The Daily News. FRIDAY, MAY 26, 1905. THE COLONY'S FINANCES.

Taranaki Daily News, Volume XLVII, Issue 7832, 26 May 1905, Page 2

The Daily News. FRIDAY, MAY 26, 1905. THE COLONY'S FINANCES.

Tho desire of the Government thai the people shall bo in possession of tho fullest information on the subject of the Colony's finances, has again and again been practically demonstrated, tout at no time more than tho present, has it been so necessary to lay before the public reliable details, not only of income and expenditure, but also of dealings with the Consolidated and Public Works Funds. The only way to defeat the machinations of the Opposition,' whoso plan of campaign' seems to consist of nilsleading statements and frantic efforts to bewilder, is to givo actual facts and figures. We are now in a position to state that the revenue for 1904—5 amounted altogether to £7,347,197 made up of ordinary revenue £7,282,870, sinking fund accretions £63,200, other receipts £1,127. The total expenditure amounted to £6,&30,902, the permanent appropriations being £2,(570,972, and the annual appropriations £3,961,930. It will l)c seen, therefore, that there is an excess of revenue over expendii turo of £711,295,, to which must be added the sum of £49,741 the balance of the surplus for 1903—4 after transferring £«00,000 to the Public | Works Fund. The actual surplus for last year is thus incseased to £761,036 or a little over three quarters of a million. It is satisfactory to find, in comparing the various estimates of revenue with the actual amounts received, that uader only one heading—that of Beer, which was over-estimated by £3,79o—was the estimate above the mark. I ( i round | figures, Customs realised in jexcess of estimate. Haijways 1 000. Stamps £65.000, Lijml £23,000, Income Tax £32,000, Registration, etc. Fees £IO,OOO, Uxrid liovenue £30,000, Murine £IOOO, Miscellaneous £30,000. Altogether the estimated revenue was exceeded by £248,0/0, while the total amount was £261,484 more than in 1903—1., This shows conclusively the steady growth and prosperity of tho Colony, and at the same time demonstrates that the estimated revenue was not purposely set down at too low a figure, tor it must be remembered that the financial outlook at the beginning of last year was not too inspiring. -

Turning, to the details of expenditure for last year the total is shown as £6,635,902 as against appropriations amounting to £6,800,447, inclusive of an item of £37,767 for additional appropriation for railways. Compar* ed with the previous year there was an increase in expenditure oi £201,621, a by no means small amount, : yet well below the increase ,!n re-

venue. No surer sign can be found of prudent and careful administra- J tion than these figures furnish. From whatever point of view (except that ' of the distortionists) the results of ' last year's finance is regarded, there is only one conclusion to be drawn— i implicit confidence in the policy of ' the Government which has so ably 1 guagod the linancial temperament of J the Colony, and provided for its ' needs so judiciously; If those who i pro interested in the progress of the Colony will only turn their attention i' to the figures comprised in the I'ub- |! lie Works Fund account they will L iind that considering the late, tight- ' ness in the money market, and the 1 consequent, increased Value of capital, I] the amount .spent on public works't last year was, if anything, rather on ' i the liberal than the niggardly side. The fund last year consisted of £l,- . 136,613 of loan money, £600,000 ( transferred from revenue, and £ll,- |t 633 from other sources, making a 1 total of £1,750,216. Of this sum j appropriations absorbed close upon j £1,209,000, Point Kiizabeth railway 1 £02,540, and other charges £10,905, ' the total amounting t 0 £1,282,378, j leaving a credit balance of £407,868. , To arrive at the amount of this i fund available f u r work during the 1 current year there must be added to ' the above stated balance the sum of • £393,802, tho amount in hand at the ( commencement of 1904-5, and £32,- ' 937, tho balance of tho 1901 loan, J making the respectable total of t £891,607. Bid space permit wo should havo been only too pleased ■' to give in detail tho amounts which have been ycariy transferred to tho c Public Works Fund from the Con- j solidatod Fund since 1891-2, but with

the figures before us wc can assure our readers that lliey have every cause for gratification at tho result of tho policy which has been the means of placing s,'ew Zealand securities on a sound basis, while the 'development of tho colony's resources has steadily progressed. During the period from 1891-2 to 1904-5 there was transferred from the Consolidated to the Public Works Fund the large sum of. £1 289,058. This represents, therefore, that amount of revenue converted to capital, but we must not lose sight of another great benefit which has accrued from this wise policy, namely, the saving of interest which these yearly transfers have effected, raking Iho period to 1894-5 and al- , lowing the then current rate of 34 ( per cent., thero was a saving of £25,550. From that dale to 1902-3 it 3 per cent., the additional saving • was £80,2.VV, and for tive remainder >f the period, allowing <1 per cent., 1 the saving was £3B,ooo—a grand to- . al saving of £143,800. These ligjres speak for themselves, and should ;arry conviction without the need of LUJ; arguciutitt <