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New Zealand Times, Volume XXXII, Issue 5103, 1 August 1877, Page 2

The Hon. the Colonial Treasurer presented hh Financial Statement to the House last night, and a summary of it will be found in another column. Without discussing it at length in this issue, it may be worth while directing attention to the very gratifying tact that our .financial position, as revealed by the State■ment last evening, quite falsifies the doleful prognostications of the Opposition journals. We commence the year with a balance to ■credit of £148,000, owing partly to the savings upon votes and partly to an increase ;in our revenue. : That the revenue of the * colony for the past year should have exceeded that of the previous year by the large sum of ' £238,000 is a fact sufficient in itself to refute statements, which have so easily obtained currency, to ths effect that the easing off of the expenditure on public works would result in a corresponding reduction in revenue. But stilt the requirements of the coming year will necessitate the recovery from the provinces of Otago and Canterbury of the sums of money advanced by -the Consolidated Revenue during the past few years, a proposition, judging by the manner in which it was received last evening, which will lead to a great dual of hot debating.; The principal feature of the proposals of the Government is the contemplated new one or two million loan, to supply funds for the necessary public works, and to take up the guaranteed debentures. The Financial Statement is clear and simple, has been furnished within a most reasonable time, indeed within a very short time from the date of the commencement of the session, and reflects the utmost credit upon the economy ■ with which the Ministry have carried on the business of the country, and ; on the perspicacity with which they have anticipated and are prepared to meet the demands of the future.

The most important ■ item in the war news telegraphed early this morning is that which, announces .that Austria is thinking of mobilis- ■ ing her army. In all conflicts .between Russia and . Turkey ’ Austria has played the same, game—waited for what seemed to her an. opportune; moment to interfere with a view, to ultimate advantage.,. As the '■ contending armies of the Tsar and the Sultan now stand, Austria undoubtedly, with her army mobilised and ready for immediate action,; would . hold what may be termed “ the whip hand.” It is utfiikely that Austria now shows; symptoms of interference from the motives which were recently expressed on behalf of England, namely, that she might stay the blood-imbrued hands of Christians and Moslems' alike. !