WELLINGTON TOPICS

Hokitika Guardian, 22 April 1929, Page 2

WELLINGTON TOPICS

THE FINANCIAL YEAR. H ALF MTLLTOX DEFICIT. (Special Correspondent). WELLINGTON, April IS. The announcement made by Sir Joseph Ward at the annual meeting of the Wellington Chamber of Commerce on Tuesday evening to the effect that the.ordinary revenue account ol f the Consolidated Fund showed a deficit of appoximatcly £550,000 for the financial year just ended <1 id no't-conic as a surprise to folk who had been following the trend of the public finances at all closely. It was known that there had been a substantial decline in the Customs revenue and that the “unpaying railway lines had placed some £400,000 or £500,000 on the wrong side of the ledger.’’ The Prime Minister, while recognising the need for the utmost care in the administration ol the financial affairs of the country, is uy no means perturbed by the magnitude of the problems confronting him. The banking position was sound, he told his audionbe; tho trade of the Dominion was buoyant and the position of the primary producers was improving. Prudence and industry would prove the safeguards of prosperity. IN appreciate VEIN. It is a new experience for Sir Joseph Ward to have bouquets cast at him by i..e Wellington newspapers; but they probably will bo none the less appreciated on that account. “Sir Joseph Ward's speech at the gathering hist evening.” said the “Dominion, ? ’ yesterday morning, “contained a number of points of more than usual interest. . In his interesting and inlormative speech tho Prime .Minister we are pleased to note, indicated the need for a careful examination of proposed cxpomliture in the period immediately ahead', and suggested certain changes which he contemplated making which have much to commend them.'’ Tho morning paper supplements its appreciation and goodwill by stating that •\iie prospects for trade and business appear to be bright enough to warrant a greater spirit of optimism.’ It is a matter of eommeiu here that neither m disclosing the financial deficit nor in pronouncing the close ol the Palmerston . North railway deviation did the Prime Minister cast any reliection upon his political opponents. HEARTY ENDORSEMENT. The “Evening Post” pays even a higher tribute to ,Sir Joseph. “The Prime Minister,” it says, “is to be congratulated upon the review of the financial position which he presented to the Chamber of Commerce-last night. It was an admirably balanced statement which placed the good with the bad, the reverses beside the* successes, and from the whole drew inspiration and guidance for the future. It is not a pleasant task to announce a deficit, even though the terms ol the Finance Minister’s occupation ol that office relieves him of the share of the responsibility. Hut Sir Jospeph Ward could scarcely have handled the task better if it had been his good fortune to he able to announce a substantial surplus. He was scrupulously fair to his predecessors in office and said no word which could have been interpreted as a reliection upon Mr Downie Stewart, the results of whose Budget lie was announcing.” -Inst appreciation could go no further. Admittedly it was deserved. PALMERSTON NORTH DEVIATION. The good people of Palmerston North arc by no means unanimous in denouncing the suspension of work upon 1 Heir railway deviation hut lor the time being the malcontents are making the loudest noise and arresting the closer attention. Their principal arguments against the Government s decision are that the cessation ol the work will throw a large number ol men out of employment and that a substantial sum of money having been spent upon the work the expenditure ought to ho continued. These arguments are not very impressive, since the Government has pledged its word that the men will he given employment elsewhere; hut they carry weight with many of the local people and are endorsed b.v sections of the Labour Party. In Wellington, however, there is a strong feeling that the Government has taken the right course in deciding that it men are employed upon relief works their labour should ho concentrated as lar as possible upon undertakings that will yield the greatest advantage to the State.