THE Wairarapa Age MORNING DAILY. THURSDAY, SEPTEMBER 6, 1906.

Wairarapa Age, Volume XXIX, Issue 8230, 6 September 1906, Page 4

THE Wairarapa Age MORNING DAILY. THURSDAY, SEPTEMBER 6, 1906.

In the course of bid able criticism of the Finanoial Statement, Mr Massey certainly took the colour out of the Government's florid declaration anent the latest "surplus," which, it is declared, amounts to no less a sum than £788,795. The Leader of the Opposition really showed what the true position is, and one is at a loss to understand why the ., Colonial Treasurer should claim a larger surplus than actually

exists. Perhaps, generally speaking if our politicians were more conscientious, worked harder, and boasted less, the people would have a greater respeot for them, but to revert to Mr Massay'a criticism of the Financial Statement, it seems that the surplus is no more than £488,795 really no record at all. Mr Massey is reported by the Wellington morning paper as follows:—'"For the previous year there was a surplus of £761,000. By the Appropriation Act at the end of the session directions were given to the Government to transfer from the consolidated fund to the public works fund £750,000. Only £500,000 had been so transferred; consequently £261,000 had been carried forward, and had been used in connection with two surpluses. Last session, agaiu, the Government Actuary reported to the Education Committee that the sum of £17,000 would have to be transferred to the teaohers' superannuation fund to make it actuarially safe Then there was the sum of 5£20,000 thai; had been paid by the Public Trustee into the consolidated fund for a new building, but the building had not been proneeded witb, yet the sum remained in the consolidated fund. If the building had been gone on wicb the amount of the surplus would have been sd much the less. There was the £261,000 he had mentioned, the £17,000 for superannuation, and the £20,000 from the Public Trustee, making in all nearly £300,C00 iucluied in the surplus of laßfc year which should not have been there if the accounts were kept properly. And this was without taking into account fcbuse charges which they would hereafter find had been made to the public works fund, which is capital, instead of to the consolidated fund, whiuh is revenue," An enormous surplus is certainly calculated to suggest to the mind of the , eleotor who does not follow the trend of political events very carefully that the condition of the Government's finances is something to be very croud of. But what ia the position of affairs? The enumeration of a few SHlient points will go to show how the Government really stand. Daring the past year the indebtedness of the colony has. increased by £2,275,000, while the Government have been raising money in Australia at 4 per cent. The Leader of the Opposition said in r>is criticism: "To pay 4 percent, for a half-million loan in Australia was very humiliating to this country. The Government of Victoria, at the same time, raised a loan at 3)4 per cent., and the same week the New South Wales Government went to England and raised a loan there at 3% per cent. He did not say these loans would work out at a difference of }4 P er cent, as between us and them, but he did say that we were paying a higher rate than they." Mr Massey also quoted from "Statistics of the Six States of Australia and New Zealand." The exports per head of population for July, 1904, were:—New South Wales, £22 16s 4d; Victoria, £2O 2a lid; Queensland, £2l 10a; Souto Australia, £l3 7s 9d; West Australia, £43 15s 3d; Tasmania, £l6 14s srl; New Zealand, £l7 S)s Id. Thus the exports of each of the Australian States, except Tasmania, were higher than New Zealand's. The expenditure of loan moneys in the Australian States and New Zealand for the year ended June 30th was:—New South Wales, £1 ls6d; Viotoria, 2s lOd; Queensland 8s 6d; South Australia, £l4sld; West Australia, £2 17s7d; Tasmania, 16s 9d; New Zealand, £2 12s. He would call attention to our loarT expenditure of £2 12s against Victoria's 2s lOd, which qhowed that we were travelling too fast for safety. No are arguments that car be brought to bear against some of the deductions that the Leader of the Opposition makes from the figures ho quotes, but, at the same time, it is a very, apparent faot that despite the prosperous condition of the oountry tljfire ia the greatest need for careful finance and an economical, as well as n progressive, expenditure.