DOMINION NEWS

Waikato Independent, Volume XXVI, Issue 2609, 13 April 1926, Page 5

DOMINION NEWS

REVENUE ACCQUNT. - OVER A MILLION SURPLUS. (By Telegraph—Press Association.) V WELLINGTON, this day. It is announced that the revenue accounts will show a surplus of a million and a-quarter to a million and a-half fqr the year. FINANCIAL DEPRESSION. HOW TO WEATHER IT. SIR H. BEAUCHAMP’S VIEWS. • (By Telegraph—Press Association.) WELLINGTON, Monday. “If strict economy is practised I have no doubt we shall be able to weather the financial depression -which appears to be looming on the commercial horizon,” stated Sir Harold Beauchamp in an interview on Saturday. Touching upon the large drop in exports and the increase in imports for the eight months ended March 31 last, Sir, Harold said lie forecasted such a, positidp some months ago. The increase in the importations motor cars, motor cycles, accessories, and petrol for the eight months amounted to no less than £1,000,000, compared with the. corresponding .period of 1924-25. “The big drop in exports is already being reflected in many ways,” Sir Harold said. “First by the totalisator returns, which are an excellent barometer in New Zealand; secondly, by tile decline in the purchasing power in certain branches of trade; The wholesale and rctaiT drapers are the first to feel the pinch, and complaints are rife from one end of the Dominion to the other in regard to the falling-off in business. . Sir Harold went on to refer to glarof notorious extravagance and its effect upon the community as a whole. , The Cost of Production. “As to the values ruling to-day for our primary produce, they compare favourably with those ruling in pre-war days,” Sir Harold said. “But the producers are suffering from the high cost of production and the inordinate prices they have been paying for all classes of farm lands. There is at the present time an adjustment being made in land values which ought to ameliorate the present conditions. If land values in. this country could only be brought down to, a reasonable figure, it wduld relieve many of the difficulties farmers are having in making both ends meet. “I venture to say that no farmers in any part of the world have been assisted to a greater extent than those in this country through cheap money being found for them by the Government through the Advances to Settlers Department, and by banks and other financial institutions. It is only the farmer, who has no adequate security to offer who cannot obtain assistance through the sources I have mentioned.” TENDERS LET. FOR SWITCH GEAR. ' j’; ARAPUNI AND HOBAHORA. (By Telegraph—Press Association). WELLINGTON, Monday. One indication pf the progress of hydro-electrical power for the North is tlie recent letting by the Government of switch gear tenders to the amount of £13,674 3/ in connection with Horahora and Arapuni. There are four separate contracts, of which one, to the amount of £5847, by Messrs Cory* Wright and Salmon,- is for 110,000voltage. , The other three are for 11,000-volt-age. These are respectively: £2902 10/ and £2096 3/, both National Electric and Engineering Company, Ltd., and £2228 10/, Metropolitan-Vickers Electric Company, Ltd. GAMING HOUSE PROSECUTION IN KING COUNTRY.’ SUBSTANTIAL FINES INFLICT,ED (By Telegraph —Press Association) TE KUITI, this day. At the Magistrate’s Court this morning Norman Lenin. Cole and William Alfred Cole, owners of a fish shop and restaurant, at Tc Kuiti, were charged with keeping a common gaming house. William pleaded guilty and counsel pleaded that Norman only acted for his brother William, who was fined £SO itf default two months’ improsonment, and Norman £lO or-one month.