THE FINANCIAL STATEMENT

Hawke's Bay Times, Volume II, Issue 64, 18 September 1862, Page 5 (Supplement)

THE FINANCIAL STATEMENT

(From the Southern, Cross, September 1.) We have received a printed copy of the Financial Statement, made in the house of Representatives, on the 14th August, hy the hon. Dillon Bell, acting Colonial Treasurer. The statement is imperfect in several particulars, hut from the elaborate document we compile the following particulars ; The totally ordinary revenue for 18(11-02 was £378,790 aginst =£229,790 received in the preceding year, showing an increase of £140,000. There are other sums available, including the savings on the tirst division of the Civil List, showing £385,020 as available for the public service of the year. The actual expenditure on the year was £188,975, which was less by nearly £B,OOO than had been, appropriated, though the appropriation nearly doubled that of preceding

year. The customs three-eighths paid t° the provinces was £127,350, leaving a nominal surplus of £08,095. There was a small supplementary expenditure still farther reducing that balance, and £10,1552 15s. 9d. would be asked for this year on that head together vvith £1,805 da the year 1800-01, Assuming those items paid olf, together with the mi'authorise J expenditure of previous years, there would still remain a surplus of £3(3,000. Comparing the revenue of the past year with the expenditure the result shown is that the estimate of Customs revenue was £240,000, the amount realised, £339,000; Postal revenue, estimate, £l4, 500 ; result £IB,OOO. In every other item the estimate was either fully realised or exceeded. The estimated expenditure for the year 1801-02 was £.2,00,449 as per appropriation, and the actual outlay, including suppleipentary expenditure under acts, £354,280. Thus an actual balance 0f£30,000 is shown on the year. Taking a general view of the revenue of the colony Mr. Beil said that the total Customs revenue for the ten years since the Constitution Act came into operation has been £1,4/8,873, and the territorial revenue, which in 1850 was made provincial revenue, amounted to £1,479,080 in'tbe same period. The sum of £757,534 has been paid to the provinces out of the general account while laud revenue amounting to £1,132,242 has been handed over to the provinces. The Ist and 2nd divisions of the half million loan have, been settled. The account of the third division, or the land purchase department, aliects the North Island, and shows an expenditure ot £95,030 4s. od., leaving £B4, 009 10s. Od. available for future laud purchases, of which sum £50,000 is yet. to be raised in the English market. Under the head of £150,000 war 1 oan, the nett expenditure was £138,110 19s. 4d., leaving a balance of £11,883 Os. Bd. available, but that balance may be looked upon as absorbed by the expenditure for native juirposes. The treasury assets and liabilities on the 31st March, 1802, were— Balances of revenue account £52,1 Gll7s. Id. Deposits 10,170 15s. sd. On account of half-million loan ... 25,231 18s. sd. Total £87,570 11s. 2d. The assets were £87,570 11s. 2d. which' balances the account. In consequence of’the increase to the revenue it was not found necessary to issue the £35,009 of Treasury Bills authorised last session, and those issued by Mr. Bicbmond, to the entont of £13,000, have been paid off. The reserved sixths account shoves the following, up to the 30tb April last. Balance in Auckland, £5,902 ; do. in Wellington £17,828 ; do. in Hawke’s Bay, £15,758. The - Auckland balance is invested in tive per cent, bank deposits. The Government propose to repeal, from the Ist July last, the sections of the Land Bevenno Appropriation Act relating to these sixths, so that from the commencement of the present financial year the Provincial Governments of the North Island will in future be relieved from this deduction of laud revenue. After referring to the marked progress of the colony during the past year, the hon. gentleman proceeded to state the estimated ordinary revenue for 1802-03 : Customs £113,000 Postal 20,000 Judicial 11,000 Registration of Deeds 7,000 Registration of Deaths, Births, and Marriages 1,500 Crown Grant Fees 1,000 Total £158,000 The Customs estimate for Auckland is £92,000, against £IBO,OOO for Otago; but Mr. Bell expressed his belief that the Auckland returns would come up to £IOO,OOO and doubted whether £IBO,OOO was not too great a sum to expect from Otago seeing that the actual receipt last quarter was not quite £37,000, and for the previous quarter £43,000. The estimate for the current year, is therefore £73,017 in excess of the actual income on the past financial period. Alterations are proposed to he made in the civil list, thus:—The Governor's salary to be increased-to £4,500; the salary of the Chief Justice, to £1,700 ; and of the puisne judges to £1,500 a year, with the addition of a third puisne judge. The salary of the Postmaster General is to be increased to £BOO a year; and £IOO a year each is to be added to the salaries of auditor and treasurer. With regard to the late ministerial proposal that £50,000 he put on the ordinary civil list, to carry out Sir George Grey’s scheme of native government, the present ministry do not intend to follow it. An act, granting £20,000 to her Majesty, being £19,000 in addition to the £7,000 already voted for native purposes would he proposed, and also granting £5 a-head for all the troops in New Zealand for three years. That was

the course which would have been adopted by the present Government if the Duke of Newcastle's despatches had not arrived. A Million Loan Bill, to be charged upon the ordinary revenue of the Nothern Island would be proposed. The Imperial charges against the Colony were then dealt with. From these it appeared, that in a time of peace, the cost was <£329,300 a-year, or £OO,OOO a-year for every 1,000 soldiers. This was a different statement from that of Mr. Adderly in the House of Commons to the effect that New Zealand cost £1,500,000 a-year in a state of peace to maintain the Imperial forces, including stores, transport service, and naval establishment. The war expenses actually paid by the Imperial Government was £143,048 up to March, 1861, but this did not cover the entire expenditure. If the colony had to pay the entire claim made on it by the home government, it would amount to about £500,000, a sacrilice too great for a community of 100,000 souls, whose loss by the war is equal to another half million. The government propose to admit a liability of £120,000, being the contribution of £5 per head to the troops up to December 31st, 186.1, the pay and contingent expenses for militia and volunteers, and the cost of the Taranaki barracks; and it is proposed to wipe it off by an annual payment of £20,000. These are the leading points in the financial statement; and we think the figures show that the colony is flourishing.