NEW ZEALAND FINANCES.

Taranaki Daily News, Volume LVII, Issue 185, 15 January 1915, Page 4

NEW ZEALAND FINANCES.

A ;SATi ..'AC-TORY POSITION. INTERVIEW- WITH THE HON. JAMES ALLEN. By Telegr.iph.-Per Press Association. , Dunedin, Last Night. Interviewed to-day, Hon. James Allen, Minister of 'Finance, said the financial position of New Zealand, all Wrings considered, was satisfactory. There was a fairly heavy strain upon the Oonsoudatcd Fund, and it could not be expected that the revenue would keep up to the standard anticipated Tinder normal cirjimstances, although the Customs returns to the end of November were bettor than the Minister had anticipated, the returns hardly laving decreased at all. The railway revenue to the end of November showed a saltfefactory increase, tjlie net increase to 7th November being £46,000. The Minister gave details concerning the loan from the Imperial Government of five and a quarter millions, also the subsequent loan of £250000 raised m London. The £5550,000 was obtained on exceptionally satisfactory terms, 3>/ 2 per cent, for th e next four'teen years, but as -we only got £95 for every f 100., the cost, including charges was close en 4 psy cent. In addition to that loan the Government was able to secure another quarter of a million in London, bull not, of course., upon such good terms. It. is redeemable in 1929. and costs a little more than t|he Imperial loan.

Mr Allen .vemaa-kcd that it is exceedingly difficult to raise money in the world's market, and it is inadvisable for colonial governments and municipalities to go upon the London market during the prop-ess of the war ihe \ew Zealand Government had kept off as much as possible. This attitude has necessitated Hie conservation of funds w order to avoid a serious decrease in public works. The Government does not want to create unemployment, and is doing even-thing possible to keep the public works going steadily. ' Mr Allen said: "T think it necessary, for everybody to practise wise economy,'' without doing anything that will tend to dispense with employment. This is the policy of the Government, and 'should be ,th P policy of every individual firm and company. Waste and extravagance should he Ciircfullv avoided, but ( it would be absolute folly to give way to pessimism and. indulge in economy which would detrimentally affect employment and industry. 'What is to he encouraged is faith'in our Empirefs judgment and the righteousness of our Muse. In doing- that it is n comimon ilntv to give practical expression to that 'faith. We should all economise and' ;lo everything possible to keep industry going steadily, even thougl) it necessitates strain and personal sacrifice."