HON. W. F. MASSEY.

Hokitika Guardian, 11 May 1922, Page 2

HON. W. F. MASSEY.

ON FINANCIAL SITUATION. i [BY TEI.EGKAI'H PEB PBESS ASSOCIATION] %| FFTLDIXG, May 10. 1 .Mr Massey delivered a speech here to-night, getting an enthusiastic reception. The May or, Mr J- S. Tiugey, j, presided: h The Premier said his duty was I<> to- j duce the cost of government, and to £ lower taxation. He had reduced part of s the bonuses of the public service. When i later they took half of the second ( bonus, be believed they would not touch j the remainder. He anticipated better ( prices for products in the next feu ( months. He hoped to reduce taxation. , He hoped the hunks would reduce mort- | gage and overdraft rates. He gave de- ( partmental figures showing the financial ( position of the country. He Imped to i be able to reduce the postal and rail- , way charges, later on. ] He said the ordinary revenue for the year was £28,127,007, being £127,00. in excess of the .estimate. Compared with the previous year there was a decrease of £6,133,954. The expenditure was £28,466,828, beimr £330,831 in exeess of the revenue collected. It was £886,516 less than the amount appropriated by Parliament. He said a readjustment of the tinaneial situation was proceeding slowly, hut the result of the year’s operations indicated the trend of business even.s. Out of the past accumulated surpluses, totalling£. 23:671,209 the discharged soldiers settlement account had absorber £l3 500 (tOO. The reservt? fund securities’ absorbed £1,200,000. Economies and savings m the public services totalled £5,646,836. On the railways question, he quoted a letter from the Hon Mr Guthrie, stating Mr McVilly (General Manager) . had submitted for approval a memo, outlining a proposal for a Board of Exports to assist fn the management. It also had been decided to appoint » Bailway Business Agent in each Island. Mr Massey said all railways in Australian States had shown a loss for 1920-21, so New Zealand was not alone, i Referring to the coal supplies, the ■ Premier said that after last shortage, they had given Mr McVilly a free hand He had bought Welsh coal, at £4 per ton. When that contract was completed, he (Massey) hoped they ' never again would have to go outside ■ New Zealand for coal. He said the Welsh putchase had been an insurance against the railways being held up. He ' believed the Government acted wisely, He claimed the expenditure on public works had lieen heavy in the pns* ’ ye Br> totalling £5,359,790, being £2 000,000 more than the previous year. The Dominion had £2,000,000 in reI serve in London, ready in case of etner-

’~Ylu* total economies made by the Government, so far. were £5,600,000 for last year. He expected to have another drop in the income tax. There were other revenues decreasing and economy must continue. . He then quoted figures to show that the taxation per head was not as high in the Dominion as in Australia In New Zealand last year tt was LU 1° and in Australia £l3 6s. Last vear the Advances Department lent nearlv £2,000,000 to settlers and workers. The Local Bodies Department was anything but a dead lettei "Sports last year totalled 792.000 and the exports £43,»iauju showing a good position. Regarding the money invested in soldiers settlement. Mr Massey said he thought there would be very little loss out of the advances made to soldiers. Over 2,000,000 had already lieen repaid. The country must go in for d «- velopmen.t of roads, railways, bridges, hydro-electricity, and school buildings It iftust encourage land settlement, and the veneral industries of the country. Immigration, lie said, had been stopled for the winter. , , , The prospects were good and lie asked all citizens to assist to get hack to the prosperity of pre-v>nr days. The l remier was accorded a hearty Vote of thanks for his address.