The Guardian And Evening Star, with which la incorporated the West Coast Times. TUESDAY, APRIL 22, 1930. FINANCIAL CONTROL.

Hokitika Guardian, 22 April 1930, Page 4

The Guardian And Evening Star, with which la incorporated the West Coast Times. TUESDAY, APRIL 22, 1930. FINANCIAL CONTROL.

Oils is the period of the year when the annual stocking is being noised aOroad. In many countries heavy deficits are being recorded. Australia is having an unenviable experience in that respect, but New Zealand, it is foreshadowed, will present a small surplus— a very acceptable result in all ine circumstances and redounding to the credit ol the Government in general, and the Minister of Finance (Sir Joseph Ward) in particular. Last week the British budget was hromy:t down by the Labour Chancellor of the Exchequer (Mr Snowden). Instead of the four millions surplus forecasted, there was a deficit of fourteen and a half millions, with I he not cheerful

prospect ahead that on the estimated receipts and expenditure for the year now entered upon, there is a deficiency- of forty-two millions to make up. Mr Lloyd George has been more explicit that Mr Snowden in revealing the causes of last year’.s defnit, for he blames plainly the previous Chancellor (Mr Churchill) who banked on a trade revival to pull the national finances through. The luck was not wiu the country, and so the Labour Party has. to account and provide for the deficit as best it can. Mr Lloyd George also made the sensible remark that it was not the revenue side which required to be watched, so much as the expenditure side. This was perhaps a subtle reference to the increased cost of social services for which Labour has been directly responsible. The general situation is worth full cognisance for we see the .Labour Party of this country- very keenly anxious to reach the Treasury benches. Admitting in both Australia and Great Britain, the incoming Labour Governments had to ° ft carry the burden of predecessors who left the finances in a difficult position, we have to remember, also, that Sir Joseph Ward was faced similarly with a stringent position. His handling was evidently the more adept for he has pulled the country through a Very difficult period successfully. . hat he has done should earn the admiration of the people as a whole. It is no doubt due. to his proved financial ability that he was able- to secure the control again of the national linances, and in doing so lie lias demonstrated his ability to carry on the national services unimpaired—-in fact improved and extended—and still balance the accounts satisfactorily. That achievement must go certainly to the credit of the Government and enlist the further confidence of the people. We have seen how.. Reform failed in the past, and ,we hear of the lavish way Labour would carry on*-with-out financial provision for the largesse it is prepared to distribute if returned to - office. As the matter stands, there lore, it must be counted as fortunate indeed that the turn of me political wheel sent the United 1 arty to office with Sir Joseph Ward as their capable leader. Very serious and stringent times are being experienced in Australia and Great Britain, with no immediate prospect of financial emancipation. Their position will reflect on New Zealand and hamper trade and intercourse here to a considerable extent, but that outlook is not as serious as were the plight of our own making. Under the present capable leadership, 'the shim-

tion as it present itself, will be met as fairly and fully as possible. The Government promises to not boldly and capably in various matters, and can be trusted to .move circumspectly—the Liberal record covers that pledge. We muslt recall that when times were good and Sir Joseph had tiie opportunity in the National Ministry, ho stored up a credit in London that was the saving factor of the Jteform administration la,ter. Sir Joseph received no kudos for that at the ’ time, but the facts speak for themselves, and again emphasise his great financial ability in the control of finance. Although far from well lie is playing his great part in the government of the country well, and the general wish will be that lie may be long spared to direct the finances of the Dominion in the same wise way as in the past.