According l» his ligurc*, they arc particularly liciillhv. Fur the seven mouths ended tlcmhur lllst. the total receipts were C-l,i:il.Slil, a, against .tiMiIJW for the i-i>m'.-]ii>iulinff period of last year, or an increase of no less than i:)si,S:jl. 1)1' that increase the Customs receipts were responsible lor C1!1,">,7M, stamps for UHI.TIiS, and railways for :C80,<J72. As regard-! the million loan authorised by Parliament for public works, he had placed it without going to the London money market. 'J'Ue sum of £2011,000 had been raised at 3'/ 3 per cent, at par, ami the balance, at 4 per cent., realised ClO2. .Money was coming in freely to the Treasury for other loans without any seeking on the part of the Government, the debentures being sold within the Dominion at i per cent, par and outside at .1)102. "1 think it is a matter of policy," remarked Sir Joseph, "that we should give our own people •my benefit that is going, and so far it as met with a very generous response."

Concerning the gilt-edged securities, Sir Joseph said the £8110,01)0 authorised for the purcliase of these to take the place of the £SOO,OOO Imperial Guarantee Debentures had been used for that purpose with considerable advantage to the Dominion. The £BOO,OOO had purchased securities to the amount of £8.33,030, and they yielded on the purchanc money an average rate of interest of nearly 3'/. per cent., so that transaction was an eminently satisfactory one. Those who were conversant with the object of having these giltedged securities available in London would recognise their great value to the Dominion; but for the beneiit of those who were not, he might explain that amongst them were a number I guaranteed by the great European Bowers. They were to be deposited in j the Bank of England for the purpose j of insuring stability of linanco in Lon- i don as security fur the financial re- ] quircinenls of (be country from time j to time should they be required. T hat was a very strong position for the Dominion (o occupy at the linancial seat of the Empire, hi normal times, of course, it was not of very material consequence, but in abnormal times such securities as they had purchased—-gilt-edged as they were—would be invaluable as a matter of strength to the finance of the country. "1 am glad to say," Sir Joseph concluded, "that the linancial position of New Zealand to-day is exceedingly strong, and, so far as one can see, there is nothing that does not call for gratiiication in respect lu the position which we occupy. It will materially add to (he well-being of those in the Dominion—and that is everyone—whose interests are more or less'dependent upon the strength and stability of the iinaneial fabric which permeates every interest in our country."

The I'rcinier saitl that mutters connected with the loans falling duo have been satisfactorily dealt with. "Since April Ist nearly a million and a half of our loans fell due, and the whole of that sum has been most successfully arranged. The million loan guaranteed by the Imperial (.iovermncnt, and known by the financial designation of tlie Imperial (.iuarantee Debentures, was dealt with, as already intimated in the Budget, by jr.2(l(),()(J0 being converted into 3% \kv cent stock, and the balance of .CBUII.OOO being paid oil' by portion of the redeiimied sinking funds that had accumulated. As the realised sinking funds were in excess of the amount required, the balance of about .C 1(10,01)1) has Wen devoted to the redemption of a like amount of debentures issued under the Consolidated Stock Act, 1884, against accretions; £2.30,300 debentures issued under the Loans to Local Bodies Act have been renewed for a further term of seven years at :i'/ s per cent, par; CIOO.OOU State coal mines debentures were renewed on the same terms, and £40,000 redeemed from cash at credit of the account, in addition to this, £IOO,OOO 4 per cent, debentures issued under the Lands Settlement Act were redeemed out of the conversion account, so that a considerable saving of interest has been cfl'ccled by these transactions. Between now and the end of the year another million falls due, and the arrangements I have made for renewal, 1 am happy to say, will be most satisfactory for the finance of the Dominion."