Hawke's Bay Times. Nullius addictus jurare in verba magistri. SATURDAY, SEPTEMBER 28. 1872. MR. GILLIES’ FINANCIAL STATEMENT.

Hawke's Bay Times, Volume 19, Issue 1441, 28 September 1872, Page 2

Hawke's Bay Times. Nullius addictus jurare in verba magistri . SATURDAY, SEPTEMBER 28. 1872. MR. GILLIES’ FINANCIAL STATEMENT.

The Financial Statement of the Hon. the Colonial Treasurer, an abstract of which, by the courtesy of the Government, we are enabled to publish this evening, will, we feel assured, be received with general satisfaction by the Colony. The reforms proposed are sjich as have been demanded for some time past—that one in particular which contemplates the cessation of the course pursued by the late Government in paying interest and providing sinking iijnd for the loans out of the loans themselves, and subsidizing the road boards from the same source. It needs no argument to prove that both these necessities should be provided from revenue, and that any other course is misleading and ruinous. No one will be surprised at the information that the immigration and publiG woiks policy will be pursued ; in fact, no other course was open to any Government. The mistake of committing the Colony fo schemes so gigantic had already been made, and nothing remained to be done Imt to check the reckless course of procedure with winch that policy was "being earned out If the present ad ministration cany out their programme the result cannot be otherwise than gratifying to the Colony; and for the future vigor, prudence, judgment, and rconqmy will supersede the recklessness #ud incompetency which has characterize*] Uie operations of the late ministry, an<] l e( l *° i* s downfall. Some disappoint nient will be felt by the admirers of the late Colonial Treasurer when they find that the brilliant picture drawn by him has failed to stand the test of practical reality. Its fallacies had, however, been already exposed by ]\lr Fitzherbert, and the public generally be quite prepared to expect that

his balance?, when critically examined, would disappear, and be replaced by corresponding deficiencies. Much as the fact of these deficiencies may be i*egretted, their existence is only what was suspected by the public, and it will bo a source of satisfaction to know that instead, of the Colony being misled into the belief that a balance had accrued to its credit, it knows the worst; and especially that measures will be devised to prevent the recurrence of so undesirable a state of affairs for the future.