THE FINANCIAL CONDITION OF NEW ZEALAND.

Kumara Times, Issue 937, 1 October 1879, Page 2

THE FINANCIAL CONDITION OF NEW ZEALAND.

The Pall Mall Gazette says that when' fresh Native difficulties*ate aris-' ing in New Zealand, it may be of interest to state some facts bearing onr the financial Condition of tins’ 1 colony.Allowing for the operation of the sink-' ing fund/ the debt of Net? Zealand now' amounts to a littlfe over 18| millions 1 sterling. Of this amount .£4,(115,000' is due to; Native' wars* in- addition to' which sum twomillions wete spent out of revenue. Exclusive, therefore, of Imperial expenditure, the costqf the’ Maori wars to’the colony lias been over' 61 millions sterling. The. revenue amounts to-’ £3,91(y,000, and' the expenditure to £3,822,000, thus showing? a slight surplus. Only 11,34'3,000 are' raised by taxation,' the rest corning? chiefly from sales of land. The very' large proportion of revenue raised by alienations of the public" doinain pears like a sacrifice of the future to' the present. In defence* of the policy pursued, however, it is nrged that the’ sales are made for the increase’of population, the first element in,f&e wealth 1 and strength of a State; that the land when sold is still subject to taxation/ and consequently is an asset; and that'/ furthermore, in the place of the land! alienated there are railways, telegraphfc/ and other Public Works. There is* force in these ,considerations, provided they are not pushed too far.