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New Zealand Times, Volume XXXI, Issue 4773, 10 July 1876, Page 2

The Financial Statement received on Saturday evening certain local literary treatment of a very peculiar kind. In a criticism, as crude as it was brief, Sir Julius Vogel’s remarkably clear Budget was designated as “ foggy, inexact, and indefinite,” and its author consequently was counselled to exercise prudence and caution. This criticism is incorrect, and the advice is simply superogatory. However much some may differ from the Premier politically, it is pretty generally admitted that his Financial Statement was eminently clear, whilst he himself has been emphatic in pointing out the necessity for exercising prudence and caution, in consideration of the important enterprises, so intimately connected with its finance, which this colony is carrying on, and which therefore demand the utmost prudence and caution, as for some time to come it is plain that Hew Zealand must bo enabled to carry out the policy which has so far proved most successful, and which in the future will give even more gratifying results. Fortunately criticism of the kind alluded makes but littlo impression, partaking largely of that element of “ slapdashiness,” if the term may be allowed, which enables a juvenile debating society to settle the vexed question of the origin of man in an hour and a half. In a previous issue we have dealt with some of the leading features of the

Financial Statement. We now propose to turn to its consideration with some little detail. | The request of the Premier that Parliament should refrain from hurried legislation''on many subjects, which though they admittedly require attention, may be left, undealt with for a time, was a request founded upon the best discretion. In the mere settlement of the primary legislation attendant upon abolition there will be plenty of work for the present session to see accomplished, and certain other general measures must be postponed. The Colonial Treasurer deserves credit for having the Budget presented early, though the figures are not the actual results of the completed transactions of the year, for there is no doubt that they are so practically correct as to be, sufficient for present discussion and conclusion, whilst the early appearance of the Budget will greatly facilitate the work, of the country. No wonder can be expressed at the statement of the Agent-General and the Crown Agents, that they found it jointly impracticable to sell £1,250,000 of unguaranteed debentures. The former financial efforts of the Crown Agents, as was shown by their practical failure to effect that which Sir Julius Vogel, on his last visit to London, accomplished, might have prepared anyone for this statement, as might also the bad management displayed by them on previous occasions. Under these- circumstances the judicious policy of the Government in advising the Minister for Public Works to retard for a time the operations of his department, must become at once apparent. The prudence of avoiding disposing of the guaranteed bonds will, too, all the more commend itself to Parliament, whilst the twelve months’ loan of £1,000,000 on short-dated debentures will answer all the purposes of the country. It will be seen by a comparison of the actual and the estimated expenditure for the past year, that a saving of over £200,000 has been effected by reductions in various estimates, showing again that prudence and caution are being exercised in every possible manner. It is important to notice that whilst the revenue under the head ‘‘Railways ” has not come up to the estimate, the excess of receipts over expenditure in regard to railways opened fairly upholds last year’s anticipations, while the fact that there was a less length of railway completed and opened for traffic than was expected quite accounts for that revenue not equalling anticipation. The railways are those under General Government control, and therefore do not include those of Canterbury and Otago, but they show in their returns receipts of £57,000, and an expenditure of £50,000. It is easily seen when the railways now under Provincial Government management come to be included in the Financial Statement how important and large an item the excess of their receipts over expenditure will become.

The tabular statement of the progressive increase in the Consolidated Revenue, shows the increased consuming power of the country, owing to the increase of population and consequent development of our resources ; and parallel with this may be taken the tabular statement of the land sales for seven years past, which indicate the steady settlement that has contributed towards this development. The condition of the Annuities and Insurance Account leaves nothing to complain of, and the fact that the return for the calendar year 1875, for the Postoffice Saving Banks, shows that in that period the withdrawals exceeded the deposits by a sum of £72,100, merely means that the high rate on fixed deposits offered by the banks doing business in New Zealand during that period, attracted a certain amount of the national savings that would otherwise have remained in the national Savings Bank.