THE FINANCIAL STATEMENT.

Evening Star, Issue 3812, 13 May 1875, Page 2

THE FINANCIAL STATEMENT.

At the evening sitting of the Provincial Council yesterday, Mr Turnbull made the annual statement; and in a speech of little under au hour b duration explained the financial condition of the Premisingbycongratulatingthe rroyinoe on the steady progress it had made durmg the year, and the present healthiness of its finances, he explained that, notwithstanding that the loan askedfor last year had not been au* thonsed by the Colonial Legislature, the Executive had no difficulty in meeting all the votes for works and branch railways. At the end of r T year there was a credit balance of L 00,446, and a further sum of L 20.174 to be applied in payment of special works—subsidies to road boards, works under the North Otago Loan Act, Mount Ida and Waipori water supplies, &o. The receipts, estimated tabled— UaI ’ WerS BhoWn by the lowing

Totals L 517.349 L 450.832 Explaining the above items, the Treasurer S>inted out that the receipts had exceeded the stimates by L 66,516, arising mainly from Crown Lands. It had been the practice only to draw upon the North Otago Loan as required, and, accordingly only L 12.000 was obtained during the financial year. The read board subsidy had slightly increased on account of the estimated alteration in the number of the population, by which the distribution of the General Assembly grant of L 50.000 fer the whole Colony is regulated. Education receipts showed a large difference; but this is on account of the reserves proposed by the Council not being concurred m by the Assembly, and the rente of the lands had consequently not been applied as education receipts. Licenses showed a considerable reduction, and it was difficult to account for this, except on the assumption that the alterations in the Licenst Act had the effect of clcsing a considerable number of places licensed for the sale of liquor. After deducting the year s expenditure there was a ci edit balance of L 76.385 9s, of which L 11,408 10s 2d was in separate accounts for special works, )>nd' L 64,976 18s lOd was available for appropriation for the current year. In connection With branch railways the Treasurer said u Up to the close of the year, the total payments on

aoooontof branch railways under construction iJv v ? l ® e to £35,328125, n , although it will be necessary to take votes to cover the whole balance of estimated cost, e nf r n ? ot ol ex P, eot to require to pay under the “to more than one inLS? g i f e current ynar. The difficulties S B^m?ifi abor ’ n ?twithstanding the lutge acSfS? J? the .Population smcelhe Instating of the Council, have been so great that contractors have not been able to K Zr works so rapidly as otherwise might have been tl SSStf' f ein « ttot the application “fJSf Sf. la ?t 86881011 of the Assembly was fi! hlB c , l f cum . Btuic e bas rather been convement than otherwise to the Treasury ” Mr Tdbnbdll then went on to say * ■ Blr + revenue and ammging prooosala an n^ e^ tare E “ cuti vc now to rem£Ste“ placed in a position of uncertainty, as their plana may be in many points upset by some fresh lensla. taon affecting the Provinces by the QenemAs. sraibhr, which, when this Committee is engaged in considemg its financial measures, it is impossible to anticipate or provide against. However, the only course the Provincial Government-can adopt is to assume that things will remain us they aro3 c . As regards revenue, toen we estimate that ns shown on the printed from all sourcesthe4anof Sales of Crown lands we have put Els sv o °o,a sum which, considering the ex. “ ew^ andredß ifc 18 Proposed will bo placed w e <vre fairl y justified in expecting Sed\r™lmo Th l on stewk aS stated at L 62,000, and although the land sales to a toreduoe ibe receipts under this ““7 »Monnbly expect not less rwfnm L Bam * “F 160 - Then we have the item rents from agricultural leases, deferred, ho^^u lo6^ &Cl , The agricultural lease rents have hitherto been classed as gold Jidda revenue but we have thought it bettor that all ‘rentals from lands should be a sen orate branch revenue, and have separated them accordingly. This, of course, has reduced the next fleld * revenue, to the reu business licenses, miners’ rights, we estimate at LB.OOO. Gold export £? v ?, put down at Ll 2*ooo, but if thepro. posal of the Government to relinquish this source SfTw B J?if B, ?Sf ea te K the Colonial Executive. l th ? r a°t bc realised, or we shall 10 for its being returned, through • Crdinauce, whichever- course P ?ut as the proper one, and f n mll made 111 toe Supp'ementary Estimates for Buch contingency accordingly. Harbor S2taSr k |° n at 11,500, estimated portß where dues are levied outside Port Chalmers and Dunedin, whose contributions imTJ 80 4116 E l lU ’b° r Board. Li estimating Dock lSf rm afe calculated upon receiving L 2.600, or about LSO perweek, which I think is a moderate nW^ 6 * Sl tbe Bock is now almost constantly emK,.®* from tolls and roads fe the amount they are let for, and the dog and goat tax r divv down 48 V£ ely r6B hse between L7OO and excess of last yeax. Licenses, which realised last year considerably less than we anticipated, we have put down at the moderate sum of LMOO/ In tor Department we expect to get L 6.500 for rents and school fees. It has been the prabtioe years t0 I ? ut down mider this head an addb tb 2 receipts from assessments, or the lands set aside by the Council as an endowXl or^ Urati rl pilrpoßeß J but. as all these and oflW + 3ndoy^«u to ,baye been refused to be given £ by the Colonial Legislature, which lias, col t S’ a rese r e of 500,000 acres on aceducation, we have considered it better sum as receipts from such a soorcc until the lands to be reserved ore selected , Repayments : Hospital, Asylum, Industrial School, Immigration, and outr^oon^of« btS for l )assa &e-money, we hope to get as we , Propose to take steps to press Ixo e ’ but w ho have hitherto depay- -Ihe next item of revenue to which tmrSnf Ew now becoming a very imtha« toe receipts frem railways; t notice_ that the very large sum of LIOO.OOO is estimated as likely to be obtained from this source. The amount may to some appear oxjudging from tie rapid 'SSse in 6 + w,■ x 68 now opened, and considerwfnton* to toe extension of the llxe Awamoko, and probably some other be open for traffic shortly, we have, after Manager^ Mr Conyers, in W6 have great confidence; arrived rLused that the amount stated will be be satisfactory to mention, as mmibers Jmve no dunbt observed from the mill tbat tile Povc©ntage of working expenses for the past year, considering that everything is as “ w V to y «5S£2Si,” 1 1 •SJS °J*a¥ per C6nt - T bis reflects,. I tbikk. +h^ t -p^. n - th e management, especially as m the Provmce of Canterbury the work, mg expenses represent about equal 1 84 Ea Rfafii °- f r6Cei Pt?- There is no doubt, dreJ^f^+v, 111 n lll6 Supenntendeut’s opening Address to the Council, that the revenue and expenditiire m connection with the railways now opened, those being constructed, and pnmosed. vraU soon assume large proportions, and involve the tbp r ? rea *? are uud attention on the part of toe Executive Government. As proceeds of sales rL^vin^n U (^ bl i lldillg8 1 f :n 1 d lau 4 B we anticipate receiving L 30.000, a sum which we think will not be too large, os a considerable amount should be realised from the disposal of the immigrants* cotmisWentS toe past year. Interest and receipts donot call for any remarks, and uext item is L 25.000 deposits on applications for Ttoais not a receipt which supplies T xt I s Bim P l y toe estimated n. *1 f d SP° Bltß reoeived from parties applying Payments or artei'wurds returned to them, and we*lm/e an. a vote of an equal amount • in proposed der name of Befunds of Lvenue. if obeen 0been 4 0w ' n 08 coming from the sale - f lvVer?arg!ll v Ver ? arg!ll broad-gauge i-oilway plant, which it has become necessary to dispose of in consequence of the alteration of the The a ß reed 40 purchase it on the terms disclosed in the correspondence on the w V Ch been laid on the talde of tS m, ? ow c °me to amounts which wa consider will be available from the Colonial Go. vernmeiit. First, there is the unexpended thi^p 6 T> tb l. Nor ?b Otago loan, am? next fLI4^ ad lß? C M? S tiie amount of which 18 ®_ 6d) will, we expect, enable us to distribute 15s in the pound on retercoUeTted mid we propose taking a vote from'the avenue sufficient to pay 10s more. Thera is also a sum of L 2,000 which, it is estimated, will allowance over the insmkimf fond on the consolidatedloausof toe Province. As the population of the Province Rn o^ B63 * b^ ome entitled to extra captoK allowance, it being at 15s per head. Then them in au amount of L 24.000, which is the released ninv falU due m October nwuT next; ' JP? , as lt w proposed that they should be converted, m a similar manner to those winch matured !aat year, toe sinking *be Commissioners, will no a be'Uded over to toe Provincial (Treasury Ana lastly, we have put down ns available receinta Jbe amount the General Assembly granted last year to the Provmce towards the construction of bmich u “ d6r ,toe Otw) Provincial Public Works Advances Act, 1874. Snnumng up »U these items therefore, members will find they amount to fta ol! iguana at toe commencement of the year of L 64.976 Py? a total available amount ol L630.3U313s 4d to be dealt with. Turning now to the proposed expenditure as printed,iuthe hands of members, it will be seen that toe sums submitted to the Comuiittee forappropria ion amount. to L 741.593 IBs ®L This, however, includes sufflcient to cover all railways under contract; but on this latter account it will be impossible to spend durmg toe present year anything lit-a too whole sum. Probably there will remain these and other works in progress, which cannot be completed and passed m the current financial period, a sum of fully L 100.000; andiEtiSa be so, as I feel satisfied —from past experience and toe present difficulty of obtaining sufficient labor-, will he. toe case, then it will bring toe net exnendi tore within our estimated receipts, till cial Council meets ngam. It vsl be uxmeoesswto °y e *-, toe details of the expenditure just now. Any explanation will be given by myself or «nl1ong«v»fl as toe various items pats through committee We 1 *° the means atom £! a as to do, aa far as lay in our to each interest and distinct. No h®? 66 ® 88^ to make alterations, and SS? “Tto* 6 to be pretoe Supplementary Estimates. Although we hope, seeing that we Lave already as much on toe mam Estimates as will apparently absorb all toe means at our disposal—members will avoid as much as possible asking for additional votes. We nave also made some alterations in connection with the atones of some of the civil servants, with the yxew of equalising and adjusting the remuneration t&ef receive in accordance with their positions and dunes. The Executive is not unfrequently subjected to inconvenience from sometimes some of their best officers leaving toe public service for more profitable employment in ether Provinces and with private firms. Bat apart from toe obligations toe Province has already incurred iu connection with toe construction of branch rail, 'ways, toe Executive is very desirous to proceed with other branch lines which toe Council has already authorised, or which may be authorised this session; and with this view it is proposed that another application for a loan be made at the an. preaching session of toe General Assembly, or what would amount to toe same thing, that the General Government take over at a valuation the Bluff, Invercargill, and Winton Railway, which is a main line, although made and owned by the Pro. vince. This latter proposal was approved bv one branch of the Colonial Legislature last session and with toe view of haying it re-discussed at ’ nert meeting of the Assembly, toe General and Previn, cud Governments have arranged to have a report and valuation prepared, m order to fix toe amount to go to toe credit of toe Province should t he proposal th ff V £ n .? ffect to. If a loan is not obtained, orthe 801^ 11x6111 foar toe prosecution©!

such a desirable purpose. If this Province is to maintain its position as the leading one in the Colony, it will be better to leave railways unmade, however much we may value them as aids to p' ofresa and prosperity, than make them at the sacrice of our public estate. The Provincial Council, which guides the destinies of the Province, should, in my opinion, strain every nerve to tide over withoat sellxn3 pastoral lands the few years till the present pastoral leases expire, and then those in power would be free and unfettered to make such arrangements whereby not only a most valuable system of settlement wonld take place, but a large and certain source of revenue would he secured to the public treasury for all time coming. I think, without taking any undue credit to the Government, that I may fairly congratulate this committee and the country on the financial position in which we at present stand. We hear of other Provinces complaining as to failing revenues and increasing demands on their resources, hut I unhesitatingly state my conviction that if this part of the Colony was left to manage its own affairs, and was not required to contribute such enormous sums for purposes beyond its borders, it is perfectly able to maintain its position in toe path of progress against all other difficulties and under all other circumstances. Its debt, considering i’s means, I look upon as nmn.il, for the place that can raise a revenue, as this did last year, of nearly a million sterling, should not he alarmed at a loan liability of a million and a quarter. This is not toe time to reter to the contemplated changes in the government of the country, nor do I wish here to Say anything as to wh< - toer such alterations, if given effect to, will be for toe better or not; but this I will say, that financially, the form of government provided by the Constitution has hitherto worked? successfully in th’s partofthe Colony ,andtoat, evenfrom a revenue point of view, no change which will have toe effect of depriving toe Province of the control in toe disposal and settlement of its waste lands, and toe revenues arising therefrom, can ever prove beneficial to, or secure the approval of toe great majority of the population of Otago

_ - _ Actual Estimated General Government ... L62.073 L43.132 Crown lands 235 696 180,000 Assessment on stock ... 61*245 65,000 Gold export duty 11,502 19,000 Goldfields revenue 26,257 18,000 Harbor dues and pilotage 5,177 5,000 Dock dues 4,157 Tolls on roads 13^889 13,000 Sale of Government land and buildings ... ... 10,854 25,000 Dog tax 2,235 2,200 Education 6,887 12,600 Gaol 279 Licenses 3,605 6^000 Railways 57,919 48,000 Bents 1,278 Repayments 1,437 *6,000 Receipts 4,194 7,000 Sheep 307 Miscellaneous 4,698 Interest credited by Bank 4,149 2,000