The Daily News. WEDNESDAY, AUGUST 7, 1912. THE FINANCIAL STATEMENT.

Taranaki Daily News, Volume LV, Issue 68, 7 August 1912, Page 4

The Daily News. WEDNESDAY, AUGUST 7, 1912. THE FINANCIAL STATEMENT.

The much-anticipated policy statement of .the new Government eventuated last night, when Mr. Massey disclosed his intentions in a Budget of exceptional length. The Financial Statement ran into a little matter of 20,000 words, and it is, of course, impossible to fully digest this elaborate document at a moment's notice. There is, however, it is at once apparent, nothin'g very revolutionary in the policy which has been propounded. To a great extent it is a Budget of promises and reservations, and if half the promises are fulfilled and the reservations are not too "reserved," it is difficult to see how Mr. Massey and Mr. Allen are, in the matter of finance, going to keep within the four comers of the warning administered to the country in the concluding paragraph of the State; ment. For the rest, tho Budget is extremely Liberal in its tenor, coming as it does from a body of men who have for years been regarded as of the most extreme Conservative tendencies. It will be urged, and not without reason, that the new Government lias adopted much of the policy of the old one, and that the country has simply exchanged Tweedledum forTweedledec. For this we must be duly thankful, and if the Government's administration comes up to its professions, there will be little cause for complaint. So far as the muchvaunted land legislation is concerned, the Government has displayed a considerable amount of reticence. In contemplates a substantial iii'-rcaM' in Hie

f.;rnclii:tti'il i;!iid lav upon estates of nil uimiijii-ev-il v:'!n.. of ov»r ,£:ifl.OlK), whiW di'<-n>;l-il;'_' (in- tax upon Uli|i« of a value of UoiHJi). with intermediate progression \villiiii these iimomtjs. Crown tenants granted tin- option of the freehold, and (here is a promise to elieek. speculation at land iballots and to secure at least a portion of the unearned inerempnt to the State hy the purchase of laiul where railways are contemplated or are in course of construction. For the rest, the

main policy is embodied in the somewhat ( nebulous statement thai there, will he /

"a new method of settling land on the deferred payment system." This may mean anything or nothing, and we shall have to await its elucidation until the proposals are embodied in a Government measure. The second ballot is to go, according to the Statement, and a system of unspecified proportional representation is to take its place. So far as the Legislative Council is concerned, it is intended to make the Second Chamber elective on a Parliamentary franchise, with twenty members for each Island, who will retire periodically, the provisions for the necessary electorates being withheld in the meantime. Perhaps the most interesting statement in the Budget is t!»c declaration that, so far as Public Works expenditure is concerned, "the Government is fully impressed with the urgent necessity of improving the means of communication for tho settlers in the out-districts. Owing to the financial conditions prevailing in Britain," it adds, i; it may be necessary to restrict in other directions the expenditure from the Public Works Fund, but every effort "will he made to provide not less than the usual amount for the opening up of tho back country and assisting pioneer settlers." There is moro than a crumb of comfort for the backblocks in this definite statement of policy. A complete revision of the Public Service—incidentally with an increase of salaries—is promised, and appointments and transfers are to be made on the recommendation of a specially appointed commissioner. 3fr. Massey promises a sound finance, the details of which are not'very definitely disclosed. These are the main indications of the Government's announcement, and, frankly speaking, with one or two exceptions, the Hudget might very 'veil have been pi epared by .Mr. T. Mackenzie or Sir Joseph Ward. In the meantime it is sufficient to summarise this elaborate docit-. ment as being "full of promise."