NATIONAL FINANCES.

Dominion, Volume 3, Issue 724, 25 January 1910, Page 8

NATIONAL FINANCES.

g^i^^NpiTUßE^E^EEire-REVENUEi MINISTEe! Correspondent.) o {'ftff^'l'- ; : ; ! V.w> : January.24/ ■: ! ;:!.'t%;v™.;Prime-Mirasler an ,im-££l;^>omnt-speech;.; to-nijht, ;in y which •■'i= ho ;£#' {lPoleA-: the'-revenue:: and;expenditure for '& ending; December; 31. Ho jgg : : :Teceived;ah: excellent: bearing, the'address punctuated with much applause:;.. '^iyfpi -. Sir'Josephjsaid;a"t the: present time.one : :-&!i tf. v*N -"imost '. imporbntliitattere," and '(>ne S>l';:M^! oh classes ;in!'the-country:wWe itflH**? l^: progress 'the ;|;i .was-makiiig inasmuch XS;&J*s a good -many;;people;had,!predicted,ij a' tendency,;ih::cbnneetion : with ;s%:■; vthepnbliovfinances,; following a: period, of about ■' by ;3,u Taiious : . causes \during: the; last eighteen i- : v ■-:■:■ v.inoirths.■••. He>.said , ;he ,proposed :to. - give : ':;::; -;,T*°.™ennfonnatidn.that '-.ln. was sure theyable'.to regard as extremely satis- : results of the first; were very,,:gdod,. : and..wh'en:■ conv-* ; Kvx.!l >^e£ '.'. w . l .t'J ..toe /returns: of the : correiK:?:;'s?Ol^i n & : Qnarier:.of.;last year were?an in- ;,:>!.'>, mcation that 'the depression: was over and ;*S«\^Dpmuuon.'was:starting''■ the;new year brighter prospects. 1 -:Taking the rev-'' ■(~.•.■■.-/;enne. the; posiSonVwas;as follows:— -- ; 'tX?l\p ■.:^):^':^:■ : : V':M'" : 'v.•..,:;: ■- ; : : .:; ■"..■■-.;.: £. '■ '.. S;;^ri:Becembe>:quarter, : : 'i647,073 ) •.2,591388' yj;;.;;;. Increase ! : ; :55j685 ; showed W; increase &<;,'•".':■ land'and income jnnscellaiieous,- i e5753; while on 'the other Sf -y ; ™ nd va v> oeorease.:'wa3';registered Cns--,i:f, tome, wJMLM^registration .,and,:' other : i&'&C. Tnrningjto the expenditure sidei'of the' ;■,..;:?;y..«ocoTint,-permanent charges showed an.in-.'-'.V: ■. of 'principally , ., in 1 : respect ;; t Y,:,to-...interest'on ..loans/and .-.were,- .£28,022 vmore' than :,■■: -;;:,;- we - corresponding •. ezpenditure;:' for: .the sW-^«™»». :qnarter ; last year,:: the-respective ■ ;.;f:y;'£gures being:—. ;.?■":. ; ; ;-:•: ■.-■..■"-.,-.. .Si- r ':;''v;v';^-| J JpeMmber:4^i^r,;^.^;v:w\ - } S:' ; ;jj^™f^it*a^ > Ti,ii :.«81,3e7,532 I;;^'^i^'^.^rt^i9ilßj-Sv-^;i ;' fevVfermanentvcharges/:.v..ii.;;;;. ; . : ' :?'S3 ;^r??^^l^H'*i o ?Pi™PW^ o, ?':-i'^ l >B39>slo :v'-'£!&fi47 fe ; 'f. ! f i ! . showed- --dev>,;:j; ['eraas6s-: : inj;expen'ditdre; on : ; 'yaridus'' De- ■*<;:. ■ •-;JPOTtmental v classes ."amoßntin'g to '^£965,- r : iand;iicreases'. or' as ; already ig; r .jw^{!aTO;:''respbnsible/':for'tiais^l4;',:and: s;,;W; Imonths; -isanx- April:\lotoYßecemberv-:31,-:'^'?4^ pi ; ;: jEweine;; 1909 'V^J^^^L .;' £SisiSM' ;v;i:^^^ue^;;l9oß::i.v.i.i^^i^__^.;hi6,42l,p29

'';'■'■;.; The: details;':.w«re ''as"■'": i oUowW-CustoinV i'vdecreased-':;i8143,073; ? i-stamps': "(including' i'cashvreceipts) 'de:fe'creai9o;iesi,B6s; hind'and income tax, iri- '<:/■ crease-,.£55,385 j ;heer :dQty/,aecrease. :-£lOXi ;:i.?TauwaJß,'.:iuc'rease "'i8185,733; -registration' S'V^Vother:fees;.decrease. Marine, i\{i idecrease y£4ffl ; ; '• Jmiscellariebils;' '■/ increase' ?Cf)^os3;:,territorial;';. : aecrease' .£24,595. Aa; f; [addition:.' to increase'; wae; , . natip'nal. l '-', ., ?■. : ■ I V;»endowment,'i''.th'e- rWenue;..amountingVvfei > ,r t?^^%'^™B.'.i'Mto>vaTi6iw"'. ; !'o&sßeß:-VS-pt f wjll;ibe : " seen' that "'the 'total idecreases ?Kfin:>'e3^nditure' :'ambnjat'-,t6.' i £174,45i, the •; : ,jiMreases-gi^iDg;a.total.: Post v::..!aiid/.Te}egraph, : -.being. i^652.209, ,1 Eailways % vueßftßso,: : 3Bducation ■ ■JBSO.fUo.-.V.-It: mightjbe 1 k/; ipmnteid..oot.'that/while-the. increaied' ex-"; ji; jpenditareVbn ;_^^railways>was.,;i£B6,Bso : for ; ;t \ !mpnths: -the' '. increased ; . reveirie ;■;';ir6in;-the;■ Earoe-sonrco- was'"nqVless' than , ::' ''stole; period.%' Another remark; jirhile , , ;Sth?4ie^ne;ft)'r.J-j^e': r 'iiinei :'months'. : "was : .J':;^? I ?^'better v than 'for the", corresponding' XStperiod.'last.' , year , , -the"total'espenditureJT :;-jjßncindrne. permanent; charges,)'-only ■ ii;i;|;^p'K^ I feults;;of.i'^hbmy.?j>V ;^';i?? Si:ip^tt} : wi&usq''' : KeV'hj^'Tbfe'?told''in'bre v ij, J 'fmen onea';.:thatjthe■,effects;of r 'theVGov-; ; ! V'jernmen^s;;;"actidn>m the;:;direction.';of :s:tonpmy").VFere:-comp'aratively ;small, .'■.' itnd ; V-Wftterefore-itiTiras^.a-cause;of :greatlsatis-' ;(y miction ",to:: him,to.' stjite ;,the^^^ : real-'position.' >:j.;^:;wo^d:T'be',: ; seehs; ; frbm';;what".he : had : ;AVraW;StTit>thß'':m«eaMi;m : '!tte''"annnal! ;: ' months' ■■V^^nontfisl'ampunted.^to'"'the ?comparatively of : When'it > was" re- • Sf^wmtosd. ; .that.-th«. : Wo-''great-'coininer<iial. -and; and .;;' .Telegraphs, ;.;hadi,.between 1 them - an • in- ; totalling; £142,05?,, 'SS"' l^!* o --," -'-'in' business '• and' : repre-"' ;-'i:s Bented.;.the; necessary.: provision therefor, -*;.^df tne /demahdife education[:y£Bm, ,eyeh.".tte; ; most :. fastidious"••;■ critics. jit ; as;-extremely ; satisfactory, expenditure'only'showed 'an'in- - / 'tffi^iW o .™ ;f°r ; the jpast,; quarter, .was.: con- ,;.; i'eiaerably.;- lower -by,'comparison ."-.jthan the M average .^reduction :■ for ■'■'niae ';■■', months':. to •■■ :?? alluded;-. This was ! no doubt du'e ! that ';K;J? r ? O(J v 9lv,the.iyear/.:^The.expenditure' for' : i: ythe;:nine months ias;.compared . : .with !; the ■;$ same, period of 1908;wa5:^174,434.1e55,-and '.•;> ! there .were heavy, -' reductions --in i nb\ fewer : s='-:F^ :la : '' : Departments..^ l TheseX were';■•■'as : ; -S^v iA^'',? en = ions;:: ' :De P artme nv , v Printing ■ %i.* l^s4;;^Ml^:and ; ,>Deeds, : -v £ eU76 i -amative, ;^BBfil; ;r Mines/.' i £3005; ,: Internal' ftSMaiis,: ai4,536; Defence, ■ .811,826; '.Cus--:«->£n%>Lands'ahd-Survey, AKr'i":Spulture;^l7,42o;Taluation Public '; i :.;.* l t t) ™- ! fftlncreases''::took- ,, place 'in ■fii- «igW.'Departments, the largest^of l : . these ! ,S:being:^Post^and ', Telegraph,^;ißss,2o9;. ; remaining five Bepartmehts,' the J--, largest; increase.;, was.•'jeiM,-: 1 -Industries ■;y./and/Cominerce.-:,v>ss:~ w/ vv-;- : .:•• -v-.;-, 1 - -.■:■ : -

feN ; ? iVeil iiv'Hand.'■'■••■f Kv^jlt: ! wbuld:- thefiforel:be'''recognised that expenditure.had been :kept. well and: S^Rely^hana**blithe ;. Uovemment: .rjiWhile for the. December auarter'compared ,:': mth -~|1908; .the reduction in ; expenditure Departments'- * ; ?? U lk n-r 9narter,was: i:: •tJo.olU, while .there were increases "only. :^ ; sn ,The reductions' were lo S : 3: Legl ! I 'fe e '' : * vFinanco; - .v'f22B9: iPosttand Telegraph,' J83419; Old: ',*-. iP e s, sl ?iis.-''£2sso;* Public' 'Buildingst I m <®®l :* *-£13,017; ; ; ;;,Deods,,£>4,-Nabve,' i ei!stl;* Justicev'^273; v^64l2ol..internal^ I £&; Defence," Cus- **-: >:■' Mp™;/ '■■&s!s;■'< Eabbur;! ;> MI92;. Lands; and. Survey; ■■'~£1484:r -Agri-' #£&&£>. £I ?#® i':Yaluation, ; ;£3292;.Public | •_; 'vHealth,;ri4947; V' It tHe , ! .^"■■™Pi?)yement'rfpr.'*'the.'-' :; niiieT>nioiitlie'' : '''had l 7- : bettered flconsiderably-"during '■'the''last v;; vquarter; of; 1909,. 'and there *was 'lib:: reason: l ,V. why; this sh'otild'i'ot continuefin : view'of ;,'/;improvenie"nt;;inytra<le and: the generally :;;■ -: brightening. , prospects.' ."■ .Indeed,, he.was :;>:;'hbpefnl.;that atithe end of "the -financial <"# year... in '/March ■ noxt '■: the -balance of rei' ,;:-venue'in:the consolidated account,'which' ;vi .on-'Decemlfer-31 amounted':-, to -'£180,729,' ::i;>would ."be!-;materially increasei: Treasiny '■«:ibillß'6ntstandiiig..'on'^ecemljer'3l:'to'talled-i"-.--;!'JB6OO,(Wp;.-'whicb."' were ''in anticipation of ,;;.)revenue, and.would.be reduced ; this month. Y.i.from.' the': : proceeds, of V the income , "tax f:X about Ytt ,must not .be fbrgotteri , :,; : :-that.; the*, economiesi effectedTby ::the i'Gb-;.:-vernment Vere now!in-foree,' but'■ the .full 'g:i. benefits, were not yet being obtained. The : :f-o total*' reductions ■• effected ■• amounted. 1 : to. but.'natufally only ,a; porttoii of /V.;":it-:had factually .taken :place- up to 1 the* ! 0; penodfnamed;;;-. /.';! ; ;. ■:':.:'.. '■■:■;,■ ;■'":!'•• :\v-: ; .' :

:■,j,; 1 /^;;;-^^;;-;.'/* , .Trade;Barometer.-Vα.:-.;..,;; .;.•.-, y;f:Vi:ef /the-.safest: barometers ,of the ■'Iff!*.■'. of,trade, .'and that was the Post-and Tele/revenue..; oThe December quarter :igs. that the total' revenue which in ■iKV'/|l3oß,'just'exceeded: a quarter, of a. million, ?;:;•• -v!--K>w : .;reached -"£266,000.;■ .The .increase in *N;':x Post and . revenue ..for' the - year VsY.ci: ended. December, 3J last over. , -the.• previous ; ;r :R v 'year amounted figures to JE31,000. SW.-'-toe'.Savings Bank ' deposits for- the ;''yi:V;..cember,"quartefranibunted'to' '■&■'•'"'! and !withdrawalsJ t0.62,252,674,'anexce550i W&i^deposits; : : of <Vi£30,401;: In Jthe <:-, December ;W'r{qnarter.;ther<) was ,an ; excess of ''with ,;;|S-;;;dif>flra! s -0f;;£50,«6. .Ihe-retnrn. ; therefore

disclosed, , a";betterment, of .680,000. Post and,; Telegraph, figures: increased in - every Department ■ except private boxes,. which showed a reduction of ~£sO. Tho bank-' ■ing- returns for .tho"December quarter revealed, very, satisfactory conditions. The increase ' in ■ deposits, -including Government deposits,'amounted -.to ; ..while 12 months ago there was a marked shrinkage. The. gross revenue from railways to December 11, 1909, was £2,106,464,■■;: as compared -ffitt for the:'corresponding period of last year. .'■.■,- ;:;';-■ Lord' ; ' Kitchener's Visit. ■ " The' Government and the people were looking forward with special interest to the. visit . : of the ~ distinguished soldier Lord Kitchener, who was coming here at. a'most opportune timei inasmuch as the new Defence .Act, which made material in connection .with' protection; of the country; TTOuld' soon come into ,practical, operation'; and -'I the ■ advice of Lord JCitchener' would -be able to tender . tho Government 'would; he was : sure, be.most .valuable. It .was- indicative of the "closer'union of: the .'overseas' ■'. Do-minions'-with the If btherlarid when they found that there was a common desire .to promote a more; concrete union; .One of uie'mnst.remarkable .soldiers of. the time "was coming, not only; to visit the country, but also all other portions of the Empire.', It irould' mean a practical system of - unified. defence. in the scattered portions of the. Empire.- -, v. 1 ■ :: :•■::''" ';.:: *:'■ An. ■.::' ■-.■.■,:■'.", r : In conclusion Sir Joseph.Wardsaid that he had become quite accustomed.to being called, an optimist by some of 'his critics, .but, : none;-'ol' r them .at'any: time were ablei to point:to; any: -where; he had made'a;mistake.in assuming, ahead,what ' the: result would be in any of.. the great. de.partments of whichh'e.had bad control. On the contrary, , he •■was ;in; the ■■'proud. position, and he said it: without: conceit,'of being- 'abfe'-'fo challenge':' "of-.' his ■ p6nents,.to say ■v;here i he' had not' been on the side of.safety'.'and cautioii: in every ■instance connected;with the delicate and important, financial york : 'of:,the country. Those ,^^ who.were:foolish enough to indulge in calling public men names did so for their own'particular reasons;- but-it did 'not .hurt: .hinu-ia, any: way atf all.. .:In fact, .at. times', he 'was. ; supremely amused at;the'imppfence/of-the criticism' and the lack of : the ordinary, knowledge , displayed ■by .some 1 of vhis :'criticsi i ;wh.o ,were ■' under the; impression'! that' -they ihatl- done , some-thin'K!'.wonderfal,vby'!-:such a .system,-, in- ; indication 'of their capacity ofability to/deal: with :a, serious subject' in 'therseriotis, way; it' required.:- ; The position -'of' which' he had been,able;to;eive in outline had certainly :altered.jfor tne.-.better, as compared with any- period:'during"'the''liist eighteen months, but' he -was ;• bound, to \ say that' for reasons'of their own some'people had' put'.-the'.'.most at. a juncture that to many/nras a critical .one. ;This,' happilyi -,wa3--no\t.-.past, and the '.•■ • and 'better: . foT them;,-: all.-." Notwithstanding he.-.;-,fe1t..,.-.it, '■*'•< necessary: ~-;. that we should; conHnne,: to.'practiseeconoTny in every:directioni: i s<),<that.-in'.the course'of the "next twelve-'months ■we .might arrive at: a-positipn'';;when. ottr' ! pttblic 'finances' ; .wpuH be ; 6o strpiif.'iis.'to'enable' the thbu T • sands.i.of.,pep'pW;.with/ busjneS;'opncerns in either country*ta plaice their ness.upon such.^■a.'.basis v 'aa;;tb,'-reoeive. the general - oongratolations jof'.:all; classes of. the Donnirkm. :!;.;':.,:;,■ : : : ; : I ••';';■,-