MOVEMENT IN FINANCE

Timaru Herald, Volume CXXXVII, Issue 19806, 23 May 1934, Page 8

MOVEMENT IN FINANCE

NO PESSIMISM AS TO FUTURE STATEMENT BY MINISTER “The Minister of Finance has no strong pessimistic views as to the future, and he is as anxious as possible to lighten the load of the community, with reasonable safety to the country, at the earliest possible moment,” said the Right Hon. J. G. Coates (Minister of Finance), who is at present in Timaru. when asked by a representative of “The Timaru Herald” last night if forthcoming Budgetary proposals were likely to provide for reduced taxation. What had to be kept closely at the back of one’s head, said the Minister, was the £700,000 deficit for the year ended March 31, and the fact that the Government had now no large assets to call on by way of reserves such as discharged soldiers’ settlement bonds. “Whatever we wish to do, it must be remembered that we are starting a bit behind scratch, by reason of the two points raised,” said the Minister. “The first is the deficit from last year, and the second is that we have not been able to call up reserves as we have done for the last two years. There we have one side to the picture,” he said. “On the other hand, however, I think that there is a definite movement in finance, and the position looks easier than it has been.” In other words, continued Mr Coates, the Minister of Finance had no pessimistic views as to the future.