THE FINANCIAL POSITION.

Taranaki Daily News, 24 June 1919, Page 4

THE FINANCIAL POSITION.

MR. MYERS EXPLAINS A PREVIOUS STATEMENT. By Telegraph.—Press Association. Wellington, Last Night. Referring to the financial position' of {Jew Zealand after Almost five years of war, the Hon A. M. Myers, Anting Minister for Finance, stated to-day . he had been much surprised 'to leant that apprehension had been created in certain parts of the Dominion in consequence of his having been represented as giving an unsatisfactory expression of opinion with regard to the sound financial position of the country. "I cannot account for such misapprehension having arisen," renrrked Mr. Myers, "and certainly. neither our financial position nor any statement pf mine has justified any feeling of uneasiness with regard to our finances, fn my last interview, dealing with flnan cial matters, I certainly pointed to the fact that our national debt had been augmented during the war by some 81 millions, while our annual liability with respect to interest and sinking fund had increased during the same period by some four million pounds, to which .had to be added the increased pensions to the extent of about two millions per annum, in addition to one and a half millions of extra expenditure on account of departs mental administration and the amount involved in the settlement and repatriation of our returned soldiers. At the earner time, whilst referring to the tact that the national debt now amounts roughly to about £l7O per head of population, I also pointed out that, taking very conservative estimates, our tiatiOßQl wealth aggregated some £4OO per capita, the national Income being over '£s6 mi capita and deposits in tiio banks being £72 per head of population. The overseas trade amounted to some £52 per head, and, bearing in mind that dtyritig the war period we accumulated tome fifteen millions pounds as surplus re* venue over expenditure, invested in short-dated securities and' available for use when a decision is arrived at with respect to their disposal, as well as the fact that the people of New Zealand have subscribed some fifty-four million pounds towards the war and other loans August, 1914, there can be little doubt that this country is fully able to cove with her monetary liabilities, and her financial position is eminently satisfactory. What I did etress at the time was that, whilst taking an optimistic vie* ! with, regard to the future of our ■eonntrV financially, it was only by each cittan taking a personal interest in and responsibility for the solution of the great industrial problems confronting us that we could continue to do to our great destiny, and to shoulder our responsibilities in the best pottible way. The industrial unrest at present prevalent everywhere throughout the world Is, in my opinion, merely aa outward sign of a great internal struggle for Improvement and advancement that fa taking place in every branch of society. TTmw.ni kind is in a state of transition, 'and It Is the duty of every responsible human being to help forward the great fonts of progress that war has done eo much to liberate."