Financial Statement.

Feilding Star, Volume XV, Issue 4, 5 July 1893, Page 2

Financial Statement.

f Uv Tet.BtJßAPtf. j Wm.unx&ffi** July i. Tho following in h ttumumty t)t the Fivuiiii'.iiil KUit«m»Mit (Wiytfffsil in tho ll<uih<» <if lt<iiir«s«mtt»Uv«i« by the lion, J. Ward, f'oloninl Tr«m«mffc>" ; -~~ Mr Ward <*.<itmti<tt>t M by J«ito<mting tho dOH til of tlio Jrttij 'I'tQtitiUt'm, ftfld, apologising for any <U4U:Um<ty in having to follow Much tut Ablo MtattiNtmtn, who, he regruttnd, wah not tboro to place boforo them results which have probably not boon equalled in the previous history of tho colony. THE KKVENUK. The actuul revenue last year from almost all sources substantially exceeded the estimate, the estitnatod receipts beiug £4,326,100, while the actual receipts were £4,440,836, or £173,736 more than the estimate. Customs were £67,590 more than the estimate ; stamps, £36,424 ; railways, £35,099; and land and income-tax, £14,548. THE EXPENDITURE. The expenditure was estimated at £4,'201j844, while the actual expenditure was £4,153,125, the departmental expenditure showing a saving of £84,371. LAND FUND. The land revenue was estimated at £99,000, while it was really £110,355. The estimated expenditure was £142,593, and the actual £141,044, the deficiency being made up by the | transfer of £58,502 from ordinary revenue. THE YEAB. The actual revenue of the year was therefore £4,495,836, and the expenditure was £4,153,135, giving a surplus, with the amount brought forward from 1891-2, of £512,182. Out of that £200,000 was transferred to the Public Works Fund, and £28,502 io the Land Fund, leaving a net surplus of £283,780. The liabilities show no undue increase. PUBLIC WORKS FOND. On 31st March, 1892, £298,700 was at the credit of Part lof the Public "Works Fund, which was increased during the year to £558,093, the departmental expenditure was £341,337, leaving £177,606. In Part II the year was commenced with a credit of £'384,558, the expenditure being £131,614. LAND PUKCHASE. Native land of the value of £19,575 was purchased and paid for by £11,876 in cash, and L 7,700 in 5 per cent debentures, while negotiations for a large area were in progress. N.Z. STOCK. The loan conversion operations were referred to at length, and Mr Ward remarked that information had reached Government which led to the belief that our stock will be in considerable demand for purposes of solid investment. LOANS TO LOCAL BO IES. Up to 31st March 1893, L 458,061 had been paid to local bodies, and L 37,833 to the Lands Department for roads to open up lands for settlement, while L 89,800 owing had been transferred to the Public Works Fund, and L 177 to ordinary revenue, leaving a balance of L 429 at the close of the year. THE FUTURE. The expenditnre for the current year is estimated at L 4,409,871., 409,871. Of this L2,24C,574 is appropriated by permanent Acts, while the annual departmental estimates are L 8304 less than last year, notwithstanding increased expenditure on education and railways. Owing to various causes, including increased payments for interest, cost of approaching general election, the expenditure this year will be LI 15,202 more than last year, of which L 85,425 is for various charges, including interest and sinking fund, LI 5,000 for extra postal expenditure, L 7960 for surveys. REVENUE FOR THE YEAR. The revenue for the year is estimated at L 4,255,200,, 255,200, as well as L 284,500 proceeds of sinking fund debentures, or L 70,491 less than was received last year^ the decrease being expected in large amounts of succession duty received. With the surplus of L 283,789 from last year, it is estimated that on 31st March, 1894, there will be a surplus of L 414,109, subject to the usual supplementary estimates. PUBLIC TRUST OFFICE. Reference was made to the satisfactory state of the Public Trust Office and the marvellous results of the West Coast Native Reserves Act. LAND AXD INCOME TAX. The estimated receipts from this source were L 350,000, and this was exceeded by L 25.157. ] LAND SETTLEMENT. Lengthy reference was made to the satisfactory results of land settlement I under the Act of 1892, 3071 separate selections having been made, and 1,663,687 acres disposed of. It is proposed to so am^nd the Land for Settlement Act as to enable land to be taken for its fair value where absolutely necessary for settlement. AGBICULTUBAL. The usefulness of the Agricultural Department was alluded to, especially in the direction of issuing leaflets, importing seeds, fruit and dairy experts, Government veterinary surgeons. DEPARTMENT OF LABOR. The returns which have been collected by the Labor Department during 1892-93, shows an encouraging growth of trade and improved labor market. The area of land cleared of the forest has given work to a large number of men, while in the factories and workshops 4566 more workers were registered than during the previous twelve months. During the year from the 14th April, 1892, to 31st March, 1893, the number of men put in the way of getting work by the Department was 3875, These have 7802 persons depending on them. Since the Bureau of Industries was set up, one year and 10 months ago, 6647 men have been thus helped, these having 12,531 dependents, a total of 18,998 persons. THE HALF-HOLIDAY. It has been found in administering the Factories Act, that the factory half-holiday is well observed, but it is quite impossible to properly supervise the carrying out of the Shop and Shop Assistants Act in its present form. For Inspectors to ascertain the treatment received by each one of a multitude of shop assistants where there is no uniform half-holiday is an

impossible task. That the law should fix a day on which a weekly closing day for shops and a half-holiday for assistants must be kept, appears to be the only proper course to be taken with fairness. The Factories Act was administered with great success during the year, there being few cases in which the directions of inspectors were disregarded and in which it was found necessary to enforce the regulations by appeal to the law. The fees received during the year frdiSTa^torieg VJr came to LI 302, and the total number of persons found to be employed was 25,022. POSTAL AND TKLBGBAPH.BUSJSBBS. ■ ,- — .-.. The progress of the colony has not been without its effect on the business of the Post and Telegraph Departments. The increase in some respects lias been almost phenomenal, and is >:■ quite unprecedented.^ ' Lengthy reference was made to the taking over of the Cheviot Estate. BANKING BUBINEBB OF THE GOVERNMENT. Among the financial changes' affected by my predecessor, the new agreement with the Bank of New Zealand for the conduct of the Government business must be reckoned of c;reat importance. The principal feat- i ure in the new agreement is that the $ charge for remittance of public monies , f within the colony' by course of post is' done away with. , This concession ; t saves the Government upwards; of L3OOO per annum. On our London banking account we gain .advantage of \ per cent on our daily balances. Upon, advances in London we have. obtained a redaction of 1 per cent., and £ per cent upon advances made in the colony, thus the late Colonial Treasurer is to be credited with obtaining more favourable terms than any other colony possesses for the conduct of the banking business'of Government. CO-OPKRATIVK PUBLIC WOBKB. The Co-operative system is working^ very satisfactorily and has been, ex- "'■[ tended with economy and success from earthworks to platelaying, masonry, building, painting, etc. ' LANDS FOB SETTLEMENT. The demand for land for settlement' r baring exceeded the most sanguine expectations, it is now proposed to supplement the Land Purchases Act of 1892 with an additional measure to facilitate settlement by offering ' Natives an alternative proposal, thereby enabling them, through Government, to throw open their surplus lands for settlement under the land laws of the colony. EXEMPTION OF IMPROVEMENTS. It will be remembered the late Colonial Treasurer intimated he was in favor of exempting all improvements in assessing for land-tax, and * that he would propose to do so as;;; soon as the revenue would permit it. I am happy to be able to state I find) myself in a position that warrants me in proposing to exempt all t improvements. By raising the rate of the graduated tax some part of the loss will be made up and the increase ■■ in the graduated rate will render it more undesirable to hold land at a low state of improvement. LOCAL TAXATION. I em of opinion thai the time is fast approaching when the exemption of improvements m country and road districts for local taxation should also be effected. BUILDING SOCIETIES. It is intended to exempt Building Societies from the payment of land tax, but shareholders receiving dividends from such societies will be' required to include ' them in their returns of income and pay income tax thereon in the ordinary way. Government think' that the troublesome and yexatious system of imposing stamp duty on wages receipts should pa abolished* and the necessary amendment in the Stamp Act to give effect to this will be submitted. It is not desirable that the system of deducting debenture tax by Manawatn Bail way Company* from interest should continue, and I will propose: amendments in the Land and Income Assessment Act repealing the power given to Companies to deduct from the interest payable on debentures the amount of land or income, tax paid as agents for debenture holders. FINANCIAL TROUBLES. > I am glad to say that 'there is no indication of the financial troubles that have befallon our neighbours now teach* ing our shores, and this I attribute to the loyalty of the people of the Colonj to the financial institutions we possess, and it further stronglj, marks the confidence that bur Colonists have in the resources and recuperativeness. of ISTew Zealand. THK CITSTOMS TABIFft la will be necessary in the new Parliament to deal with tho question. of. the Customs tariff in a thorough and oom« prebensive manner. RAILWAY COMMISSIONERS. The Government do not propose to repeal the " Government PaUWay Act, 1887," neither is it intended to take from the Commissioners the control of the • railways. - ; SUBSIDIES TO LOCAL BODIES* - Government have given this matter serious consideration and have come to the conclusion that in view of the large amount of land settlement going on the time is not opportune for reducing the subsidies. The construction of roads to give access to lands is of the utmost importance, and while so much of this work is going on it would not be good policy to cripple the resources of local bodies who have so much of this olaas of expenditure cast upon them. • (To be concluded in our next issue.)