THE EXPOSURE OF WARDIST FINANCE

Dominion, Volume 7, Issue 2191, 2 July 1914, Page 6

THE EXPOSURE OF WARDIST FINANCE

Ix his scathing exposure of tho condition in whieh the- Ward. Administration left the finances of the Various State Lending Departments ; 'the .Minister q.b Fj&yjjce placed mt rerord certain figures which eannut be tub widely known. Sir J.<js£pft Wakd has endeavoured to oreulo the ii.li|r«sSiti.n thai n-heu he loft oflieo everything Was in apple-pie order au-d, that the; criticisms directed against the financial position disclosed when the JlassSv Government eante into power in no way related to iiki owii Administr.af.ion", but to that of his successors, the JiAfc'RK.vz.ti-; Go vert mien,'. That such ir ®ef the. ease. Was very clearly demo.ns'.rateu by H i:. Ai.i.eNj who. indeed placed tho chfcf responsibility on the W.asd Administration. That, the position may be clearly understood We .give the . liabilities and the. funds availrtblt- to meet them at the date the Ward Government left office, and also fho position at Jlai-ch■ 31, 19U, after the' Massky Government ...had been less than two years in office: WHB:X WABP dfIVEBSiiiSMT LEFT teres. March .31, 1012..

. . I'limb . .■■■ Liabilities. avaiiaKo ©ophrtmditf, £ £. Ailv.'itiie-j tj Workers ■„ 55V,=,53 .I,® ■'' Aeltwivces to .tellers .... I®,® ;.!!»,401 Aslvauefts to Local Mie3 B2l,r«ir> 1(13,(1®

Totab ; £81,259 It will bo Scevi that the V/aud Admhvistr.xt.iau lino .dcait . so twkkssly v.'.itii ties© fun# during clcciio.n v«'.ar, l&il, that in addition to this layish advances made t.b.oy had coni iiiittv.d tbeu-ia.'lves (o liabilities ii» tiiiiin.g over a million and a half, to lijcdt which they had funds a vailit'tiio anioiinting to only £GS'',,oo'3. In tesjj; than t'.yo years the MaSsk.v Government has been abio to straiglii.cn out this dcspor-atoly nasotrntl state pf affni.rs, and oy. llnroh 3:1 last', the liabilities in these siWC Departmenls w,<rc only :' £505,271. wbilo tlr; funds aVai l4li.de tiT3;'t them were £1.024,000. In. «> u i?r wurds the Wain GoveriißicSit • wont out '.pl olliee leaving . :_ti \ _ shortage 'of (ivcr i-SrnVJOO in these important landing I)epiirtni<:nts; and .til?; Mak'scy ndvftr'mnont, by cnrefill admiliistra.;ion, has succcedcd not. only in wipin.fr out that sl-.nrtago, but has .so burlt ;tp the funds that on March. :«! fast fliß.re vva« a crcdiS balai::co over liribihties of over a millicn pounds. Never before have these .ftsnus bfen in strong a posjtinn. Under tlfe jdiui.ging policy ef the Waih> A(h taiiiistration the funds were so de]!.le'u:d thnt advances had te be cut d'.'iwrt all round. To-d;;.y the funds owing to the sound and. oarefui administration of the M.vssky Government. are so strong thnt all the res.'ri.nions imposerl have been riniiov •''d, aiul settlers, and vorkers and iocal iwitb.oriHes can borrow to the full limit permitted by the law, theso-are fads whioli cannot be disputed. The figures quoted are the %i.!.r?s of the Treasury; the' facts relating (a the- cutting down of advances and tiio reccpt rciru.-Val of these restrictions are to be found in the official records. The public generally do not tako. sVifiicient interest iIV fuia.r,cc to trouble to analyse statemeuts made concerning the Diuntry's linances. but they ciinnof. fail to veaHse from thefew simple figvires we iiitve given abov?, tho dangerous drift which had set in under 1 WardiSiii. Wr can they fail f,n appreestifc the. judgmciit and ability displayed. liy the I'tvesent Mix.'stfk of J=';nanck. ii->i.. only in cheeking that ■drift, but in building up. a sound and siitble position iii so. brief, a iime and in face of bitter bi.tsti;u,y and tnisrcpitseniati'on designed to Innuper and ciuljarniss him ia bis' task.