FINANCIAL STATEMENT.

Taranaki Daily News, Volume LI, Issue 169, 8 July 1908, Page 2

FINANCIAL STATEMENT.

A SATISTACTORV POSITION. HOPEHiL OUTLOOK. IMPOU'TAXT SUW DKI'AUTURES.

(Bv Telegraph.—Covcrnincnt .Memo.) Wellington, Last Night. In the House of Kcprcsciiiatives last (veiling, the Colonial Treasurer ( Joseph Ward) delivered his financial statement.

hi doil)" so he congratulated the country on its continued prosperity and the progress which laid characterised the Dominion since the Liberal Party came into power in 18!)1. 11113 YKAK'S

"It was a great source of satistaction to me,' lie said, " Lu '"-' llW '- lu announce that we had, after transferrin" £BllO,OllO to the I'nl'lie Works c'uud, closed the year's accounts with a substantial credit balance of .C7(>7,Si'J. I he. revenue for the year, as you are abeady aware, reached the sum of nine millions, a result that must be regarded as highly satisfactory and emphatically demonstrative of the progress of lhe Dominion."

The exact ligurc., were £fl.us,-),94U, exceeding that of the previous year by .C 050.871. I'A'cry class o! revenue wiln one exeiption had contributed to this -pieiidid result. Customs show «n increase of .£102,520, railways £143;990, and stamps £185,287. Compared with "the previous year the details are as follows:

Custonic—-1907 8. £3,103,505; 1900-1. £2,941.040: iucrea.-AV £102,525. Railways-, £2,705,1,95; £2,021,390; £143,999." _ Stamps £185.207. Land Tax—£537,840; £447,342; £90,504, Income Tax —£304,003; £277,807; £27,038.

fleer duty £(1301.

Registration and other fees— £129,100; £110,444;, £0722. .Marine— £42,21 i; £40.801; £1320, Miscellaneous— £218,342; £220,885; £5543.

Territorial Revenue— £289.003; £250lltll: £38,702. Totals—l9o7-8. £0,050,94(1; 1000-7. £8,399,07.")—itn increase of £050,871. EXfIiiNDITUKI!!.

Turning to the other side of the account, the expenditure for the year amounted to £8,231,905, made up as follows: Permanent oiarges, £3,i125,022; departmental appropriations, £5,085,343; or £430,038 more than the preceding year. Of this amount, £OO,502 lias been spent under the authority of special Acts and £348,537 for departmental appropriations. ft will s ue recognised that where the excess of revenue for the year was £8.35,040, an increased expenditure to produce it was expended, and the abnormal growth or public business is at once its ..'.u.-.o .md justilicatron.

Tin* working railways cost us an additional .CI 13,771, hut to cover this they had an excess of revenue of CMIMI''. more than the previous -ear. Postal facilities rei|uired an additional ,18!).Sli7, education services needed .■£35,434. and defence requirements are answerable for X23,(ioT.

TUA.XSFLLIttFI.) TO PLJILIC WOliKis.

1 was able to transfer to public works Uiu sum of .CSUO.OUU. this is the largest amount that has been transformi lor this purpose in any one year, bringing «p the total amuunt 'transferred ii cm revenue in aid of public works since 18»i to .C3,ti3f),oul), an amount which it would liavc been necessary to borrow had we not such a buoyant rc"venue. In other words, had we not been able to transfer this large sum from revenue; we would have had to borrow .•i , (i,43U,UUI) more than we have done or to have reduced our wuuiici works expenditure by that amount! Xo the value of Uiis course will be recognised when 1 say that interest id •i l /; per cent, for one year or, that sum would amount to .WiIO.XI, so that it may be justly said we arc now saving at that rate per annum. The ligures of revenue and expenditure f«r the past live years, for the purpose n|' comparison, are: I!W7-X~llevcntic, .C;i,II.V>.!llU; expenditure, ,C8,2i:;,'.1(i.-, ; excess of revenue over expenditure, .CS-JI,!I81. HNlii-7 .CS;.-)!l!i.t>7D; C 7 77-I'l'll■ £11:24,14!). ' " ' l!l|)o-li - X7,-»Sl : :j.-,!); C7,1«340i cita.tup. HHM-i -- .C 7.-.'52,870; .L'ti.OXi.liui; t.'<i4ti.!)(iß. ' }'M3-i_~ X7.U31.351i; .Ui,434,281; The increase for live years in revenue :.-. 12,023,.,1i0. The increase m expond•'•l'l'i' is Xl,i7!l.iiH."). TillOASl-KV iiJI.LS. H ii very gratiiying to me to he able to inlorin uon. members tiiat J was able Lo see my tu ,„ n | H ,,. n , k ,ee Treasury bills, wiucli slood for iiianv years at x-Mjm, by the sum of jclSOfiOO, "'"; (with XIJU.OUtI paid oil' hist, V car) 'S"!e Xm > m »' "11, and leaving ilardf Lt" UWan, " n S ou ">« 31ft

I'UiJUO WOKKS FUXD. This account .had u balance of £350 ■ *,'" stai j «» year with; .L-siHjHH) ' , ' eiedit irom loan moneys. ;ci;j. •'4l Iron, premiums on ,ule (if dobcm ."r/,. l8,, ";! Wl ' '«>'" -nsoH.I..W fund, .".I ion, otl,cr receipts .a U (l4, making i .1.-,0.1J.1.>-l. Hie oxpeditnre out ot , <■»;;. "0.1..VS amount,,! to ci^ ueuit ot the account, WWVKllfcllON ACCOUNT ?•!■ S e ( '"S. 11 i per cent. rale a consider'-, bl'f. se-rilx'.i r" ,i '"''' "'"'• slU( ' lc « - a« inW,A 1-0 LOL-Ab..01)1 E .SAC«iIVt l >»H- ,l ;:c s ;;v u ;'r i,, < l 0j , ,0i,,,s '■""""' KM v*u d r' i,oi " e9 ,""' , t '" ; ' i I>™''<'eds »f •'-'-« nt «-„s c-i^"^"' 1 "'; 1 ;;"" tl,is Ji»«ml.iiw,,„ CM t"t^ ,M - ~n' l Ul " """I The reduction in , L ,'.''" "> H'f loans ~- '. ° S '" intl ' mt rtwinCiTv 1 ",!,;';^- »'™t I«*t session ~,,, „, „.,. (, " rer »- I'Odi.to settlers and ~,''' " " I ' , ' lt satisfaction to rate , " ::Mi '"' which ii Ins I,„J Ll " : ' lroii * public works. " ""''•' " Ml °""'''

I'UliLlC DEBT. 1'"" t« *" l( "'S a, tlio noli, hj? \" m ™\ l'"t lor close s,.m„. .•* to ""("ire and " m . v be set down ",. i •"' ■ C -. :Jli «.!l"l «-S/7,«M)a as ,v s „p,i l "'"•""''. leaving i»»»>». TWor,: ; J ""' : t--!'li-l,of>o of ,M,|',., •"'[ i,l|o »' S»t «o««l I.iir,|,.„ t i 7""" ' I *° iUlli '' '» r '' s l»vt t» Ills'v','!, S ' U ' th( ' , ' OUI,I| T jVll J(. S| . . .''-'I'S increase. l"' I ' l ' l -' <M't Cls w," , t; -'* S -' ,| NI m "'•■mbes will |, t , ~1,,'s ,""'•, a, "l bon. flli * >va„ v,,-;, 1 '" that lor. ' a ' l " sl -'eto n | v arranged j

cuisraus. 1 "<! WOl'khhr ..I' 11, ""•iiKi's |„.j„„ , lf j.,,,." " ust of tlto V, ■ ' V l '-' 11 *''"' »s Loui-hous,. t .."""'" tin. c„ s . J ,u, "'<l until :ils| j,,,''; "'' ,v< ™ Pfst'*lll,|il|.r (J, j s i( . """'r. Nolwitli-Ki-atnlali,,,, li,', 'in '! ''" tUer lor eony£« tluit received during the preS

l «l) AND jtfcojwi.. VAX " ■'• '-""•'■ lin execs of Ih ' ' ""'' m^ f '■«>• the p^ot 1 tTT co]hvt'ax receint s 5|, 0 ,,. ~: . ' J,lft "Koine fro "i both it?™ li ° IOUI 10 r e47 ' 7Mm " ro »■«» «in £ '"ore

fSSSSffa """

the public- from tJic beginning uf the present year, tlie growth of tliu i'oat ami Telegraph Department continues unchecked, the revenue for the past year haying reached £822,u;!!), at tin: pr.'senl vulu el' progress Hit annual rcyi'iiui! will soon exceed a million. J. pr«pf>Se to reduce the rental lor private boxes in smaller towns, where mere ale no letter carrier*, from .CI lo 10s per annum.

ADVANCES TO SKIILEUS AND WOUlililiK.

Jt is diilicult to adeiputely appreciate the benefits that the Dominion mis derived Jroin the polity 01' making auViinees to settlers, which provides me menus of enabling settlers ami workers to make the best use of opportunities which have lieen placed within menreach by the legislation of the tlovern-

nient. About 24,000 settlers anil workers have been assisted, many ol

them to positions of affluence. About

.CS,OOO,OOU lias been granted to settlers and just half a million was granted to settlers during the past year, a strong reserve fund ami ample sinking fund lieing built out. of the proiils, and no

loss has been made up to the present tune. j'he workers' braiieli of the Department has done good business since it began operations 1( \]{Q C OV( , r twelve months ago. i • LAN'I.) IU'IVKNUJO.

The gross revenue tolaili'il XU"iß,i!)2

Is ."id, the largest yet received by the

I'epuriim-nt. ut tins aaio.mt territorial revenue amounting to os oil and rentals of land scuicnicnt estates produced JI2:JO,;Jj7 4 a lid.

Luring the past year the purchase ol

sixteen estates has been completed, 'iliey comprise ]2!i,SUS acres, and the price was £51)5,728, which, with wo, cost incidental to their settlement aim

settlement of land previously acquired ( £47,908) make a capital inini invested of £013,090. The total area ot land acquired and paid for to the end of last year was 1,122,135 acres, w r w nicli £1,807,309 was paid, and on which £409,885 has been spent in road limiting and preparation lor settlement. The capita] value of estates acquired is thus £0,217,254. There was received by way of rent. last year £230.357, and tJie net interest paid was £195,240. The area of land opened for selection under the AcMuring the year was 73,490 acres, and i 14,150 acres were taken up bv 420 tenants. The total area leased to 31st Unroll, 1908, to 4217 tenants is 979 080 acres. Of this 079,410 acres are held under lcascs-m-pcrpctuity, 07,107 under renewable lease, and 229.495 under small grazing run leases and miscellaneous tenures. The area not opened and still unlet is 131,200 acres, estimated to he worth a rental of £6OG9 . In the year 1908-9 the committonts include eight estates, containing 101 034 acres, for which about £330,155 has to be paid, and there arc several other large estates under consideration. The committents for the current vear and mediations in progress will require for land purchased not less than £SOO 000 PUBLIC SERVICE CLASSIFICATION. "The Public Service Classification Act t.'Oi, came into operation on 25th No' vember of last year, and by its provisions all departments of the Public service except the Post and Telegraph Department, the Police, and Government Railways Department, which have separate classification schemes of their own, have to be classified. The fact of it becoming law has created a general feeling of satisfaction not onlv anion" permanent officials, but also 'among "those who prior to the passing of the Classification Act had been cmploved as temporary officials and who had'neither any chum to a pension nor any hope of their back service being of any use to them SUPERANNUATION.

. Superannuation, which came into operation on Ist January, 1908. has also proved to be <i popular measure, judgiu" by the number of public servants who have become contributors to the Superannuation Fund. The revenue derivable from deductions made from salaries of contributors, so far as can be ascertained at present, is over £40,000, and mny safely be estimated at nearly CuO.OUO per annum, which with £20,000 contribution from the Consolidated Fund should put the fund in a healthy condition. . A certain number of amendments will be necessary to make the working of the Act more effective, and an amending Bill will be laid before the House shortly. NATIVE LAND COCKT.

During the period under review the work „f the Native La',t'' Court has (inner years, 'xhcre have, Jku issued 147 notices of sittings of.The Court, winch notices have reference to a total of 111,700 cases. The Native Appellate Court has during lm . Slll!lp ||( , l . ioil | )ml called upon to deal with 2uf appeals against decisions of the lower court, and of these 213 have been disposed of. MAOKI LAND HOARDS..' The work of the .Maori Land Hoards has increased to a large extent during the year, and as the trend of the recommendations of the Native Land Commission will in many cases be in the direction of vesting in the Boards administration of lands set apart for settlement, it is expected that the current year -wiiL see a large increase in the volume of business transacted. The Boards have leased, on behalf 0 f native owners, an area erf 105,585 acres, and have sanctioned the private alienation of 1,080,020 acres, making a total area of 1.254,005 acres rendered available for settlement. This area, is expected to lie largely augmented on the completion of the work of the Commission. MIXING.

Tlio prosperous condition of the mining industry still continues. The export of gold, although slightly less than that of the previous year, is vet very considerable. The mil look for the 'future continues to improve. Arrangements for work-in;,' the deep quartz levels at Thames and deep alluvial leads at Boss in Wcstland have been completed, and operations on a large scale are now being carried on by -strong companies, assisted by subsidies from 'the .Mines Department.

The export of silver for the past year is a record one, being C2,>,!112 greater than recorded for the previous year. The production uf coal for the vear is the largest, ever raised, and the'extent of the now coal areas now being opened up both by the State and private companies is nn indieaiion that industrial activity of the community is flourishing. Operations in the Stat*' coal mines have

been very satisfactory, and both of the mines have worked praetieallv full time throughout the year. Depots for the -ale of this superior household fuel are

now established in if,,, i ar „ c centres served by shipping ports, and the Irade done has steadily jiucrcascd. There. is no trouble in dealing iwilh (1,,. output; in fact, at the. present time it is dillicult to supply deiminds. It ] ias therefore

been decided io extend the scope of operations at the mines, ami the construction of the extension of the railway line at Point , Elizabeth to open up'weltknowu coal-bearing areas in the country lit the back of the present -workings is ii'iw being (H'tiv«lv-«a-rH>ed on. The net profits of the two mines during the last financial year was £B-140 8s 3d. CHEAP CABLKN.

As regards post and telegraph matters beyond the Dominion, the most im-

portant recent event is the agreement Mwcen the Imperial tloverninent and the United States post ollices to establish a penny post between the two countries. A proposal of far-reaching importance, which will, it is hoped, receive the serious ceiusider.ition uf all parts of the Kmpire. is that of Mr. .1. llennikei' llenton, JI.H'., to establish a penny a.

word rate, for cable messages. With lh<! I'aeilic eulde in the limils of the Mother Country, Canada, Australia, and New /Seaiand, it would not be difHicult, or, ciimparalivcly spenking, cosily {<> extend the State-owned system bv creating a land liiit- across Canada and laying a special cable across llic Atlantic. From an Imperial. commercial, and social point of Yi<'\v, (ho establishment of a penny a word rate cable message throughout s Word rate for cable messages throughout the Empire would be of inestimable value. ADOPTION' OF mST AUDIT. The auditing of public accounts is a matter of the very greatest, importance, : and every ell'ort should be made 10 prevent even the possibility () f criticism tending i n any way to cast a doubt upon the reliability of the system now in operation, under which auditing has at all times been carried out with integrity and dlitiencv by the gentlemen holding the responsible position of Controller and Auditor-General. Yet there lias been expressed more than onec a desire for fuller details than is possible under the present system, so that every one who runs may read, and the only feasible and J

practical w ay to accomplish this is, in my opinion, to abolish the system of prenuditiiig and adopt the one of post auditing. 1 am therefore submitting i Bill for the consideration of honorable

members making provision for this change being given effect to. The name of every person to whom a payment is made and svery penny piece of expendi-

ture will be act out in detail and laid upon the table of thc^Hoiisc.

WEI,UNGTON'-MA?fA WATTJ RAILWAY.

It ljs proposed to intioduce a Hill to proyiAj. for the vesting of: tile Wclling-ton-;M|aawatu Eailway in tlio Crown on

the expiry 0 f not j c , e of intention to pur- ' chase, namely, on 7th December next. BRITISH NAVV. ' '■The value of the British Navy for the ' preservation of the .Empire to which we ' belong is generally recognised, and to show our goodwill us well as our reeog. ' lution of the immense services to tlfis ' country that the British Navy affords, Ihe Government seven months ago advised the Secretary of State for the to lonics that we would increase our contribution to £100,0(10 per annum, at, the same time advising the Home authorities that we recognised Die importance of slops ot war being under the sole control of the Admiralty either in times of war or peace, and that our contribution would Ik given unconditionally, so that, should any necessity arise for these ships to be directed by the Admiralty elsewhere,, this should be done without any assumed impression on the part of the authorities that it would be regarded as in any way distasteful to the law a«d people of Xe.'v Zealand. ADVANCES TO SETTLERS. The active land settlement that has been going on throughout the country necessarily calls for a iarge amount of money by those acquiring sections. A number of large holders have been placing the excess of their land upon the market, and to this fact 1 attribute to some extent the considerable demand that is being llliU i c throughout the couutry for financial assistance from that highly popular branch of the Public Service, the Advances to Settlers Department. 1 feel justified in asking the House to increase the limits of borrowing for that Department from live millions to six millions. It will be gratifying to honorable members to know that repayments made to' the Department now total the large amount annually of £BOO,OOO, and the time is not far distant when repayments' will reach a milium per year. It seems scarcely fair that the total borrowings of the Advances to Settlers Department should lie included as part of the public debt. though, strictly speaking, it is so; but as the moneys are used for the purposes of advancing upon landed security, it is a question whether we should not consider the desirability of transferring the whole loan to the Advances to Settlers Board, making provision by law for guarantee of repayments. ADVANCES TO WORKERS. While I am upon this subject I desire to point out that the system of making advances to workers is more satisfactory to the worker who desires to have a home than that of the Government pur- , chasing land Jn the country, er»cting houses upon the sections, and leasing them to workers. The total number of workers' homes throughout the Dominion is 94. In one year, under the Advances ' to Workers Act, 117!) homes have been | provided for. 1 propose to increase the 1 amount now authorised from £200,000 > to £500,000 per annum. NATIONAL SUPERANNUATION.

A Bill will shortly be introduced inaugurating a national superannuation fund to which all New Zealand residents under the age of 55 will be at liberty to contribute. I propose that the State shall also contribute towards the s'upj port of the fund, which will provide to contributors, in return for moderate payments, pensions not exceeding £2 a week in any case either on attaining the age of 00 or 05 or on becoming permanently unable to work bv reason of sick-

ness or accident before reaching the pension age. The fund will also provide assistance to widows and orphans of contributors. 1 will almost submit a

supplementary scheme dealing especially with the low wage earners with large families. I am of opinion that we can establish a system by which breadwinners can make, sure tjiose dependent upon them will be provided for in /the

event of sickness, accident, or death. LOCAL BODIES SUPERANNUATION. A measure will be submitted for the purpose of enabling any local body to inaugurate a superannuation fund) for' its employees, each local body being allowed to arrange the details 'to suit its own circumstances subject to the Rchemc being approved by the Minister of Fin mice. The funds will be administered by the local bodies themselves, but will be subject to periodical Government valuation, and each local body will be required to supplement the contributions of its employees by subsidising the fund from time to time, as may be found necessary after actuarial investigation. SPECIAL LAND SETTLEMENT. The large areas of land that are now being put on the market by private holders calls for consideration from the standpoint of helping desirable settlers, to acquire for settlement selections of the same areas as is provided for in the Lands for Settlement Act upon the easiest possible financial conditions. Thc work of the Land for Settlements Act involves an expenditure of about half a million sterling per annum, and adds directly to our public debt. lam of opinion that a departure In another direction should be made and the system of special settlement associations established, so as to enable that great desideratum, the closer settlement of land, to be carried out still more expeditiously. Therefore I propose to submit proposals to the House this session making financial provision for special land settlement upon the following lines:— Upon application by any number, say ten or more, of intending bona fide settlers who have obtained from n private landowner an offer to sell the estate at a fixed price by him, the Land Purchase Board shall inspect the land, ascertain its suitability for settlement and fairness of price, and if the Board is satisfied on both points, it will report to thc Minister of Finance. The proposed settler will then submit the scheme of settlement, which must be consistent with the limitations and other conditions of the Land for Settlements Act. Tf the scheme is approved by the Land Purchase Board, the Advances to settlers Department, through the Minister of Finance, will obtain the money required to purchase the estnte at tji'e lowest possible rate of interest, giving to the lender as security for such money a mortgage over the estate in the name of the settlers, who will ulso bind themselves as ordinary mortgagors by their own covenants, in addition to security, and the Government will guarantee the repayment of capital and of interest to the lender. I propose to provide for a redemption fund by which settlers would pay Imfh principle and interest in 32V, vears. ■ '-

I.OAXR TO LOCAf, AUTnORITIES. 1 h 1.,. l,„„ts /m . . u , e loca , ; "here tl„. | ollns llrp nutlliu(>(l t ., t| Govermnent, but with a State guarani e It they borrow. direct from the mT"v ni n hQ r ,ent limita mllst r "" si™ i,!"' il,nr . loans r •, y -r, ,, r ,,al rnto nn, i ais ° * »««k- -- Lund will 1,0 provided, and the proVina '"" d , ?■ "" VtthUc T ™ st <*- the Jiinist,-! of hmance reserving the right should be. The sinking fund should be >' that the (.overnnient should pay L•' \ " , "' Um lwal h j" d >' «'« other lialf p ( . r cent. STONE-GRUSIIEBS. 1 -will submit to the House proposals ?„i r'"';' f "!' ? nu,,,bw of »o'l™ «i -(i ushers to be sent where required, to be either worked by the R„ a da Dol«iitinent and charged to the local bodv, let to the local body,vith a charge f„r lest and depreciation and worked by "ii selves. The employment of tfcj local engineer should be made en,, P«l«'r.v. To help this a reduction of .;, , 'i'l"sw-.llbeniadebytlieKailwav IV. ' pa anient, j IfOADINO \y Ol!K . ■

Koadmg in different parts of (his „„„i. "> i- ii nutter of flu; greatest iimmriTn/ 'jrV? V ' CW of Ul ° «»»S«tif 5c11.1,. mi; in that has gone „„ a |i over (1| (J ;»»»'•». «'« ti.ii, ] u ,h arrived when fci'.itci steps than hitherto must he taken to_ provide roa( l s f or sutlers esI'wwl y in the backblocks, and I ,„-oV "T' ™-J" Pilr to ask t,l( ' H <»'W t<i provide .ur,nm for road!) lind )ir . I Of Ins amount .CAW.OfH) will be specially ' evole,! to r„a>l s in the backblocks, anil <• continued tor four years, inchding the current year. n IRKICATIOX.

l'rovisioii was made last year for carrying on tin; important work of irri-K-ili'M in Central (Hugo. This has no-V I"-™m'glceted. The services of a 'limlilied engineer will shortly )„" 'L '•■i'v.l urn! Ihis important, branch of niepoiieyolihedoverument put active-

RAILWAY COXSTRIVTIOX I , o f l , f "'f t . »"\™l<m,v is the Xorth Wand .lam I rank liaihvay. and with ii tram to tins great national work I '.mi please, to .state that the completion The gap between the laillieails is now under six miles brom present appearances it seems llkelc" that the last rail w,|l 1, 0 laid about the middle of next month.

Regarding Pass tunnel. f he, he nrsl Wast on sth May last, so that the work of providing connection between Canterbury and the West Coast is now well under way. RKSTORA'ITOX OF PARLIAMENTARY HDIUWNfiS. The destruction of the Parliamentary Buildings necessitated their replacement, and honorable members will be asked tc decide as totho site. ■ \V1 W tills igi done tljc requisite proposals, will % njjjj. I

"It«l m the public Works Stalcment. i...'.* , t ; rl ' < ""'?." 8 for an y° ue io-mmww h.lt the policy of |lut > m buddings ol tin, Dominion is an unwise one. On tho contrary, 1 am of opinio-! that ni u mutter of business it is cheap. est ami consequently wisest ill the light of experience. It can easily be shown Unit tho cost of premiums would amount to far more Hiati (he aggregate amount ot losses that have occurred. INDUSTRIAL MATTKRS. I need not remind honorulilo members of the dilliculties thai have been experi. neccd in connection with carrying out the. Industrial Coiiclliutioij and Arbitration system of the Dominion. Time brings changes, anil what has up to a point been successful machinery lias, in the light of recent disturbances, shown a weakness in this direction that requires remedial legislation to try to put matters in this direction on a satisfactory footing. The matter bus beeu fully considered, and my colleague will submit the proposals of the Government in this direction. LOANS JlA'iVlilN'ii. Two millions two hundred and fifty thousand pounds out of the total already matured or maturing this year has Iweii fully provided for. This leaves a balance of £883,238, concerning which 1 anticipate no dilliculty in arranging for when payments become due. WOOL .MARKET.

The world's population lias increased in twenty-six years by hilly 22(i,IK)0,OUl|| of people. -Most experienced men engaged in the wool business of the world recognise that the wool supplies have not increased anything in proportion to the increase in population, and some of the best judges are of opinion that tho fall in value of wool which has taken place, due chiefly to dislocation in the financial world in Germany and America, cannot long continue. FINANCE IN 1008-9.

The ; estimated expenditure for tho present year amounts to £8,002,9113, Of £449,028 more than last year. Tlie-revenue from ail sources I estimate at £8,U85,000 or £70,948 IMS Minn the amount received last year, i .estimate ttte amount of Customs revenue will be £2,950,000, or £153,600 less than collections last year. I estimate that the gross earnings of tho railways for the twelve months at £2,845,000, or £00,005 more than the actual receipts last year. I anticipate that stamps will yield £1,573,000, or £22,000 more than the previous year. I expect £570,000 from land tax and £310,000 from income tax.

The position nt the close of tlie current financial year mny be sat down as follows: —Kstimatod revenue, £8,985,000; , estimated expenditure, £8,0(12,000} excess of revenue over expenditure, £322v--007; and balance from last year £707,- ■ 840; total, £l,080,8a«. From this amount t proposo to set itsidc £BOO,OOO for transfer to Public Works Fund, and £BO,OOO for additional contributions to the British Navy, leaving a balance of £220,850 lor fnch furtlier appropriations as may be asked for in the Supplementary Estimate. Generally, £350,000 will be devotea to additions to open railway lines, making further provision for railway rolling stock, etc, In order to enable the more vigorous prosecution of our railways I propose this year to Bet aside one million sterling for this purpose. For public buildings, telegraph and telephone extension, it is proposed to set aside £330,000, thus making a, total of £2,350,000. In order 'to enable provision to be made for this suui, X propose to pay to the Public Works Fund from the consolidated revenue * £BOO,OOO, and to raise a loan for these purposes of £1,250,000. This, with the / £IOI,BOO available from last year's loan, and the £200,000 Outhorised under the Tost Ollicc Savings Bank fund ' investment account (out of which the erection of post offices in Auckland and , Wellington will be provided for), gives a total or ways and means for the current year of £2,441,800. RAILWAYS. I may mention that it is proposed to add some new lines to the list of those in luuid at present. By the end of March next three Or four of the pre. sent lines that are in hand will be completed. CONCLUSION. Hon. gentlemen will see that au effort has been made tfo do even-handed justice to all classes of the Dominion, and I trust tiiat by the means that have been outlined every section of this i--o!)Ml».S'jll be !'r«ijgltfcwtajilaserj,arinouy for the grei\t purpose, namely, the promotion of oiir national well-be-ing nud happiness lt h Mactory, looking at the critical time outside the Dominion that we have UfUn .able to get along without any genuine cause for alarm, it is sometdung to be able to, tell you that the revenue for the first quarter of this year shows an increase, even thorn* not large, over that of the same period of last year; this notwithstanding the targe concessions in revenue made to the public and this, too, j n B pj tc 0 f tnc reiterated statement pf some people that we have started in the downward grade I have always in connectiop. with d, e country's fkanee been careft.l, "* hut do not subscribe »(„ those who take the view that troubl, and disaster are mmment in New Zcaiand because or every recurring change that from time to time nrnwnU itself; on the hDri of other countries. I