FINANCE AND PUBLIC WORKS.

Dominion, Volume 6, Issue 1656, 24 January 1913, Page 5

FINANCE AND PUBLIC WORKS.

A BIG OBSTACLE TO OVERCOME ■ (By, Telegraph.—Bpoclal '.'cior'reapoiifU^it.') ', i Auckland, January 23. Such pleasure as tho Primo Mfnistor (the Hon. W. P. Massoy) has dcrivoU from his strenuous travelling; rocently bo.s been marred by an unpleasant duty. Ho has shared the fato of all Ministers, and has been asked' almost' every time ho stopped on the road for money for this publio work or that, or for'.: such-and-such a required teidge. In nearly every case ho has had to explain carefully, and with such cheerfulness as is possible.., that the finanoial position of the Government forbids. Ho made full reference to the matter at the annual'dHnnor of-tho Rotorua Chamber of Commerce on Wednesday night, Tho Government ihad,- ho- said, very serious difficulties to, face iri 'financial matters, but they .were not of their own making. Thoy woro inherited from their predecessors in office). The Government had .done everything it possibly could to find money for ptiblio works; for land settlement ' purposes, for dealing with Native lands/and fdr advances' ro settlers and to worker's, and it'.would continue in its efforts, but it had been; and was now, hampered by thoononnbus commitments which wore mado by tho preced-; ing ndministrationj consisting of -very! large sums of money at very low rates of interest. The difficulty was not in the rate of interest, but in the amount promised to tho larger local bodies of' the' country. Mr. Massey said ho ; was glad to say that the country, was- overtaking. its liabilities, but some idea of .the naturo of the obstacle before it was given in a telegram ho had received on tho previous day from the Acting-Minister for Finance (tho Hon. W. Eraser). -Mr. Massey said he telegraphed to Mr. Frasor, asking that certain money authorised last session should bo made available, j MrJ Fraser replied that the Deportment has'no money i for local authorities at present/ ind stands* obmmitted to already finally approved. ; The Government had boen overtaking its liabilities very s;tisfactorily during the past six months, but the outstanding commitments, amounting to .£50,000, must be' mot at' the earliest opportuniiy. That, said:Mr, Massoy, was Vhv no money could bo given to local bodies now. Mr. Masseyf also referred to tho fact that Mr. Jas.',; Allen l (Minister for Finance): was approaching England with, tho object of nialrihg provision for renewing XH.OOfI.OOO of short-dated loans. He believed Mr. Allen Would succeed in that mission. Mr. Massey quoted from.a letter received from a London busineps man woll known in financial circles ot Home, and in Now Zealand, to the effect, that the advent of the Reform party to power had elevated the credit of- New Zealand enormously in London. Tho big houses looked now for a long administration on prudent and honest lines, which, was all that was required to place' N"w Zeolond in the first flight commercially, morally, and financially. --, 1 -