N.Z. FINANCES

Hokitika Guardian, 21 October 1929, Page 5

N.Z. FINANCES

STATEMENT BY SIR J. G. WARD. (By Telegraph—Per Press Association.) WELLINGTON, Oct. 2i, ' » Sir Joseph Ward issued a statement on the finances to-day. Depreciating the assertion that the Budget was only intended to produce a huge surplus amounting, to a million, he said! the estimates ' and expenditure were most carefully overhatiled, and as a fact, new services contemplated were- held .back on account of the financial position. It' was" found' that to cover the deficit t and increased charges of interest £1,572,000 additional revenue waA requited; arid .to do" this additional taxation was required. .. ; Since the Budget was-delivered shine modifications haye been made in the Land Tax proposals and some of the savings , dounted .ron,, ".it was found, wOuld not operate.''‘At present very little in fh'e way; Of k'surplus was anticipated frpm original proposals, : and * any margin would be] absorbed in concessions since gran tear so that figures will /have: to be iigfitly held, to make ends irieet; K A milliohsurpliis was entirely falla- • cious! ; The customs were being carefully: inspected /and thefie are lindica-; tiotis that, the Budget estimates will bej'.sustairied:' T>e Oustoms may even’ - yield £50,009 -more, but- the volume of .imports is a little uficertainV and; conditions > are changing,- especially in spirits ahdliobacco,lf lie .latter.of which was affected by local manufactures. It is fairly certain ..also,- that international finance: -and' the increased bank- rate in .' England ; will react on ? imports. , : Everything goes to show that 4 addi- - tjonal. revenue from land tax and primage are', absdlutOlg .Uecessary to make the" year.’p accounts balance. : ■