DOMINION FINANCES

Wanganui Chronicle, Volume LXXXI, Issue 18785, 19 May 1923, Page 5

DOMINION FINANCES

1 ( POSITION MUCH IMPROVED. I: IMPORTANT STATEMENT BY MR. MASSEY. ‘ Ll’er Press Association.] . WEWLLINGTON, May 18. An important statement was made by Mr Massey to-day when replpng to a deputation from the College Board of Governors. lie said he was glad to state that the financial position of the Dominion , had greatly improved. The Government was now in a much better position , than a year ago, but it still had to be very careful. There was a pressing demand for a reduction in railway freights to some degree that had to be met. He had instructed the General , Manager to supply him with a list of most urgently needed reductions. \\ hen that information was received, the matter would receive attention. Then there was the question of re- . verting to penny postage. Certain steps had already heeu taken, and possibly lie could make a very shrewd guess as to when penny postage would operate. However, that could, be left for the Financial Statement. Taxation must be reduced, and he was doing his best in that direction. He wanted to remind, the people" of , some of New Zealand’s liabilities. From 1923 to 1929 exclusive we had to deal with £66,452,000 of loans falling due. These loans either had to be paid off or renewed. The credit of i the country was good, and he was | sure, in his own mind, that we would ■ be able to obtain from London any reasonable assistance we required. He was making arrangements whereby the Government would be able to lend a great deal more money in future than in the past. Damage by floods had cast a further heavy responsibility on the Government. It would cost at least half a million to repair the damage done. »So far as education was concerned, the annual vote had increased by £2,000,600 as compared with 1914.