The Dominion. FRIDAY, MAY 6, 1910. THE PRIME MINISTER'S SPEECH.

Dominion, Volume 3, Issue 810, 6 May 1910, Page 4

The Dominion. FRIDAY, MAY 6, 1910. THE PRIME MINISTER'S SPEECH.

The roport of the speech delivered by Sir Joseph Ward at Winton last evening reached us at so late an hour that there has been no. opportunity for a close study of the whole of Ihe questions touched on. It must be quite apparent, however, that the Prime Minister has taken a great deal of pains in the preparation of tho matter which he has now presented to the public, and in most respects he has displayed his customary skill in providing an attractive sotting for his subjecfe. The speech is really a very good party speech. There are weaknesses in it , concerning which the Leader of the Reform party will no doubt have a good deal to say within the next week or two, but on the whole the Prime Minister has made the most of his opportunity. Fortune indeed has smiled on Sir Joseph on the" present occasion. The returning prosperity, consequent on a good sea-son for our producers and the high prices ruling for most of our principal products, further assisted by increases of taxation imposed during tho last session of Parliament has placed him in the happy position of being able to announce a record' revenue of £9,238,261. The taxpayers of the country are getting close to tho tenmillion mark and the heart of the Minister for Finance is gladdened no doubt at the thought of the additional funds thus placed at his disposal. It is indeed a fine testimony to the splendid buoyancy of the country that, after passing through its period of depression last year, it can meet, apparently without feeling the pinch,, the huge call on it in the way of direct and indirect taxation. The following table shows the revenue returns over a period of years: Seddon Government. Revenue. Increase. Decrease, £,' £ £ 1900 5,580,386 - - 1901 5,852,706 272,320 — 1902 6,053,070 200,364 - 1903 0,380,610 333,510 — 1904 7,021,386 631,770 - 11105 -7,282.870 261,48-1 — 190G 7,581,359 301,489 — ' . Ward Government. 1907 8,399,075 814,716 - 1908 ~ 9,055,946 ' 058,871 - 1909 ..„ 9,001,185 — 54,761 1910 9,238,201 237,076 — We must congratulate the Prime Minister on the very handsome rovenue returns which he has been able to disclose. The pleasure experionced at this evidence of the country's prosperity is dampened, however, by the knowledge that our extravagant mode of administration has rendered necessary such a huge demand on the' purses of citizens.

Concerning the expenditure for the year . Sir Joseph Ward, following his usual practice, is silent. He prefers always to give one side of tho ledger at a time, and as the pleasant side always appeals to him most he gives the revenue first. Mention is made, however, of a reduction in expenditure in connection with the various Government Departments. This reduction is stated to bo £98,970, which falls a long way short of the £250,000' promised when Sir Joseph first started on his policy of retrenchment. It is not our purpose, however, to discuss this aspect of v the matter just now. We shall have the full figures before us within the next day or two when we shall'be in a position to go thoroughly into this very important feature of the Government's administration. Tho following table shows the expenditure out of Consolidated Fund over a period of years: Seddon Government. Expenditure. . Increase. ■■■£.' £ 1900 5,140,123 - WOl 5,479,703 330,575 191)2 5,895,915 416,212 1903 0,214,019 318104 1904 6,434,281 220,262 1905 .„■ 6,635,902 201,621 IMG 7,122,340 480,438 Ward Government. 1907 • 7,734,975 612,635 1908 '. 8,213,965 478,990 1909 8,785,513 571,748 1910* 8,990,266 204,753 •Estimated. The total given above for the year just ended is not official, but is merely calculated from the figures available. The exact figures will probably bo supplied in to-day's issue of the Gazette. Tho surplus shown for the year is larger than was anticipated and' must bo regarded with very great satisfaction when viewed in relation to tho previous year's figures. The' Prime Minister was almost ludicrously astray in his estimate of what this surplus would bo. His estimate, which was given in 'tho Budget as recently as November 10—with over seven months of the finanoial year gone—was £188,443, and out of this had to come the amount required for items on the Supplementary Estimates. The surplus actually was £432,316. The accompanying ta-ble shows the surpluses for the past seven years:

SURPLUS. Seddon 'Government. ' £ IMM fU9,7« 10(15 761,030 ]»oli 788,79* AYard Government. 1007 717,82.'; 1908 767,849 l!) 0!) 181,321 1910 '432,310 It is impossible in this issue to touch on the many matters dealt with by the Prime Minister outside of finance, or even to refer to more than the main features of the financial position. Sir Joseph Ward's views on sinking funds, for instance, certainly call for attention. On the whole there is good reason for satisfaction at the financial position so far us disclosed. The revenue returns arc very striking— lihey are a tribute to the complaisance of the public jus well as a testimony to the tremendous rosourcos of the country.