STABILITY

Wanganui Chronicle, Volume 72, Issue 91, 17 April 1929, Page 7

STABILITY

DOMINION FINANCE SOUND POSITION DISCLOSED PRIME MINISTER’S REVIEW [ Per Tress Asso-iatio~ « WELLINGTON, April Speaking to-night at the Wellington Chamber of Commerce dinner, thc Prime Minister, Sir Joseph Ward, referred to thc financial position of the Dominion as disclosed by the results so far ascertained at the end of thc financial year, Alarch 31. Preliminary figures, ho said, indicated a deficit, of approximately £550,000. The deficit was due mainly to a shortage in Customs and income tax, being £302,000 and £89,000 respectively, below estimate. WitH regard to expenditure a saving in Departmental votes was effected since he came into office, under special Acts. However, an item of £156,000 on account, of advance interest payments on the loan in January last, had to be met. Expenditure for old age, widows’ and soldiers’ pensions exceeded the estimate. The Public Works Department, he said, was responsible for carrying out the bulk of the works under construction, and though their construction work was sound and carried out in an efficient manner, from the point of financial control, however, the present system, was undoubtedly weak. To obtain control in expenditure of loan moneys and results systematically reviewed from fianancial viewpoint, Sir Joseph Ward had decided to introduce the following reforms next session: To amend the form of the Public Works estimates byj adding three additional columns to show estimated total cost of each work when authorised, the total expenditure on each work to the end of the last complete financial year and the estimated amount required to complete the work. Sir Joseph also intends the Public Works estimates to be prepared on those lincy in future and to be sent to the Treasury before being finalised, in order that they may be investigated and reviewed by a departmental committee, thc same as was done with fho consolidated fund estimates at present. Figures show that the present banking position is very sound and ample credit is available for financing trade. In matter s of trade there was an excess of exports over imports of £T2.048,478, exports being £57,154,343 and imports £45.105,865. Total. £102,260,308. New Zealand's trade recovery hud been remarkable. The British Empire took approximately 84 per cent, and foreign countries 16 per cent. Imports were: British Empire 68 per cent» foreign countries 32 per cent. He predicted returning prosperity in which producers arc likely to share, anil he thought New Zealand had reached a period of stability. He looked forward to thc future with confidence.