WELLINGTON TOPICS.

Hokitika Guardian, 2 August 1920, Page 4

WELLINGTON TOPICS.

PUBLIC FINANCE BIG FIGURES. (Our Special Correspondent). WELLINGTON, July 3U. The now House of Representatives is singularly lacking in financiers, in memLo*>, that is, who can grasp L *>e meaning and significance of the public accounts and express a considered opinion upon the direction in which they are tending.’ The rejection of Sir Joseph Ward at the polls, the retirement of Sir James Allen and the temporary absence of the Hon A. M. Myers have loft Parliament poorer in this respect that it has been for many years past. Never, indeed, since our politicians were driven to talking in millions instead of in hundreds of thousands have we had so few men in tlie House, capable of thinking in the larger, terms. One lyeeent result of all this is a marked reticence on the part of members in discussing the Budget delivered by Mr -Massey oh Tuesday evening. Same of them frankly admit thy do not understand the figures, others want time to consider them and others again are content to accept, the Prime Minister’s assurance that the financial position of the Dominion is satisfactory. STRAINING DOMINION’S RESOURCES.

There is a growing feeling outside the House, however, that Air Massey’s loan proposals and expenditure schemes if authorised by Parliament, as they undoubtedly will lie, will place a pretty severe strain upon the resources of the

country.. Many business men, and even bankers, with whom Mr Massey might have been expected to take counsel, regard the Minister’s proposals with some misgiving. Assuming that the ten millions of maturing loans will lie renewed without calling upon the local market for any contribution, they doubt the ability of the Treasury to obtain the fifteen millions of new money required without ]suiting the compulsory clauses of the Loan Act into operation and so interfering with many industrial and commercial undertakings and actually embarrassing some of the reluctant subscribers. Compulsion, they admit, was justifiable when the money was required for war purposes, when, so to'speak, the very existence of the'nation was at'stake, but its wisdom is very questionable, they contend, when the funds are demanded for an orgv of internal expenditure. INCREASED PAY. In the House of Representatives yesterday Mr Massey, as Minister of Finance, brought down an Imprest Supply Bill which provides, among other things, for the increases of £1,651,685 to bo made to the salaries of the employees of the Railway Department and other .branches of the Public Service. M f r Massey, having read the report and the recommendations of the Uniformity Committee set up to determine the amount of the additional payments, said lie did not like to be called upon to find tliis large sum of money, but he recognised there was no other way out. Salaries had risen in every industry, isi every form of employment in every part of the Dominion and the Government could not maintain a lower rate of pay than was obtainable for similar services in other employment. The increases in railway and postal rates were expected to produce considerably over a million, and provision was made for the review of the increased pay in the event of the cost of living declining, but for the present there was no escape from the position to which the Government and the country were dommitteU.