IMPENDING SLUMP

Waikato Times, Volume 121, Issue 20284, 28 August 1937, Page 8

IMPENDING SLUMP

NO EVIDENCE WHATEVER PRIME MINISTER’S CONFIDENCE (By Telegraph.—Press Association.) WELLINGTON, Friday “It seems to me that slump prophecies are about as common in New Zealand Just now as noxious weeds.” said the Prime Minister, Mr. Savage, in an interview to-day. “ Fortunately there is a complete answer to the croakers who are doing a disservice to their fellow-citizens. The country is more prosperous to-day than .t has been for many years. “ There is no evidence whatever of an Impending slump. Let mo state again with emphasis that New Zealand's prosperity under the Labour Government is substantial, extensive and firm, and. what Is more, the economic barometer is still rising.” Mr. Savage said the taxable Income of companies during the last financial year increased by 16 per cent., and the assessable incomes of Individuals rose from £47,200.000 to approximately £53,500.000, an Increase of nearly 12 per cent. Taxation revenue had certainly gone up by several millions of pounds, but it could not have expanded so greatly if the national Income had not also increased. ** Moreover, I can allow no one to forget the purpose of Labour’s taxation adjustment,” said Mr. Sa/age. “ The first Labour Budget mads It clear that the readjustment of the scale of taxation was deliberately designed to yield sufficient revenue to meet Increased pensions an<l the granting of pensions to - invalids for !i;e first time In New Zealand. Over i'P.COO pe-sins are receiving bettT pensions than had ever L»cn paid before. This total lepresenls ;u incre.se of 20,000 pe«:t ‘oners ova; the 1933-36 figures, and t.n increase in the annual vaiu' of pensions paid from £0,800,000 a £5,900,000.**’