WELLINGTON TOPICS.

Hokitika Guardian, 13 October 1920, Page 4

WELLINGTON TOPICS.

NATIONAL' BAJ AN.CE SHEET

A SUBSTANTIAL CREDIT. (Our Special Correspondent). WELLINGTON, Oct. 11. The National Balance Sheet submitted to the House by the Prime Minister when moving the second reading of the Soldiers Settlement Loan Bill >on Fridiy, though it contained only figures \vith which most people who take an interest in public finance were famil-

iar, has concentrated attention upon the enormous cost of the war and the substantial increase of private wealth. Between March 31st L 915 and March 31st 1920,' a period of five years, the public debt igrew by £101,338,245, bringing the. total debt up to £291,170,755. The amount of course is colossal for a young and sparsely populated country like New Zealand, and when all the assets of the Dominion, Crown Lands, public buildings, State advances in hand and the rest of the Dominion are placed on the credit side an excess of liabilities over assets of £52,143,321 remains. But against this there is private wealth estimated by the Treasury .at £500,000,000 and the financial authorities join with Mr Massey in pronouncing the position perfectly sound and satisfactory. BUTTER. The Butter Prices Investigation Committee will report to the House this week, possibly to-morrow, and it is being taken -for granted that it will recommend by a large majority that the dairymen shall receive the full export value for tlieir produce, which is estimated at -2s lOd per pound. This has been inevitable from the first, as the Government last year accepted the principle that any reduction upon the open market price must be made up by the State, and the evidence submitted to the committee has gone to show it would be inequitable to place the cost of any modification in the local price upon the shoulders of the producers alone. It is expected, however, that the Prime Minister, with whom the final decision rests, will suggest substantial Iy\ less than 2s lOd a. pound as the local price and ask Parliament to make provision for the difference between this and the export value. TOTALISATOR PERMITS. Mr George Hunter’s Gaming Amendment Rill will come up lor discussion on its second reading in the House this evening and will occupy the whole of the sitting. The Bill provides for the issue of thirty-eight additional totalisator permits, twenty to go to trotting clubs, ten to country racing clubs and eight to limit dubs, and, people who have coiinte dheads maintain that on a straight out vote Mr Hunter would get his jiroposal through the House. But the Bill is sure to meet with very strenuous opposition from a considerable section of the House, which contends that if additional permits are required for the country clubs indicated ' they should be transferred from the clubs which already, in the view of the opponents of the totalisator, have too many. This minority professes to be very detrmined and if it set up a persistent stone-wall it may gain its point by wearying out the other side. SOLDIERS’ SETTLEMENT. The debate on the second reading of ’he Soldiers’ Settlement Loan Bill, which was passed through its filial stages in the House on Saturday morning, has been followed by a variety of Additional information concerning the position and prospects of the returned men placed on the land. There seems to be no doubt that a very large majority of the men have good prospects before them and every reason to he satisfied with what has been done for them ,by the State. But a considerable number of soldier settlers, chiefly inexperienced men on small holdings, are disappointed with their ventures and are unlikely to make a success of them. The “small industry” men, in particular, who dreamed of an easy life and ultimate fortune in poultry raising, bee-keeping and market-garden ing, are not finding their occupation all they imagined it to be and probably will be back to the Government further assistance.