The New-Zealander. SATURDAY, AUGUST 2, 1845. COLONIAL FINANCE.

New Zealander, Volume 1, Issue 9, 2 August 1845, Page 2

The New-Zealander. SATURDAY, AUGUST 2, 1845.

COLONIAL FINANCE.

Be just and fear not : Li*t all the ends, thon ainis't at, be thy Country's, Thy God's, and Truth's.

Ouit observations last week;' on the financial state of the Colony, have, we understand, been deemed rather erroneous as to the amount of Government Debentures now outstanding in circulation. It must be very well understood lhat it is impossible for us to be fractionally correct ; but, truly, tlieie is so much inaccuracy, mystery, anJ unintelligibility, in what few documents are sjwringly furnished for the information of the public, by the local Government, lhat to found calculations on them, great risk is inclined in arriving at the real truth. But we shall not be deterred, by any official sarcasm, from dealing with facts and figures, to ssuch as we can gain access, in our own plain way. The Audit Board may be very rational in its construction of members, and may — by the aid of the chief clerk — likewise be very arithmetically efficient in its duties ; but we think the formation of a Board in England, of persons of professions, pursuits, and education, so diametrically opposite to any presumed, rational qualification for correction of monetary transactions, would excite something exceeding a smile. But of this Board, of its duties — and of its actual benefit to the Colony, we shall reserve our remarks for some future occasion, and return to the subject of our last number. We stated that our calculation of the amount of issue of Debentures, was based on the assumption — that the local Government have paid tip all arrears and outstanding claims, of every description, to the; 30th June, 1845. We still adhere to that position, and say, that if our assertion of amount of above foity thousand pounds is erroneous, then the local Government have not paid their expenses or outstanding debts. If we have been misled by the assertion that the Government have paid — the false declaration will only excite greater distrust. It may be tiue, that all outstanding debts are not yet paid, and, we beliove, that Mr. Boyd, of Sydney, h si ill a large chi-nant on the Colonial Treasury. j

In the commencement of ourcalexxlation, we stated that the Government vas in debt, a the commencement of 1844, in round numbers about Twenty Thousand rounds. That our assertion was not very incorrect will be proved by a document laid on the table of the Legislative Council, on Tuesday 21st May, 1844, entitled—" Statement of the available Assets of the Colonial Treasury of New Zealand, and of the Liabilities requiring immediate liquidation, on the Uth day of May, 1844." This is a most curious document : — first, we would remark, that it only states the amount of liabilities that are urgent for immediate liquidation — not the ivhole amount of the liabilities of the Government at that date ; and this amount requiring immediate liquidation is more than £14,000. , | I The utter stale of poverty of the Colonial Treasury is thus completely exhibited in this partial statement of the real debts of the Cojlony. Our readers will observe — the great amount of cash in the Treasury, namely £19. 19s. 3d.; the accounts at the Banks of Wellington and Nelson overdrawn ; — in the Bank of Auckland, the mite of £3. Is. 5d., and to crown all, Debentures in circulation nearly to the amount of £6000. But there are cuiious anachronisms in this document.' It is dated 14th clay of May, 1841-, and states that debentures to the amount of c£s,SBs aie in circulation. Now, the "Ordinance to authorise the Governor of Nrw Zealand to issue debentures, and to make the same a legal tender," did not pass the Legislative Council, until Saturday, the \Sth May, 18-H. We are quite aware tnat this ordinance was rapidly passed to give legality to the debentures, but it proves also that within one short week nearly half the amount authorised, — ( of Fifteen Thousand Pounds, was issued. But referring further to these official pecuniary disbursements, on which alone, we or any other arithmetician, can found any basis for calculation, or argument, we would draw attention to the two returns in the Appendix, to the Minutes of the Legislative Council, Session 5, 1845 ; and show the imperfect system of managing accounts in this colony. The subject we are quite aware, is dry and uninteresting, but nevertheless the dissection may not be without its effect on public opinion, as to the management of accounts and Audit of this colony. In Appendix 8., to Minutes of Thursday, 3rd of April, 1845, there is a "Return of Disbursements on account of the Government of New Zealand from the Ist January, to the 31st December, 184-3, distinguishing expences from those of former years." — This account shows not only payment for the current year of 18i3, but is as follows, —

It might naturally be presumed that the payments for the years 1840, 41, and 42, were to clear all outstanding arrears for those periods, and that on the Ist Januaiy, IS'l4, there would only be the balance of the expences of 1843 due; but no, — for in Appendix A., is a return (which was quoted in our last number), for the year 18*4, of disbursements by the Colonial Treasurer, and in that amount, there are payments for 1840 and lSj-i, o f £397 lGs. 8d ; for 1842, £405 JOs. 6cl j for 134-3, £167240 13s. 9clj and for 1844, £20,7 \9 14s. Id ; making an amount of =£37,823 15s. Od. We have always understood that these returns of disbursements included the payments of all the departments, but in neither of these official documents is there any mention of the Cusioms, and this omission alters most considerably, the total amount of annual disbursements, and proves that these official documents are incorrect- j The true figures will be ;

In the year 1543 the expences of the Customs was 0£4,503 10s. 8d ; therefore the actual amount of the Government oxpences for that year were as follows,

By these figures it is quite clear that in the year lSt'i the actual expenditure 1 , of the Government exceeded Forty Five Thousand Pounds. What it may have been in the year 18-t4, notwithstanding the reduction of the Estimates nominally, it is impassible to con-

joctuic, but no douht it was equal to the preceding year. As to the amount of Debentures in circulation, we are still convinced that our caleu-j lation, if not perfectly accurate, is not far from the truth, and ere long, when the decision of Lord Stanley, on the Debenture Ordinance is received, the amount must and will be ascertained.

Total disbursements . Expense of Customs, 1544(omitted) } ±37,823 15 2,762 13 0 6 £+0,586 8 6

Total disbursements Expense of Customs, (omitted) 181:3 j £36,135 0 II 4,503 16 8 £40,638 17 ' 7

{Appendix 8.— 1543-)

{Appendix