The Star. WEDNESDAY, SEPTEMBER 24, 1919. THE BUDGET.

Star (Christchurch), Issue 12753, 24 September 1919, Page 6

The Star. WEDNESDAY, SEPTEMBER 24, 1919. THE BUDGET.

The Financial Statement which was presented to the House last evening is a lengthy and intricate document, in. which many interesting facts are wrapped up in the obscurity of long phrases and statistical tables. The one fact which emerges is that the year has ended with a “surplus ” of £3,678.773. It is hardly necessary to point out, however, that the surplus is entirely fictitious when the true financial position of the country is considered. The war expenditure up to Juno last was over £66,000,000, of which £23.122,192 was spent during the year covered by the Budget. When this important fact is taken into consideration the ‘ ‘ surplus” disappears into oblivion, and its place is occupied by a deficit of over £19,000,000. It was inevitable that the war would land the country into a heavy debt, and the position cannot be improved by blinking the facts. The public debt of the country has grown enormously, and it is only by public and private economy that financial obligations can be met. The Government has not taken the opportunity afforded by the Budget to place its policy before the country, except in so far as it relates to repatriation, soldiers’ settlements, education, housing, superannuation and a few other matters. For soldiers’ settlements the immense sum of £14,500,000 is to be provided, and there are various other proposals in the direction of discharging the country’s obligations to the returned men. It is necessary, however, that Parliament should keep a watchful eye on land acquisition for settlement, as with the best intentions in the world a millstone may be tied round the financial neck of the Dominion. Land prices are excessive, and the ordinary risks of farming are materially increased when the farmer is working against a heavy loading. The new settlers also will probably have to face higher taxation on land values, as the Government cannot much longer neglect the question of revaluation of rural areas, which have largely escaped the extra taxation imposed on urban districts during the war. The people of the Dominion will snpport a vigorous policy of land settlement, as a means of increasing production and helping the repatriation of soldiers, but they will strongly object to putting millions of money into the pockets of land sharks and land profiteers- The Budget contains very few constructive proposals, and it is conspicuously silent on some of the most important and pressing problems of the day. It offers no suggestions for relief from the high cost of living, save in the way of higher salaries for public servants, and while there is a homily on the industrial unrest there is very little indeed in the way of providing either a palliative or a remedv.