DOMINION’S PURSE.

Taranaki Daily News, 22 August 1922, Page 5

DOMINION’S PURSE.

PRESENT YEAR’S FINANCE. MEETING LOSSES BY ’'CUT.” PRODUCE MARKETS IMPROVING. PREMIER PRAISES THE FARMER. By Telegraph.—Press Association. Foxton, Last Night. Speaking here to-night, the Prime Minister said he had recently had the figures for the first four months’ operations of the present financial year. During those months the revenue went down by £450,000 less than in the corresponding four months last year, but he had this consolation — that expenditure went down by £1,200,000 in the same period. Those were hard facts, and whatever might be said to the contrary, the effects of the policy of economy could only be plainly felt, and the country would feel the benefit shortly. Long before the end of the. year had been reached the expenditure would be well within the income, and when that time came he would be able to reduce taxation and the country would feel the benefit. In February the income-tax would be collected, and officers of the department advised him that next year’s income-tax would be £2,000,000 less than that of the previous year. They had faced a drop last year, as well as a huge drop in Customs duties and in other departments. They had got through it last year, and he could tell them they were going to do all they could to get through it again. He could not tell them that the country was going to have a surplus, but they would do everything possible to show the people of this country a satisfactory balance sheet at the end of March. He believed the country was now well round the corner in its recovery from the depression, which had afflicted it in common with every other country. The prices of our produce had improved very considerably. Wool was a lot better, and he predicted that the new season was going to open very well. Dairy produce had taken the place of wool as our chief primary industry, and the returning prosperity of this country was largely due to the energy and hard work of the people on the dairy farms of the Dominion. They deserved all they got and he wished them all luck and happiness.