N.Z. MONEY REQUIRED

Evening Star, Issue 20049, 14 December 1928, Page 3

N.Z. MONEY REQUIRED

Premier Encounters Difficulties ' A GUARDED STATEMENT [Bt Qua PARLIAMENTARY REt'ORTER,] WELLINGTON, December 13. Perhaps only a few of the older members of the House knew to, what Sir Joseph'Ward .referred when he mentioned to-night that he had discovered a matter in connection with finance which ho could not refer to in specific terms, as the time had not arrived. “I found several important Lpndon transactions awaiting me on taking office,” began Sir Joseph, “ and on investigation I. find that it will not be wise for mo to rely on the London market for money in the meantime. A very difficult question has been left to mo by the ex-Minister of Finance, and I have to make a decision.” Mr Downio Stewart: That only arose during the middle of the election campaign, and I thought it only fair in the circumstances not to make any comment in the meantime. Sir Joseph Ward; Oh, I refer to a matter long before the election. X Labour Member: Is that the allocation of the Sinking Fund? Sir Joseph: Someting very much more important than that. PRIME MINISTER CONFIDENT. “However,” continued the Prime Minister, “1 can give my word as Minister of Finance that 1 shall be able to give effect to what I have indicated, with the assistance and concurrence of my colleagues. I am satisfied we can do what we arc indicating. It will not be till next session of Parliament that the Government can discuss with Parliament the matter to which I allude. There is nothing mysterious about this. The es-Ministcr of Finance will know that what 1 am saying is true, but it cannot at this stage bo mentioned in debate. It is a question of safeguarding a situation that requires a good deal of care. This Government is not going to keep the people, either directly or indirectly, in any condition of uncertainty because wo have very big responsibility on our shoulders which, wo didn’t expect to be there. Mr Mason (Auckland Suburbs) callqjl out impatiently: What docs all this mean p Sir Joseph: When that lion, gentleman has been a little longer iu Parliament he will find out what a good many things meant a year after the event. Mr Mason: if you can convey no meaning, why say anything at allP Sir Joseph; Jf the. lion, gentleman ever gets the opportunity, he, will then be able to educate himself on a point which 1 cannot attempt to explain further, for the reasons I have suggested. MONEY TO BE RAISED LOCALLY.

“I have to tell the House,” continued the Prime Minister, “ that some of the money required will have to be raised in New Zealand. Ordinarily, I would be opposed to such a course, and the money in New Zealand would not be absorbed unless there was no other course open. 1 can only hope that no fastidious opponent will say that we cannot carry out our policy. Mr Harris (Waitomata): Will the seventy millions be available? (Laughter.) , , The Prime Minister said that if any Opposition member desired to know what lie was alluding to, ho should ask the ex-Minister of Finance to explain publicly, and see if lie would do it. No one could expect a Government that had. been only three days on the Treasury benches to do more than had been done. Country first and party nowhere ivas the Government’s motto. “ If needs be,” declared Sir Joseph, “ 1 would sooner walk out of this House than weaken the state of this country.” Mr Coates: The right bon. gentleman is quoting me, word for word. The Prime Minister retorted that he could see ho was following a worthy man, who in his day did his best. That was what the Government had to do, and perhaps would succeed a little hotter than the Leader of the Opposition did. (Laughter.) , The Finance BUI was then introduced by Governor’s Message, and the House agreed to grant it an urgent passage. Mr Downio Stewart (late Finance Minister) said bo agreed with Sir Joseph Word that it might bo desirable to secure loans locally at present, and he bad mentioned tins during the elections. He bad endeavoured to put on the brake in regard to loans, but apparently it was to be taken off. Mr Poison; You put the brake on the wrong wheel.