8.—6

The estimated expenditure for the year is set out in the estimates supplied to honourable members. To sum up, the position on the basis of the Government's proposals is estimated to be— £ Eevenue .. .. .. .. .. 24,946,000 Expenditure— £ Permanent appropriations .. 17,679,904 Annual votes .. .. 7.083,877 24,763,781 Leaving .. .. .. £182,219 to provide for supplementary estimates and contingencies. I have now reached the end of what I venture to predict will prove to be in years to come a document of great historic interest. The economic storm has been felt severely even in the older countries of the world, where the very foundations of leading nations have been severely shaken. This Dominion had to withstand the full force of the storm, for the prices of primary products fell first and most heavily. So far this Dominion has responded well to my earnest appeal to put our house in order, and I am confident that the spirit of the people is such that a real desire exists to have the task completed as soon as possible. In this fair land we have a wonderful heritage. Our people are a vigorous and virile race, strong in resource and rich in experience and tradition. I see no reason to doubt in even the smallest degree either the will of the inhabitants to survive our troubles, as has frequently been done in the past, or their readiness to make the required effort or to accept whatever sacrifice may be needed as soon as the nature of and necessity for such is clearly explained and understood. I referred at the outset to our heavy loss of national income, and just let me explain that in the last analysis, income depends on work, saving, and management. The State has no magic purse out of which the loss of income represented by the heavy decreased values of exports can be made up. Our objective, therefore, must be such a readjustment of the relation between costs and prices as will restore the main industries of the Dominion to a healthy state. Some improvement in prices has already taken place, and the indications are that once confidence through oiit the world is restored a general improvement will follow. Finally, let all sections of the community realize that the simple key to the solution of our problems lies in hard and honest toil, in the exercise of thrift, and in the fostering of a spirit of reasoned enterprise. Given these simple factors and stability in Government, it requires no great effort to prophesy that we will soon reach a road that will lead to greater prosperity and happiness. I conclude with the confidence that the Government will receive the assistance and support of the people to attain that goal.

Estimated results.

Conclusion,

s—B. 6.

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