THE VICTORIAN REVENUE.

New Zealand Times, Volume XXXIV, Issue 5642, 30 April 1879, Page 3

THE VICTORIAN REVENUE.

; (From the Argus, April 4.) The revenue returns which we published yesterday do not give any evidence of.'the superabundant prosperity to which Mr. Woods alluded at Oakleigh—a prosperity, which, from its very excess, leads people to give vent; to theirleelinga by.growling. . In .one.way, and one Way only, they are'satisfactory,viz;, they show an increase in the. receipts both as regards the quarter and the year, as compared with the corresponding periods which terminated on March 31, 1878. The amounts actually brought to account for ;the. three and twelve months respectively -are - £8428 ,and £113,928 more in 1879 than in 1878. So far so good. Bat our gratification on this .score is somewhat diminished by finding that the proportion ot the revenue actually paid .-into the Treasury during, the ,busiest three-quarters of the year is very considerably short of three-fourths of the estimated receipts, Mr. Berry reckoned on receiving £4,855,669 from the : ordinary ; sources of income, and ; three-fourths of this sum amount to £3,641,750. Now, the total of all payments to the public account from July 1, 1878, to March 31, 1879,is only £3,453,412, deficiency, in actual as compared with; estimated revenue of £188,338. If the incomings during thp present quarter should, equal those of the preceding three months —a result which; may. be brought about by the receipts for interest on that portion of the recently floated loan left in .the hands of the banks—the revenue from ordinary' sources for the: financial..year ending June 30, next will amount to £4,601,295, or £264,371 less than the Bum which Mr. Berry expected it to reach. ’ No,doubt “ savings" as they are called will be made to an extent sufficientto cover this amount and to leave a balance to carry forward amidst the usual flourish of trumpets to.l 879-80, but this will only be done in the customary way, namely, by ignoring in numerous instances the intentions of : the Legislature. ‘ .

; ,The;following figures.give an amusing and instructive example of; what passes under the name of proper financial management in this colony. ;■ The Appropriation -Aot-pf'.last session authorised the expenditure . qf', £3,598,055, To, this must be .added £1;632,841 for; special appropriations, and a-half-year s .interest .on. the-recent loan (2J per cent, on £3,000,000), £67,500. ■These sums: together 1 make £5,298,899. •' - This contemplated, outlay, to which: the sanction of,-Parliament has been given; is’ £89,968 in : excess ; of -.-what , (he Treasurer expected to receive from all sources (including ordinary .income, -arrears due, amounts dqe by other Governments,’.advances' from'revenue to ~ba recouped.opt of loans, &o.), and £344,339 more than there Seems any chanoe of -his , getting,h.even !.if; the most favorable . anticipations, be realised.; -'Now, -we ;suppose it. will be; thought. a point of honor to carry . forward ; to -; 1S 79- S 0 a balanoe-at least- equal to that -put- down in tli j- finahoe- account' (to the Assembly in-August last, viz.,? £70,786, and -if - we -add 1 this to 1 the. difference last brought out, .we arrive at a total bf £415,125, or- over’ -four-tenths of a; million of money, which’Parliament has gone through’the farce ■bf voting, but which will not. be forthcoming ■forithe purposes specified. ;. v .j J There is not much to say, and certainly nothing that is l pleasant,' concerning, the detailed \ returns which wb published -yesterday. . ' Deal! g with the/figures for the quarter, there is, we said before,' anincrea.se in the total .receipts of £lß42B”las cbtnpared with the corresponding: thresmonthSof 1878. But seeiog that the ,"OT.nf-T,TnA : o!;: iUr.i'l! ' .-••N- ' ' ' . .-O in* !

receipts from a new tax (the land tax), from duties on estates of deceased persons, and from sales of land ‘by auction, show a .comparative, increase in .the aggregate of £70,000, there is hot much comfort to be derived from this fact. Nearly every item which has any relation to the prosperity of the people shows a falling off. In the Customs leceipts there is a deficiency as compared with the quarter which included Black; Wednesday amongst its dark days, of £20,000. This tells of a diminished power of .consumption, or rather a lessened ability to gratify desire on the part of the, masses. It has arisen, we may assume, in some measure from the stagnation of trade brought about by natural causes; but it must not be forgotten that the operation of every depressing agency has been intensified and aggravated tenfold with us, by the reckless procedure and revolutionary language of the adventurers at’ .present in power. We see the effect of the paralytic attack which haa befallen the trade ; and industry of the colony in the way we have described in the falling off in the railway revenue. The actual deficit is not much, namely, £4974, but the proportionate decrease is considerable. At the end of March, 1878, there were only 967 miles of railway open, while during nearly the whole of the quarter just closed there have been 1071 miles in use. This is an addition of 104 miles, or of about ; 10:8 per cent., to the length of line. If the receipts had increased in proportion, they would have been about £339,192 last quarter, instead of only £303,383. We were told not long ago by an inspired print that the revenue was in a most satisfactory condition, but certainly there is nothing in the returns before us to justify the statement. Perhaps, through some mistake, the Government have-published the wrong figures ; if so, the early production of the accounts , necessary to justify the assertion alluded to would be acceptable to! all classes.