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Gisborne Times, 26 July 1905, Page 3

BANK OF NEW ZEALAND. «

®6pre3snio3 sums of £IOOO and pudor. Members will join 'vith me in the opinion that, considering the very 'unsettled(State of She money market, tho subscriptions to onr loan of more iibantlj times tho auiount required was a splendid result, and clear y demonstrated that our credit in London financial circles was as high ns over,; nos withstanding attempts by do'motors to libel it froth time to tint •. ft l 3 ‘ ul ?° . right to mention that tho sucuoss a; tnß flotation was Tally recognised in Loadon, and was made tho subject of general pen gratuiatiou os the most successful issue t>y aDy solf-governiog colony foe many years past."

11 LOOKING AHEAD.” 5 Dealing wish the finance o£ 1905-6,jSh(3 . statement* prooeeds: "Hon. ; cannot exp-rot any diminution in out os'ponditure so long as coo popuiatioa is -> augmented, and the tide of prosper -y flows on. Tho volume of our produce. . trade an i commerce oontiaußS to incct£ 3 p» and as a osnseqaeueo tho Government 18 importuned on al! sides to provide grottier convonienc3s in its postal and tolegrajpio arrangements, n greaser number |Ot teachers in our schools, increased r.aoilpss to railways, larger expenditure an Barleys so ss to got oar people placed on »he and rapidly. Possibly we shall have to unite provision for tha increased pension totue deserving aged, for more compete educational equipment for the children,for the cheapest motive power to onoble our industries to encountor mors suecossft y the keen competition of tho day, end for the iut3rost on our loans aug melted from year to year mainly for revenue purposa3. There are good and sufficßntt reasons I maintain for asking Parliament to sanction an inoreasa in expooditurj. The statement dealt at length with ihe estimated expenditure of the current yef-i £6,960,718, details of which wore suppled.

Commenting ou the itom, £25,000, cferived from 5 per oont. dividend paid ly the Bask of Now Zealand upon half a j ■ million preference sharas held by the G>- ~ vernmant on behalf of. the oolouy, tie Colonial Treasurer stated : “ 16 gives ne .1 much pleasure to note that; the Bank, his j been doing good sound business. It bis I ‘ obtained 'a large measure .of succsss, dl- I _ .-jived undoubtedly from the prosperity if I the colony, aided by care and skilful mu* I agement,” ' I

A MILLION LOAN.

- Fourteen years’ results are shown ad I the Treasurer adds : “It is quite evidart I So the Government that there is a gtooril I consensus of opinion Shat more rapid pri-. | grass must be made in construction of otr I railways, and to that end and also to et- I able beidges to be ereoted and geeatir j milage to be undertaken and completed if. roads in our backbloeks, the Govermneri I have decided to ask the House to proviib j authority for raising £1,000,000 during |lb I current year. I

Having now placed the finances of tie iaolony before bon- members it would fa Hatioipating the impassible for me to et ' pact every member to be satisfied, or th 4 * fault will not be found therewith. Til really sound and strong position of oir fiaaace is a matter of sincere congratula tion, and adverse criticism under the cit oumstances would give ground for til conclusion that there are those in politic Whom it is impossible tj piease.

SATIBICAL COMMENT. By the statement submitted and'snp' ported in'” every detail by figures showinj the receipts and expendidare I trust 1 ma; have dispelled once aod for evor the con- j ’ elusion hastily formed and thoughtlessly stated by many who ought to know bette: ' that the credit balance, or what is com I monly known as the surplus, was simply t / question of bookkeeping. I bay I said thougbtles3!y, with the desire afbeinjl generous to those who have from time til , time made the statement, in my mnocenci| ‘ believing that they would not wilfully casll a reflection upon those deserving Govern. I menli officers who are entrusted with, tht proper a'ccjuuts of the . colony, and upor the Cootroller and Auditor-Genoral whe certifies to their oorreesuess. The By3tenj of keeping accounts is the same to-day at It was years ago virtually, save that officeri keep the accounts, and they in years gone ;by oould not make the accounts balance deficits being shown from time to time, td meet which increased taxation had to be imposed. These same officers now show, notwithstanding the reduction in custom! taxation and remission in railway charges, amounting during tha last ten years in the aggregate to over - £28,000,000, on 81s! March ia3t , a credit balance of £761,036. If the statement-is repeated through the coarse of debates I think I am within mj rights, and it would not be unreasonable, to ask tho-e who challenge the present system of keeping accounts to show where i and how an improvement could be made, add above all I challenge them to demonstrate how they couid so juggle with - figures as to prove a deficit instead of fi credit balance of £761,086..

< GENUINE SURPLUS. | .- XS will not bo questioned that £600,006 was transferred from the consolidated fund to the public works fund; total expenditure oat of public works fund last year was £1, 282,378. Nearly half that amount was from revenue, and if the balance expended on public works was subtracted from the credit balance of £761,036, there would still be handsome surplus left. It ie fre-s qubntiy written and stated by ignorant persons that . the non-expenditure of moneys on public works helps to swell the credit balance of the consolidated fundi There is no connection whatever between the two. There may be £IOO,OOO unex-; pended in the public works fund, yet it would not increase the surplus in the consolidated fund by one penny. Now, unthinkingly, a very large number of persons; including some members of Parliament; from time to time state that the increased indebtedness of tha colony is greater than the colony con bear, or than the ability of fcfao taxpayer to meet interest and charges entailed. By the reiteration of this statement the credit of the colony is not improved ; nay, more, an injustice is done to ii.

A GREAT NATION. | We have, continued the Treasurer, e country which by nature has been lavishly endowed. The area of the colony is aboul one-seventh less than the area of Greai Britain and Ireland, the Middle Island oi New Zealand alone being a little largei than the combined areas of England anc Wales. The population of Great Britait ia'dO million, whilst the population of oui colony, including Maoris, is less than oni .million. Wo have in a small degree laiij the foundation of what is destined to b a great nation. Wo must proceed witl the superstructure cautiously and at th game time energetically. The estimate, population of the eolony on 31st March 1905. amounted to 908,114 porsone. Th eross public debt at that date wa Tj5g, 912,000,’ and the net deot wa t sna 632. - The gross debt per hea wal’ L 65 19a M. and the net L 63 4s So -In addition to the natural increase of th colony the excess of arrivals over depai tores 'for the year ending 31st Decembe] 1904, was 10,355.

ASSISTED IMMIGRATION. Between 24Sb March, 1 904 - and 231March, 1905, the number of persons wh ma „“, lho colony under the reduce, WtXV L scheme was 1951, and the E BS ntht With them .capital amounting t addition to which they had annual income of L 3396 r Capita 1 annual income on a 5 per oei: the total declared capital taken outb .basis, thei t £172,631, and there ca these P s «o many of them brougfc be no doubt . . , e3tJ ifcal than the out a applications, so that it ma named m the PP 3nm ed that the actui be reasonab y hroueht into tbo colon Btn r D thl “fsieitf iSgration schen under 000. Under the previoc K’sSr ■ “ s ‘* income equal to £633,450.

THE ENVIED OF nations, i After referring to the evidence of .pm .* f u n Treasurer ftdds me poop penty, the tho onvia(i 0 f nation ° ■ there are those ever railing ar ° na having depression and disasti propbetying a p at6o ntion is pa'i • Luckily Mile. foro bodfaf2 them or to ; mD roved eeonorafb cone gelid facts detractors of o. tions aro ag j has prospered,' SS'K. ih» y- - : I’"' ■ v ■ : r :-Sl:

,e h v settleßlown .hither and 1 v v ;0 oradieatnd° Wa goraiihato, °K \ .It ; s a f , e ? na noxious politioal 1 T" Horn ?h a °° and their I abson f ® “?»°u n try ot w hloh tho . a , K^S-Kssr , - ,a “t»»M >•

LBtTOI.3 FOIt GUIDANCE. . We r n u! . l^ n ?* take lossoua from , the past, by the unfortunate oondmonsiObtaunug m older 00unCrlespeoially £. evils arising from tho * b nf l ° U f^ f taa t°rial wealth, tho holdu , of tho i ond bv |h ’ privileged *w, and the “massfng ot people tn t a large centres of population, in this nov oaro must be taken to avoid the . ercrowding of our cities, so common to Ihe older worlds. The poverty, vice, dograiatkm and death * ndot( & there music be .to,. us as ouoya to the mariner, showing the sunken rooks imperilling theahip of State.

I PLEASING PRGSPECTS. t It will be Pleasing to members to know I our population is rapidly increasing, that the volume of trade has greatly expanded, that our staple mdustries' flourish, that I capital buds satisfactory investment, that there is no^ dearth of employment, that the condition of our 3ohool teaohorg and educational matters generally are in a much improved position, that it | 3 open to . all our youths to go from the primary schools to tha Um Vur3 it y and there to be fittingly equipped for the battle of life, and that our colony still proves attractive to a largo number of tourists, who much admire our yartea, unique and beautiful soenery, and enjoy the sport our rivers and I mountains pro vido.

SOUND FINANCE. Whilst placing before Hon. members the position .of tho ooiony i a a wellmerited, rosy hue, I wou id warn you that it must not be lad on to extravagance, We: must over be oareful and thrifty leaving nothing to chance, nor doing anything which would lead our oolouy and its people into an embarassed position. In other words, the keynote of our safely ,s a sound finance. We must bo economical* and keep the expenditure within reasonable limits. If we do so the time will shortly arrive wh ß n we shall be able to make further remissions of taxation. We must give to tho people oomfort, and something brighter to lock forward to and hope for. Happily our experiments have so far proved successful, and have been largely < copied by other countries, and to-day even some of those who strenuously opposed them are willing to concede that what was done was m the best interest of the people of the colony and the good Empire to which we are proud to belong.'

HAPPY NEW ZEALAND. New Zealandis a fair country, inhabited by a contented,/ happy people. Material wealth is fairly distributed, and opportunities for advancement are within the reach .of all. We enjoy the confidence and respeet of our kindred, and tbe progressiva legislation and improved conditions under 'which we live command universal admiration and reaped, and I am sure it will be the duty as well as the pleasure of bon. members to .assist in maintaining the ooiony in its present proud and eatisfactory condition.;