THE FINANCES OF THE PROVINCE.

Evening Star, Issue 4152, 17 June 1876, Page 3

THE FINANCES OF THE PROVINCE.

As a special ' Gazette' yesterday, the Provincial for the year ending March 31, 1876, and tho estimates for the six. months ending September 30, were issued.-.. The former are thus summarised by Mr Davie : Aa yovir Honor is aware,- we began the financial year; 1875,61, with a balance to tie credit of the Province of L 04.976 183 lOd, and by reference to the aocpnnts now presented yon will notice that we end the year with a balance of 163,890 da 6d, at the debit of, the Province Prom the abstract of revenue appended It will bo ;«co,thatjihe amount actually received for tho yonr falls short; of the estimated amount by L 92,702 93 Id. This is rather a serious deficiency, and at first sight might lead, to the supposition that your Executive had tako'i too Eanguine a view of the revenue to be expected: bat a glance' at the abstract will show yon that of this deficiency almost the whole is traceable,.to causes, outsido the Province and _beyond our control. Under the head of , Beceipts from General Government" three itetog tram up a deficiency of L 38.651 18s 61./Anotheritom; >• Sales ot Government Buildings and Land" stu.w* a deficiency of L 20.920 (W 9dtniajß.an aaoußtJAafc ..there was every reason to" SS^«^L%J^^J Spv ? , S«« l i during last

railway purposes in Dnnedin and Port Chalmers, but as regards which, np to the present, we have merely received information that a small portion has reached tfao stage of being " scheduled for payment," and in respect of the balance, a promise that the claim will be looked into. Again there is. a deficiency under the head of "Crewn Lands" of 131;652 7s 7d. This has arisen from loss of time in proclaiming the Hun* dreds passed last session of' the Provincial Council, and the conaeqt ent delay in completing the surveys, the result being that we are only now selling the Hundreds that ought properly to have come into last year's revenue. If you sum up these three itsms, you will find that of the deficiency of £92,702 9s Id, £91,024 6s lOd is due to the causes just indicated. -''

In reviewing the revenue of last year there are two other items of deficiency to which I would draw attention; the one is the item of "Invercarfill Railway Plant," £IO,OOO. Of course your Conor will remember that this plant was sold to the Sydney Government subject to a valuation to be made on arvival of the plant at Sydney. Owing to various reasons this plant has only recently been shipped, too late to enable the value to come into last year's account, but of course it will form an item of revenue for the current year; The ether item is under the head of " Assessment of Stock," which shows a deficiency in tho estimated yield of L9.1418s 9d, and in connection with this deficiency I would suggest that the. carrying capacity of the runs be forthwith assessed.

Referring to the. various items of revenue that have proved in excess of the estimate, I would only remark of the item " Goldfields Revenue ;" the excess is caused chiefly by the sale of land under agricultural leases, land on deferred payments, and deposits on application for land on deferred payment. Tho excess in the item "Repayments," is caused by a sum repaid by the: General Government to the Home agent for amount expended by him on account of emigration. £hen, as regards the item of "railways," your Honor will remember that exception was taken to the amount of this item when the estimates were submitted ti last session of the Council, and now the excess under this head must prove a source of satisfaction, both to yourself and the Province, as well as affording evidence of the foresight of the General Manager, on whose information the estiiaa£s was originally set down. Of coC™ *he deficiency in the estimated revenue of L 92.70-* 9a ld is no * altogether sufficient te account for v^ ie position we find ourselves in of winding up the V*! r witu a debit balance of L 68.796 6s 6d; still . the liberality of the last Provincial Council m passing appropriations largely in excess of the estimated reve^ 118 . 1 * mUBt °e matter of congratulation that the l&tiC U8 departments have succeeded in keopiug. down the /ear's expenditure to the extent that has been dons. So much for the past; and as regards theiCT* nre » the present political situation only permits tu. 9 Provincial Treasurer to submit a statement, setting forth, the: estimated revenue and expenditure for the current six months, ending 30th September, aud even in doing this I find myself in a position different from any of my predecessors in. office, inasmuch as I am now compelled t > state as regards the estimated revenue that it may be relied on, provided the proposals of the Government in regard to the disposal and settlement of the waste land of the Province are given effect to by the Waste Land Board. I may, however, assure your Honor that if through any cause tho revenue should prove short of the estimate, precaution will be taken to keep the expenditure down in a corresponding degree. In submitting: to your Honor the financial position of the Province ou the present occasion, which may be the last statement under the present form of Government, I may be permitted to say, in a word, that an analysis of the figures now presented will be enough to satisfy anyone that Otago possesses a'financial vitality, which it is devoutly to be hoped she may cdjjfinuo to enjoy under whatever new form of Government the Province may be plased. ■■.,.. . -