MEW ZEALAND FINANCES.

Stratford Evening Post, Volume XXV, Issue 12, 15 January 1915, Page 8

MEW ZEALAND FINANCES.

interview with the min. i ISTER. Pee Peess Association. Dunedin, January 14. Interviewed to-day, Hon. James Allen, Minister of Finance, said the financial position of .New Zealand, all tilings considered, was satisfactoiy. i There was a fairly heavy strain upon the Consolidated Fund, and it could not be expected that the revenue would keep up to the standaid anticipated under normal ciicumstances, although the Customs returns to the end of November were better than the Minister had anticipated, the returns having decreased hardly at all. The railway revenue to the end of November showed a satisfactory increase, the net increase to 7th November being £4(1,000. The Minister gave details concerning the loan from the Imperial government, of live and a qnartei i nllions, also the subsequent loan ot £206.000 raised in London*. The £o,200,000 was obtained on exceptionally satisfactory terms, 3i per cent, foi the, next fourteen years, but as we only got £9o for every £IOO, the cost including charges was close on 4 pci cent. In addition to that loan the Government was able to seciue another quarter of a million in London, but not, of course, upon such good terms. It is redeemable in 1929, and costs a little more than the Imperial loan.

Mr Allen remarked that it is exceedingly difficult to raise money in the , world’s market, and it is inadvisable for, colonial governments and municipalities to go upon the London market ditring the progress of the war. The New Zealand Government had kept off as much as possible. This attitude has necessitated the conseivation of' funds in order to avoid a serious decrease in public works, the Government does not want to create unemployment, and is doing eveiything possible to keep the public works going steadily.

Mr Allen said: “I think it necessary for everybody to practise wise economy without doing anything that will tend to dispense with employment. This is the policy of the Government, and should be the policy of every individual firm and company. Waste and extravagance should be carefully avoided, but it would be absolute folly to give way to pessimism and indulge in economy which would detrimentally affect employment and the righteousness of our cause. In doing that it is a common duty to give practical expression to that faith. We should all economise and do everything possible to keep industry going steadily, .even though it necessitates strain and personal sacrifice.”