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South Canterbury Times, Issue 2118, 6 January 1880, Page 2

Ir is more than doubtful Avhether the expectations of the Colonial Treasurer, as regards reA'cnue, Avill be anything like realised. The Customs returns for the last quarter from various seaports slum a material falling off. The decline, compared Avith the same period of the prcA'ious year, amounts to about 15 per cent. This looks rather serious for Major Atkinson’s predictions. Of course, the falling off is attributed to the commercial crisis, but such an explanation is obviously insufficient. A commercial crisis alone Avonld not affect in any great degree the consumption of tea and sugar and other commodities. People must draw their supplies from abroad eA r cn if the banks arc closed against them. The cause of the decline in the Customs revenue must, avc think, be looked for in another direction. The Colonial Treasurer in applying his remedy for the desperate ailment Avith Avhieh he conceives the colonial finances to be afflicted, has made a leap in the dark, and as time Avears on this is becoming more and more CA r ident. The duties imposed on luxuries and commodities Avhieh arc not iudispensible, instead of improving the rcA'enuc, are diminishing the consumption and prostrating commerce, Avhile the property tax is already telling on the business of our auction rooms, making property a drug in the market, and preAmnting the circulation of capital. This is the outcome of a financial policy that aims at improving the revenue by the withdrawal of Avealth, instead of by a natural process of increased commercial and industrial development.