New Zealand Times. (PUBLISHED DAILY.) FRIDAY, NOVEMBER 18.
The other day we published, from the New Zealand Gazette, the principal heads of revenue constituting the Consolidated Fund, for the last September quarter. To-day, we propose to go somewhat more into detail, because this is a question in which the country as a whole is interested. Finance is the great question of the day, although the Opposition allowed it to occupy a very subordinate place during the late session. The financial debates were very unsatisfactory, and did not sustain the reputation of the House. We say this quite irrespective of party considerations ; and in the remarks we have to make in the article following, we shall be guided by public considerations only. The interests of New Zealand as a whole are of paramount importance : the interests of party are secondary, and must give place to the first. Civil administration is simply a matter of money. Every principle of government ultimately resolves itself into this single question of finance. Now, how does New Zealand stand, at the present time, applying the financial guage to our ordinary sources of revenue? The question is at once pertinent and important, and it is proper that the country should know how its finances are likely to turnout for the currentyear,of which more than one-third has already expired. We have compiled the following illustrative statement from the last published revenue tables, compiled by the Treasury, for the September quarter, and the estimate of revenue by the Colonial Treasurer, on which the financial policy of the Government was based. Our readers may rely on the accuracy of these figures ; the deductions we draw from them are our own. Thus:—
Estimate Receipts Rate per 1875-76. Sept. qr. annum. Customs .. ..£1,346,750 £268,869 £1,075,476 Stamps .. .. 125,000 24,167 96,668 Postal .. .. 91,000 16,701 60,804 Telegraphs .. .. 02,000 13,804 55,210 Judicial fines & fees 32,000 S.I3S 32,552 Registration &c. .. 43,950 8,779 35,116 Scfdental '. .. eS.'ooO 17,223 68,892
In the foregoing table we have omitted the odd shillings and pence. It will be observed that on every important head of revenue, the September quarter's receipts have fallen considerably short of the estimate. The September quarter is, however, usually a dull one, and it must not be taken as an absolute test of the year's revenue, still it is by no means a pleasant outlook to find that notwithstanding the large increase to our population, the actual receipts for the quarter fell short of the estimated proportion of the year by £83,743. The elasticity in the remaining three quarters must be somewhat remarkable to pull up this proportional deficit and realise the estimate besides. Yet, the Colonial Treasurer clearly anticipates that the full amount estimated will be realised. He said, in his financial statement :—" Great care " has been taken in estimating the reve- " nue for the current year. A very " moderate increase only has been made " in the Customs, when it is remembered " that during the year the balance of " emigration over immigration has been " 37,134 souls. The increase shown upon " the other items will, I think, be fully " realised. The desire has been in no " case to over-estimate ; and should " nothing occur to disturb the prosperity " of the country, we may safely antici- " pate raising at least the amount of " revenue I have estimated." Nothing has occurred to disturb the prosperity of the country, and nothing is likely to occur to make any marked difference in its industrial condition during the year, and therefore, the careful estimate of the Colonial Treasurer should be realised. Population is steadily on the increase. The wool season has begun, and we may reasonably look to the December quarter for such an increase as will set the public mind at rest at all events for the financial result of the current year. Looking, however, at the Appropriation Act, and the engagements of the colony, it is impossible not to feel anxious on the subject, and if our advice could be of any value, we would say to the Government: " Economise to " the very utmost in every depart- " ment. Victoria is passing through a " period of prostration, and there is no " reason why New Zealand should escape " the fluctuations to which all new coun- " tries especially are liable." Whether this advice be followed or not, we are convinced that nothing but the most careful administration will enable the Colonial Treasurer to present anything like a favorable balance-sheet at the close of the financial year. With respect to the estimate of revenue for the current year, we suspect that it was based on the broad assumption that the spending power of the people was as great now as it was some two or three years ago. But such an assumption would be altogether erroneous. A careful analysis of the revenue tables and trade returns for a number of years must convince anyone conversant with the subject that the purchasing power of the people, for some cause or other, has been steadily on the decline: that, in short, although population increased the wealth of the country did not increase in like proportion. This circumstance is easy of explanation doubtless, but it does not fall within the scope of such an article as this to go into that branch of inquiry. We simply state the fact, because it has a direct and immediate bearing upon the Colonial Treasurer's estimate. Moreover, a consideration of the revenue tables since 1853, scattered through the Bluebooks, might have led to the inference, population notwithstanding, that the Consolidated fund touched the highest point last year in tho financial cycle of about five years in this colony. Of course, this rule is not infallible, as there are so many disturbing causes, but it would have been a safe basi3 to start from. Applying this rule, however, lot us see how the September receipts contrasted with the actual receipts of 1874-5 bear it out. Thus :
Taking, as we have already said, tho September quarter to be a comparatively dull one, (although the September quarter 1874-5 was the largest of that year,) wo
think we are correct in our surmise, that the Consolidated revenue touched the highest point last year which it is likely to touch for some years to come. Should, however, the goldfields become suddenly prolific, or any unlooked for stimulant be given to the development of our internal resources, the revenue would undoubtedly show a largo increase. But nothing of the kind is likely to occur. Hence we must look forward to a consolidation of our domestic affairs, and the steady growth of settlement and trade. But very considerable activity in these diractions is consistent with a marked decrease in Customs revenue.
Receipts, Sept. qr. Rate per 1874-5. 1875-6. annum. Customs £1,243,681 £268,809 £1,075,470 Stamps 110,641 24,167 90,668 Postal 72,037 16,701 00,801 Telegraphs 55,552 13,804 55,210 Judicial, &c. 32,263 8,138 32,552 Begistration, &c. 40,848 8,779 35,116 Incidental 50,079 17,223 68,892
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New Zealand Times, Volume XXX, Issue 4570, 12 November 1875, Page 2
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1,148New Zealand Times. (PUBLISHED DAILY.) FRIDAY, NOVEMBER 18. New Zealand Times, Volume XXX, Issue 4570, 12 November 1875, Page 2
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