PUBLIC WORKS.

Dominion, Volume 5, Issue 1512, 7 August 1912, Page 5

PUBLIC WORKS.

LOAN OF ; £1/750,000. -:. four coukses open. . The- liabilities of the Public Worfct Fund at March 31 last as reported to the Treasury were Jt1,135,«12; and ttieso liabilities had increased to .£l,(!10,;J19 on , June. .'lO, ten days before my taking oflko. Tho balances and loan authorisations to 1 meet these liabilities were at March 31, '.1:1,132,851), and nt June 30, ..£777,08.3. It should l;n understood that thj liability ; referred to include items like the Jlidhind Railway,funnel, for which only part ol' tho ]i:iyni'.-iit is a liability of the ycor. It is obvious that with available funds 1 of .£1,132,880, without taking into con- ' sideralion the provision for aid lo waterpower and irrig'-ition, and with a transfer ; of .i-730,000 from Consolidated Fund, at the pre.-ont rate of public-works expenditure, there- would not be sufficient to meet expenditure to March 31 next. It is tinl, moreover, that funds should be provided for a considerable portion of itho ■ next financial year. It will be necessary ' therefore to ask Parliament t<) authorise < ' a loan of .£1,750.000. i;he Aid to Water-power Act, 1010. an- ' (home's JC3oo',oolJ\'for (he purposes of the . ■ Adt'.'and by the Appropriation Act, 11)11, • .£IOO,OOO was made available for irrigation. 'J'lie-p authorities will suffice lo J meet the proposed expenditure for some \ time to come, ! Not a Safe Method of Finance, It is my .plain dutv to warn honourable >. , niejnbcrs and tin , people of New Zealand • . that the continued borrowing of largo I sums of money to provide for the expendiI lure of the year and for six months only , of the succeeding year—which has been . the practice in the past—is not a safe , method of finance. There arc fofir courses * i open—to r.ai'e more mousy by taxation; i or to. dcerou'O expenditure out of , (bo : Consolidated Eund in-order to have-more . ordinary revenue available , ''far" * public I wovk=, or to iiierea-e the amount of bor- . rowed money, or la-lly, to bring within - reasonable limits the of bor- - rowed money. In the.-e times, when l.inni - cost us much to raise, it is. in my opiu--1 ion, urgently necessary that we sliouM f curtail our borrowing.- This requires - some sacrifice on the part ot the people ! of this country:, but surely the exercis.- »f . 3 the necessary -sslf-roMraint and the rollr 'mice liphif our ''resources will assist to • - make our national character >.tron? ami 3 self-reliant.. It is the earnest desire of f the Government la foster the snirit of f Folf-relinnoo ami lo encourage a healthy. .. r strong, and vigorous career for all our r people. Homo life should be encouraged » and eso.ltcdr and ninde the foundation-of f our ..nationality..: should, be, d(ino s to build iip settlement, iii the connhVdis- , triets, to 01:011 up lands and to attract . not only the fanner but also the worker to settle down under the more health? t conditions of countrv surroundings. Ke--3 lvimj on fuch principles, and rendering ■: f. that proper assistance which ought to ' 1 lii) rendered .to tho less fortunate to usp : - the onporlunities which'the Slate should ■ 1 »ivo for th»ir "duration and sound iin- ' - I'l'ineine, the Government rests assured - that eur country , will pr-osr-ss and'our i r people be happy and content. ; - THE GRADUATED RATE.' V.. ,- 0 .'■'.. ,"'■■. ",,,'".. * ! .': HOW-ITWII.Ii AFFECT COUNTRY ESTATES. t ! Tho following table shows how the pro. - nosed graduated rate will all'cct country - estates:— [The rate of graduated (ax for an es- " talc of ,£30,01X1 will be .71575 of a penny in tho pound, and for every pound-of increase in value abovo .£:)!I,IIOO the rate will increase by .0000.') of a penny. This progressive ra t<> of increase will cease at f .£200,(100, and all estates above that value - will carry a- rate of 5 5-0 of a penny ill c the pound.] . ° Unimproved . Graduated (irndmilcd- • Value of ' Tax under . Tax under .. Country Uslave', , New. System. Old .System.

j 'X.B.—Those, figures include ilie 25' pr cent, ailditionnl tax. " ,; \. The above arc assumed lo be country j estates. The 25 per cent.' additional is . not added to (own e.-lates. The' three 1 iirst-mcntioncil estates en this list would ' . not be subject to (lie 25 per cent, under , the existing system, as lliey are under I :mm iu v>jluo. ' ■

l{ . X JS s. il. X s. il. [l .11,001) 120 17 10 e % 17 (,'■ v .'15.7011 1G5 8 !)' J ■ J a) IT 2' • s 3!l,0.l.l 21)0 16 8* K12 I). 7., s 4,1,5110 , iS5 17 1" 238 3 !l» t so,s(io a.i5 5 i* ;ii710 d , : ('15,851) l>15 7 5* '' 535 (I 7* o 70,0011 718-10 I' 1 ■ -■020' "■■«•' t HS,700 1,060 13 5* i)10 11 :)" s S). r i,niVO ],31fi 8 ■!• :■ l,i:is 1G 3*. -. 110,8110 1.813 12 (i* 1,523 10. D* ■ 113.700 '1.0S2 S i* ),CG3 3 9- . 120,70!) 2,162 7 7" . 1,810 10 ()• ■lW.iini) 2.86S' 10 i!" '■• 2,105 15 ■ II*" 150.SI10 3.JI0 17 3" ■■ 2,S2" 11! O , L 180,0110 j>02316 4* l>003 II) 0' 1911,001) , 5,461 5 2 5 4.512 10 0«