HUGE INDEBTEDNESS.

Taihape Daily Times, Volume XI, Issue 3504, 5 June 1920, Page 8

HUGE INDEBTEDNESS.

l SIGNS OF DEPRESSION. I “The country to-day has no gross .I<«!;»: of over 200 millions.” said the ‘PI-(-mier (the Rt. Hon. W. F. Massey) =.vln_-n :<pL‘.akillg on Thursday to dele—gates of the New Zealand Returned Solcliers’ Association. Within the last few years our expenditure had gone up on mzcount of inxtereat‘. and sinking‘ fund and pensions by seven millions per unnum. It was going up every day. The cablegrams every day report falling pricee. Tt was -all very well to say, as one paper did, that the fall only ufi'ect‘ed settlers. It affected everyone in the country, soldier settlers included. He was glad that in In:m_'c eases soldiers were on :1 basis of ‘uclng able to sell out at a profit if the_\; \\'(3l'(- allowed to sell, but it was Im‘-. wise to allow them to sell yet, though they would have the freehold in time. The financial position he had stated was what they were up against. They must; go carefully, and quietly increase exports and discourage anything like a boom or they would have trouble with falling prices, They would not go on the London market to borrow money. The British Gov. 1,-mnlent was paying 6 Pet ggnt_ for long-dated 103.113, and what efiamce would New Zealand have? Whatever -:uone_v they required must come from New Zealand, and to get the money they must keep their export; above

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