LEGACY OF LANGISM

Rotorua Morning Post, Volume 2, Issue 304, 18 August 1932, Page 3

LEGACY OF LANGISM

NEW SOUTH WALES FACED WITH HUGE INTEREST BILL In a luncheon address in Sydney, the Premier ' of New SoutK Wales, Mr. Stevens, said that the session of the State Parliament opening on September 6 would proba'bly be the most momentous in the history of New South Wales. He revealed that the £18,000,000 deficits of the Lang Government had been funded by means of Treasury hills, and interest and sinking fund for them would cost the State £1,000,000 a year for many years to come. Mr. Stevens said that the Treasury figures in July had shown a wonderful improvement. The improvement ! since his Government came into powJ er was about 30 per cent. weekly, compared with the corresponding period last year. The railway and tramway figures in July were "not only better than July of last year, hut also a substantial improvement on the figures of June this year. The Government, said Mr. Stevens had been steadily preparing legislation to give effect to the promises . it made the electors. He realised ! the people were now looking forward 1 to some indication that the Governj ment intended iseriously to taekle the outstanding issues in a way that would he for the benefit of the comJ munity as a whole. He was thankful that his predecessor (Mr. Lang) no matter how fundamentally they 'differed on political questions, ad- . hered to the form of Treasury accounts which he (Mr. Stevens) introdueed when he was Treasurer in the Bavin Government. The form in which the. Budget . would be presented, shortly after ! Parliament met, would enable the public to realise at onee what the different Government departments were costing, as well as those that paid their way and those that did not. He was afraid that some of the facts ! to he disclosed would be painful and embarrassing, but the main thing was that the disclosures would let the people and Parliament know the exact financial position of the State, and of each department.