Manawatu Herald SATURDAY, MAY 21, 1921. NO MONEY TO SPARE.

Manawatu Herald, Volume XLIII, Issue 2279, 21 May 1921, Page 2

Manawatu Herald SATURDAY, MAY 21, 1921. NO MONEY TO SPARE.

THE fact that there is a surplus on last year’s public accounts of over six million pounds may lead the public to assume that there is this much money to spare for public works and other enterprises. That this is not so was made perfectly dear by the Acting-Minister of Finance (Sir Francis Bell). As has been previously stated by ine Minister, the great part of the surplus has already been transferred to public works fum s by various investments in authorised loans, for instance, not only general public works and railway construction, but the Hauraki Plains and Rangitaiki drainage accounts, forestry, and other works involving capital expenditure, have all been supplemented or provided for out of the surplus, Part of the surplus is infested in London towards the payment of the next quarters interest, and part is deposited here fora similar purpose. A ith a falling revenue, it- is necessary to provide for the contingency of the current year’s revenue not equalling the expenditure. The unexpended casli balance of the surplus is not more than sufficient to provide for this, and to leave a margin of safety to meet an emergency arising through possible unemployment. There is no balance available for transfer for regular public works expendi-