N.Z. FINANCES

Hokitika Guardian, 17 December 1932, Page 6

N.Z. FINANCES

REVIEW BY CABINET. AID OF ECONOMISTS' INVOKED. WELLINGTON, December 14. Three members of the Economic Committee, which reported to the Government last February upon the Dominion’s Budgetary position, have been invited to Wellington by Cabinet witli a view to further advice being given on the financial position. They are Dr J. Might, chairman of the original committee, Dr 11. BeJshaw, and Prolessor A. ii. 'locker. Even had the Government wished to make further use of the services of the other two members of the Economic Committee they would both have been unavailable. Proiessor D. B. Copland, of Melbourne University, is not in New Zealand, and Mr A. D. Park, Secretary to the Treasury, is still indisposed. No orncial statement was made today concerning the specific work which the three economists will be asked to do, nor was the fact that they had ixmn to Yvellingon announced. It was stated this evening, however, that there was no intention by the Government to re-establish the formal Committee nor was it intended that a specific report would he asked for. The economists would merely confer with the Treasury concerning Budgetary and other problems. The three Professons have been given the use. of the Independents’ room at Parliament I House for working purposes while they are in Wellington. They met Treasury officials- this morning on their arrival, and informal talks were had with members of the Ministry. In the afternoon they met Ministers in tlie Cabinet room. I

When seen Mr Forbes said the report of the Economic! Committee dealt with the State finances up to early this year, and it was merely intended that the three members of that Committee who had been asked to come to Wellington should continue their discussions with the Treasury with particular reference to current questions of finance. “NO PARTICULAR SIGNIFICANCE” It was emphasised by Cabinet 'Ministers that the presence in Wellington of the three economists has no particular significance. It was on the advice of the Economic Committee that the Government huge ted this year for a ; deficit of £2,090,000, which was considered “manageable.” Since the estimate contained in the Financial Statement made in the House by the Minister for Finance on April 7th, th'eprospective shortage has been reduced to about £1,000,000. Some days ago Mr Forbes said Cabinet would take advantage of the seven weeks’ adjournment of Parliament to review the j Budgetary posit id' before the resumption as any steps toward bringing | about a general economic readjust- I inent would have to be taken in tbo | light of the position of the State fin- • ances. As a result it is stated that' the economists are merely reviewing ! the position as it exists to-day, and they will be in Wellington it at any time within the next few days Cabinet wishes to consult them.