FINANCE AND DEFENCE.

Taranaki Daily News, Volume LVI, Issue 15, 18 June 1913, Page 8

FINANCE AND DEFENCE.

MESSRS. MASSEY AN© ALLEN IN

DUNEDIN. Per Press Association. 'Dunedin, Last Night. At the Garrison Hall to-night the Prime Minister and the Hon. Mrs. Jaa. Allen addressed a very large meeting on political topics. The Prime Minister, in opening, dealt at some length with the difficulties surrounding Mr. Allen's mission to the Home Country to raise the three million loan. Money was dear and scarce, and in addition to that there was the European war, and uncivilised countries were clamoring for loans. He pointed out that had the loan not been floated it would have meant a stoppage of the development of the country, and probably the throwing out of employment of three-fourths of. the workmen on pub-' lie works. He next referred to the shortdated debentures, and said that before the end of the next financial year, in addition to the money required for the development of the country, they would have to raise another loan of nine millions to pay off these debentures. It had been found necessary to cut down expenditure, but although that had been done they had not interfered with the development of the country, and they had spent more money upon public works than had been spent in ,the previous year. There was no difficulty in connection with the revenue of the country itself, because the country was prosperous and the finances buoyant, as would be seen from the public accounts, which showed an increase of revenue of £700,000, and against that there had been an increase in the expenditure of £575,000, so that the revenue had been more than the expenditure by £125,000. As an instance of the satisfactory conditions of the country, he mentioned that during last month the deposits in the savings bank had exceeded withdrawals by £IOO,OOO. He mentioned that for the quarter ended in June the Government would have placed on the market 111,848 acres, divided into 354 holdings. He dealt at some length with the charges brought against the Government, contending that every one of them had been made without the least foundation. Mr. Allen's opening remarks were confined mainly to the floating of the three million loan, which, he pointed out, had been obtained on better terms than any previous year's one. the principal reasons being that it was for thirty years, and several charges in connection with the previous loans had boen avoided. Speaking on defence, Mr. Allen said that at Home he had not committed this country to anything else, but he had brought back certain proposals for the Cabinet to adopt or reject, as it thought fit. He wished to assure the country that there would be no policy of shipbuilding, and that there would be no extravagant expenditure, and all that New Zealand would do would he to make a modest effort to take a fair share in the Empire's defence, and to make a beginning, at any rate, in a permanent policy of naval defence. At the conclusion of the meeting a hearty vote of thanks was accorded to the Ministers. Messrs. Massey and Allen, together with the Otago members of the House of Representatives and members of the Legislative Council, were subsequently entertained at. a complimentary social.