VICTORIA.

Lyttelton Times, Volume VII, Issue 436, 7 January 1857, Page 8

VICTORIA.

By the archival of the Taranaki we have papers from Melbourne to the Bth instant.

In the Legislative Council, on the 4th, Mr. "Fawkner's motion against transportation to Australia or any of the adjacent colonies was carried. Mr. Bennet's motion for opening the proceedings with prayer was agreed to on a division, by the casting vote of the President, the numbers heing equal. In the Legislative Assembly, on the 4th, Mr, Sladen made his financial statement. He commenced by stating that the reaction from the recent commercial depression of tha colony had been greater than was anticipated, and that, instead of a deficit at tha end of the year, there would be a surplus. On a large number of articles, the duties received during the. eleven months ending 30th November had greatly exceeded the sums calculated under these heads for the whole year. The land revenue, the gold duty, the license, postage and many other sources had helped to swell the amount. With these flattering fiscal sjnnptoms the Government Lad been enabled to effect large reductions, the chief of these being in the item of salaries, while it was intended to commence a system of administrative reform, by which the expenditui'e would in future be considerably reduced. The Government had contemplated the nixing of money on Jimitedorunlimitedannuities,S(y!stotnablethen!O carry on the larger public works of th c country,au t a national bank would also be instituted, the paper circulation of the existing bunks being gradually reduced. The national bunk would receive all the money deposited, issuing its notes in exchange. Half of the capital deposited

would be invested in Government securities, and the remaining half would be maintained at the bank to meet the necessary payments. The Executive were not to have any control over this institution for fear of its being made the tool of a party. The debt thus incurred ly the country could be met at the end of a few years. The Government did not propose any reduction in the police expenditure nor any increase. The sum would, remain the same, while the force would be considerably augmented. The police, too, would in future do escort duty, and this would be a great saving to the country. It was contemplated to intimate to the home Government that it was only fair that England should defray some portion of the expense of her military force in Victoria. The new land system would effect a rate of payment for each run of about 2d. per acre, and this source of revenue alone was estimated at £350,000 for the year. The total expenditure for the year 1857, even allowing for the interest on loans and the repayment of a part of the capital borrowed on the debentures for the Sewerage and Water Commission, with a very large sum for public works, would not exceed the income calculated at a moderate rate.

The Argus remarks — ' Mr. Sladen's statement occupied nearly an hour and a half, and was listened to with profound attention, an occasional cheer only breaking the silence. No attempt at cavil was made by the opposition, although it cannot be expected, that they will permit this scheme of finance to escape without severe handling—particularly in reference to police expenditure and the system of raising money for public works. The discussion was postponed to the 11th instant.'