STRAIGHT TALK

Waipukurau Press, Volume XXVIII, Issue 29, 26 January 1933, Page 5

STRAIGHT TALK

By Wellington’s Mayor ON THE EXCHANGE ISSUE THE BURDEN EMPHASISED (Per Press Association) WELLINGTON, This Day. - The Mayor of Wellington (Mr. T. C. A. Hislop), when interviewed, told a reporter today that there would be an in- - crease In Wellington’s overseas interest bill of between £15,000 and £16.000. and the indirect effect of the exchange rate on the sources ef revenue made it clear that Wellington will be about £25.000 worse off at the end of the next financial year on account of the exchange inflation. There were other items on which the revenue would be decreased during next financial year. So far as he could see at the present the city would have £30,000 less income than in the current year. The net result was that next year there would be available for carrying on the services of the city apparently only half the amount expended in the year immediately prior to the present council coming into office. One thing, now quite clear, was that 4 after March 31 of this year the council would not be able to carry on any unemployment relief works. They would have to be financed and controlled wholly by the Government. Last year, out of revenue alone, the council spent £B,OOO on unemployment relief. The exchange inflation wiped out definitely any possibility of the council carrying any unemployed in the future. “Perhaps Mr. Coates, as Minister of Finance,” said the Mayor, “would find that the burden he had created by his exchange inflation policy would be passed on to him to carry.” “One matter 1 did not mention at the public meeting to-day,” said the mayor, was the inequality of Mr. Coates’ exchange inflation policy. Inequality Of Aid Under it the farmers, no matter what their resources, are going to get a benefit at the expense of others. It is well known. from figures available in certain financial quarter’s, that there are large numbers of New Zealand farmers who have on deposit sums ot £lO,OOO, £20,000, £50,000, and more, and yet these people are going to get a bonus at the expense "of those unfortunate individuals who are without anything.