The Southland Times. TUESDAY, APRIL 22, 1873.

Southland Times, Issue 1731, 22 April 1873, Page 2

The Southland Times. TUESDAY, APRIL 22, 1873.

Ketfrnb published in a recent G-azette enable us to form some idea of the position of the public accounts for the first half of the current financial year, which began pa Ist _ July, 1872. From the statements for the September and December quarters we extract a few figures, which we believe will prove of I interest to many of our readers. The actual amount of revenue received to account of the consolidated fund in the September quarter was £260,462. This sum represents money actually collected, by means of customs and stamp duties, postal, telegraphic, and judicial charges, and registration and other fees, as well as a email amount, £2547, derived from sources described as " incidental." For the December quarter, the revenue collected amounted to £233,496, the figures being . arrived . at aa for the September quarter, and leaving out all entries which!

do not represent money actually raised by taxation. The total amount for the six months is thus £493,958. The same figures for the September quarter of 1871 were £228,036 ; and for the December quarter, £240,480 ; together making £468,516 received during the corresponding six months of the previous year, and showing an increase in faTor of the current year's revenue of £25,442 for the half-year. This increase, though not very large, is still satisfactory, and it is probable that it may be considerably exceeded during the March and June quarters, the first half of the financial year being that in which the least revenue is received. The total revenue for the financial year ending on 30th June, 1872. was £1,007,414, of which tbe first half-year produced £468,516, and the second half-year £538,898. We are justified then in assuming that I the amounts received in the first and i second halves of the current financial j year will bear a similar proportion, and that the rate of increase shown in the | first half, the accounts for which are now j before us, will be continued and probably j exceeded during the second. There seems every reason to believe that the estimate of revenue for 1872 to 1873, made by Mr Yogel i» his financial statement last year, viz., £1,076,000, will prove very nearly correct. This result is satisfactory in a financial point of view, and even more so as showing the continued and increasing prosperity of the Colony. 1 So much has been said of late about the manner in which the interest on the public debt is being paid out of loans, and not out of current revenue, that the figures which refer to this operation have j a special interest of their own. It must be observed, however that the account* for half a year, in regard to this matter also, do not necessarily ihow tbe half of the whole sum which may be paid in this manner during the year. For the six months of which we are speakiug, how- j ever, we find that there were transferred from the Public Works and Immigration Loan Account, to the , Consolidated ! Revenue Account, sums to the amount of £35,250, for meeting interest on that loan, and this is the only transaction of the kind which appears. This amount, j £35,250, may be reduced by the sums transferred from the Consolidated Revenue to the Loan Account, as moiety of Duties, viz., £12,732, leaving practically the sum of £22,518 dealt with in this manner. At the same time we remark that the total sum set down as paid out of the Consolidated Fund Account for interest during the half year, is p\ore than eight times as much, or £188,906. Of course any conclusions which may be drawn from this half year's account must be incomplete ; but on the whole we consider the information which is thus furnished, satisfactory so far as it goes, and euch as to warrant a hopeful view of tbe future. The time is now rapidly approaching when the Parliament will have to consider the annual financial statement of the Treasurer, and arrive at a conclusion both as to how the monetary affairs of the Colony have been managed in the past, and what new system, if any, is to be adopted for the future. So much has been said of the vicious system of finance which is being pursued, in paying interest out of loans, that it is to be feared" many persona, who will not be at the trouble to look into the matter, are under the impression that no interest is being paid in any other way. It is well that the question, which is of great importance, should have attracted the attention of the public as it has done ; and it is now certain that when the complete figures are furnished, this point will receive the special consideration of the House. In the meantime the figures we have extracted from the mass of which the returns consist are not without interest, and may help some of our readers to a clearer understanding of the matter when the time for its discussion arrives.