8.—6

1915. NEW ZEALAND.

FINANCIAL STATEMENT (In Committee of Supply, 26th August, 1915) BY THE RIGHT HONOURABLE SIR JOSEPH WARD, BART., P.C., K.C.M.G., MINISTER OF FINANCE.

Mr. Malcolm, — It has become my duty to lay before honourable members a Statement of the present condition of the country's finances, together with an explanation of the arrangements which were made by the Government to meet the expenditure of the Dominion during a period which may be described as the most momentous in its history. I also submit for the information of honourable members the proposals of the Government for the financial requirements of the future. Perhaps I may be permitted at the outset to remind honourable members on both sides of the House that the National Cabinet was formed for the purpose of promoting the best interests of the Dominion and the Empire, and not for the purpose of advancing the views or expressing the convictions of any particular party. When we agreed that this step was necessary in the exceptional circumstances in which we found ourselves, we all must nave recognised that for a time party controversies would have to be set aside in order that we might unite in an earnest effort to achieve the great objects we had in view. This is the spirit in which the proposals are framed, and lam sure it is the spirit in which you will consider them. I do not expect the proposals to realize all the aspirations of all the people, but if the truce between the parties is to endure there must be concessions and conciliation on both sides, and I think the wish of the country and of this House is that the National Government should endure at least till the enemies of the Empire are defeated and we again are free to deal with our domestic affairs. I wish specially to emphasize the fact that none of the proposals I am compelled to submit for additional taxation and revenue have been suggested by party considerations ; they have been framed solely with a view to the needs of the country and the welfare of the mass of the people. The Financial Statement which was delivered by my predecessor in the House on the 6th August last year was prepared and printed before the outbreak of the war, and at that date it was not possible to forecast the effects which the war was likely to produce upon our finances. Sinec then the conditions which ordinarily regulate the country's trade have been subjected to great disturbance, i—B. 6.