FINANCIAL STATEMENtT

Feilding Star, Volume XI, Issue 5, 27 June 1889, Page 3

FINANCIAL STATEMENtT

The following is a resume of the Colonial Treasurer's speech, delivered by him in the House on Tuesday— l have to-night the pleasure, unusual for some years past, of announcing a surplus. That surplus is not indeed a very large ons but it is a surplus. Consolidated fund expenditure for the year 1888-89 amounts to .£4,084,---054. The actual expenditure was £3,977, - 265, there was therefore unexpended of the amount authorised £106,789. I may mention that the non-payment of any balance of subsidy due to local bodies arises entirely from their neglecting to make any application according to law. The total revenue estimated for the year 1888-89 was .64,162,400. The actual amount received was £1,055,034, so that the revenue as estimated in the Financial Statement exceeded the actual receipts by J>107,366. The Customs duties vended less than the estimate by £55,392. The Railways also yielded less than the estimates £38,865. The net revenue received was £360,016 instead of £338,162 as estimated. The only item of revenue in the receipts of the year which could be considered exceptional ie a sum of £18,000 profit earned by the Public Trust Office. Estimated expenditure of tbe land fund was £127,423; the actual expenditure proved to be £119,496. The expenditure was therefore less than the estimate by £7927. Total ordinary revenue received Avas £4,055,034. and the total ordinary expenditure amounted to £3,977,265. There was therefore a surplus for the Tear of £77,769. The public debt on the 31st March, 1888, was £36,758,437 ; on the 31st March, 1889, it was £38,375,--050, but deducting the Sinking Fund now accrued amounting to £1,395,389, the net -debt was £86,979,661. A Bill will probably be introduced in this session with a view to increase the rate of interest payable on loans to local bodies made during ■the current financial year. The estimates include £25,000 for school buildings. , 3?ro vision is also made for continuation of subsidies to local bodies at the same rate as was paid last year. I estimate for the .year 1889-90 a revenue of £4,187,800. as against an expenditure of £4,239,331. The Government will make a proposal for the continuance of the Otago Central Bailway, Government propose, amongst other things, to exempt from the Property Tax all machinery, which, however, will be strictly defined and to allow any owner, or to allow the Property Tax Commissioner to have properties re-valued under reasonable restrictions without awaiting the triennial period. Government think the Otago Central Railway should be continued, and a Bill to give effect to this ■will be submitted for consideration of Parliament. The Minister of Lands has visited tha Village Settlements north of Auckland, in the Fcrty Mile Bush, and in the South. Government is of opinion that village settlements supply a want if formed of a small number of settlers in a neighborhood where work can be obtained, where the land is of good quality, and where the settlers are of the right sort. The Minister for Public Works in his statement will state what we propose with regard to the Main Trunk Line, north of. Auckland. The excess of immigration over emigration, a subject which has given Government much anxiety, I attribute to the falling off of the Public Works expenditure. Our exports for the last 2 years are very encouraging. Grain has increased from 3,630,843 bushels to 5 584- ;- - grass seed from 164,550 bushels to 274,772 bushels, frozen meat fcom 49,363,878 lbs to 63.003,472 lbs, butter from 272,620 lbs to 3,631,376 lbs, cheese from 3,381,616 lbs to 3,731,840, and sawn timber from 33,791,992 feet to 44,219,840 feet. Flax has increased from 1812 tons to 5603 tons, and it is still rapidly increasing every month. It is satisfactory to know that the -quantity of wool locally consumed in our mills has increased from 2,001,155 lbs in 1887-88 to 4,079,563 lbs in 1888-89; Total exports of wool for the year 1887-88 were ot tbe value of £6,415,845, while those for tbe year 1888-89 were valued at £7,345,185. The mining in a more hopeful condition than it ha« bean for some years. The yield of gold for year ending on the 31st March laat was 208,9020z5. as against 191,9610z5. for the previous year ; being an increase of 16,9480z5. During ysar cnew assurances in the Government Insurance Deportment have been made amounting to nearly £BCO,OOO, approaching in ani9unt the whole of new business effected by foreign life omces in New Zealand. The last fact I. would mention is the greatly improved credit of the colony in London. Eighteen months ago 4 per cent stock was. selling at 96£; it is now •worth from £105 to £106, with an active market. I venture to think we shall see a further rise when our true position comes to be fully known. [The above was issued as an " Extra " yesterday morning.]