PROVINCE OF WELLINGTON.

Nelson Evening Mail, Volume VI, Issue 135, 9 June 1871, Page 2

PROVINCE OF WELLINGTON.

In opening the Provincial Council of Wellington, the Superintendent gave the following deplorable account of the finances of the province : — "The financial position of the province," he says, " may be stated as follows, viz: — Funded debt £259,000 j The interest and sinking fund on this < amount is guaranteed by the Colonial Government and provided for out of capi- j tatiou allowances. j Unsecured liabilities .£38,850 f \ These are all more or less urgent. j Estimated expenditure necessary for carrying on the different Provincial departments for the financial year ending 31st March, 1872 £33,588 Making a total of requirements for the current year amounting to £72,438 To meet these imperative demands for the current year the ordinary income available within the year cannot prudently be estimated at more than £34,256, which leaves a deficiency of £38,182* Under such a state of circumstances, his Honor proceeded to say, the choice obviously lies between two courses of action. The one consists in frankly acklowledging our inability to meet our engagements, receding at once fron^ our position with its privileges and its duties, and calling on those endowed with superior intelligence and resources to administer , those affairs which we. declare ourselves unable to manage. The Provincial Government, however, does not recommend the adoption of such a summary course, for this, among other reasons, namely : — lt has no desire to see , the Province become the subject of experiment, it fails to perceive any hope of relief either in regard to present or future local burthens from placing the Provincial estate j in liquidation in case the administration J were otherwise vested ; it is unable satis- j factorily to answer the question asked ages ago, " Who shall shepherd the shepherds themselves?" it is of opinion that the people of the Province through their ted officers are better able to manage their own local business than others are forthem ; it thinks that even if any fundamental change were decided on, it should be gradually introduced , and , carefully adapted; moreover it . believes that notwithstanding tempprary,, embarrassments the financial position of the Province rests on a sound basis, and that its ultimate prospects are good. The steps by which the Provincial Government will 1 endeavor to j meet the existing , difficulties are, these : — It .will propose to make additional demands on the local resources of revenue for the maintenance of your main and district lines of road ;

- ..... , ._,. ._. _. .■ — — for the education of your children ; it will make efforts to release certain portions of the public estate which have been lately unproductive ; it will further propose to borrow money upon specific security, in order to provide for the following services, viz : / Uncovered liabilities £38,850 Arrears of survey 27,000 Boads, bridges, and sundry undertakings 30,000 Making a total amounting to .. £95,850 After arguing the desirability of raising the proposed loan, a portion of which would be devoted to roads, bridges, and other public works, the Superintendent went on to say : — It may, however, l>B asked whether the circumstances of the Province really warrant our contracting a future debt. In considering this question, we must take into account the extent and value of ! the Provincial estate. The following figures will help to a conclusion, viz : —

If therefore, the Province borrowed an additional £100,000, its whole indebtedness would amount to £359,000; while its estimated assets would amount to nearly three times the amount of its debt, thus increased. With regard to the additional £6000 which would thus be rendered necessary for payment of interest, he considered that it would be but fair to take into account the increased power of payment which I works of improvement such as those proposed would confer upon the province. He concluded a very lengthy speech, which touched upon many topics of interest, as follows : — ' # / "I have endeavoured faithfully and earnestly to place before you the state of the Province, and the remedial measures which the Government proposes. It is a policy of self-help, progress, and direct taxation, in which the present Government entirely believes. lam sensible that a very large demand is about to be made ou the energies of the people of the Province, through you, as their representatives ; you are, in fact, asked plainly to help yourselves, as the sole condition of your progress. >.

Acres Area of Province 7,200,000 Native Lands 4,840,000 Purchased ■ from Natiyes ... 2,360,000 7,200,000 Sales of land effected prior to this date 1,178,000 Estate of Province remaining for sale 1,181,000 S 2,360,000 I Estate of Province available for sale. 1,180,000 acres at 14a £826,000 ' Reclaimed Land 30,000 Wharf 30,000 Wanganui Bridge 30,000 Total £916,000