WELLINGTON' TOPICS.

Hokitika Guardian, 18 August 1922, Page 1

WELLINGTON' TOPICS.

THE BUDGET. . WORDS AND MORE WORDS. SPECIAL TO GUARDIAN. WELLINGTON, August 15. The least admirable feature of the Budget reatThy the Prime Minister, in his capacity of Minister of Finance, in the House of Representatives Inst night was’ its prodigious length'. Fifty-two pages, averaging 720 words to the page gave a total of over 37,000 words, which Mr Massey-, standing on his feet for two hours and a half and taking certain short cuts, spun off nt the rate of 250 words a minute. Mr Seddon in his most profuse days never got beyond 25,000 words on such an occasion, and Sir Joseph Ward was always well on with his preroration before he topped the 20,000 words mark. The record rests Indisputably with the Reform'leadcr. But by and by Mr Massey- himself will realise the utter futility of such a herculean task as the one he saddled upon himself last night. Not a score of peope within hearing were listening with any- interest to what he was saying. Had the Minister spojeen a hrief summary of its contents and then laid the document on the table. he would have saved himself a great deal of hrentli and spared the House from a positive infliction.

BY ANOTHER NAME. The Budget laid no claim to he a literary- production. William Ewart Gladstone, who could make fascinating reading out of such material as a .State Treasury offered, so far has had no peer in New Zealand. But the mass of facts and figures Mr Massey had collected from the various Departments were turned to good account in putting the best possible complexion upon the finances of an extremely- difficult year. The Minister shower! quite frankly that the expenditure during the year hod exceeded the revenue by- £339,831, but he mannged to do so without using that ugly word “deficit.” He reduced the balance on the wrong side to £279,831, by deducting certain repayments made by- the Southland Electric Power Board and then described what is a euphemistic phrase which is bound to grow in favour at the Treasury. More than this, Mr Massey is going to borrow enough from the accumulated surpluses to “adjust” the difference between expenditure and revenue and to ensure a surplus for next year. No doubt this is sound finance, hut to the laymen, it is very puzzling.

ECONOMIES. Though the net expenditure for last financial year showed an increase of £393.108 upon that of the preceding year, Mr Massey claimed to have effect, ed many, economies. His figures were quite clear, hut after the adjournment, no one in the lobbies seemed to know exactly what they meant. He made up a total of £5,190,419 by including “reductions in the estimated expenditures of 1921-22 and 1922-23,” “Savings in interest and Sinking fund charges “reduced Services and Financial adjustments” and “economies, savings and reductions,” and no doubt during the course of the debate on the Budget more information on the subject will he given. Mcnnwhilo the faithful will have to take a good deal on trust. It is not disputed, however. that the' animal increase in the public expenditure received a distinct check last year. In 1910-17 the'increase was £1,5(55,063; in 1917-18 £1,061,516 • in 1918-19, £3.553,312; in 1919-20, £5,1 071.925; in 1920-21. £4,287.206 and the last year only £398,108. The Government obviously has awakened to the lact that with the altered conditions the old rate of expenditure cannot he maintained.

THE CRITICS. It is not easy to ascertain to-day what members of the House think of Die Budget and its proposals. Most of them, of course, will ultimately tnink according to their party- colour, ns politicians have done from time immemorial, whenever finance has been concerned. Few of them, however yet pretend to have read and studied the portly collection of figures. Those that have, do not appear greatly impressed except by the great difficulties confronting the Minister and the courage with which ho is facing them. Business' men in the city, speaking generally, mo frankly dissatisfied. They are disposed to think the Government’s economies are purely paper economies and that the amounts transferred from the 'accumulated surpluses have no tangible existence. Even the ‘Dominion” the mouth-piece of the Reform Party has lingering suspicions. “At an immediate view,” it says, “the estimates of expenditure for the current year compares disappointedly with a catalogue of economies effected and proposed running into well over five millions sterling.” But this is only- a passing spasm of candour. To-morrow all will he lovely in the Reform garden.