THE 70 MILLIONS

Hokitika Guardian, 20 December 1928, Page 5

THE 70 MILLIONS

PHI.MM .A I I XI ST FITS STATF.MF.XT

(By Telegraph —Per Press Association.)

WELLINGTON, Dec. 20

As there has been some misunderstanding regarding my policy of harrow mg. its enunciated in the country, particularly in reference to the seventy millions. I wish' to make it clear, said Su- .Joseph Ward, that at no time-have I suggested that seventy millions'was to he borrowed in one year. A similar impression may have been conveyed in Fnglaml. Obviously such a propositi was out of the question, as it would so di.'turh tile country that no responsible man would make such a suggestion. What I proposed was the expending over eight or ten years of an amount tip to sixty million by loan to settlers, an average of six to eight millions a year, and for the completion of live lines of the main trunk railway connections on which up to ten millions should he expended during the next three or four years. The Public Works estimates of the whole of these railways is £7,500,000. I added an extra amount for possible contingencies, and the cost of rolling stock.

The sixty millions was for State Advances to settlers and primary producers. and the promoting of small settlements on proper valuations being obtained.

Under the whole of the proposals for the two purposes there is no taxation required, as the cost of the money is paid entirely by settlers who borrow, and hv working railways when they are completed, as a productive asset, in addition to which the whole borrowing proposals proposed by me do not amount per annum to the average amount the country has borrowed during the past three years. There has been so much mis-representntion in tho matter that I feel it is due. to British investors, who have always treated this country well, that they should not assume. without proper information that 1 here is a policy of extravagance inaugurated, and T. wish to state definitely tiiere is no intention on tho part of the Ward Government, to’abuse either its powers or its credit.