THE FINANCE BILL

Waikato Times, Volume 88, Issue 13580, 7 September 1917, Page 5

THE FINANCE BILL

FINANCE MINISTER'S EXPLANATIONS.

FURTHER AMENDMENT POSSIBLE. LOCAL LOANS IN THE FUTURE. NATIONAL GOVERNMENT RENOUNCED. HY MEMBER FOR WAIRARAPA. (By Telegraph—Special Correspondent) WELLINGTON, Thursday. Speaking on the third reading of tho Finance Bill. Sir J. G. Ward said he proposed to hold the measure over for a few days after it passed the Legislative Council in order that nnv suggested further amendments might he considered. It had been impossible to make all the concessions asked. The total money involved had bcenabout £1,500,000, and the Government's position was that it could not sacrifice any revenue at all. The proposals of the Bill could not be regarded from a normal standpoint. Conditions were abnormal and the essential position was security of revenue on the, very large scale mac necessary bv the needs of the war. He would have liked to avoid placing extra burdens on the people, hut the nionev must be raised. He believed that Pfew Zealand financially, was on the strongest basis of any country in the war and it was necessary that this position should be maintained. The Dominion had a smal' population and was more dependent than any other country on shipping. Financial difficulties would arise quickly if the shipping services were interrupted for a lengthy period by causes beyond the control of the Government, and for this reason it was essential to have money in hand. He must be prepared to face the disappearanee of the anticipated surplus, though he believed the surplus at the close of the year would lie large. Sir Joseph added that in all human probability when the war is over New Zealand would adopt to a large extent the policy of raising its loans locally. The Dominion would be bound for some time to raise locally a large proportion of the money required tor the internal development of the coun try. The people had shown that they could provide the money. He had been surprised to find what a very large nam her of people had subscribed sums of from £IOO to £IOOO. People of small means had done wonderfullv well

Mr J. T. M. Hornsby (Wairarapa) fol. lowed Sir .Joseph Ward and formally renounced his allegiance to the National Government on the ground that it hid failed to redeem its pledges to keep down the cost of living. He would support its war measures hut d'"d not hold himself hound to the Goverm ieut by anv formal ties.

The announcement created no sensation and the debate on the third reading proceeded uneventfully.

Sir Joseph Ward closed the third leading debate with a vigorous speech in the course of which he protested warmly against the attitude of members who sought to gain a little popularity by making demands that they knew the Government confronted with the necessities of the war. could not accept. Much of the criticism directed at the Bill had been utterly irresponsible and some members had disregarded the fact that war had created unprecedented and imperative needs and all talked as though the Government was eollectin" money unnecessarily or refusing in an unsympathetic spirit to make concessions to the public. His Budget was a War Budget, designed to raise money for the biggest war in history. Men who found it hard to pay must remember that other men are giving their lives. The Bill was read a third time and passed.