Finance & Defence

Taranaki Daily News, Volume LVI, Issue 271, 16 April 1914, Page 5

Finance & Defence

♦ SPEECH BY HON. JAS. ALLEN. A MORE LIBERAL LENDING POLICY. By Telegraph—Press Association. Milton, Last Night. Hon. James Allen addressed a crowded meeting of his constituents to-night, dealing with finance and defence. He stated that the Advances to Settlers account was in a strong position, and the Board last March authorised advances amounting .to £92,335. ' The advances to local authorities account, instead of having a debt of £659,308, as it (had when the Government took office, had a balance on March 31 of £55,474, which, with £500,000 loan money available, made a total of £555,474. The commitments at the samo date amounted to £ 147,040, leaving a credit balance of £408,434. The position of the Public Works Fund and the workers' branch was also stronger now. , It had been decided, as from April 6 last, to accept applications up to £SOO to redeem mortgages on freeholds, «.nd in regard to loans to local authorities the Board was now in a position to consider applications from counties for £IO,OOO and from townships for £SOO. Mr. Allen also announced in general terms the results of the financial year ended March 31. There had been transferred from the Consolidated Fund to the Publio Works Fund £676,000, while «11 Treasury bills were paid off before the end of the year. Unexpected expenditure during the year amounted to £23,701 on account of smallpox, and £90,832 on account of the strike, or a total of £114,533. Both these causes had also injured the railway revenue. Notwithstanding these drawbacks, it was gratifying to be able to anounce that the surplus for the year would be approximately £400,000. This surplus was calculated on a sounder basis than the surpluses of previous Ministries, as it had been the custom to include as ordinary revenue the proceeds derived from cash sales of'land and to swell the surplus 1 by this unsound finance. Speaking as Defence Minister, he criticised a number of statements made in the House and elsewhere by Sir JosepTi Ward as to the cost of New Zealand naval defence. He also referred to the gross impropriety of public men making such baseless appeals to people as Sir Joseph Ward did at Greymouth in January, when he said a law had been carried to change tflie existing law, and the men and women of New Zealand were no longer directly protected by the British Government. A vote of tianks and confidence in Mr Allen and the Ministry was carried unanimously.