PUBLIC BORROWING

Wairarapa Times-Age, 17 August 1939, Page 7

PUBLIC BORROWING

BY PRESENT AND PAST GOVERNMENTS. COMPARISON OF RECORDS. (By Telegraph—Press Association.) WELLINGTON, This Day. •■Members of the present Opposition accuse the Labour Government of being spendthrift. Do they know that in the 21 years prior to the Labour Government coming into power past Governments added £198.000.000 to the public debt?" asked Mr A. S. Richards (Government, Rcskill), speaking in the financial debate in the House of Representatives last night. For all practical purposes previous Governments had borrowed an average of £10.000.000 a year in excess of the total national income in that period. said Mr Richards. That borrowing had taken place in years when butterfat. wool and other export prices were much higher tnan since the Labour Government had taken office, and in a period when wages and pensions were much lower than they were today The Massey Government had in 13 years added £143.000.000 to the public debt.” An Opposition member: "That included the Great War debt.” Mr Richards said that the Coates Government had added £23.000,000 in three years and the Forbes Government had added £31.000,000 in five years, an average of £10.000.000 a year in excess of the national income. ' Sir Alfred Ransom (Opposition. Pahiatua): "The present Government has exceeded that this year."