THE FINANCIAL SITUATION.
(Evening Post). ; The Colonial Treasurer has placed before Parliament a statement as to the present financial position of the colony, assuming the Government proposals, as now revised, to be carried out, and effect given to the reductions agreed upon by the House. The revenue isestimated at £3,240,000, as in the financial statement, but the estimated expenditure has been reduced from £3,473,709 to £3,25,4,723. The. decrease has been effected as follows:— Reductions made in Committee of supply (£167,470, less £15,150 for Audit and A gent- General., departments, postponed), £152,320; ten per cent on salaries, &c, for eight months, £66,666 ; total reductions, £218,936 — leaving the net expenditure as above £3,254,723. But to this mUst ( be added the Supplementary Estimates, • including the extra outlay in, shape ;of compensation,&c, consequent on the reductions in salaries £75,750, making the total, .estimated . expenditure£3,33o,473. This would leave adeficit of £90,473, but as it is estimated that £225,000 of the above total will not be expended within the year, there should be an factual surplus of £134,526 when, the Treasury books are closed on 31st March, 1881. But assuming the rev.enue and expenditure to continue &t the same rate during the, following financial year, 1881-2, there will be a deficiency on 31st March, 1882, ;of £111,902) because although the ten per cent, reduction (on salaries payable at 31st March, 1880), will be in force for the whole 12 months instead of during
only 8 months as in. the current year, there will be additional interest and sinking fund payable, amounting to £78,273, which leaves a prospective deficit of £11 1,902 at the end of next year. The object of these figures is of course to show that every penny of the proposed taxation will be absolutely required, and even if it is all collected, there will still remain a deficiency at the end of the financial year, 1881-2. :
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Bibliographic details
Nelson Evening Mail, Volume XV, Issue 205, 28 August 1880, Page 4
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313THE FINANCIAL SITUATION. Nelson Evening Mail, Volume XV, Issue 205, 28 August 1880, Page 4
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