Public Obinion on the Budget.

Manawatu Standard, Volume X, Issue 24, 26 June 1885, Page 2

Public Obinion on the Budget.

The Auckland Star reviewing the Financial Statement says: — The-finan-cial condition of the colony as disclosed m the Budget will, upon careful examination of the Treasurer's figures^ cause a feeling of uneasiness, not to say alarm, and hat a feeling will be increased rather than allayed by Sir Juliua Vfcgels proposals for the future. When the present Colonial Treasurer came into office he found that the colony had been setting aside from its revenue a large sum annually for repayment ot the public debt. Last year this appropriation would have absorbed £-244,000. He obtained the sanction of Parliament to an Act which relieved the colony from this payment, and so reduced the annual charges which j had to be provided for out of revenue by £244.000. It was reasonably expected that this saving would avoid any necessity for increased taxation for a period of three years. Yet we find that the. Tree surer is'not only compelled to double the Property Tax, putting it back to its oia figure oljd, but that he proposes yery considerable increases on the Customs Tariff to defray the ordinary expenses of Government. The stamp duties have been again manipulated so aVtp.giye the taxpayers' purse another squeeze, and the colony, with every source of revenue wrung to the utmost for present necessities is to pledge itself to the payment of large bribes m the form of subsidies to local bodies, and to embark m most extravagant borrowing, the full extent of which is dimly foreshadowed by the significant fact that the two and a half millions borrowed this year will not carry us. .through the financial term, and smother million must be raised before Parliament meets. The loan expenditure for the present year is set down at £1i700,000. Prudent men will ask, Where is all this to end ? It oan but have one ending, and that represented by a very ugly word, unless . Parliament comes to its senses and puts a stop to this reckless gambling with the colony's credit, curbs the extravagance of the national expenditure, and reduces, instead of increasing, as the Treasurer proposes, the burden imposed by the Civil Service. The Lyttelton Times considers the Statement the ablest yet made and the most practically answerable since the Stout-Vogel compact was formed. The necessity for increased revenue is ably shown. The first thing to be done is to place the House m order, so that while .keening faith with the public creditor they may not unduly burden the shoulders of the people, and at the same, time make provision for the» development of the country's resources. This is tha great work before which everything else must give way. The Times goes on to suggest with regard to the old deficit, three alternatives— paring, funding, and financing, just as with regard to the ac* options of the Sinking Fund. It thinka the last course tho best, and thjn>si the. duty on tea too large compared with that on spirits and wines. It corapliruents Sir Julius Yogel on the prudenoe displayed with regard to loans, and as, serts that the increased annual expendi. ture is not too much f Qr his skilful finance to cope with. The Press affirms that the adoption of the Treasurer's proposals would be the most serious nf&ti. cal calamity which has ever hfilen New Zealand. •:.