PUBLIC ACCOUNTS SHOW LARGE SURPLUS: BALANCE IN SOCIAL SECURITY FUND £8,700,000

Bay of Plenty Beacon, Volume 14, Issue 5, 29 June 1949, Page 5

PUBLIC ACCOUNTS SHOW LARGE SURPLUS: BALANCE IN SOCIAL SECURITY FUND £8,700,000

N.Z.’s Finances Strong’

_“My Government propose to improve the conditions of War Pensioners and Social Security Beneficiaries by increasing the monetary benefits of the aged, invalids and widows.

“A sum of £1,600,000 has been set aside in a special Air Force Trust fund to provide for the re-equip-ment of the Royal N.Z. Air Force. “During the year New Zealand has endeavoured in all possible ways to aid the people of Great Britain in their economic difficulties. To this end my Ministers have consistently followed policies of conserving dollar funds and of containing imports within the lfinits of New Zealand current export income while at the same time encouraging the highest proportion of imports from the United Kingdom and of exporting to the United Kingdom the maximum amount of food. In pursuing these policies my Ministers have continued to act in the closest collaboration with the United Kingdom authorities.

Exchange Rate Benefit “It is gratifying to record that the beneficial effects of the revaluation of the New Zealand currency by adjusting the exchange rate to parity with sterling have been reflected in reductions in the prices of produce and consumer goods depending directly of indirectly on imports.

Production Records , “The economic soundness of the country over the past year has been accompanied by high production in almost all important fields of industry and many new records have been established. Meat and dairy production have been maintained at very high levels and New Zealand has now become the chief supplier to Britain of meat as well as of better and cheese. Long term contracts and stabilised marketing procedures have given economic security to primary producers who have shared in the general prosperity with the rest of the community. .

“My advisers hold firmly to the view that the welfare of all sections of the people can only be maintained on the foundations of high production together with economic stabilisation and they fully recognise their responsibility to promote conditions of ! prosperity in which all may share.

' “For this reason, equally with their desire to help the people of Britain, my Ministers have given close study to the measures required to achieve a still greater expansion of food exports, and plans are now being formulated to extend the area and productivity of pasture land and to encourage the increased production of fertiliser. Maori Land Settlement

“There has been intensified activity in the development and settlement of Maori lands, and steps are being taken to develop considerable additional areas capable of being farmed. A necessary part of this scheme is the reduction of the difficulties of Maori lands titles, and my Government are engaged in the solution by methods of consolidation of the problems which arise from the plural ownership of such lands. Settlement of Maori lands claims still outstanding continues to receive the fullest attention.

“The activities of the tribal executives and committees the administration of domestic? affairs are being reflected in increasing measure in the social and economic advancement of the Maori people.” Industrial Relations

“There will also be introduced a measure designed to promote improved relations between employers and employees. This will provide for the establishment of a joint National body including employers’ and workers’ representatives to bring the two sections in industry continuously together and enable them to work out constructive advances in the fields of industrial relations and industrial welfare. “Full employment has been maintained through the year, while at the same time the increase in the total labour force of some 10,000 workers has resulted in easing .the labour stringency in key industries.

(By Telegraph) Wellington, June 28. “The finances of New Zealand have continued to increase .in strength as a result of the continued buoyancy in the revenue,” said His Excellency the Governor-General, Sir Bernard Freyberg, in the Speech from the Throne at the opening of Parliament today. “The public accounts for the past financial year reveal a surplus of £2,631,000. Despite record disbursements of £44,400,000 the position of the Social Security Fund has been improved during the year by T 1,400,000, bringing the balance of the fund to £8,700,000, the highest since the fund was set up in 1939.

This improvement will be promoted further by the inflow of selected migrants from Britain, together with a number from Holland and the displaced persons from Europe.” Hydro-Electric Development , (By Telegraph) Wellington, June 28 “My Ministers have continued their efforts to accelerate hydro-electric development to meet the ever increased demand for electric power. Plans are therefore being laid for a number of large projects in addition to the major schemes at present being constructed,” said the Governor-General in the Speech from the Throne at the opening of Parliament today. COMPULSION ONLY WAY TO GET LAND FORCES NEEDED (By Telegraph) Wellington, June 28. “During the past year the political situation in East Asia has engaged the particular attention of my Ministers,” said the Governor-Gen-eral, Sir Bernard Freyberg, V.C., in the speech from the throne at the opening of Parliament today. “They are devoting careful consideration to the developments which have recently occurred and to the implications which they may have for the security of New Zealand and of the British Commonwealth as a whole in accordance with their normal responsibilities, and particularly in the light of the deeply-disturbed international situation.

“My Government are concerned to ensure that essential provision is made for the adequate protection of New Zealand’s vital interests in the Pacific area and for the maximum contribution to the protection of those of the British Commonwealth, with which New Zealand love and destiny are inseparably linked.

“While in London last year and earlier this year my Prime Minister was able to discuss problems of defence with United Kingdom Ministers and Service authorities. These discussions have enabled my advisers to appreciate the position in detail, and assisted them' in their eonsicleration of the measures that must be taken to ensure that the defences of this country are so organised as to enable New Zealand to meet the obligations .immediately in the event of any emergency. Defence Preparations

“My Ministers' do not take the view that conflict is inevitable and they win on every occasion ' strive for the preservation of peace. “They are bound, however, to recognise the necessity for adequate defence preparations the existence of which under existing circumstances they regard as an indispensable safeguard of peace. “Effect is already being given to plans for the development of the New Zealand Naval and Air Forces, and within the last few months some of the frigates for the New Zealand Naval Forces have arrived on the New Zealand station.

“Consideration has been given to the necessity of a 'system of compulsory military training to enable New Zealand to provide the land forces for the defence of her interests in the event of emergency. “The detailed review of the position that has been made by .my Government discloses that compulsory military training is the only effective means of producing the land forces which will be required immediately

should an emergency arise. “Legislation to provide for the taking of a referendum on the introduction of this form of training will be placed before you.”