THE FINANCIAL POSITION

Hokitika Guardian, 19 May 1923, Page 1

THE FINANCIAL POSITION

STATEMENT lIV .MR MASSEY. AVELUNGTON, May IS. An important statement was made by Mr Massay to-day, when replying to a deputation from the College Hoard of Governors. He was glad to state that the financial position of the Dominion was greatly improved. The Government was now in a much better position than a year ago, but still had to he very careful. There was pressing demand for reduction in railway freights, and to some degree that had to bo met. He had instructed the General Manager to supply him with a list of the most urgently needed reductions. When that information was received, the matter would icieive attention. Then there was the question of reverting to penny postage. Certain steps had already been taken, and possibly he could make a very shrewd guess as to when penny postage would operate. However, that could he left for the financial statement. Taxation must he reduced am! lie was doing his best in that direction. He wanted to remind the people of some of New Zealand's liabilities. Prom 192.1 to 1929 exclusive, we would have to deal with £OO,-152.000 loans falling due. These loans either have In bo paid off, or renewed. The credit of the country was good and he was sure in his own mind Hint we would he able to obtain from l.nndon any leasonahle assistance we required, lie was making arrangements whereby tlie Government would be able to lend a great del more money in future than in the past, the damage by Hoods had east further heavy responsibility on the Government. It was going to cost at least half a million to repair the damagedone. So far ;ts education was concerned, the annual vote had increased by £3,000,000 compared with 191-1.