THE Temuka Leader. SATURDAY, JULY 9, 1892. THE FINANCIAL STATEMENT.

Temuka Leader, Issue 2380, 9 July 1892, Page 2

THE Temuka Leader. SATURDAY, JULY 9, 1892. THE FINANCIAL STATEMENT.

In all our experience we have never seen an Opposition receiving the Financial Statement so quietly before. It seems to have taken them completely by surprise. When the present Government took office it was asserted that they were completely under tli3 control of the labor organisations: that these organisations would compel them to undertake extensive public works so as to provide employment and raise wages, and that in order to do this they would have to raise another loan. This prophecy has not been fulfilled. The labor organisations do not want further borrowing, but the squatters of Otago and the North Island do, and are working hard to get railways made to increase the value of their properties. Then it was said that they were galoping to a deficit, but they have ambled leisurely to a tremendous surplus. Their opponents waut to take from them the credit of doing this, because, they say, they have been working on the fiuances of the late Government. We have frequently pointed out that it was Mr Ballance and his followers and the members of the present Opposion who assisted the late Government in adjusting the finances, and, therefore, are entitled to credit for their success. If the Freetraders had their way we would have nearly been bankrupt by this time. But, apart from this, the result of the year's finances shows that Ministers have done much to produce a surplus. They spent £20.084 l;>s 7d less than they were authorised to do. That, we think, shows crditable economy. They received ±87,287 10s (id more than they expected, and that shows that the country is in a prosperous condition, more especially as the Customs duties yielded £!)0,271 and the railways £7i)!)0 more than was expected. It would, however, look as if the wealthy men had determined on harrassing the Government in every direction, for they received very little from the legacy duties, and stamp duties fell off by over £14,000, while beer-drinkers appear to have joined in the conspiracy, and made the beer duty £2208 less than usual. But, in spite of all drawbacks, they have produced magnificent results, and for the first time in the colony's history we came out at the end of the year with less debt on our backs thau when we began. The previous Government added £2,528,000 to our debt, and in order to pay off £l2B of that they put on primage duty. Mr Ballance has paid off £117,282, and has reduced the amount we have to pay in interest from £1,8!)2, ( J2!) to £1,8:55,770—that is, we have to pay £57,16"!) in interest less this year than we had last year. This is worth thinking over: our debt is £1.17,282 less, and the amount we have to pay in interest is £57,15!) less. This is a brilliant result, and it is not at all wonderful that it has knocked the wind out of the sales of the Opposition. Then let us look to their proposals for this year.. Mr Ballance estimates that he will have £;>!0,277 surplus at the end of the present year, and he intends to place £200,000 of that to the credit of public works, and thus lias for the first time inaugurated the system of making public works with our own money. This is what Mr Ballance calls a policy of self-reliance, and, if persisted in, it will make this * colony th& envy of all Australasia - This i§ what the Governbelore - .. -lohjff. It is mtk nient have been .. e _„,,,, n -j a( ]« such results as these thsy ha. 4 I their traducers sing very small, anv. this is the reason so little is heard of the Financial Statement. No doubt Mr Scobie McJvenzie and a few of that ilk, to whom it is no trouble to prove black is white, will show in due course that the Government is ruining the colony, but let them talk —the great fact remains that our debt is getting smaller, that we are making railroads, roads, and bridges with our own money instead of going to the London market for it. This fact is more powerful than all they can say.