OUR FINANCES

Dominion, Volume 12, Issue 231, 24 June 1919, Page 6

OUR FINANCES

POSITION "EMINENTLY SATISFACTORY" !. - MLMYSRS REMOVES MISAPPREHENSION Referring to the financial position of New Zealand after almost five years of ! war, the Hon. Arthur Myers, Actiiig- | Minister of Finance, stated yesterday that" he-'had been muoli surprised to ; iearn that apprehensions had been created in certain parts of the Dominion in i conseqrience of his having been represent-, ed as giving an unsatisfactory expression of opinion in regard to the sound financial position "of the country. "I cannot account for such misapprehensions'/having arisen," remarked Mr. ! Myers, "and certainly neither our finan- ; cial position nor any statement of mine • has justified anv feeling of uneasiness in regard "to our finances. In my last interview dealing with financial matters I certainly- pointed to the fact that our National Debt had been augmented during the war by some 81 millions, whilst our. annual liability in respect of interest and sinking fund had incrased durj ing the same period by some four milI lion ptfunds, to which had to bo added increased'pensions to the extent of about two millions per annum, in addition to one and a half millions extra expenditure oh account of Departmental administration, and also the amount involved in-.the settlement 'and repatriation of' our .returned soldiers. At the same time, | Tviiilst referring, to the fact that the Na- ! tional Debt now amounts roughly to about .£l7O per head of the population, I - . I also pointed out that, taking/very con- ! tervativft estimates, our national wealth aggregates some per ca.pita; national ineom& over <£55 per capita; de- ; posits in the banks, .£72 per head of the population; overseas trade, some per ; head; and also tearing in miud that ; during tha war period we have accumulated some 15 million pounds, as surplus -revenue over expenditure, invested in short-dated securities available for use when a decision'is arrived at in respect !' of their' disposal; asl well as the. fact j - that the people of New , Zealand have ' subscribed some 5i million pounds to- ' wards war and other loans since A.ugust, l!)li, there can be little'doubt that this j ' country ;s. fully able to cope with her monetary liabilities, and that her financial position is eminently-satisfactory. "What I did stress at the time," continued -Mr. Myers, "was that whilst ; taking an optimistic view in regard to the future of. our country financially, it was only by'each citizen taking, a p3r- •" eonal interest in and. responsibility for the solution of the great industrial prob- , lems confronting us, that we could continue to do full justice, to'our great desi'., tiny, and to shoulder our responsibilities ■; inthe • best possible way. The industrial. unrest at present prevalent every:;Y where throughout tho world is, in my opinion, merely an outward, sign of the r -j, great internal struggle for improvement ; . and advancement that is taking place in h every branch of society. Humankind is ' in a' state of transition, and it is the i." duty of every responsible human being to help forward the great forces of profVess' that the war has done so much to liberate." .