STATE FINANCE
NO DIFFICULTY EXPECTED
PUBLIC WORKS
I. Speaking on tho Rangitaiki Land Drainage Bill, in, the Houso of Representatives last evoning, under which Bill it '■ is proposed to borrow £50,000 for the improvement of certain swamp land in the vicinity of AVaihi, Mr. G. W. Russell asked the Prime Minister how far ho saw his opportunity of carrying through the loans which wore proposed in connection'with this* measure and the Hanraki Plains Bill. Mr. Russell said that he imagined that both these Bills were brought on before the ■pax, and, whilo not wishing to see the works stopped, ho wondered, if, looking at the position all round, the Government would he able to carry oii tho borrowing for such works to the extent originally contemplated. Mr. Russell went oh to express the opinion that money might be wanted for more urgent works than the Rangitaiki drainage operations. He said, also, that he would like to hear during the next few days about the business of the Post Office Savings Bank for the last quarter.
Tho Postmaster-General (the Bon. R. H. Rhodes): I can tell you now. Mr. Russell said that if the return disclosed a condition of affairs in which the deposits exceeded the withdrawals, he would reckon that condition an exceedingly satisfactory one. Ho then moved on to another point, saying that he had heard repoHs to tho effect that the Government Had been withdrawing money from ,the Government Life Insurance Account and, f/ho Public Trust Office Account for certain purposes.
The Prime Minister (the HightHon. W. F. Massey) answered Mr. Russell a little later in the evening. . He assured tho member for Avon that as far as finance was concerned the Government did not expect to encounter any difficulty in raising money for the purposes outlined in the Bills, or for similar frorks in other parts of New, Zealand. He said that ho was not aware of any money having been borrowed from the Life Insurance Department. Some, money had been borrowed from the Public Trust Office, but it had come about in this way: the Department had sold a number of land settlement debentures in London, and the money dad been lying idle. "When they want the money we are prepared to repay it. If they require it for the settlers, we are quite prepared to let them have it. AYe don't want to interfere with development."
The Prime Minister then stated that lie thought that the Government would be able to carry.'on the nublic works right through the' war as in the 'past. It would, he remarked, bo a serious matter if they could not. He thought he was justified in saying that they .had more men employed just now than in the past.
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Dominion, Volume 8, Issue 2273, 6 October 1914, Page 7
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459STATE FINANCE Dominion, Volume 8, Issue 2273, 6 October 1914, Page 7
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