The Southland Times. FRIDAY, AUGUST 23, 1872.

Southland Times, Issue 1623, 23 August 1872, Page 2

The Southland Times. FRIDAY, AUGUST 23, 1872.

Eikancial statements are not generally considered light reading; and we fear that the telegraphic summary of the Colonial Treasurer's budget speech, which occupies some four columns of this day's issue, will not be regarded aa any exception to the rule. Many of our readers, who would like very well to know how the finances of the country really stand, will nevertheless turn away in a sort of despair from the voluminous array of figures, thrown together, apparently, without order or arrangement, which compose the statement in question. \ The result of our own examination has j been that the actual information of a trustworthy kind to be gleaned from it is! very trifling, and that we muat wait for the full report of the speech itself, with the detailed estimates of ,r6venue and proposed expenditure, before it will be possible to form anything like an accurate opinion on the subjects to which it refers. Some* further light will doubtless be thrown on the matter by the debate, which will follow, as it is clear that, in

the present temper of the House, the financial proposals of the Government will be subjected to severe and searching criticism. The first part' of the statement refers principally to the position of the two loans, known as the Defence and Other Purposes Loan, and the Immigration and Public. Works Loan., Of the first named, it appears that L 635,000 has been raised, which has all been expended except L 158,000. Of the second, there has been raised altogef her "X1, '600,00(57 L 850.000 of which! was. negotiated ..this year, and. still remained at the -credit- of i the Colony in London. The expenditure under this Loan had reached the amount, in round numbers, of L 700,000, leaving a balance still unexpended of L 900,000. Among the items of expenditure under this Loan, and forming part of the L 700,000, we note L 209,000 for interest and sinking fund, L 24.000 for departmental expenses, andL39,ooo for discount . and charges. Further items given in the | summary mounfc up to L 857,000, so that there must be some mistake here, for the explanation of which we will doubtless have to awaifc the arrival of the printed l statement;. The Trust J?und. and Post; Office Savings Bank Fund, are next referred to, and have both increased considerably during the, year. We next come to the actual revenue 'for the year, which was estimated at L 990,000, but has reached the satisfactory figure of L1,007,00C, or L 17.000 more than was expected, and L 71,000 over the actual j receipts of the previous year. A number of sums are then stated, under the name of " assets," which may, however, be looked on as mere book-keeping entries, and, by the aid of these, the total " receipts" and " assets" are brought up to L1>261,000. The year's expenditure is then stated at L 1,014,000, apparently of actual payments, and a sum of L 236.000, described as "liabilities" (which in another part of the statement are set against the entries previously referred to as "assets") these -together amounting to the sum. of L 1,250,000,, 250,000, or Llo,ooo less than the other side of the accoant, leaving, as it is pointed out, a, sum of LIOjOOO with which to commence the current year. The " liabilities," it may be remarked, are real, being money due iby the Colony, while the "assets" consist chiefly .of Treasury Bills. Then follows a description of proposed changes in the method of keeping" the public accounts, which, we are told, will havethe effect of securing the full authority of Parli ament over the expenditure, and of enabling the accounts to be made up more promptly than hitherto, two very good things, and worth taking some trouble to secure. Then come a series of statistics, showing that in comparison with Great Britain, and even the other Australasian, colonies, New Zealand is large in the import and export trade, is mildly taxed, and cheaply governed. Next year's revenue is estimated at L1,07650Q, makingi with the amount of LIO,OOO to the credit of the revenue at the beginning of the year, L 1,086,000, and the s proposed expenditure is statedV^t : L 1,060,000, or L 26.000 within the estimate of revenue.