The Feilding Star. SATURDAY, DECEMBER 17, 1892. New South Wales

Feilding Star, Volume XIV, Issue 77, 17 December 1892, Page 2

The Feilding Star. SATURDAY, DECEMBER 17, 1892. New South Wales

The depression in New South Wales appears to become more marked day by day. A fortnight ago reports from the New South Wales Government Bureau showed a considerable increase in the number of unemployed who consisted, for the mosß part, of men who had been employed either in Sydney or the suburbs, but who now, owing to the depression, have been thrown out of work. They are spoken of as being a very worthy class of laborers. The secret of this calamitous state of affairs was disclosed in the Legislative Assembly on Wednesday night when the Colonial Treasurer delivered his Financial Statement which showed that at the end of 1891 the debit balance was £770,000, and there was a deficiency on the past eleven months of £382,000. The principal decrease was in the Customs revenue, which showed a falling off of £92,000. The Broken Hill strike had caused a loss to the Customs receipts of £40,000. The land revenue had amounted to £168,000. The revenue for 1892 was £10,910,000, which exceeded that for 1891 by £87,000. The total debit balance to commence the year 1893 with was £1,152,000. The receipts from the new duties since the initiation of the tariff was £901,000. The Treasurer's estimate of the revenue for 1893 is £10,900,000, the principal increases being — In Customs, £106,---000 ; land revenue, £33,000 and railways, £118,000. The expenditure for the same year is estimated at £10,458,000, showing a surplus of £442,000 and decreasing the deficiency at the end of 1892 to £710,---000. The Treasurer went on to say that the finances of the Colony were in so serious a state that they called for total abstention from borrowing for a considerable time, coupled with the strictest economy in administration. He stated the Government had no intention of imposing any additional taxation, as they were anxious to get on with useful legislation. Eef erring to the harvest, he said the bountiful yield of wheat proved that there would be little, if any, required to be imported, and the present crop was worth a million more to the colony than that of last year. The leader of the Opposition violently attacked the statement and in a scathing speech denounced the Government for delaying its delivery for so long, when the finances were in so serious a condition. After reading this statement we are not surprised that there should be a stampede from a colony where such misrule obtains, to our more prosperous laud. When the exodus began from New Zealand, we said that we believed every man who left for the other colonies would certainly repent, aad whea he returned he would bring three more men with him. Our words are being verified every day. The Minister of Education in his address to his constituents at Christchurch said with refereuoe to the tide of emigration from Australia, that information relative to the new arrivals showed that the majority were men with small capital ready to settle here. Our readers will remember that a considerable pro portion of the persons who left New Zealand during the "exodus" were also possessed of some capital, so that with " the turn of the tide " we are receiving back both men and money.