"ESPECIALLY GOOD"

Taranaki Daily News, Volume LVII, Issue 130, 26 October 1914, Page 4

"ESPECIALLY GOOD"

DOMINION FINANCES SOUND. IMPORTANT STATEMENT BY THE MLNISTEK. By Telegraph.—Per Press Association. Auckland, Last Night. Complete conlidcnco in the condition of the Dominion's public finances was expressed by the Minister for Finance on Saturday. "Considering the times we are in, the financial position of New Zealand is especially good," Mr Allen stated. "There can lie no question about it. I have-, no hesitation in saying t'aat so far as the finances of the country are concerned, there, can bo no comparison between the conditions to-day ] and the conditions wc found when the | Government took ollicc. The position is | insuperably better, especially ttio con- | dition of the State Advances Funds and j the Public Works Fund." j Mr Allen said a Loan Bill will be introduced in the House of Representatives on Tuesday, and he will than, make an important statement regarding financial matters. Recent criticisms of the Government's borrowing policy will be answered by a complete review of its loan operations, in comparison with the I transactions of its predecessors. A j statement of the present condition of ' the public funds will be given, and the Minister will also discuss prospects of the future. Mr Allen explained that the expenditure for military purposes is being met -by funds raised through the Rank of England on Treasury bills on very favourable terms. Sufficient funds remain from the last loan to continue public works, and since the latter are of essential importance, tho reduction in the advances to local authorities and others has been made so that the balances in these funds may be temporarily used 1 for public works. Tho position in regard to the unconverted portion of the five million loan, amounting to £3,200,000, which matured in December, is not satisfactory, as tho attitude adopted by the subscribers of the loan makes it necessary to raise a new loan to repay the money. The holders of debentures refuse to renew them, to convert them into stock, or even to sell them, so that the loan must be repaid. Mr (Allen said ho expects it will be necessary to obtain the moneys to repay the loan by issuing Treasury Mis. The Mother Country is going to raise a loan next year to pay of! the Treasury bills, which she is now issuing at the rate of £15,000,000 a month. Mr Allen j stated; "We have every reason to be- | ileve that the Imperial authorities will j make provision in that loan for the reI quircinents of New Zealand, securing for us a sufficient amount to enable us to J pay off our Treasury hills, in addition to tho loan for which the Government is seeking authorisation. That loan will probably l,e for a long term, but in any case we can be quite certain that it will be raised by the Mother Country on more favourable terms than anyone •lsc will be able to secure."