Hokitika Guardian & Evening Star MONDAY, OCTOBER 11, 1920.

Hokitika Guardian, 11 October 1920, Page 2

Hokitika Guardian & Evening Star MONDAY, OCTOBER 11, 1920.

OUR FINANCES. The Government being on the eve ol launching a domestic loan, Mr Massey, the Prime Minister' and Minister oi Finance, gave the House on Friday night a review of the finanoial position. The Minister took a roseate view of the situation, and despite the fact of our huge debt and the immediate necessity of still adding to it, he looked upon the position as good. He stated it was very strong indeed, and said no country could (possibly bo sounder. Neither did . he "know of any other country that was as well off financially as New Zealand. AH that sounds well, but while there is reason for a degree of optimism there is also the need for concern as to the financial position. Tire debt is mounting up far too high, and for sound finance their should he some scheme to avoid borrowing, and to lieducc the financial burden. There is now an enormous outgoing in interest payments, which is a great drain on the financial resources. Taxation is being kept up long after the war has ceased—and instead of attempting to decrease the war debt it is still found necessary to add to It. Another factor to be considered, is the drop In the price (J v "‘ ’ ’•'dine in tlie value of frozen meat. These v°prespnt the two chief products of the country the export of which brings into the Dominion many millions of wealth which are a great impetus to *rnde, commerce and industry. Any serious slump in prices will reflect itself on the commercial prosperity of the country, and that will not be good for the finances of the. Dominion. Bu,t Mr Massey ooncl/tided his/ statement on the right note. “The future,” he said, “really depended on themselves.” To retrieve the financial position ’here must be work and genuine production. The returns from wool and meat we owe to the herds of the country. A falling off there, and there must he increased''production through other channels. If dairy produce gets a fair deal it will assist to retrieve the position to some extent, and if the gold liners \ver e encouraged more than they are, they might be induced to help very materially in adding again greatly to the wealth of the country. All channels of industry should be running at full strength to achieve the Primp Minister’s ideal of the people really 7 helping ’hemselves. The secondary industries should expanded and made more and more productive. Labor should unite in closing its ranks, and display n. teal interest in the national welfare by producing to the utmost of its power. Work alone produces wealth, and as tbo Prime Minster said finally in closing ’‘if they worked together, produced more and increased the area of productive land, and encouraged the secondary’industries, all would be ell.” The future is in the hands of th c people who should be loyal to themselves and to the authorites, and strive to maintain the good name of our country in the past, by continuing to make it more and more respected, and New Zealand itself something of an example to emulate in the matter of national fi tIM nrnCTTflrlTV