DOMINION FINANCE.

Taranaki Daily News, 5 May 1922, Page 8

DOMINION FINANCE.

“A4SODUTELY SOUND.” COMMENTS BY PRIME MINISTER. “Absolutely sound/ was the reply of the Prime Minister when a press correspondent inquired of the Dominion’s financial position. Mr. Mass-ey was not willing to disclose at. the moment the actual difference to be shown between income and expenditure for the financial year just ended, but he showed his satisfaction with the position by the remark quoted. "AVe have passed through many difficulties,” he continued, “and the year on which we have entered is going to be a most difficult year. We have got the land tax and the income tax in very well indeed, but 1 cannot help thinking, from indications which have come under my notice, tnat a further reduction in income tax is likely during the current year—reduction in receipts, I mean. As for reductions in income tax, that is a matter for the future.”

The Prime Minister agreed with an observation that the success of the recent loan will lighten the Government’s difficulties during the winter, and, in reply to a question, said that the money would be used for reproductive works, including the purchase of machinery, rolling stock, and electrical equipment. “The result of that loan was very satisfactory/ he aded, “but I believe that when it becomes necessary to again go on the London market for money, which I hope will not be during the present financial year, we shall get money even cheaper than we did the last loan.”