The Manawatu Times. SATURDAY, AUGUST 18,1877.

Manawatu Times, Volume II, Issue 87, 18 August 1877, Page 2

The Manawatu Times. SATURDAY, AUGUST 18, 1877.

In the Budget 'for the year 1877---1878 the Treasurer has -baae<l his estimate for an increased revenue, not on an increase of taxation, but chiefly on an increase qf borrowing powers. For this purpose it has been discovered that m consequeuce of the principal of the localisation of the Land Fund, the provinces of Canterbury and Otago owe money to the Colony. They are, therefore,- assessed to pay to th*e Colony from their Land Fund during this year a moiety, of their debt ia the shape of a sum of £167,000, the division

being £58,000 from Canterbury, and £109,000 from Otago. Canterbury having m hand £100,000 at the present time is called upon to pay its i share m cash. Otago not having any money, but good prospects, is to be assisted to pay its share by means of borrowed money. The total revenue from all sources will amount to £3,392,085, to which is added the surplus of £148,220, 8s 5d with which the year began. Deducting from' the total of £3,540,905 8s s"d, the estimated ex-, penditure, amounting to £3,109,754 12s 9d, leaves a surplus of £431,150 15s Bd, of which £329,369 9s lOd iB distributed among the counties as surplus Land Fund, leaving a balance of £101,781 5s lOd available to meet possible deficiencies of the Land Fund m certain districts, The proposed expenditure for the year on Public Works will amount to £1,796,451. The provision for the immigration service's for the year is estimated at £124,182 ; and to provide for paying ofL the provincial -liabilities amounting to £259,556. These several sums make up a total of £2,180,189 ; which, after allowing for the balance now at the credit of the Public "Works Account, will leave a sum of £1,200,000, for which ways and means will have to be prdvided. It is also proposed to raise a loan of £2,000,000 / of which £940,444 will be required for completing the trunk line of railway 'm the Middle Island from Amberley to Kingston, for making some extensions of the main line m the North- Island, andfor other necessary Public Works ; and £800,000 for realeasing the guaranteed debentures ; the balance to defray provincial liabilities. The Treasurer concludes his Statement as follows :— " For the immediate future, the Government believe that the .need of the country is political rest. Time is . needed for the completion and development of our Public Works ; quiet is needed for the consolidation of the social results, without which a scheme, of immigration and railways m any new country would be a failure. Time and restvvillco-operate m enabling us to satisfy those outside the Colony who are concerned as to its fate, that our confidence m the wisdom of the work we r'cojtnmenced m 1870 was justified, and that, though its cost has been- verygreat, its benefits have been - commensurate. .The Government takingthis view of the position, believe that the present is a time when the country should not be troubled _with questions as to the incidence or the specific character of our taxation^ Further taxation willnot benecessary this year' if our proposals- are accepted. Before long when our new institutions are consolidated, and our railway system has been developed, we shall be able to face the question of new taxes if any are needed, or to discuss calmly the principles on which taxation should be raised and the mariner m which such: principles should, be practically carried .out."