OUR FINANCES.

Dominion, Volume 1, Issue 152, 21 March 1908, Page 4

OUR FINANCES.

On Thursday last we drew attention to the Premier's exuberant expressions of delight concerning tLe Dominion's finance, which we regarded as being in part prompted by a desire to palliate the wild extravagance of the past, and to prepare tho way for a continuance of lavish expenditure. .We advanced reasons for our belief that instead of wild extravagance the Premier shotild give serious attention to the best means' of reducing the growing volume of expenditure; We

showed that, despite the large increases in revenue during the prosperous years which have followed in succession for so long past, the debt of the country had steadily increased—that our prosperity had been made the excuse for an extravagance, the full burden of which has not yet been realised. We proved from the condition of the markets, whiih govern the prices of our staple products, that many of our most important industries hacl suffered of late from a fall in prices which must affect the value of our exports, and proportionately reduce the spending power of the community. In passing we_ commented on the spectacle of the Minister, blind to the signs around- him, declaring that not a ripple of the financial crisis in America had or would reaph this country ; whereas if he had not permitted his optimism to obscure his judgment, he would have seen that the position of the wool market' alone was' a complete refutation of. his reckless assertion. The local Ministerial journal came to the assistance of the Premier yesterday ;with a further great volume of assertion intermixed with the customary terms of opprobrium concerning an " insane political Opposition," and '"heavily subsidised newspapers tq cry: down the financial position " and' other: familiar friends. Amongst other things it-flatly contradicted our contention that the American financial' troubles had affected the wool market. We would refer our contemporary for. enlightenment to the report of the firm of Messrs-. Williams and Overbury, London, dated February ?. We think it,will be conceded even by the Ministerial organ that this is a reputable firm of wool-brokers, and that it has no bias against the Government. Its report clearly states that the late, .financial'.crisis in America, has been the cause of .the disorganisation: of the wool _ trade in' England and on the Continent, and> gives details'of the fall in ;the - price of medium and coarse wool§. There is'ample other'evidence available for the Premier and his, journals if they desire it, but,' .of courses,; they do not. It is much easier to charge critics with attempting to damage the credit of the country and to hurl at them all the old time;Wrii' epithets which comcs in so useful at election times, when argument fails. We notice that the Premier last evening made another attack on The Dominion on. these lines. But unless 'we mistake the' public greatly it is hot misled by these tactics. Legitimate criticism, whether it relates to the legislative efforts or the financial administration of the Government, is not only a proper undertaking, but the plain duty of every man who has the interests of the country at heart. We can understand Ministers - attacking the contentions of their critics with all the vigour at their command, but to take up the attitude that it is unpatriotic and injurious to the. country, to expose the shortcomings of the financial methods of Ministers is" to place the welfare of the Government ahead of that -of : the "country, and there,are few right-thinking people who will- tolerate a condition of things so outrageously improper.