NEW ZEALAND'S FINANCE.

Dominion, Volume 8, Issue 2359, 15 January 1915, Page 7

NEW ZEALAND'S FINANCE.

POSITION CONSIDERED \ ; WISE ECONOMY URGED (By Telegraph.—Press Association,) Dunedin, January 14., Interviewed to-day, the Hon. J. Allen said the financial position of New Zealand, all tilings considered, was satisfactory. There was a fairly heavy Btrain upon the Consolidated Fund and it- could not be expected that the revenue' should keep up to the_ standard anticipated under normal circumstances, although the Customs returns to the iend of November were better and the Minister looked to the anticipated re-turns-being hardly decreased at all. The railway revenue to the end of November showed a satisfactory increase, the net increase to November 7 being £46,000. _ ... The Minister gave details concerning 'the loan from tho Imperial Government ht five and a quarter million, also the subsequent loan of £250,000 raised in London. The £5,250,000 was obtained on exceptionally satisfactory terms, 81 per cent, for the next fourteen years, but as we only got £95 for every £100, the cost including charges was close on '4 per cent. This Mr. Allen considers 1 satisfactory indeed. In addition, to that loan, the Government was able _to • secure another quarter of a million in London, but not of course upon such good terms. It is redeemable in 1929 and oosts a little more than the Imperial loan. , Mr. Allen jemarked that it was exceedingly diffioult to raise money in the world's market, and it was ■ inadvisable for colonial Governments and municipalities to go upon the London market during the progress of the war. The New Zealand Government had. kept off bb much as possible. This attitude has necessitated conservation .of in order to avoid a serious", decrease in public .works. The Government, did not want to create unemployment, and were 'doing everything possible to keep public .works going steadily. . Mr. Allen added: "I think it necessary for everybody to pracsise wise economy without doing anything that will tend to dispense with employment. This is the policy of the Government, land should bo. the . policy of every individual, firm, and company. 'Waste arid extravagance should be carefully avoided, but it would be absolute folly to give way to pessimism and indulge in economy which would ■ detrimentally affect employment, and industry, What is to be encouraged is faith in rur Empire, judgment, and the righteousness of our cause. In doing that it. is our common duty to give practical expression to that faitn. We should all economise and dp everything possible to keep industry , going steadily, even though it necessitates a Btrain and personal sacrifice." !