THE DOMINION'S FINANCES.

Taranaki Daily News, 16 April 1918, Page 5

THE DOMINION'S FINANCES.

m, 1 STATEMENT BY SIR SXJKPLUS 05 ABODT 4$ MHMQaft By Telegraph—Press Association! ■ ; Wellington, Last TJiffifIn the House this aftertKSm, Joseph Ward: made a statement the financial position of the coualzy Ug to 31st March, at the same time cspta^- 1 !ng that the figures must be regarded !\&, only approximate, as there were, a V*ffl■ number of vouchers yet to be assenSsT the figures presented, however, fairly presenting the actual position. ' V From the figures given. Sr Joeepb sail ; members would observe flwre had been & largo increase in the expeudituro enm l , the'previous year. This waa da& jif-5 great measure to war conditions, bczty notwithstanding this increase, tfcm» would be an approximate surplus millions as the result of the yesrig. < operations. At present there was .in ," London something like 6| million of oh-* I '' cumulated surpluses, and this, togetbs; 1 path this year's surplus, would mn> a «wi .. accumulation. 10J million. Out 6f tide" we have invested considerably over 8 • million in Imperial Government seenkfe : ties in (London, which lie considered Qj wise thing to do, as by thi&, means KB'- 1 ' were able to assist the Mother Counter in a way no other country wW doings These reserves would be availaMe at thei end of the jyar for any purpose t3» , Government might deem desirable. HJb own opinion was that they shodfllro used to reduce war expenditure, but fat; ' whatever purpose it waa used, th» extgfa ■' lence of the reserve was giving the Jto*' minion strong finance, {!' The result of the year's operation was very satsfactory, but lie wanted ft) warn the country that we had not yet ■ felt the fnQ strain of the interest < sinking fund charges. These Would b« come more apparent in the near future, for which fact we must be prepared. On the subject of war expenses he' said that up to the present we 9tad' ■ raised for war purposes Our expenditure on this war had totts# £40,930,697. ' It would be observed that the.surplus, was somewhat larger than he estimated in his budget, but he wished to maks if>,. clear that during the present crisis his t policy was to Keep the estimates dowa . as low as possible.