A MILLION A MONTH

Dominion, Volume 10, Issue 2910, 24 October 1916, Page 4

A MILLION A MONTH

The war expenditure of this Dominion has now risen to the rate of one million pounds a month— twelve million pounds a year—the Acting-Prime Minister told the people of Duncdin yesterday. And who is feeling the pinch of this heavy drain ? How many people are there who can honestly say that they are suffering financial hardship as the result of our part in the war 1 Very few, indeed, we venture to believe. It is true that this is partly due to the fact that we are meeting our war expenditure out of borrowed money, but we have to meet the interest charges on that money. Moreover something over ten millions has been borrowed by the State from the people of New Zealand thomselves. The local borrowing, however, instead of prejudicing the financial position of the Dominion, is to its advantage. It is a form of self-reliance of which we should reap the full benefit later on. It is especially gratifying to note the steady manner in which tho public havo been buying up war loan certificates through the Post Office. The amount subscribed in this way now totals over one million pounds, and represents something more than a patriotic contribution to the war loan. It is a sound form of economy—a useful investment by the s'mall capitalist's of the community for a posL Bible future rainy day. So. in spite.

of the heavy financial obligations we are called on to meet in filling our part in tho wars the strain is not felt to any material extent by the great mass of the people. There is in consequence little inclination to practise'economy of any description in private life. The Acting-Prime Minister might have seized the opportunity of nis reference to our increasing financial obligations to offer a little good advice on this topic, as Me. Myers did recently in Auckland. Possibly Mn. Allen did make some mention of the matter,, and it may have been omitted from the summarised Press Association report telegraphed throughout the Dominion. ThanEs to the efforts of our primary producers, and the high prices ruling for their products in the outside markets, we are enjoying a period of great prosperity, which seems likely to continue for at least another year. But it is at such times that we should build up our reserves to meet the possibility of less pleasant times ahead. Our war loan liabilities are easily met to-day, "oecause of our prosperity, due as stated to the high prices ruling for the products we export overseas. The liability, however, will still have to lie met in tho years to come, when the conditions may bo less favourable. Common prudence and common sense alike suggest to the man who looks ahead that a reasonable economy _ is a sound and wise policy to practise in such times as we are passing through.