THE FINANCIAL OUTLOOK.

Otago Witness, Issue 2892, 18 August 1909, Page 53

THE FINANCIAL OUTLOOK .

HON. T. MACKENZIE'S VIEWS.

PALMEBSTON N., August 7.

The Hon. T. Mackenzie passed through here to-day on his way to the Moumahaki experimental farm. He was seen by a Manawatu Times reporter regarding the financial and political position of the Dominion.

Regarding the financial position, Mr Mackenzie said the exports for the halfyear ended June 30, 1908, were £10,053,470, and the imports for the same period were £8,292,948, showing an excess of exports over imports of £1,760,522. The exports for the halfyear ended July 30, 1909, were £12,292,444, and the imports £6,783,882, the excess of exports over .imports being £5,508,562. These constituted a record, the previous best increase being £3,689,310, in 1906, for the whole year." The money market, which had suffered from various causes, was now relieved, and already money at reduced rates was available for -alt-round investments. Despite the- actions of some to decry, the Government, he could bay unhesitatingly, that never before in the ' history of the Dominion had a firmer grasp been exercised by the Administration on the finances or a keener scrutiny on the expenditure. This was causing considerable unpopularity in some districts, and threats of dire consequences were held out, but he felt sure that behind the Government there was a solid appreciative public which would watch carefully, and which, when the right time came, would show that it valued what was being done and realise the difficulties of the Government's work. Some said that so much public money had been spent that the Dominion could not stand sound economy and that a middle party was forming, which would work off one party again&t the other, and, in its words, "secure a share of the plums." Given a sound economic basis and the Government devoting itself with singleness of purpose to the welfare of the Dominion on practical, common-sense lines, there need be no fear for the future. It was hoped that the fruit industry would increase and "ftiat the flax trade would improve. There were great prospects in the north of development in land settlement. Cereals would bulk largely in the exports, and it only fewer people would flock to the cities we would see great results. The recent depression had done no. permanent harm, and had made the people realise that there must be a limit to public and .private expenditure and more' self-reliance.