FINANCIAL STATEMENT.

Patea Mail, 19 June 1882, Page 3

FINANCIAL STATEMENT.

NEW LOAN—PUBLIC WORKS—INTERNAL LOAN—LOCAL BODIES HOSPITALS—SURPLUS—TAXATION.

Major Atkinson delivered his financial statement in the House on Friday night. He said the revenue of the year ended March last had exceeded the estimate by £190,520, the total sum received being £3,488,170. We are indebted to the Customs revenue for the larger portion of this excess, £125,107 having been received from that source. The revenue from stamp duties was £11,115 in excess of the estimate. Miscellaneous receipts were also in excess £34,243, while from depasturing licenses, rents, &c., wo obtained £56,852 more than we anticipated. On the other hand the amount derived from the Property Tax fell short of the estimate by £19,025. Of this sum £9270 has yet to come in. £2200 represents the amount estimated to be received from building societies, which were afterwards rendered exempt, and £7556 is an over estimate. Tho net revenue from railways proved to be £25,266 less than the estimate, but the gross receipts from railways, which were estimated at £364,744, amounted to £368,927, or £4183 more than estimated.

Land Fund. The expenditure charged against land fundduringtheyear amounted to £338,076, including £136,861 for subsidies paid to local bodies. The amount voted for departmental services chargeable on the land fund was £154,510. The amount actually received and paid into the public account was £317,063, of which £282,136 was for lands sold for cash, and £34,927 cash instalments for sales on deferred payments. There was a balance on this account of £11,360 at credit

Public Works Fund. The appropriations on this account for the year ended 31st March last amounted to £1,892,554. The liabilities outstanding at the close of the year amounted to 880,276. The balance at credit of the fund on the 31st March last was £924,865. The extent to which it was diminished during the year was therefore £935,508. These figures show that the fund has been carefully husbanded, so as to extend the expenditure over the time we had agreed to not again go upon the London market. There was sufficient money in hand on the Slat March, 1882, to carry on public works without breach or stoppage until about the end of next February, at the same rate at which they have been pursued during the last year. Included in the liabilities of the Public Works Fund at the end of the year is a stun of £338,876 for purchase of native lands, particulars of which will shortly be placed before the House by the Native Minister, who will also state the proposals of the Government with reference to our future policy in the purchase of native lands. In the meantime I may inform the committee that the amount which will be required for this year to complete the purchase of those blocks which the Government has decided to acquire will probably not exceed £IOO,OOO.

Public Debt. On March 31st, 1882, the debt was £29,946,711, and the sinking fund had increased to 2,266,418, the net debt being being thus £27,680,193, or £572,024 more than it was in the previous year.

Savings and Insurance: A lengthy statement was made showing increasing business in the savings bank and insurance departments.

Labd Fund and Sound Finance.

The total received and paid into the public account during the year, including land sales, was £3,805,233, the total expenditure, including charges on the land sales, was £3,616,895. The receipts were thus £188,338 in excess of the expenditure ; and we have a credit balance of £215,044. This result is one upon which I may congratulate the committee. It fully bears out the opinion expressed by the Government in 1879, that the grave depression and deficit then existing were temporary and remediable, and shows us that the course then determined upon by Parliament, of rigid economy and sufficient taxation, has restored the finances of the colony in a remarkably short time to a thoroughly sound condition. We may well be proud of belonging to a people and a country which can in such circumstances produce such results as these in a period of two years.