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Hokitika Guardian, 5 July 1923, Page 2

The Prime .Minister lost no time, the debate on the Address-in-Ro] ly being concluded, to bring down the Financial Statement. The debate itself was chiefly remarkable for the persistence with which the Labor party divided the House cm its policy proposals—hut the result was over a foregone conclusion, the main amendment met with a similar fate, as was indicated by the first division during the debate. By the g ate of three Liberals, two of thorn ox-stalwarts of t.lio former Opposition days, the Reform party holds the Treasury benches and continues in office. Mr Masscv is therefore quite sa.fe, slender though his majority is. in proceeding with the c-ounirv's business accord ing to his own lights. He is making the Im.cst of a. situation wherein be is heboldon to former active opponents for tile privilege of being Prime Minister. Now lie is about to set out for 1 England and the Imperial Conference, | anil so the annual review of the ccninj tiy's iiniHice is produced with more I than the usual celerity. There is not jmu h that is new in the document, j The period of the Oam.aru election j brought to light much, information in regard to the finance, and the puhlish--1 <‘d figures in the Gazette made renders ! fairly familiar with the financial pos.u.on of the Dominion.

Mit Masses- with some pride, and no doubt no liti.le measure, extol- the financial standing of Now Zealand. The country lias weathered the aftermath of the war nnd the slump without veiv serious inconvenience. At times New Zealand -coked to be on the brink of a rather serious impasse, but temperate measures In-lp.sl through the cri-i-.

Certainly the country has been overburdened with taxation, and there have been com inuoiis complaint s about extravagant administration. Here, too, there seas temporising, and a deferment oi the evil day. Then came the rise in staple products, and the general financial position Began to ease up. The eternal fitness of tilings appears rather to have worked out favorably to Mr Massey in tin' financial ns v.ell as Hit’ general political position, anii to crown all. tic is to revisit- London as the only reigning Premier of the war peiiocl. Mr Massey’s luck will become proverbial in the years to come when more of the secrets of the period of (lie stringency are revelled. But bis lurk to some extent reflects itself upon the Dominion, for it is of national concern that somehow what appeared an inevitable financial crash was stalled off and manv large financial concerns were saved front a disaster which would in turn have brought down so many clients also.

Till! Financial Statement so far as its figures are concerned indicate the l country is pulling through, despite.) the extravagant administration, and thanks to the response of the taxpayers to thcuationul levies. There are not many points of special interest in the Statement. We are to have penny postage in October, but simultaneously the n lepbone charges are to increase. There is the promise of a reduction, or rather a review of the incidence ol taxation, but the direction this is to go. or the length, is not indicated. Mr Mas soy is making provision to meet loan payments falling due. This i* very important for the sum involved is large'. Thanks to the more buoyant outlook for the Dominion, the prospects for meeting engagements ahead are more encouraging. Additional inonev is to be found for settlers and for bousing. The success nt the schemes depend upon the care of the administration, but the circulation of more money must help trading generally, and if aw extensive bousing scheme is entered upon, some reflection of temporary prosperity will appear for the benefit of the milling industry on the Coast. Oil tile whole there' will Is 1 a feeling of mild, but not enthusiastic satisfaction with the statement revealed. While the position could certainly have been better, there is the feeling it- might have been worse, and from this negative result some general consolation mnv be’ drawn.