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Gisborne Times, 26 July 1905, Page 2

; etsbokhb gineering works, LOWE STREET Opposite .Catholic Church}, JAMES BROWN, ; Engineer, Proprietor^ Thanking itko P.nbHc of£q ora-0 for past favors, ™ notifies that he is P re ? a ' 1 :®“ nilertake all xvork in connection -.jnginceEixLg.

BRIDGE AND A* 33 ,,, VNTRACTOBS’ woek UNDERTAKEN.

hinges, firebrands, *KS, AND OENERAIJ JK SMITHING.

WINDMILLS, AND MKY of All Kinds Erected AGRJCUC, and *RY, LAWN MOWiBRSj Husied 2Jid repaired s&ftai

'■and; requisites foa ijl Engines,.

In. Prices KeaenoaSikß* >•; BEOWN, wo OWE STREET, ' P“oms 78. tuo Ac _L S; !«*»»• S3 ER YARD, at an a Bond

"T. uuusmeraoiy -< million. J 3 “OUR CREDIT AT HOaiß."' : fi t Rcfcning to the flotation of the ! million loan, tho statement briefly <4"; Bcribod the proceedings which hod been,' taken, and added; “The sum 0fii2.026,31$ was applied for by 16X2 applicants, ao<3 44 Satifyiog ta state that 13*0 ol this naijibsf V" ' j

r°£.& COLLEY, ea **J t B MHEOHASTS, g NTBAGTOBB, and md lor Sale: . goes toST OF TIMBEB construjonsisting of back bli and Efenu la w abuuld j’.nstioated Weathe* eeen froth Balings, Go.h ,moam o?‘ s ' That is, t^fJ e Kaori Eima aovecnmeu ’i and T otara to Settlers partmonts \^ n m£ de fro® la addition presecurity for thi{ < matter of fact tiled Wood years bave had «' about 00 per csn\ kinds, creased indebtedm,P nr ® 088S ’ ever the slightest || drallHt •/_ any departora froiTI’. 1 ’. past, namely a denniM™,, pendituro on public vtr Wellington railways od the colony, where each iog tbe district, or meui l , lR provincial districts, will c\ : . .•> railways and particular rd< ■- preference, and because sc* increases have not been t 3 ; i; find fault with the administrate again if sums are expended ceed to denounce the Governni> ;■ administration for having increa-x: ,V. k tedness of the colony, ,-|&t that they had used strenuous fl induce the Government eo to do, || words if nothing is done the Government" will be blamed, and if on the other band something is done fault will still be found, t¥ l .Ministers with due philosophy resign themselves to the inevitable and accept the position. The millenium may arrive some day when public works, roads and bridges will be removed fr:m the arena of PatJia- V ment, and when a system of local Government obtaining will obviate the necessity mi".. for roads and bridges being referred to in the budget or made the subject of debate in the Mouse. It may be possible to fi* expenditure on district railways .on some raj assured and definite basis, and when this,!*' ' can he done the accusation of favoritism in i : respect to given districts will be a thing of the past. . ' , THE YEAR'S/REVENUE. .

Tho ordinary reveouo daring the 'yesr amounted to £7,282,870 and other receipts (including £63.200 for sinking fund aceretiens) to £64,327, making a total of , £7,347,197. The revenue exceeded ihatoE 1| the previous year to the amount of. £261,484, and was in excess of the estimates to the extent of £248,070 compared .| with the revenue of the preceding year. Stamp revenue yielded an increase of £70,835, railways £49,775, income tax £83,583, customs £30,359, miscellaneous ; £27,003, while land tax, registration, marine, and territorial, also gave increases, ; amounting in all to £41,143. " DECREASE IN BEER DUTY. C f Some honorable members will, I have no doubt, be pleased to learn that the bees duty fell short by £sll of the amount leetsd the previous year, and singularly enough comparing the actual with tin estimated, all heads of the revenue wea exceeded, saving that of beer duty, which fell short by a sum of £3,790. SS||

THE SUBPLUS. ; The excess of receipts over expendilori: amounted to £711,395, thus producing lbalance of £761,036 at the dose of the year 19015. This gratifying result I bavo already announced to the public. Hon. members who are anxious to kee|f down the . indebtedness per head of the. population and to save payment of intsred in or outside the colony will be delighted to know that from the consolidate revenue there is transferred to the Public Works Fund during the last 14 yearSjEs to 31st March last, £4,355,000, on which; had the money been borrowed io provik for the same expenditure on publio worki an additional interest charge, at the rati of £143,800 per annual would have beta added. v ’ .. • J

INDEBTEDNESS PEE HEAD. It will bo of interest to members to gif! New Zealand’s wealth per head of tbi population, and to append an extras! from MulhaU upon “ Wealth of Nations" Estimate per inhabitant: New ZealacJ 11303, United Kingdom- £302, Fraoa £252, United States of Amerioa £231 Germany £156, Russia £6l, Austria £lO4 Italy £lOl, Spain £135, Portugal £B7, Sweden and Norway £ll4, Denmad £230, Holland £lB3, Belgium £154, Sot' mania aud SeVvia £9O. Mr T. A. Coghlait Agent-General for' New South Wale*! speaking recently in London, pointed dtj that one of the most notable facts coir nected with the progress of New Zealani during the, past fourteen years during which period the greats portion of the advanced legislation now in force was passed, was the veil large decrease in the private capital ear ployed in the colony owned by non-rest dents. x Trustworthy estimates placed the investments of British capital on private account in New Zealand in the year 1891 at 20£ millions sterling. These invesh mentsKad now fallen to millions, 4 reduction, of H millions in 12 years Under ordinary circumstanoes tUis withrawal of capital would be considered t serious matter, and there .were not wantic! persons who pointed to it as a fulfilmet 1 of the prophecy that the social and indue trial Jegislation of New Zealand vpoujj

ultimately drive British capital out of thj oountry. Iq 1891 tho value of property ji Now Zealand was 150 millions sterlioj U£ this 20£ millions, or 14 per cent, K longed to British investors. At the present ! time the valuation of property was 323 millions. The amount of British investments was only millions, or less the®, 41- per cent. Here they had an 'extra-; ordinary position—that during the short space of twelve years the New Zeals®® people reduced their indebtedness to tb®, outside investors to such an extent that what remained of it was now an insignifij cant portiou of the accumulated wealth of tho country. While the prooees of repay;, tuent bad boou going po, the value of pro:; porty moreased by 72 millions, or 60 po?; oent, that is to say, from 150 millions to “-2 millions. This sohiovement is f notable one for a population whoso nqffl-.. bars were atill considerably short of ® million. J i