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Taranaki Daily News, 16 October 1920, Page 4

TIIIS FINANCIAL POSITION. The statement made by Jlr, Massey last week relative to tlie assets and liabilities of the Dominion demonstrated clearly that, although the war had increased the public debt of the country by over a hundred million sterling, private wealth has readied the remarkable value of live hundred million. But for the exceptional expenditure during the war period the assets of the State would have exceeded the liabilities by nearly fifty million, whereas the abnormal drain on the country's resources owing to the war has resulted in a deficit of over fifty millions, against which the private wealth lias to lie placed. After all it is the private wealth of a country that testifies to its prosperity and the soundness of its financial position, and in this respect New Zealand has every reason to be gratified. If it were imperative for the Dominion to borrow money overseas there is every reason to believe that it would be forthcoming without difficulty on the strength of the security she can offer, at' wall at th» »sl«ndid progpeeii

liar future holds out, and the certainty that there will be no legislation which will lessen the value of the security offered. In this respect New Zealand differs materially from Queensland, whose Government has found, to its sorrow, tliat playing monkey trie!:.! with land legislation caused London capitalists to tarn down a loan of nine million required for development purposes. Queensland has afforded a striking example of the danger of confiscatory legislation by a Labor Government. From such a disaster may the Dominion steer clear for all time.