THE FINANCIAL POSITION

Dominion, Volume 8, Issue 2451, 3 May 1915, Page 4

THE FINANCIAL POSITION

The position of the country's finances as disclosed by the Minister of Finance this morning must be regarded in the circumstances as highly satisfactory. In spit© of the effects of the war on the Customs and railway revenue, and the additional expenditure from the Consolidated Fund necessitated thereby, there is a surplus for the year of £147,139. The balance brought forward at the beginning of the year was £426,905; and of this £350.000 was transferred to the Public Works Fund as promised. The actual excess of- over expenditure was £70,234. In addition to this gratifying state of things the finances generally are shown .to be in a strong' position, due to the care and forethought exercised by the' Government in the days of plenty before the war., The Public Works Fund, on which the opening up and development of the country so largely depends, is in a strong position, and provision exists for the carrying on of public works for at least the next six months at practically the normal rate. This is very important, as it means that those who are accustomed to look to this class of expenditure to tide them over the winter months will suffer no hardship. The finances of the State Advances Department too are in a very strong position, and the Minister promises .that advances will be well maintained within reasonable limits. Indeed, there will be a relaxing of certain limitations which were deemed prudent at-the outbreak of hostilities. The Government arc to be heartily congratulated on the position now disclosed. Very few peoplo who realised the probable effects of the war on the country's finances could have anticipated that the Minister of Finanqe would be able to show a surplus on the year's operations, and the flourishing state of the Public Works and the State Advances Departments' Funds are even more gratifying.