FINANCE OF THE DOMINION.

Taranaki Daily News, 17 November 1919, Page 4

FINANCE OF THE DOMINION.

PRESENT POSITION OUTLINED. UNEXPENDED VOTES. .By Telegraph.—Own Correspondent. Wellington, Last Night. Referring to financial matters today Sir James Allen said the position was_ much better than some of his critics were suggesting. There were items on the estimates that could not be fully expended during the current financial year. A sum of £IOO,OOO, for example, had been voted for a war memorial, and very little of this would be spent before March 31. The vote had been taken in. order to settle the policy of the country. The Treasury estimated that between £300,000 and £400,000 of the money voted would not be expended. This was in accordance with normal procedure. Votes were seldom fully ex> Dended, and it was customary for the Minister for Finance to provide a margin. If his expectations in this respect were realised it would be possible to provide for *he refund of the butter equalisation levy without touching the accumulated surpluses. He thought that probably this money would be available from the consolidated fund. SIR JOSEPH WARD'S CRITICISM. A REPLY BY THE PREMIER. By Telegraph.—Press Association. ; Auckland, Last Night. Referring to Sir Joseph Ward'scriticism of finance, Mr. W. F. Massey, in a speech at Papakuxa, said it was the most arrant nonsense a politician ever spoke. Sir Joseph Ward's statement would lead to the belief that the (jovernment proposed to spend £60,000,000 during the present financial year, but the sum included the whole of the ordinary expenditure, including salaries, pensions, interest and sinking fund on loans. He failed to see what possible objection could be made to these) items. The actual commitments for the real totalled £31,262,000, but it would not be possible to spend one-fourth of that amount in the. period. Authority had been obtained for £14,500,000 on soldiers' settlement and the expenditure of' this would probably extend over three years. The commitments included £10,000,000 for gratuities and outstanding war expenses, of which gratuities' would absorb £0,000,000, vet Sir Joseph Ward, who now raised alarm over the financial position, had wanted to increase the gratuities to a sura that would nave amounted to £8,000,000. Sir Joseph, Ward's proposal was Bimply electioneering. The soldiers themselves were satisfied with the amount. They knew the other proposals were humbug and bunkum. «wd objected to the public affairs being put to auction in that manner. The criticism was that of an irresponsible politician who was doing a areat deal of harm to the financial reputation of the country, which was sound and particularly prosperous.