PRAISE FOR PRIME MINISTER

Hokitika Guardian, 29 April 1930, Page 6

PRAISE FOR PRIME MINISTER

F i NANCIAL GENIUS

HIGH ESTEEM OF LONDON

AUTHORITIES.

AUCKLAND, April 26

Tn a speech at Mr W. A. Donald’s Parnell by-election meeting on Thursday, the Minister of Lands (the Hon G W. Forbes) devoted some time to praise of Sir Joseph Ward’s services •especially as Finance Minister since he re-assumed office at the end of 1928.

“There seem to be a lot of people who would like to get him out of the way.” remarked Mr Forbes. “They pretend a great deal of solicitude for his health. One Labour member said that it was a pity that the Government had hung on to him so long and that it was time he was put on one side. Jn reply to this I want to state that Sir Joseph Ward takes the keenest interest in the politics and business of this country. T have been closely connected with him ever since I was whip under his previous administration twenty years ago. His services cannot be estimated in value. What lie has done for the country’s finances, taking them as they were and putting them in the sound position they are in to-day, as shown by his statement, does him the very greatest credit.” As Finance Minister, Sir Joseph had alwavs endeavoured to make ends meet, and more. In 1912 he had left a surplus of £7 9 0.000. In 1919, as a member of the National , Government, be had shown one of £3,678,000, and the accumulated surpluses of his fo-ur years in the war period bad amounted to £15,000,900. • Now be was able to show a surplus of £150,000. To realise what this meant it should be remembered that the financiers of Great Britain were watching this country very cloisely, especially in view of the state of affairs in other dominions at present. The surplus helped to explain why Sir Joseph Ward held such ■i high place in the esteem of London financial authorities. The same was true of the recent conversation loan, floated successfully at a time when conditions were very adverse. Mr Forbes referred to the economy of £220,000 in public expenditure, the payment of £175,000 from the Consolidated Fund 'into the State Superannuation Funds, and the improvement in the salaries of the lower paid postal officials. It was true, he said, that there had been a net increase of £3,190 000 in the public debt, but this was due to the fact that £5,380,000 of the previous year’s £7,000,000 loan came : nto the current year’s acounts, making the total borrowing for the year £3.570,000. What, is might be asked, had the Government done with the' loan money. He could mention one item Between its assumption of office and March 31 last, the Government had -.n.nvGod £9,500,000 in advances + o .settlers and workers. It had found the State Advances Office heavily in arrears with applications and had shown in this decisive way its real desire to help both classes of applicants.