OUR WAR DEBT

Dominion, Volume 12, Issue 220, 11 June 1919, Page 8

OUR WAR DEBT

HEAVY INTEREST CHARGE

THE WAY OF SAFETY

WHAT DISRUPTION MEANS

The Hon. Arthur Myers, Acting-Minis-ter of Finance, made reference yesterday to the large addition to the National Debt accrued during the war, and to tho corresponding increase in tho annual charges thereon. . "Loans raised .in New Zealand since, August 1, 191-I'," said Mr. Myers, "amount to. some fifty-five million 'pounds; whilst those raised in. London during the same period aggregate twentysix millions; thus making together an increase in tho National Debt during the war of some cighty-ono million pounds. Tho additional charge per annum by way of interest and sinking fund on such increase in our indebtedness amount/? approximately to four million pounds. War loans raised during the. war total some sixty-nine • million pounds, of which. forty-three millions were raised internally, and twenty-six millions at Homo. ~,,, "The total National Debt is now, roughly, some .£l7O per head of our population," continued the Minister. "Taking very conservative estimates, our national wealth amounts 10 some JMOO per head and national income to over ,£55 per head; and with deposits in the banks of about £12 per head of the population, there is no question as to our ability to meet our war obligations, if all classes of the community will.unite in preservmg stable oconomic conditions.. As regards the savings of the people of thus country, a comparison Of returns published by the various nost office savings banks throughout the world discloses the fact that Now Zealand is "an easy tot in this respect, with total deposits of .£3O per head of. the population in the Post Office Savings Bank alone.: the corresponding figures for Australia and the United Kingdom being ,£23 45.. and £o 7s. respectively. The deposits in all savings banks in this country have increased from nineteen millions in 19U to thirty-three millions in 1918. It must, be understood, of course, that tho above figures are given in round sums, for the convenience of comparison. _ . "Whilst one is naturally optimistic in regard to our future financially," concluded Mr. Myers, "having regard to the fact that we have one of tho most fertile countries -and most loyal, .efficient and progressive peoples in the world, at the same time ono would desire to strea the fact that it is only by each, individual taking a personal interest in -and responsibility for the solution of tho great industrial problems confronting us, can we play a worthy part in this great task The industrial unrest'prevalent everywhere at the present time is merely an outward sign of the great internal stru->gle for improvement and advancement that is taking place in . every branch of society. Humankind is m a stag of transition, and it is.the duty ot every responsible hnmnii being to help forward the great forces that tho war has'done so much to bring into visible evidence. To the extent to which, we assist or retard that ■ great, movement whose influence is felt to-day throughout- the four quarters of the globe, shall wo determine our place as nation and as u democracy in tho future. One feels assured that the disturbed condition of affairs through vAich we are passing : is not only an aftermath of tho Great War, but is a precursor of stabilised, enlightened, democratic policy on the part of the people of New Zealand, whoso energies will find their vent in progress and advancement, instead of in Bolshevism and disruption, with eventual stoppage'of 'production and loss \of prestige and honour."