REVENUE PROSPECTS.

Globe, Volume XXII, Issue 1864, 13 February 1880, Page 3

REVENUE PROSPECTS.

[By Tblegeaph.]

[PEOM OTJE OWN COBEBSPONDENT.]

WELLINGTON, February 12,

The falling oil of the land revenue is even greater than was anticipated by the Colonial Treasurer in his financial statement, when he was so warmly attacked by Sir G. Grey for understating the revenue. He then calculated that the land sales during the financial year to 30th June would produce £243,000. Up to the end of last month, however, the receipts from land sales realised only £IO,OOO, or at the rate of £120,000 per annum. Instead therefore of the land sales yielding £186,000 up to the end of next month, when the financial year will end, ihe leceipts will bo only £90,000, or less than half the estimate, unless a sudden and unexpected improvement takes place. It will be remembered that Sir G. Grey estimated the land sales to produce £500,000 for the current year up to 30 :h June; instead of which the actual proceeds will be less than one-fourth of that amount. It is feared also that the Railway revenue will not reach the estimate by nearly £BO,OOO. Judging from present appearances, this has been sought to be accounted for by the best part of the grain season falling outside of the present financial year ; but I am informed that this is a mistake, for the conveyance of grain really makes very little difference, the extra working expenses involved running away with the additional profits. The passenger traffic is found to pay best, and this is largest during summer, so that the increased returns of the coming gram season are not expected to make up for the present falling-off. On these two items alone the expected deficit is £176,000. A small decrease in the Stamps is also probable, and the adverse decision of the Court of Appeal in the Rhodes will case will compel the Government to refund nearly £19,000 succession duty paid over in error, also heavy costs, bringing up the whole losb to about £-0,000. The Customs keep up fairly to the estimate, which is likely to be realised, or very nearly eo. and the other sources of revenue are expected to come up to the calculation. The deficiencies already mentioned, however, increase the deficit to nearly £<300,000

over and above that of £/9b,000 on which Major Atkinson reckoned, making the actual amount very nearly a million. From this, however, has to be deducted the savings in expenditure effected by the Government ; but as they did not take office until the financial year was almost half gone, these are not likely to reach any considerable amount, although a material reduction will be found in next year’s expenses. The Government are understood to be doing their utmost to retrench, but that necessarily takes some time, and can hardly have any appreciable effect on the finances till after March, when the financial year ends. The authoii-ed £BOO,OOO deficiency bills are all issued, and indeed I believe £IOO,OOO besides, and it is tolerably certain that another £IOO,OOO will have to be issued before Parliament meets. This seems a strong practical refutation of the allegations of Sir G. Grey and Mr Ballance, that Major Atkinson, for a political purpose, needlessly depreciated the probable revenue, for the result is likely to be seriously under even his estimate.