SOUND AND SECURE

Timaru Herald, Volume CXL, Issue 20282, 4 December 1935, Page 8

SOUND AND SECURE

DOMINION’S FINANCIAL POSITION STATEMENT BY MR COATES By Telegraph—Press Association WELLINGTON, December 3. A statement emphasising the buoyancy of New Zealand’s finances was issued to-night by the Minister of Finance, the Rt. Hon. J. G. Coates, who also reviewed the main aspects of the Coalition Government’s policy during the last four difficult years. The retiring Minister reiterates his faith in Democracy and his belief in its superiority over alternative forms of Government, and asks for the continued co-operation of the people of New Zealand in the task which still lies ahead. “On the eve of relinquishing office as Minister of Finance, I consider it is desirable to make a statement showing the present position of the country’s finances,” Mr Coates said. "It will be a source of gratification to the public to note that the finances of the country are in a healthy position and that the new Government comes into office with a balanced Budget, with a buoyant revenue and with expenditure well under control.” Speaking of the current year’s Budget, Mr Coates said the results to date were in accord with expectations. “To sum up the position, if the Budget is allowed to run its course, I am satisfied that the net result will be a surplus probably somewhat in excess of that provided for in the Financial Statement.” After traversing the country’s position as regards debt repayments and the conversion of loans, and dealing with the present state of the unemployment fund, which is expected to finish the year with a small balance, Mr Coates adds: “To repeat the statement made in the Budget, I consider that the Government can justly claim to have piloted the Dominion successfully through the worst economic storm in its history. The foundations of recovery have been well and truly laid, and it is no small satisfaction to the Government, in relinquishing the Treasury Benches, to know that the Budget is healthy and the financial position of the Dominion sound and secure, that the work of reconstruction has met with a considerable measure of success, that recovery is well under way, and business confidence substantially restored. “Naturally the Government regrets it has not the opportunity of putting into effect the policy of development and humanitarian legislation which it placed before the electors, but it accepts the will of the people with the intention to fulfil its duties in Opposition as sincerely and resolutely (as when in power.”