NEW ZEALAND FINANCES

New Zealand Times, Volume XXXVII, Issue 8354, 14 February 1913, Page 6

NEW ZEALAND FINANCES

Yesterday we published a statement supplied by the Hon. W. Fraser, acting- Minister of Finance, of tho country’s public revenue and expenditure for tho ton months ended Jauuary 31st, 1913. Tho Minister also supplied figures for the corresponding period of tho previous financial year for purposes of comparison. From theso it is wade to appear that the revenue rose by £382,302 and the expenditure by £326,511, or a net improvement of £53,788. Now, wo have no desire to stress Mr Fraser’s responsibility for tho interim statement ho has issued. Tho Minister of Finance is in London, and Mr Fraser is simply holding the fort in the meantime, and cannot bo well expected to have that intimate knowledge of tho subject that would bo looked for in the regular holder of the portfolio. With that reservation we feel justified in saying that the acting. Minister’s figures for the ten months ended January, 1912, do not agree with Sir Joseph Ward’s. Just before relinquishing office last February Sir Joseph submitted a memorandum showing the then financial position of the Dominion. This stated a higher revenue and a lower expenditure than those quoted by Mr Fraser. If wo compare Sir Joseph Ward’s figures for the ten months of his own administration with Mr Fraser’s for tho later period (during more than half of which the self-styled “ Reformers ” have been in office), that will be taking a course obviously and scrupulously fair. That will apportion responsibility equally, each Minister giving respectively the figures for tho actual ten months closing when he was in charge of tho Treasury. The statements show: SIR JOSEPH WARD’S.

To this we may add that the expenditure in the later period was deliberately kept down through the stoppage by the Minister of Public Works of railway constructions authorised by (Parliament; also that the increased revenue has all- come in by way of taxation—which the “Reformers” promised to reduce. If the statistics so far available contain any evidences of'Reform wo should be pleased to have them indicated.

(Ten months ended January, 1912.) £ Revenue Expenditure 8,060,995 'Excess of revenue ... £657,069 MR FRASER’S. (Ten months ended January, 1913). £ Revenue Expenditure Excess of revenue £384,427