£1,500,000 SURPLUS

Taranaki Daily News, 15 April 1935, Page 4

£1,500,000 SURPLUS

MR. COATES’ ESTIMATE

SATISFACTORY FINANCES

DEPARTURE FOR LONDON

MEAT INDUSTRY FUTURE

By Telegraph-*-Press Association.

Auckland, April 13.

The Rt. Hon. J. G. Coates, Minister of Finance, sailed by the Rangitane at 10.45 this morning accompanied by Mrs. Coates, Miss H. D. Montague (secretary), Mr. P. Verschaffelt (Public Service Commissioner), Mr. T. A. Duncan (chairman of the Meat Board) and Mr. J. Fraser (general manager of the board). Mr. Coates in a statement said it was clear from the incomplete public accounts that there would be a Surplus of about £1,500,000 in the financial year. This was very satisfactory, but it Should be understood that it was due mainly to windfalls, namely, death duties above the average and profits from the sale of gold. Apart from those the revenue and expenditure did not appear to have varied much from the Budget estimates.

“I may add that the surplus has been automatically applied! to redeeming debts representing a portion of the accumulated deficits carried forward from the years 1931-32 and 1933-34, amounting approximately to £2,500,000. As a result of this surplus accumulated deficits have been reduced to £1,000,000, which amount remains to be made good out of future surpluses.”

When - interviewed Mr.. Coates said the result of the negotiations in England would determine the future of the meat industry in New Zealand. He implied that the imposition of a levy on meat imports would be resisted. Adherence to the spirit of the Ottawa Agreement was preferable. Mr. Coates appealed to all Reform supporters to adhere to the arrangement for a continuation Of the Coalition in the 1935 general election as completed between himself and the Rt. Hon. G. W. Forbes. He hoped that the supporters of both leaders would sink their differences and co-operate in a spirit of genuine public duty.

REFORM PARTY WELCOME.

Numerous Reform supporters and other prominent citizens welcomed Mr. Coates at the railway station and at a brief gathering at the wharf made presentations to Mrs. Coates and Miss Montague. More than 1000 people saw the Rangitane depart. The farewell by the New Zealand party was one of cheery restraint. A handful of men booed but the Minister passed over the incident with a smile.

Before entraining at Wellington yesterday Mr. Coates mentioned that he was taking with him a preliminary draft of the financial position, and; that while abroad he would give considerable attention to completing his 1935 Budget. It was almost certain, Mr. Coates said, that the next and last session of the present Parliament would not open until , well on in August. In all probability it would be brief—not longer than two months. Thus the general election campaign would begin towards the end of October. It was too early yet to discuss Budgetary proposals, but several, important Bills would be submitted for consideration.

A short meeting of the Cabinet was held yesterday afternoon, when several questions were decided. Mr. CoateS mentioned that the matter of appointing a judge to preside over the Court of Review of Mortgagors’ Liabilities asprovided for by the Rural Mortgagors Final Adjustment Bill had been discussed, but he was not able to make an announcement as to Cabinet’s decision, as certain formalities still had! to be observed. The Hon. E. A. Ransom will be act-ing-Prime Minister during the absence of Mr. Forbes and Mr. Coates at London. The Postmaster-General, the Hon. Adam Hamilton, has taken over the portfolio of finance.