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Hokitika Guardian, 19 November 1931, Page 4

If the road to prosperity could opened by definite assurance that the trade depression was passing, the effect would be of vital importance to the national credit. Till that prospect is assured, Mr Downie Stewart told Parliament, sacrifices were necessary ■still. “As to the financial position generally it is possible those observers are correct who see definite signs of a lifting of the depression,” said the Minister of Finance, in commem* ing on the financial outlook. . "XT we were absolutely assured on this point and that we would at an ea/riy date emerge from bad times rfc might be arguable that we could relax our efforts and cease to impose grievous burdens in order to struggle towards the attainment of Budget equilibrium, hut even if we are through the worst of the depression improved conditions only slowly reflect themselves in public finance and next year may well prove more difficult than the present year. The astonishing efforts New Zealand has already made to keep her finances sound have been justified in the degree' to which our credit has been maintained. Excluding operations by way of treasury bills we have not tested the overseas loan market since last June, consequently we do not know definitely at present the extent to which the long-term market remains open to us. Our credit is of vital importance, even' if we decided to raise no fresh loans, because when our existing obligations fall due our position would he one of the greatest embarrassment if our credit was lacking. Many alluring remedies are put forward, which promise an easy road to prosperity, but I am satisfied that the Dominion will most quickly surmount its great difficulties by making whatever sacrifices are necessary to keep our financial position sound, Here wc linye the whole kernel of the safe financial policy of the Coalition Government now appealing for an endorsement, of its economic proposals.