NEW ZEALAND'S FINANCES

Taranaki Daily News, Volume LII, Issue 188, 13 September 1909, Page 4

NEW ZEALAND'S FINANCES

STATE.ME.ST BY UK. FINDLAY. SOME INTERESTING FIGURES. Wellington, Wednesday. Interviewed by a x\ew Zealand Times representative to-night, the Hon. i)r. Findlay stated, in amplification of his recent speeches, that tne capital value ul land alone in tne Dominion increased > ■between ibJl and 10U0 by .1:14,312,207,1 and tills value was 30 per cent, under j lue attual sales. Tlie increase in tile 1 gross public debt in the past eighteen years was J.'32,108,1!>4, or £l4 per head ul' the Jiiuropeuu population. At the same time, tne increase in publie and private wealth was JilliJ per head. 'l'm. increase in the value oi jailways and equipment was £13;844,U58, and increased investments supplied to the Advances to Settlers, Lanu for Settlement, State Coal .Mines, and Loans to Local I Bodies, etc., £:;2,'j4!j,U7o, making a total oi £30,704,02!), all uirecuy reproductive and carrying more than the interest paid, so mat the whole ot tile increased public debt since 18U1 is earning more than the additional interest paid during the past eighteen years. The European population increased by 32ti,583, equal 10 jl per cent, ine total private wea.th alone in the Dominion is estimated at the huge sum oi £jdi,000,333, and puolie anu private wealth at a moderate estimate is computed ai £.000,000,000. The increase in the annual iucuiues re- ' tinned ior taxation hi the liiteeii years .s over £10,000,000 ior every £1,000,000 |in public expenditure. During the past Liguteen years the wealth, largely resulting tuereiroiii, has increased nfore than £8,000,000. This would in commercial circles be considered sound business. The population has not increased as rapidly as wealth and income, while taxation, taken at the total collection, lias increased. Wealth and incomes have increased at a very much, greater rate, thus providing, the means ot easy payment oi any taxation which was levied at the old r atc, and has, owing to the increased wealth, increased iii amount. The total interest paid on the public debt in 1801 was £1,000,237, equal to £2 13s Od per head of the European population, and the percentage of revenue absorbed by the public debt charged was 30.45 per cent. In 1008 the total'interest paid on the public debt was £2,187,410, equal to £2 7s 3d per head of the European population, and the percentage of revenue absorbed by the publie debt charged was 24.15 per cent., a reductioa in tne rate of interest ,-aid per head of population| of tfe Su, tqnal to 11 per cent, and a reduction of the percentage ofrevcli ue absorbed by the public debt charges of 15.30 per cent. "Let these fans and figures," added Dr. Findlay, ''answer the repeated misstatement that this country is groaning under a crushing burden of public debt. Surely the increase ot debt, which not only pays itself, but has helped to enrich thousands of *ur people, is not a national disaster. Surely people so enriched can scarcely complain, that the growth oi their wealth calls at the old rate of levy for a little larger payment in the shape of direct taxation. Most of the 800,352 people m New Zealand who have not sufficient land or income to call for taxation, wish, 1 doubt not, that they bad the same cause for complaint."