DOMINION’S OUTLOOK

Wanganui Chronicle, Volume 73, Issue 371, 15 September 1930, Page 7

DOMINION’S OUTLOOK

MR. RANSOM OPTIMISTIC BALANCING THE BUDGET NOT LIKE AUSTRALIA [ Per Press Association. ] WELLINGTON, Sept. 13. At the annual meeting of the Commercial Travellers’ and Warehousemen’s Association last night, tho Act-ing-Prime Minister (Hon. E. A- Ransom) replying to the toast of “The Visitors,” made a lengthy statement covering the present financial position of the [Dominion, and what the Government had done and was doing in the interests of stability. He stressed the fact that tho Government had set out to balance the Budget at the outset. In this regard Hew Zealand was quite in a different position from Australia, which had only begun to do so after a visit and report of Sir Otto Niemeyer. The Government, moreover had taken tho right step in not trying to meet the expected shortage of £3,000,000 wholly out of increased taxation but had made departmental economics and placed less than half on the taxpayer. The result for the last five months was: Revenue £7,094,000 a decrease of £563,000 compared with the corresponding period of last year. Customs revenue was showing the decline anticipated in revenue. Imports in tho same period showed a decrease of £2,000,000. An effort has been made to spread the taxation as eevnly as possible. Expenditure was £9,588,000, a decrease of £601,000.

“Referring to the visit of Sir Otto Niemeyer and Professor Gregory, I may tell you hero,’’ said Mr Ransom, “that we do not regard our position as in anything like the same category as the position in Australia at the present time. Not that I wish in any sense to deprecate what is being done in Australia but we recognise that the finances of the Dominion are on a perfectly sound footing. My conversations with these gentlemen have convinced mo that tiiey have regarded the natter in a similar light and that the credit of this Dominion has never stood higher in the British Empire or the Old Country than it stands today. They realise that this country will at all times recognise its full liabilities and obligations and meet them in a proper financial way.” Mr Ransom referred to the high rates of exchange and expressed the hope that Sir-O. Niemeyer would help in that matter.

Sir O. Neimeyer would defer the preparation of his report until his return to England and legislation, based on it would be submitted to Parliament next session.