SOUND FINANCE

Wanganui Chronicle, Volume 74, Issue 278, 24 November 1931, Page 7

SOUND FINANCE

COUNTRY’S ONLY HOPE MR COATES AT NAPIEB [ Per Presi* Association. ] NAPIER, Nov. 23. There was a record attendance tot a political gathering at Napier tv-uight when 4UQ people accorded Hon. J. G Coates a hearing, though the speaker was subjected to a consjuerabic amount of good-natured bantering which did not interfere to any great extent with liis address. Air Coates dealt with the country’s jinan-ce and the deficit of eight and ahaif millions at the time of the introduction of the Supplementary Budget, and urged the necessity for the checking of the drift to save the Dominion from bankruptcy. Sound finance and a balanced Budget were the requirements in the coming year. Taxation was at breaking point and if the country was going to prosper it had to live within its income. If it could not meet its liabilities and maintan its status, everybody within it would be affected. The position had to be giasped firmly bciore it became worse. It would still bo necessary to borrow money, but the policy would have to be a tapering off one. If money could be obtained at reasonable rates for primary production purposes, he could sec no reason why it should not be raised, but it was essential that the country’s credit should be kept up in order to get low rates of interest. /

Balancing the Budget was a question which involved primary production, as without the farmers the unstable position of revenue would continue to decline. At tho present time 30 per cent, of the farmers were unable to pay tbeir way, 40 per cent, were on the margin and the balance were solvent. It was to assist those farmers not solvent that such measures as the Mortgagors Relief Act had been passed without the object of keeping the men on the land and ensuring the success of their efforts, which would be reflected in next year’s Budget. Conditions were beginning to improve and if they continued at the present rate Air Coates estimated that at the end of ho year tho surplus of exports over imports would bo £13,000,000. Mr Coates was accorded a vote of thanks and confidence.

NAPIER SEAT MR. VIGOR BRtfWN WITHDRAWS [ Per Press Association. ] NAPIER, Nov. 23. The Mayor, Mr. J. Vigor Brown, who had been nominated as an Independent Coalition candidate for the Napier seat, announced his withdrawal at a meeting at Westshore to-night. Air. Brbwn gave as Ms reasons that he had come to the conclusion that the present was a time when personal feelings should be put on one side. He therefore decided to sink his own ambitions to give the electors a clearcut issue so that they might have * choice of a representative from «ithr of the acknowledged parties. EGMONT SEAT THE UNITED DECISION ELTHAM, Nov. 23. The latest development in the contest for the Egmont seat is the despatch to-day of a letter to the Prime Minister by the local branch of tho United Party urging him to cancel his forthcoming visit to tho electorate, as it “can be nothing but destruction to Liberalism.” A week or so ago the party disregarded the Prime Minister’s urgent plea and gave their aHegcance to Mr. Wilkinson (Independent). It is in support of Mr. Gawith, the local Coalition candidate, that the Prime Minister’s visit is being undertaken. AT MASTERTON LABOUR CANDIDATE CHEERED [ Per Press AHsncintion. ] MASTERTON, Nov. 23. Mr P. H. Butler, official Labour candidate for Masterton, opened his campaign to-night before an attendance of about 900, an<l had an extremely friendly reception. Ho gave a breezy exposition of the Labour policy and was loudly applauded and cheered. A vote of thanks to Mr Butler for his able address, and confidence in Mr Holland and the Labour Tarty, was carried with a big chorus of ayes and without a dissentient voice being raised.