The Financial Statement.

Manawatu Herald, 26 July 1894, Page 2

The Financial Statement.

On Tuesday evening the Oolonia* Treasurer read the Financial Statement to anything but an enthusiastic House. He took an hour and twenty-five minutes and at its close the discussion was adjourned to Tuesday next.

Tne Summary of the Statement is as follows : —

The actual revenue received was £106,388 more than the estimate.

The expenditure was £74,188 less than was anticipated.

The net surplus on the 31st March was £290,238.

The public debt has been increased by £730,421.

The estimated revenue for the present yettr is put down at £4,---235,000 or £183.538 less than last year and the expenditure arranged so as to provide an estimated surplus of £51,702.

Taking the expected surplus with the surplus obtained a sum of £841,940 is found and £250,000 will be spent in public works.

The cash sales of the Cheviot Estate have not equalled expectations.

It would be undesirable for the Government of the colony to conduct the business of an ordinary bank.

The House will be asked to provide £250,000 for the purchase of private lands.

Many of the local bodies are financially in a very unsatisfactory state and it has been decided to bring in a Bill to permit them to levy rates on Crown Land 3. £10,---000 is the amount anticipated.

Ifc is purposed to propose a much simpler scheme to the present triennial assessment of land. The change will not affect the next landtax.

All interests of Maoris in land leased to Europeans and mortgages belonging to Maoris will be brought under the operation of the land-tax.

A readjustment of the taxation of banks will be made.

Further aid will be given to induce miners to settle on the land.

Sugar beet production to be encouraged by a bonus of £50,000.

Bonus during the next twelvemonths to be paid on coal exported.

Duty to be charged op Pacific islands, Tasmanian and Australian fruits, and a low railway tariff on colonial fruits.

Cheaper railway carriage to be made to producers of butter and

eggs

Alteration in the tariff deferred to another session.

As a large area of Native land may be offered the Government will ask for £250,000 to enable them to purchase.

It is proposed to borrow £1,500.> 000 in London at 3£ per cent to lend to settlers on a two thirds value. The opinion is that land values generally have reached their minimum. It is proposed to lend at 5 per cent. It is purposed to create Colonial Consols bearing interest at 4 per cent, and bonds will be for £5 and upwards. At present it is not proposed to create more than one million pounds worth, divided into two portions, half this year and half next year.

The question of old-age pensions remain unsolved. Waiting for Com* mittee's report.

No new private savings banks to be permitted and machinery will be provided to absorb existing ones.