A SOUND CONDITION

Hokitika Guardian, 4 August 1930, Page 7

A SOUND CONDITION

* “BORROWING PACE TOO HOT.” WELLINGTON, July 31. “I entirely agree with the efforts of the Finance Minister to balance his Emdget,” remarked the Hon W. Downie Stewart, ex-Minister of Finance, in the course of his contribution to' tlie debate on the Financial Statement tonight. But, he added, this still left the question open of how the gap was caused and what were the proper steps to fill it.

Mr Stewart criticised the borrowing policy of the United Government, and said that the policy of the Reform Party had been to reduce the amount annually to enable the Dominion ultimately to beoome self-contained financially. Towards that goal, he contended, marked progress had been made, notwithstanding heavy Public Works commitments, That policy had probably had a good deni to do with Reform’s lack of success at Inst election, He did not regret that in any way.

After further discussion of details of the financial position, Mr Stewart sum- * med up with the declaration, “My , opinion is that the financial position 1 is quite sound and enviable, compared with that of Australia and ’.other, coun- j tries.” But the Prime Minister would have to watch his borrowing, and if lie curtailed it he would.get . support) at an rate so far as the speaTter was ‘ concerned. Fortunately, ’"the United Party had not, owing to adverse conditions, been, able to carry! out its full borrowing programme, otherwise New: Zealand in a few years would have been in the same position as Australia. The United Government had cut down, buff its borrowing pace, iri' his opinion, v was still too hot.