The Telephone. WITH WHICH IS INCORPORATED THE POVERTY BAY STANDARD. PUBLISHED EVERY EVENING. GISBORNE, THURSDAY, SEPTEMBER 18.

Poverty Bay Standard, Volume I, Issue 238, 18 September 1884, Page 2

The Telephone. WITH WHICH IS INCORPORATED THE POVERTY BAY STANDARD. PUBLISHED EVERY EVENING. GISBORNE, THURSDAY, SEPTEMBER 18.

The Financial Statement delivered by Sir Julius Vogel is by far the ablest that the New Zealand Parliament has heard for many years past. The statement throughout marks the master mind of a true financier, the figures used being clear to the most obtuse mind in arithmethical calculations. In a statement of this kind it is usual to render figures so complicated as to be almost unintelligible, and m the detail particularly dry. We do not remember ever having previously read through a Financial Statement, word for word, figure for figure, and yet derived pleasure and useful instruction in doing so. ' It has been hitherto our fate to read them through under a feeling of constraint upon as good journalists, whose duty required us to be familiar with the fiscal position of our country. It is too often the practice of Colonial Treasurers to leave the compilation of a statement to the Under-Secretary or clerks, and with a few personal addenda to read it verbatim from written sheets. Very little in-iced is delivered viva voce. The spirited tone and brilliant scintillations of a clear mind throughout renders the statement very readable, and anything but dry. The figures in the statement speak for themselves and we do not wish to attempt, in our small experience, to inflict them again upon our readers. 'The question of providing for existing deficiencies is most ably and concisely dealt with. The appropriation of the Sinking Fund for this or next year is a most sound policy, and must meet favorably the views of the country at large. Sir Julius truly remarks “ Sinking Funds are con demned on every side as exploded fallacies. The time has come—l think it came some years since—when the increase of taxation was under consideration—when the intolerable burdens of ilit' Sinking Funds must be recognised. Surely we ought not to burden the v in the present to lay up excesses in tiie future. The heavier the burdens, the less productive is

the power of the community.” In dealing with the question of improved Local Self-Government Sir Julius says: “Tn order that Local SelfGovernment should be efficient, it must possess considerable freedom cf action, a defined revenue, or means of raising revenue, and inducements to exercise economy. Railways do not dispense with the necessity of roads and bridges to open up the country. On the contrary, their own success depends on the energy with which the aiteries to feed them are made available for their use. It is clearly apparent to all that the system of Local Self-Government is open to amendment in a wide degree. Our local bodies should receive extended powers and be made more selfreliant. It has been too long the custom to look to a paternal Government for suckling aid. With extended powers it would behove the ratepayers to return undoubtedly good, reliable., and energetic men to represent them ; not men with contracted views and slothful minds, as is now too often the case. Men of this’stamp are often found haggling over some small expenditure, or other question of nonimportance.” That Sir Julius Vogel’s statement does not show such a dismal condition of finance as was anticipated is a source of congratulation, and is no doubt due to the masterly view of the situation taken by.a mind able to grasp it, and by one who himself has now, and always has had, unbounded confidence in the wonderful resources of New Zealand, in the buoyancy and elasticity of its financial spirit and progress. We heartily coincide with Sir Julius’ concluding remarks upon the Statement, feeling assured “ under good government we may safely rely on a progressive improvement of the country and its resources.” Let us hope that the financial depression is past, and that “ hard times will return no more.” In the words of Poe’s Raven, as referred to by Sir Julius, “ nevermore, nevermore.”