South Canterbury Times, FRIDAY, MAY 13, 1881.

South Canterbury Times, Issue 2541, 13 May 1881, Page 2

South Canterbury Times, FRIDAY, MAY 13, 1881.

Mr Shrimski some weeks back in addressing his constituents astonished the country by stating that the millions which it was alleged the Grey Ministry had recklessly squandered were still in the Treasury. The news appeared too good to be true, and the existence of the borrowed millions was regarded as a hallucination of the member for Oamaru. In fact, the statement was ridiculed all round. Not even the few journals who followed the fortunes of the late Ministry into the shade of opposition and financial disgrace, credited the assertion. It now appears that Mr Shrimski was not so very far out in what he was talking about, and that he had an inkling of the whereabouts of a goodly portion of the “ squandered millions.” In another column will be found the receipts and expenditure of the financial year 1880-81. It will be seen that the finances of the country are not at all in a bad way. However, the particular part of colonial finance which we are now dealing with relates to the Public Works expenditure. The information is supplied by the Wellington correspondent of the “ Otago Daily Times,” and may be regarded as of a semi-official character. The attitude which that journal assumes to the Ministry should assure it getting the earliest information, and the present Government has not been backward in supplying its friends in the Press with intelligence. In fact, the correspondent alluded to says he is now in. a position to give the

returns with accuracy. By the way, it would only be right and just for the Ministry to supply the Press Association with information of such high importance, so that all classes of the community in every part of the colony should be made acquainted with the financial position, especially when the news is so good as in the present instance. It now appears from the semi-official source that the receipts and expenditure of the Public Works Fund shows the receipts to have been £3,321,347, and expenditure, £1,900,974 —leaving a balance of £1,360,373. In addition to this balance, there is a balance of Imperial guaranteed debentures unissued of £500,000. This makes a total balance on March 31, 1881, subject to liabilities, of £1,860,373. The floating liabilities on the Public Works Fund and contracts in progress is estimated at about half a million. This will leave a balance in round numbers of £1,360,000 to be expended on public works. The latter sum may not appear a large item to those imbued with Vogelian ideas, but it is really a princely amount in the present circumstances of the colony and after people had been frightened into believing that there “ was not a shot in the locker.” We are told that nearly the whole of the amount would be absorbed if the Native land purchase engagements which have been entered into were carried out. The Government made known months ago that it intended to abandon those purchases. So people will refuse to be scared into believing that the balance will mysteriously disappearto be again brought to view with the “ 10, presto ” of the Colonial Treasurer. It is now perfectly patent to the meanest understanding that things were never sO bad as they were represented, and that the colony has suffered loss of credit through the reckless statements of men in high and responsible positions. Members of the Legislature who are opposed to the present Government had in vain attempted to show that Major Atkinson had, for party purposes, over-estimated the deficiency. But there it was in the financial statement, and all the talk of members and all the writing in the Press could not undo the mischief. That official document—the Budget —is looked upon as infallible by the mass of the British public. There is not the slightest doubt that Major Atkinson succeeded in immensely damaging his predecessors in the eyes of the countty, but he will find out yet that twisting one set of figures and suppressing another set is not the sort cf work people expect of a colonial Chancellor of the Exchequer.

When Mr Saunders re-entered politics great expectations were entertained that he would become a shining light in the Parliamentary arena. He had been Superintendent of Nelson, and, as he modestly described himself, a practised debater of twenty-five years’experience. It must be admitted that Mr Saunders has disappointed his friends. It is true that he made one memorable speed), but as that speech connected the colony with repudiation, the sooner it is forgotten the better it will be for Mr Saunders. At a meeting on Tuesday lie told his constituents that they were poorly represented and got very little of the good things, and yet were called upon to pay a proportionate share of taxation to the benefit of more favored parts of the colony. Owing to geographical position, Cheviot is cut off from all expenditure on railways, so that if its representative had been ever so energetic the probability was that he could have secured but a trifling amount out of the loans for his constituents. It is to be feared that no matter how “ poorly ” Cheviot is represented it is at present “ over ” represented, as will be found to be the case when the adjustment takes place on the basis of population. Mr Saunders is, we believe, the representative of the smallest constituency in the colony. We will allude to just one more remark made by Mr Saunders. He was returned on the Grey ticket, but did not, from the first day he entered the House, support Sir George. He now gives as his reason for not keeping his pledges that he could not support the Government which had spent in two years £15,000,000. There is surely a mistake in the figures as telegraphed. Mr Saunders is noted for the recklessness of his statements, but, if the wires are to be relied on, be has now eclipsed all his previous utterances. The rumor about the expenditure of the Grey administration is a political instance of the story of the three black crows. It is a financial avalanche which gets bigger the longer it rolls.