8.—6

28

Estimated results.

ESTIMATED RESULTS. To sum up, I estimate the position for the financial year to be— £ Revenue .. .. .. .. .. 25,172,000 Expenditure — £ Permanent appropriations 16,946,000 Annual appropriations .. .. 7,964,000 24,910,000 leaving the amount of .. 262,000 to provide for supplementary estimates and contingencies. In conclusion, I have to thank honourable members for the attentive and patient hearing they have given to my Statement, which covers most important policy questions. The measures proposed to ensure a stable finance for the annual Budget and the more far-reaching measures dealing with railways, land-settlement, and public works will, I consider, give effect to the mandate the people of the Dominion gave to this Government. To sum it all up, the cardinal points of the Government's policy are : — (a) To take immediate steps to obtain a balanced Budget, as this is a matter which cannot wait for the fulfilment of the more far-reaching proposals. (■b) To provide a permanent cure for the unemployment difficulty and pave the way for decreases in the rates of taxation, by increasing the prosperity of the Dominion on a solid basis through vigorously fostering land-settle-ment. (c) To provide all the capital necessary to enable the State Advances Office to cope with the demand for loans for development of farms and the building of houses for workers. (d) To accelerate the completion of the trunk railway-lines, inf order that these unfinished works may be brought into operation and made interestearning and at the same time provide more work. (e) To deal with the present unsatisfactory financial position of the railways and institute a comprehensive system of co-ordination in transport, in order to check the present dangerous drift into economic waste, which otherwise will undoubtedly impose greatly increased burdens on the taxpayers. It will, I think, be generally recognized that there has been little delay in formulating and initiating these reforms, in view of the short period I have had to investigate the country's affairs since taking office in December, but the same industry and application will now be applied to the vigorous administration of the policy measures I have outlined, in order that the beneficial results I confidently expect will be realized at an early date. As regards the financial and economic position generally, I am glad to say that the outlook for our primary industries is good, and ample capital is available to finance trade and industry. Internally, our favourable overseas trade balance has not yet reflected its full value, and this phase, unfortunately, is concomitant with the unemployment difficulty, a difficulty that I venture to predict will be cured only by a vigorous administration of the fundamental reforms the Government has in hand.

Government's policy.