FINANCIAL DETAILS.

Taranaki Daily News, Volume LIII, Issue 301, 15 May 1911, Page 5

FINANCIAL DETAILS.

MR. MILLAR'S SPEECH. SOME INTERESTING POINTS. The Acting-Minister of Finance (Hon. J.' A. Millar) after his return to Wellington from Dunedin, where he announced the results of the year's finance, stated that several errors occurred in the report telegraphed out, with the result that a wrong impression was given as to his meaning in regard to several important matters. ADVANCES TO SETTLERS BORROWING. In the first place a misapprehension has been caused in regard to the repayment of loans. He was reported to hav« said that "the Government was approaching the time when it would not require to borrow any money because the repayments were coining in so rapidly." Owing to the omission of several words in the sentence, this was taken to mean that the Dominion had come to the end of its borrowing period. As a matter of fact, the Minister was referring to loans raised for advances to settlers. He said that the Dominion had arrived at a stage when it would not have to borrow any more for ad yances to settlers, as the payments cob ing to hand would be sufficient to meel the demands on the fund. In other words, £7,000,000 of capital was invested in advances to settlers, and the 1 payments of interest and principal, made half-yearly, now amounted to so much that the fund would hardlv need\ to be supplemented by borrowed money. Dealing with other subjects, he said that the reduction in Customs duties in ' the 1907 tariff amounted to £402.000. the estimated increased taxation put o* was about £130,000, and that represent e iv,* n ,J! et deereft 9 c in taxation of £270,000, nearly all of which was on articles of everyday consumption. Another important point was the statement that the sum of £700,000 int Treasury bills had been paid off. Whenthe Government took office in 1000 th»'"' sum was outstanding in Treasury bil and had almost become part of the pei nianent debt. The Government made up 'iVnol t0 Pay the Rmn off " K P*M ±loo,ooo a year for four years, and last year it paid the £IOO,OOO. As a result of these operations, Government would now be able to give more attention to strengthening the sinking funds created oy the Act of last season.