THE COLONY'S FINANCIAL POSITION.

Taranaki Daily News, Volume XLVIII, Issue 81917, 30 January 1907, Page 4

THE COLONY'S FINANCIAL POSITION.

Referring to the financial position of the colony the Premier in his speech at Wellington the other day said ii; was pleasing to l,e alile to nol, the stability shown liy the lijiiiics. The revenue for the last nine months -ex(•ceded that for the sunn- period la-t year by CUI-MIS. every item except tcvnlor.nl revenue showing an inciveo. The increases were n, follows : —(.'us. loins, .£210,000; railways, £10S0I>0: stamps. £1:10.000: land "tax, tTilUldtl. At March :ll next ho predicted hat the revenue would reach ,£.X.27(i.0;M. or nearly £70,0,000 more than last year. This might scorn :t high psti mate, hut when they remembered thai tin' lirst nine months of liie financial vear had shown an average increase ..f £200,000 per (punier, he did not think lie was over estimating it when he set the i(:vciiue receipts for the current quarter down as only CSO.000 more Ihan. for the March',ptart.r of last year. His Budget climate for the present vear was £7.801 000. but if his anticipations for the remaining portions were realised (here .should be nn excess of revenue over estimates of <-47'.1..<im. 'Hi!.. ei-peiid.it.mv, f.,i* (lie nine- months ended, December :il totalled C.'i.;l(in,(l-ill, as against C 0.2-10, 001 for the corresponding period of 'ast year, an increase of £32:1 (i.n. the principal items lieina : Education, CV'2.OOO: railways. £112,(100: Kxhihiion, £.~)fi.000: olil age pensions. £4.").000; public buildings, .C20.01W. JTe expected when tin- year's accounts «ere closed it wou'd be found they were well witiiin tiie appropriations, and he anticipated that the expenditure out of the Consolidated Fun] would not exceed C 7.700.000. though to be on (Ire safe side, he put it down at £7,H00,0f1(), to which was to be added sinking fund on the war loans, which he had promised to establish this year, amounting to £40.000. In summarising these figures to give a forecast of the position at March SI. he put the figures down as follows: Receipts: Revenue ,£5,276.000, sink ing fund accretions £OO.OOO, other re ceipts £14,000; total .CS.SiiIiJW. Kxpendituro. Appropriations ;C7,R00, 000, sinking fund on war loans £40.000, excess of receipts over expenditure .Klll.000; balance on March 31. IflfiO, .C7SS,7!>.-|. transferred to Public Works Fund ConO.OOO, leaving C 235,70."> to aid to the surplus. " There was available for further transfer to hthlio Works Fund £22a,000. which left the estimated balance at March 31. 1007. Nt Co2o,7!ir>. COMPARATIVE REVENUE STATEMENT.

Tin', comparative statement ,o( i\jvenue received during the nini "months ended December 31, 11)00, and iile same period of liW.3, was as I'uliow.s:—Cuslums X2,14H,07(i and X1,027,71;5, increase CiiS,i)li:i; stamps 1i!)52,71(> and XS-U.USIJ, increase X13!l,0:jli: railways. X1..7!)0,i;77 and xl,oiu.!i:J4, iiierease xiso,U43; land tax. X428,1i7!) and X 372,331, increase X.'iu',:i4B; income tax, lil:i.0)2 and Xlo,ol_', increase X 3000: beer dmy, L 70.77.1 and 1i70.73!1, increase Xl'ilKO; marine, C2!),::40, and X-Jiilll, increase XliO/Ji; registration and other lees, X 51.103 anil 1i72,010, increase tiOUS: miscellaneous, til2ti,l;J7 and X11!>.27j. invl'ease lilßli2. territorial, Jil.jO.2So. and X1(J0,!)2!I, decrease X 10,044. Totals, XS,S2«,MiO and .1i5.213.U42; total increase. .CO 12,41 S. If further uansler were not mad.' .11 tlie- Public Works Fund before the close of the year, ii lie balance would stand at over X70U.000, but he proposed to transfer the whole id the amount of the revenue appropriated J'oi 1 I'ublic Works purposes, and when Ihis was done the surplus for the year could be set down at over naif a million, a. splendid record for tile progress and development of Ihe colonv. During the past nine months X.m 0.000 was transferred from sevoinie lo works accouul; C 745.1110 of the local million Ulll had been received. and also 1i152,000, balance of ,I|ast 1 year* loan: X 12.401) for premiums had been paid by purchasers of bonds and other receipts amounted to X 101)0; these items, with Hi,, cash balance on March :il of 1i425.000. u a\o the Government a total wavs'and means of iil.!l2U()l) to work' upon. Of triis ainouiit ti1.0114.1100 was issue,! during the nine mon', as. leaviii" on December :ll last a ea-ll halam'r of ti:fl7.()00. To I his was to be added C2o],nOO halannce of the million loan. »i\'l :l further transfer of t22.">.t)011l from revenue was available to make ways and means for the .\h,rch quarter. X704.00U. of which he anticipated ti-l-J'i.ooi) would be spenl. Icavin" 071.001) ,0 carry „n from March :il iill I'arliaiuent m 1,.!,. Xotwi'hstauding the disturbed slate of the money market the colony found no difliculty in obtaining all Hie money rco,uircd, whether for roirewal of new loans. Without going to the London markel, During the last twelve months two million of debentures had been renewed, and fresh loans, aiuoun.iuir to over two millions, raised for pubiic works and land settlement purposes. Renewals and loans were, obtained on most satisfactory terms, as high as two per cent, premium being got on some sales of four per cent, debentures, while one per cent, premium was ohItaincd on some renewals. Inscribed stocks hi London hold a very high position, and have advanced considerably, as compared with last rear. In spite of the disturbed market'(he outlook of the new vcar was hriirht. ; ,nd villi steady revenue increases a substantial surplus was lo be looker for.

FINANCES ()!•' TIIIC E.\[|IUITION T . The Premier gave some particulars of the financial"prospects of the Exhibition. According to the general manager's forecast liie expeiidilure to dale had 1 11 li 1 :!."i.OOO. of which 1 lie Government had provided 'xTii.OOO, and K would take Xllio.OOO io cover all expenses in connection with the Kxhibition, assuming that it would close on the date at present intended. The receipts lo date were X2S,:>]S:. and Hie estimated total receipts Ki-yc Iil0">.0o0 The amount of estimated loss was £35,000.