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Taranaki Daily News, Volume LIII, Issue 300, 13 May 1911, Page 4

THE YEAR'S FINANCES. That the Dominion is in a particularly healthy condition is evidenced by the figures submitted by the Acting-Trea-surer (the Hon. J. A. Millar) at Dunedin the other evening. He showed that the revenue for the year was easily a record, being over a million sterling better than the previous year, exceeding the estimate by nearly three-quarters of a million. AH the big Departments of State exhibit a marked improvement—Customs with an increase of £350,708, railways £225,41)2, and stamps £289,328. These are fairly accurate liarometers of the country's financial condition. It is true that the operation of the surtax helped to swell the Customs returns, and that the increase in rates contributed to the improvement of the railway returns. But making all allowance for these, the increase is striking and unparalleled, and shows that the country was never in a more prosperous state. Whilst the re-, venue has so largely increased, the ex-1 penditure has been kept down, so that the Treasurer is able to show a credit! balance of no less a sum than £1,38(1,483. Included in this, however, is the amount brought forward from the previous year, namely, £432,310. The actual surplus on the year's operations is thus £!)54,107 —a highly satisfactory result that the greatest detractors of the Administration responsible for it cannot minimise or explain away. After the transference of £BOO,OOO 'to the Public Works Fund, there is a balance on the general account of £580,483. The position is so healthy that the Government do not intend to go on the London market this year for money for carrying on the public works,, sufficient funds being in hand and in sight for the purpose. We have always been of opinion that so far as the expenditure on public, works is concerned the present generation should bear a bigger proportion than they have "borne, 1 even if it meant slightly increasing taxation, and that a correspondingly smaller demand should be made on the London money market. We only hope that next year there will be an equal or greater surplus and allow of a similar allocation to the Public Works Fund: The Hon. Millar deserves congratulation on the marked financial improvement in tho railway returns. The amount of the earnings last year was £4 Is 3d per cent. on capital expenditure, an increase of 5s 3d since last year. It will be remembered that the Premier, speaking at New Plymouth just before the last general election, maintained that the railways should not be expected to return more than £3 10s per cent. Taken on the whole, the rates and fares in connection with our railways are not excessive —rif we except the New Plymouth-Break-water charges, which are quite indefensible—and do not boar heavily on the people, who, we imagine, will not complain if the profit, made is wisely invested, as it is if devoted t.o the develop- [ ment of the country, and as it is not if devoted to greasing the fat hog of the city. The gross public debt, including loans raised by the State Guaranteed Advances Office, now stands at about SI millions. This is an enormous total, but it is to be remembered that 77 per cent, of it is reproductive and earning profit, a fact which must not be forgotten when making comparisons with the debts of those countries whose chief enterprises are conducted bv private concerns and not undertaken by the Government as in this country.