The Ashburton Guardian. Magna est Veritas et Prævalebit. SATURDAY, MAY 14, 1887. THE FINANCIAL STATEMENT.

Ashburton Guardian, Volume V, Issue 1558, 14 May 1887, Page 2

The Ashburton Guardian. Magna est Veritas et Prævalebit. SATURDAY, MAY 14, 1887. THE FINANCIAL STATEMENT.

The Financial Statement has now been dismissed m all ito moods and tenses. It is an able and lengthy document, — too for human patience, when read ; even orally delivered, with the graces of an orator, it would have been trying enough, — although suggestive of much more than it definitely deals with. And from the Gov3rnment point of view it is a strong Budget. If it is granted that retrenchment has been carried as far as is prudent and right, then the additional taxation becomes necessary and m the closing session of a Parliament is as wisely selected as it well could be. No one would care to introduce novelties m taxation to a moribund legislature. We venture to think that retrenchment has not been carried far enough ; we are sufficiently gratified that a beginning has been made ; but the Government, any Government, must be prepared to go much further. There is a pleasant absence m this statement of any reference to borrowing. The million loan for the North Trunk line of railway is incidentally mentioned as not having been yet negotiated, and there is little more. Perhaps Sir Julius Yogel has realised at last that prosperity by debt is an anomaly that cannot long exist anywhere. Borrow- ! ing is delightful only to the stockjobbing, money-selling, bill-discounting class of men, who make large sums of money out oi all such transactions. Further loans will be necessary; borrowing once begun is facile decensus Averm' } and we must finish reproductive public works ; but the universal bond' ing of men's property must cease if we are to get out of the slough of despond, With the taxes the Treasurer squares his yearly accounts. He estimates the revenue for the present year at and the expenditure at ;£4i°7i»3°4j giving him a surplus of -£84,880 — an amount not sufficient (but it may manage with a turn of the tide) to meet the deficit of with which, after all his scrapings, he had to begin the financial year. We have no idea of how the House will be disposed to treat the Treasurer's proposals. It has become so disorganised that it is useless to hazard conjecture. But it would be most expedient, m the last session of Parliament that, members should exhibit that discretion which m this case would be not only the better part of valor but of patriotism, and accept the Ministerial policy, even if it is under protest. There is no time this sesson to formulate another method of raising the necessary funds, assuming that it were desirable.