GOVERNMENT POLICY

King Country Chronicle, Volume VI, Issue 489, 7 August 1912, Page 5

GOVERNMENT POLICY

PROGRESSIVE MEASURES PROPOSED. ELECTIVE LEGISLATIVE COUN CIL. NEW RAILWAY COMMISSIONER. SETTLEMENT TO BE ENCOURAGED. [BY TELEGRAPH.—PRESS ASSOCIATION.] Wellington, This Day. The Financial Statement begins by setting forth the revenue and expenditure for the financial year ended March 31st last. . The actual revenue was £11,032,544, or £603,354 above the estimated revenue. The actual expenditure was £10,304,308, which was £264,309 less than the estimate. A comparison of the expendture for the last financial year, with that for tho preceeding year 1910-11 shows an increase of nearly a million pounds, of which 78 per cent., or nearly fourfifths, is accounted for under the heads of interest and sinking funds, working railways, internal affairs, defence and education.

THE PUBLIC WORKS FUND. The amount available at the beginning of the last financial year was £1,140,045. A sum of £500,000 was transferred from the consolidated revenue, and £698,605 loan money as received during the year, total £2,350,796. The expenditure was £2,268,216, so that the balance at the 31st March, 1912, was £82,580. At tho same date the balance of loan money to be received was £105,000, so that the amount in the Public Works fund available to start the current year was £1,132,58. THE PUBLIC DEBT. The gross public debt at the end of the financial year amounted to £84,353,913. Deducting the sinking funds, we have for the nett debt £82,193,310, of which £16,847,314 is chargeable to the State Guaranteed Advances

fund. The public debt was increased during ihe year by £3,275,791 (State Guaranteed debt) £2,153,115; public works £660,690; Naval Defence Act, 1909, £279,750, increase by conversion £126,505. We have of late had to pay a higher rate of interest for our loans, but this is not peculiar to New Zea-

land. It is therefore reasonable to assume that the rate of interest on our future loans will rise. PUBLIC DEBT EXTINCTION.

The period for the extinction of all our loans to seventy-five years. The annual contribution to the sinking fund are to bu paid out of the consolidated revenue and the accumulated moneys, until they are required for the repayment of the public loans, are to be invested in loans to settlers and workers, and local authorities. Last year the contribution to the public debt extinction fund was £144,885. It is explained, however, that this imposes upon the consolidated fund an additional burden of less than £ll,000. The amount to be provided for the current year will be £149,885. ADVANCES TO SETTLERS, ETC. The amount of the loans paid over last year by the Advances Offices were: To settlers £2,174,085 ; to workers £543,840; to local authorities £871,735. The loans raised for the three branches during the year amounted to £1,346,114. The large sums now being received in repayments will enable the more pressing applications for loans to be met with but little borrowel money, and in the course of ten years, with the large repayments and the aid of the sinking funds, it should be possible i to do without loans altogether.

LOANS TO LOCAL AUTHORITIES The Government has under consideration a modified system of Loans to Local Bodies, somewhat resembling the old system under which the smaller and weaker local bodies wou'd, for urgent work connected with roads and bridges, receive loans at a comparatively low rate, the State bearing a portion of the burden of providing for the interest and sinking funds. Such a policy would, it is evident, relieve the roads and bridgesvotes on the Public Works Estimates.

LEGISLATIVE COUNCIL REFORM A Bill will be introduced at once to make the Council elective. The North Islands and the South Island (with Stewart Island) are to be the two electorates, each having 20 members, ten of whom are to be elected at each election of members of the Lower House, each member of the Council holding his seat during two Parliaments. ASSISTING LOCAL BODIES. It is intended this session to introduce a short Bill classifying local bodies according to their needs, and providing subsidies which will be proportionately large to the most needy. PUBLIC SERVICE. It is proposed to establish a Public Service Board on the same lines as adopted by the Commonwealth to Australia. RAILWAYS. The Government intends to call for applications in London for a general manager to succeed Mr Royanne, who retires in January. GRADUATED LAND TAX.

The present Graduated Tax is to be made more equitable fay introducing a regular scale of graduations, and the tax is to be increased on estates of over £30,000 unimproved value, while the 25 per cent, additional graduated tax now imposed on estates of £40,000 and upwards is to be made to apply to estates of £30,000 or more on value. INDUSTRIAL MATTERS.

An amendment for the Industrial Conciliation an Arbitration Act is to be introduced, whereby each Supreme Court judge will preside, in all cases except those of Dominion

awards, over the Arbitration Court in his district. Instead of permanent representatives of employers and workers, there will be expert representatives from each side in the trade affected, and provision will bo made for secret ballots of workers and employers. ROADS AND BRIDGES.

Unier the present financial conditions in Britain expenditure from the Public Works* fund may have to bo ro-

stricted, but it is intended, if pos

sible to provide not less than the usual amount for assisting pioneer settlement.

LAND LEGISLATION

It will not be possible to deal comprehensively with the land question this session, but a Land Bill w'll be introduced, including among other things, a new method of acquiring land for settlement, and of settling it on the deferred payment system. Another point in the policy of the Government will be the purchase of land, whether European or native, in those place where railways are being, or are to be constructed. VESTED NATIVE LANDS. It is considered that the speeding process is necessary in regard to the settlement by both European and natives, of the land. Nearly one million acres, vested in the Maori Land Boards, and also of other native lands, and legislation is promised accordingly.