BLUFF RAILWAY.

Southland Times, Issue 883, 17 January 1868, Page 3

BLUFF RAILWAY.

■Mr LuiiaDEir thought there were serious discrepancies in the atatement of receipts and expenditure of the Bluff an.cl Invercargill ßail way.' ; -- ; ' The TiiKAiJUiusiuexplained; that. all" that had been asked ibr, had; been supplied. jTTridouVeclly money had .been ;spent on •what was really a work of construction; ; a sea wall at a part of the )ine that was dSThis work it was thought by Mr iPaterson would cost about £10*000. ! Mr ■Coriyers, however, ,-had adopted >the plan of facing the eiubarkmentwitlvloose stone. ',Mv Bal four, Cqloaiak -Marine " Engineer, -. ;had approved the plan believing it better adapted to the nature, of .the foundation, than masonry pro.per, ."and: > much less expensive. .•:> .■-.'.' .?■■-' ,— "'> -~ After a few remarks from Mr ILumsden], -the 'question dropped."^ vfV •• ; ' _J ; „ -<!■.: j FINANCI^,STATEMENTr/ --TTT-r-' _r. • The Pbo vnsrciAL' Tbeasijbee- m rising, -to: make hisr. financial "statement \' said" :— Sir,-^-It has not>been my good, fortune since I have had the honor ' of being; Treaisurer of the Province-, tacome flown" 3o; the Council .-mth?a r more' cheering' statement of the finances— of Southland -or' a ' more hopeful presagej rof~ good -fortune for the future than at present. To come to thedry detailsbf ' fact~j-T may men-, 3ion that by ther passing ' oif ''-ine' " Public -Revenues Act, 1867J; the. J[ Southland -Debt Act" has b6en.,repeaiedy r and the revenue produced" by thesalel of .Crown ILands which was~ for several years impounded by the General Government, has .been released-. The^jprbviaces' -share of th"c customs revenue (and "this remark -.holds equally as regards thedth'er provinces) ,is retained by - the^'XDoTbriial 'Treasurer towards meeting the .interest- on our proportion of the consolidated debt of the Golony. Erom the.-retrospective operation of the " Public Revenues' Act "• there is owing to the Provincial r Government the sum. of £8445 6s 4d, the produce of the saler. of Grown Landsf ' from July to ;Oetober, less the .sum £2322 13s 6d, three-eighths of customs revenue paid toTprovinciiil account- for-that .period, and also- the sum of £1700 -emitted to us by tlie>€olonial Treasurer in> anticipation of :the final adjustment^ -which', will-leave a balance: dur to thisj/IS-overnment of £4&22 12s lOd. Erom the_saJejDf Crown Xands during the months, .of November and December, the provincial account has been credited. , •with.-; ;£15;400 "-whieti has-* -enabled me to_^pay^___off. the liabilities in the Treasury, . which, by. statement' of 18th September, laid before this -Council, amounted the Yum of £2354 5s .7xU The Jong .standing : overdraught at the ißank of New Zealand of has .also been wiped' off. It affords me pleasure ~ -in consequence to -state to this •■ Committee, with , tHe, ..exception of one or two (jlaims.of small amount, nbt~yet appropriated,, ., all -the-! debts of ,the~Province, incurred since the " So;ithlanß pebi/'-Act" came into operation, haye r been f extinguishetl, 'and that there is to the credit of the, srpvinciai.accountj "upwards of d6lO,QOi>. .Since the beginning^,of this year, the: land sales have amounted -to* ..£3BOO/ but by. a' new ■ar-rangement-this revenue has to go through .tbe -CblonialrTreasury, and consequently ■has not" yet been paid to the Provincial account. This: Province so long jeered: at 'by the other prbTinces,' and I may say the adioining colonies, on .account of. its; difllcultTes, is nojy 'ableto hold up its Heachprbudlybn account of its position, and to^haUenge .th^otjter-prpviincesjr aye,the largest of. them, to produce as much revenue from land sales," as at will do in. the next twelve"' months. After our affalrs~have been carefully examined into, it hasjbeeri shewn that with managernentj and time, our estate' will at least seven— times' the amount of our liabilities; -so"-' that \ye nev^r-, were bankrupt?jaltljoagU. t^mppr^rily " .embavrassed. ' The consolidated revenue, which consists, of the-ciistomsyfees/ finesj and all other revenues collected by the General Government, with; the, exception of rterritorial revenues, is estimated to amount to £40,000. Th^grosscustoinsatnounted in 1867, to £33,492 0s Bd, for the year, which-I consider the : "maximum amount ; brie ■ half of; this ;is T retained by the General . for, . .Gfeneral .Government purposes, the other, half is appropriated to, pay the interest on our share of the consolidated debt, .and also, the .. General Government ;' Provincial charges. t The interest on our 'debt, including sinking, fund, . say in. all, 7 per cent on £385,000 will amount to £26,600 per annum, the' provincial charges are estimated by the Colonial Treasurer, at ,£7484 17s lid ; there is aiso the interest arid sinking fund on the provinces share of the old New Zealand Company's debt, amounting- to "£.ICJBp. per . annum, making, in ai1,. £35,164 17s lid per annum, to be paid before any territorial revenue can be available for provincial purposes. If the loangua-ranteedby the dol.ony is negotiated' at 5 percent interest, and brie per cent sinking-fund, the saving would be £3800 per annum: to meet this - amount we have half the consolidated revenue, estimated at £40,000, which will amount to L 20,00 0; p^storalrents say L7OOO, leaving to.bepaid from month to month, out of one land revenue, the, sum of £8164 17s Hd. I estimate our land revenue,, will amount during the year, to £50,000, which; after paying the ; above .-deficiency, .wilL leave a : balance' 'of- at "least -over T £40,600. Then there is owing by the General- Government, 12s lQd.; balance at •Bank, '£10,080, "air other revenue which' 'lh'ave classed as municipal r^ ' venues, amounting to ;;£10,75.Q.,.-it will _thus be seen,; sir, that,thecfuture-pros-:..-.-pects'-'qf Southland; .. Imay.;b.e.1 may.;b.e. .■ favorably ; -eOmipaTed. with, liny others province 5 -in 1 ■ I New''Z'4al^nd J and.li.trust' a- : new r era : bi ' .'steady'- ..progress 'has ••beeri i> \c6inMenced. [[ .The.hon gentlemen then, "sal; ' down ;' he : was -/listened to throughout, with c greatest attention. . :^ , : ; •.,.;..;,. ,-. A.^great^Tpbriion! j.bf. 1 the. Estimates were thenpasabd wiiiiout-discußsibir, ari'c the House shortly afterwards adjourned.