NEW ZEALAND’S FINANCIAL POSITION.

Gisborne Times, Volume XXVII, Issue 2575, 9 August 1909, Page 5

NEW ZEALAND’S FINANCIAL POSITION.

STATEMENT BY THE HON. T. MACKENZIE. (Per Pross Association.? PALMERSTON, N., August 7. The Hon. T. Mackenzie passed through here to-day on his way to the Moumahaki experimental farm. He was seen by a “Manawatu Times” representative regarding the financial political position of the Dominion. Mr. Mackenzie said the exports for the half-year ending June 30, 1908, were £10,053,470. and the imports for the same period £8,292,945; showing an excess of exports over imports of £1,760,522. The exports for the halfvear ending June 30, 1909, were £12,292,444, and the imports £6,783,BS2; the excess of exports over imports being £0.505,562. These figures constituted a record, the previous increase being £3,689,310 in 1906 for the whole year. The effect of these figures had been felt on banking, to the extent of nearly a million sterling. The money market, which had suffered from various causes, was now relieved, and already money, at reduced _ rates, was available for all sound investments. Despite tho actions of some to decry the Government,he could say unhesitatingly that never before in the history of the x Dominion had a firmer grasp been exercised by the administration on the finances, or keener scrutiny of expenditure. This was causing considerable unpopularity in some districts, and threats of dire consequences were heard but he felt sure that there was behind the Government the quiet, solid appreciative public, who watch carefully and who, when the right time comes, will show that they value what is being done, and who realise tEe difficulties of the Government’s work, and its painful nature. Some said that so much public money bad been spent that the Dominion could not stand sound economy, and that a middle party was forming who would work off one party against another and, in their words, “Secure a share of the plums.” Given a sound economic basis and a Government devoting itself with singleness of purpose to tho welfare of tho Dominion on practical coinmonsense lines, and there was no fear for the future. It was hoped that the fruit industry would increase, and that the flax trade would improve. There were great prospects in the north of development m land settlement. Cereals would bulk largely in the exports, and if only fewer people would Hook to the cities we would see great results. The recent depression had done no permanent harm, and had made people realise that there must be a limit to public and private expenditure, and more selfreliance.