FINANCIAL STATEMENT.

Mount Ida Chronicle, Volume V, Issue 281, 25 July 1874, Page 1 (Supplement)

FINANCIAL STATEMENT.

Mr. Vogel made lis Financial. Statement on the 2lst instant. "We extract the following relative to Provincial Borrowing :- The consolidation revenue of the Colony had, during the last two years, increased by £412,000, or within a thousand pounds of the total annual charge, which the railways, when completed, from one end of the Cohny to the other would entail. It must be pointed out, however, that further uuthority for borrowing to complete the Railways would have to be given. However successful the Immigration and Public Works policy might be, it mils'-, be remembered that it was necessary to meet the Colonial requirements before straining the credit of the Colony for other purposes. Consideration of the fact of the railways being pushed on more quickly than was originally intended, and of the fact that it was not desirable to encourage too largely the construction of other works, impelled the Government to decide not to renew the proposals of last year as to Provincial borrowing. The Government were prepared to allow a limited amount of assistance to Provinces, but such assistance to be rendered through the Colonial Government and not be charged either against the amouut for settlement of immigrants, or upon the consolidated fund, but with power to the Government to issue Treasury bills, if found necessary to meet it. As to the assistance to be given to separate Provinces, Mr. Vogel said, first in regard to Auckland, the Government during the recess undertook to ask Parliament to allow the Province to raise £50,000, to be advanced from time to time, and extending over-a period of about three years; for works upon, the Thames goldfields: The Government propose to ask Parliament to carry but : their arrangements. We shall propose for works in connection with the location of immigrants, advances extending over two years, besides a loan of £4,000 to bridge the Clarance River. In regard to "Wellington, hon. members will, no doubt, have observed from the correspondence that the Government, during the recess, endeavored to induce the Provincial Government to reduce the amount of borrowed money they desired. He agreed to submit for the approval of the Assembly, a proposition to allow Wellington to obtain an advance of £66,000 on 80,000 acres of land, to be opened to the selection of small settlers. Nelson case is the most difficult to deal with. We propose to lend it, on specific security £50,000, for works which the Public Works Department approve of. From. Otago also, the cry for borrowed money has come. We cannot see our way to al present sanction the sum that Province asks for, unless by way of purchase of the Winton and Bluff lines. If the P'ovincial Government are willing we wUI be prepared to propose to the Assembly, to purchase that railway at a valuation the payment to be made in four equal instalments on the first February next, and the first February of the three following years,' the money to be devoted to the construction of branch railways; otherwise in respect to Otago, Canterbury, andHawke'sßay, I have, only to say we purpose to continue their trunk railways, and to aid them in locating the immigrants they so wonderfully absorb, 1

A special despatch from Berlin says the Government of Germany, in the interest of Servia and Houmania, are confidentially informed that other European powers have concluded an agreement to mutually protect their interests against the designs of Turkey.