Finances Sound

Bay of Plenty Beacon, Volume 12, Issue 59, 23 June 1948, Page 5

Finances Sound

Government To Adhere To Stabilisation “The financial position of this • country continues to he soundly based. The public accounts for the year ended March last show a surplus of £1,786,000. The continued buoyant revenue particularly in receipt of customs duties, has contributed largely to this result,” said the Governor-General, Sir Bernard Freyberg in the speech from the throne at the opening of Parliament this afternoon. “The position of the Social Security Fund is also satisfactory. Although the benefits paid out of that fund for the past ye?r amounted to

£39,500,000 the fund is in the soundest position since it was established in 1939. . , “Measures taken by my Government to assist the United Kingdom by conserving dollar funds by limiting imports in accordance with the value of the nation’s current export income and by increasing the export of food have been supplemented by the enthusiastic and effective work- of the Aid for Britain National Council and local committees. New Zealand continues its recovery from the economic difficulties resulting from the war. “More houses were built last year than in any previous year in the country’s history. My Government will maintain those building controls which have contributed towards such satisfactory results in order that the greatest numbers of houses may continue to be built from the available materials and labour.

“Today, almost three years since victory was achieved, the country will regard with satisfaction the measures taken to ensure the successful re-establishment in civil life of those men and women who served with the Armed Forces. The total of rehabilitation loans now granted to 62,000 men and women exc.eeds £50,000,000 and rehabilitation outlay in all its forms is over £67,000,000. There is no unemployment among ex-servicemen, or in the community generally. My Government, as in the past, will pursue policies designed to assure the continuance of full employment and the. prevention of poverty, holding firmly that economic stablisation is fundamental to the welfare of the people and that to depart from this stabilisation policy would damage New Zealand’s economy and frustrate the people’s efforts to assist Great Britain. .

“It is proposed to introduce a Bill formally constituting the economic stabilisation commission- as an advisory body and providing for the continuance of functions which have hitherto been exercised under emergency regulations. “The.special efforts to increase primary production this year ■ in order to supply more food to Britain have been helped by favourable climatic conditions in most districts, and it is anticipated that there will be an overall increase in the volume of exportable produce during the year. “The Maori people have made excellent progress under the schemes for the promotion of their welfare. They are entering whole-heartedly into the purposes of the Maori Social and Economic Adyancement Act. Constant attention is being given to the needs of the Maori people, especially in matters relating to health, housing, education and the examination of land claims.”