FINANCIAL POSITION OF TASMANIA.

Globe, Volume I, Issue 69, 20 August 1874, Page 3

FINANCIAL POSITION OF TASMANIA.

The Hobart Town correspondent of the Argus writes on July ilOth :—“ Our position as a colony is very different from what it appeared to be twelve months ago. Mr lunes raised a phantom debt of £IOO,OOO against us—excess of expenditure over revenue —at the end of 1874. Mr hysh, when he entered office, reduced the debit balance to a maximum of £52.000. Last night this debit balance had disappeared, and 1875 will leave us with a surplus towards paying the probable subsidy to the main line railway due in 1876, contingent on the company fulfilling their portion of the terms of the contract. Mr Fysh held the contingency so problematical as not to warrant any provision for it till next session, when the probabilities will be better ascertained. The Seven columns, bristling with figures, that appear in this morning’s Mercury would not bear reducing into such reasonable compass as to be of interest to your readers, and therefore 1 shall content myself with a few of the. more important items, as bearing on the general state, of the colony. In 1870 the value of our exports was £648,709. For the first six mouths of 1874 the value reached £615,367. In 1871, our greatest period of depression, our imports value was £778,000; for the past six months it has been £552,654, with three London vessels due and overdue. Our bank deposits, which in 1871, were £879.992, are now £1,328,341. Our specie now is £249,000 against £173,000 then, and our bank-note circulation £117.000 against £84,000 then. Our general revenue (exclusive of land fund) for 1873 was estimated at £252,000 ; it realised £284,000, the Customs having exceeded the estimate by £28,000. For 1874, the general and land revenues were consolidated, and the estimated receipts were £265,000, the sum now estimated being £313,000, with almost the certainty of its being exceeded. For 1875, the ways and means arc estimated at £311,206, against an estimated expenditure of £295,317 (including exceptional disbursements. 1873 left an outside debt of £24,000 ; 1874 and 1875 are estimated to yield a surplus of not less than £28,000. To show that he

did not overestimate the revenue of 1874 and 1875, Mr Fysh pointed to the facts that his estimate for 1875 is slightly under that of 1874, while he tested 1874 by actual experience. The estimated receipts for spirits was £40,000 ; the first six months gave £23,124, Tobacco, estimated at £24,000 for the year, gave £13,000 for the six months. In other items, the respective sums were as follows, the figures being those estimated for twelve months, and those received for six months ;—Sugar, £23,500 £1 9 ,611 ; oils, £3000 drapery, £10.500—£14.162; boots and shoes. £1300—£707 ; Post-offices. £16,000 —£10,450 ; telegraph, £1200—£950; Crown lands, £20,009 —£17,112. The list might l>e drawn out to include almost every article in the tariff, but enough has been given to justify the statement of the treasurer, that our condition as a colony, and our agricultural, pastoral, commercial, and trading interests have not been in so prosperous a condition for the last 20 years. Having said this much, Mr Fysh intimated that we were in a position to undertake a larger scheme of public works than we have for a longtime attempted. Preparatory to this Government propose abolishing the local public works scheme, which advances the cost of public works in districts that agree to assess themselves to pay half the ordinary interest. The districts are ready enough to get the work done, but pause when pay day comes, as was the case with the Launceston and Western Railway district. Government propose undertaking all the works now applied for, the estimated cost being £30,000. They also ask £70,000 for the purchase and completion of the Mersey and Deloraiue Railway. They also ask for £43 500 for roads in districts outside railway influence, the gross proposed cost of public works being £160,000. The proposal appears popular, but is likely to meet opposition, partly because of its popularity, partly because it does not go far enough. On the whole, however, Government seem to have taken the wind out of the Opposition sails. We are to have a new Governor, but to the Bible Society class of our population Mr Weld’s appointment is a heavy blow and sore discouragement. It is certainly not a popular appointment, and Mr Weld will have to move in altogether a different groove from his predecessors, Mr Ducaue and Colonel Gore Browne.