FINANCIAL STATEMENT

Feilding Star, Volume VII, Issue 4, 20 June 1885, Page 2

FINANCIAL STATEMENT

■* Sir Julius Yogel delivered Ms Financial Statement in the House last night. He said:— Mr Hamlin — The year 1884--85 was commenced with a deficit of £152,112. For £150,000 of this amouut deficiohcy hills frere authorised to be issued, maturing .ph the 31st March, 1886. The balance of £21 12 was discharged out 1 of the lyear'j^ revenue. I proposed last jyearthaf the ** £150,000 should not be a.. permanent debt, ahd I still hold' to thb same view. The transactions of . the consolidated revenue for the je*fTB\i4~ ''■ " 85, after discharging tne deficit of £2,112 and leaving outstanding the £150,000, shows a credii .baianod.'bfi^ £19,891, or exclusive of t^ie eniall deficit paid off as surplus of £22,003, the total: consolidated revenue! of theTyehiy amounted to £3,569,494. j There; swagy a deficiency in, the item of stamps. Y The railways also showed some de&»u : ciency, whilst the Customs excebd to a small extent the estimate; The totalY deficiency in the estimate was £22,016. Hon. members will bear ih mind thai 1 the surplus of £60,000. anticipated ini: the budget last -year reduoed;; subsequently by the supplementary estimates and votes in the revenue waaf" included an amount of £247,7,00 proceeds of debentures issued uadejri i "The Consolidated Stock Aet 1884/? ... Hon; members are aware that, this; , amount was issued to represent the - equivalent of the, increase pf the]Binking fund for ihe'jrear. I ish^ll later > on ask the of tfie "commit-^ tee to this subject. • The expenditure ' for 1884-85'includes the undischarged liabilities of'the previous year, accord- Y ing to the plan: introduced. in_lBBo of bringing only into the year's accounts the actual expenditure and receipts within that period. Land Fund; 188?--85.—The lan^iund account at th% close of the year 18B3«84 shewed a balance of £80,447. 3E_e reveiSue re- , ceived for the past year, amounted to £160,969, of which £^^$were#aBh , sales of land, and £fi8 r S3T gales on v deferred payments. Tise expf nditure ' amounted to £209,485, so thiaVat tho ' beginning of the present finstt<afol J ear ther j was a credit balance OT £31J931. Public Works Fund, 1 854-85^^110 total amount placed to credit of public . worksf und during the year 1 884-85 was £2,327,025. Expenditure , amounted to £1,336,727, leaving £990,298 aithe ' end of March last with which Jo begirt: ; the year. In addition thereto we hadthe balance of the third fn n t "^ jtfg^fa P|» ,. the , three million loan l \to > ' . £155,000; also the ><^ -lo^Y^Y £1,500,000 recently, amount^ in ail to £2,645,298,. The million and half loan authorised last year has quite '- recently been/ negotiated at a good figure, average price being £100 6e3d. Three loans besides our own wereplaced in the market, viz., Victoria, ••■ Queensland, and South Australia. I asked the loan agents to cable mo the uet results of the foarloaua, aiid Hen. . members will be.. pleased, whilst timpessimists amongst them ' Will bjestwprised to learn, that the Ne^_sea.-. land loan fetched theyhtghest price-' r Eef erring to the operations of Yf&G 1, ,! Consolidated Stock Act,".lYhee>d '•"_&*•;♦' remind you of the' unkind an^p.atioitev v, which were indulged in, and that ':%&s'><" credit of the colony ites iiiijurGd. ■ by it. I claim Y a /^ answer to all such opposition. The Bill met with brilliant success.) If the conversion proceed no further 1 » • than it has already. \we shall probably •>*. bo able to extinguish,: over £100,000 <i froiri the result of the next drawing in. : March. Many members ;who opposed ■<• the Bill last year did so conscientiously^ ; and I appeal to'their'-generosity.nOtto allow the opinions they then entertained to prevent their, now admitting-' that the measure waSa^ fair one,! and calculated to assist the finances of the i colony. Future Policj'. — Before j>roceeding te discuss the proposals of the present >-' year there aro certain broad^. features j. to be considered, to wliichll/^ust ask i the attention of the committee. The ? Customs revenue, which is the most ■' important branch of the revenue^ requires to be revised^ by ;ireagirat : of several circumstances which have comein ordinary course to largely affect its natural growths I need only mention two of those circumstances; the one that the increase of production in the colony, in which I include manufacturing, has the tendency to sensibly, diminish the import duties on many \ articles which have yielded increas- : ingly large amounts in' the past, and the other that of alcoholic beverages, from which the heaviest' Customs re- ' turns have hitherto been received, are showing a diminished consumption. ' Both these facts are eminently gratifying. A less consumption cfintoxicating drinks means increase tbappihess and social well-being, ax d larger ; local production ..means increased prosperity. The returns of [Customs diities on spirits during the hat three financial years 'are 'sugj»essive . They are as foUows i*-1882-_| i £4J10,517 ; 1883-4, £403,500 ; 1884:5;! £377,696 : and for the , first two mofctha Y6f the present financial year tho receipts have been at the rate of only ; £366,624 a year.. [Those persons who refuse toj'see in ttbe cbnditions of ft 'p.ew country 'the Special , ' eircumstance-i" which render, itiappro- 'i!; priate their ranging themsUvea under the old world; banners of Protection 0r . . . • Freetrade mfyy. at least meet [on this common ground;; that fiscal requirements ; are. the'ipiiinary object] of cus- / tqins dutiss. y % venture toj goia.^tep * " further, end s^y .tiierie, is no taxation more ; fair, justjY and logical. ll<1 I< ask Protectionists td^gree. with ine tin thiA, although Hhey may see in customs ! duties an ulterior object in the (Epcour-. Y . agement they give to local prodtotion, and I a,sk Freetraders, to renderja like. .- Y > a< quiee ;ence, al&ougk:sey argie that •., : . tbe remission of dtttmsjra^ds to lighten , tjhe cost pf living.^ It;©^istentw falls within the rang^, of rt^^uty .qfPai*. liam'eat to specially: intensify ojj »bate " the ; application of recognised! principles ; but I have yet io. show why I claim: for Custoius duties the .character I have assigned to them that they are

fair, just, ; and logical, because it is reasonable that the producers of other countries should: not come here to en j oy all the benefits' that the complicated machinery of Government affords to them without contributing to its cost. This proposition is in no way affected by the question of whether the ultimate "charge falls on the consumer rather than on the producer. Customs duties have in addition the two great advantages of being cheaply collected and of falling on those who in greater or less proportions elect to consume dutiable goods. [Thb average cost of collecting Custouis duties amounts to only £2 14s. 3d jier cent., but is undesirable that the if hole taxation of the colony should be so as not to come home in manner to the H&npe together with in- * direct taxation -tlere should be taxation of an unmistakably direct character, as also some of fhat ingenious ; medium between the two that stamp duties supply. This leads me to state that, together with the revision of the tariff, it is desirable to pass under review the direct and semi-direct taxation of the colony. These classes of taxation require to be considered, if for no other reason than they should be put upon an elastic footing, in which the feature of normal increase shouldapply. It is necessary now to consider the character of the ;populatien, besides the very -small nuihber of persons who live upon their means, and' the larger number employed by the Government. The occupations of the people may be divided as follows:— Agricultural, pastoral, mining, maritime, manufacturers,- ootnmercial, and professional, and domestic service, in each of these industries, except 'the last, thera are both employees: and employed. But for our: present purpose we need no distinction betweem them because it is clear. The prosperity of any class means ox ahoido '.mean.;. the prosperity of the employees. Our proposal then' is — settled -subsidies extending over many years, but divided after a plan which will give, greater; consideration to the poorer districts. The scale will adjust itsylf^-that is, as a district becomes richer,,. its receipts though perhaps larger, will be based on a lesser scale. . This is not the place to fully discuss the proposition. It is, however, necessary, that the long term of years to which we propose the colony should ' bind itself has for its object to settle the. finance of the local bodies, and enable them to borrow on the security of subsidies. We are, moreover, distinctly of opinion that the local bodies should be released 'from tutelage. ■■■/■ The duty on spirits ib slightly increased* a duty is placed on' foreign coal, and an extra duty, on tea, but there is no in irease ou sugar. The Stamp duties are to be increased and the Property Tax to be raised to three farthings in the pound, -with the exceptions of agricultural implements and machinery up to a certain amount. We propose to repeal the Boads and Bridges Construction Act," but to fulfil the obligations incurred under it. We propose that part of the charge of the subsidies shall for five years come out of loans, but the s,um proposed from this source will be very much less than we Lave been in the practice of taking for these purposes from borrowed money. The amount of subsidies lo local bodies we shall.- submit is a sum not exceeding £300,000 per annum for 25 years, of which one-half for five years shall be provided by loan. Revenue of the Year. — The estimated ordinary 'revenue of the year, with, the charge on Customs and Stamps I have indicated, and with a fd Property Tax, is as follows: — Bevenue, 1885-86: Estimates —Customs, £1,500,000; Stamps, including Postal cash receipt, £538,000-; Property Tax, at fd (last year §d), £270,000 ; beerduty, '£ss,ooo; Hallways, £1,116,000; Telegraphs, £103,400; Begistration and other fees, £34,500 ; Marine, £14,000; Miscellaneous, £37,000 ; Depasturing licenses, rente, &a, £195,000; Accretions of sinking funds, ,£2so,ooo— total £4,115,900, [ . , ,- The Treasurer then moved the following resolutions :— Resolved, " That in lieu of the duties- of Customs now charged on the. undersigned articles, the following duties of Customs shall, j on and after the twentieth day of June, ' 1885, be charged thereon — On import- | ation into New Zealand, or ou being cleared from any warehouse for Home consumption, viz:,, spirits, or strong j waters, as defined oy the . Customs Duties Consolidation 1881, rate of duty, 14s 6d gal; bitters, 14s 6d; Dutch wine, 5s fed; Dutch wine* sparkling, 6s 63. ; l wihe,- Australian, 4s 6d; tea, 6d lb; arrowroot, cornflour, farinaceous food, maccaroni, prepared ruts, sago, tapioca, varmicelli, Is 2d baeon and hams, 3dlb; beef, salted, 4s cwt ; boots End shoes, men's, No 6 and upwards, 16s; ;6d per dozen; youths. No 2 to 5, 14s per dozen; boys' No 7 to lly Bs'6d; women's No 2 and upwards, 1 Is ; girls' No " 11 to 2, 8s 6d;- girls* -No 7 to" 10, 8s; children's No 4'to 6, and slippers 3s; 1 women's " lasting'-' boots, 7s ; golashes of all lands, ;3s:6d; slippers, mens', -women's, and children's, 4s 6d;butter and cheese, '2d lb \. candles, (tallow), Id lb; candles* stearine, 2d; candles, paraffin or wax; 2f? candles not otherwise enumerated^ 2£d ; cement, Is 6d barrel; chicory or any vegetable matter applicable, to the uses of chicory or coffee, 3d lb ; coals landed, j2s ton ; doors, plain,. 3s. -each; doors, glazed; 6s ; fish, tinned ; potted, or preserved, 2dlb,* or reputed package of that weight ; fruit; 'pulp, and 1 boiled fruit, not otherwise enumerated, 2d; iron barbedwirg, 2s cwt; jams', jellies, juarmalades ? and- preserves, 2d lb; paints, mixed; ready^for iise^ 4s; paper, •wrapping, brown, 3s 3d ; jpaper, wrapping, other kinds* •3s 6d; paper, bags, 7a 6d ; pickles, : Is per doz ; rope and cordage, 6s the' cwt; stearin, paraffin, wax, and Japanese. Wftx,..2d the lb; soda, bicarbonate, ,4s^t|;e;.c.w.t ;.;sashes, plain, 3s the pair ; sashes,- glazed, 6s / the pair; soap, qomin9n^ysß.=th«!^w£^ agricultural implements and macliinery not otherw^^umerajted, cent ad valorein lawn-mow ers ditto, garden'^jitinps;ditt^,.gaTdenroll. ers ditto, gard^^ffMges ' ditto-, gas works, machinery: > aw . f or' other than iron, gas^ea, : idife ijjm bridges aud matejiala^ot rowawm

enumerated for the construction of bridges ditto, oil, cod liver, ditto, paper, writing, for account books, fabrics not less than 18in. wide of cotton ditto, aerated andmineral waters 15 per cent, ad valorem, bags (flour) and hessian ditto, baskets and wickerware ditto, bellows other than blacksmith's ditto, bicycles and tricycles and parts of same ditto, brass cocks, valves, lubricators and whistles ditto, chaff ditto, drain pipes and tiles ditto, glue ditto, iron bolt ends, blank mits and washers ditto, iron gates and gate po'its ditto. [The above is necessarily a brief resume of the speech.]