OUR FINANCIAL CONDITION.

Temuka Leader, Issue 1458, 23 January 1886, Page 2

OUR FINANCIAL CONDITION.

The summary of the receipts and expenditure of the consolidated fund for the quarter ended December 31st, 1885, does not show our financial position to be in a very promising light, The balance to credit at the commencement of the quarter amounted to L 47.702 2s Bd, the cash in the hands of public officers in the colony amounted to L 746.318 17s 4d, and the cash ia London to L 92,893 10s 7d. Since then the receipts from sll sources were L 763,591 2s lOd, making in all L 1,555,505 12s sd, Of this there has been spent L 1,168,169 3s, leaving only a balance of L 387,336 9s 5d to commence the new year with, According to this the Governmeut have expended 1399,578 Oa 2d more than their receipts, and if expenditure goes on at the same rate there will be a large deficit at the end of the year. As things aro at present, people are complaining loudly that they are too heavily taxed, but judging from general appearances taxation wiil increase. The cry of economy appears to us an empty souud, Tho business of the colony is increasing, aud the cost of Government must naturally increase with it. But worse than this, the preient Government appear to be disposed to borrow more money, and if they do our liabilities must increase proportionately. The Wellington correpondenst ofthe Press says :

Admiral Tryon made a very important proposal to the Government, to the effect that New Zaalaud, aa well as all the other Australian Colonies, should contribute io proportion to population toward tke cost of eome extensive additions to the Pacific fleet* Ifi the event of this beisg agrend

to, several Dew and swift cruisers would be built ontbenewestaud most improved designs, some to be armour-plated (or at least belted), and some plain. All to be suitably armed and of great power ; also a number of torpedo boats of the most effective class, and other reß'Uals that might be necessary to make _up a very strong Australian fleet. This colonial squadron would be under the direction of the Imperial Commodore of the station, and would be left always in readiness to act vigorously in case of any sudden attack of war, it being thought that in such an event previous l secret preparation would be made to take the colonies unawares by a sudden onslaught, possibly even before a formal declaration of war. Admiral Tryon's proposal will receive the careful consideration of the Cabinet, but no de6nite decision will be come to until a full meeting can be got together, itnd this will be done as bpeedily as is practicable. It is estimated that New Zealand's share in the expenses iu\olved in carrying out the scheme would amount to between six' and seven hundred thousand pounds in capital cost, that is to say the annual charge in the shape of interest would be about £25.000 per annum. The Imperial Government wonld probably guarantee a loan raised for this special purpose, itfhjch would materially reduce the interesf'payable. The proposal will, of course, have to be eubumtad to Parliament if the Government decide that it is advisable to entertain such a scheme.

It appears to us Admiral Tryon has been trying on a little too much. We are ready to admit that the colonies ought to contribute something towards the maintenance of the Imperial n<»vy, but we think the time for establishing a colonial nary has not yet arrived. In the present financial condition of this colony, at any rate, to incur such a serious liability appears to be out of the question.