THE FINANCES OF NEW SOUTH WALES.

Temuka Leader, Issue 2440, 20 December 1892, Page 4

THE FINANCES OF NEW SOUTH WALES.

Sydney, Dec. 14. In the Legislative Assembly to-night the Colonial Treasurer delivered his Financial Statement. It showed that at the end of 1890 the debit balance was £770,000, and that there was a deficiency on the past eleven months of £382,000. The principal decrease was in Customs revenue, which showed a falling off of £92,000. The Broken Hill strike had caused a loss to the Customs receipts of £40,000. The land revenue had amounted to £168,000. The revenue for 1892 was £10,910,000, which exceeded that for 1891 by £87,000. The total debit balance to commence the year 1893 with was £1,152,000. The receipts from new duties since the initiation of the tariff were £901,000. The estimate of revenue for 1893 is £10,900,000, the principal increases being in customs, £106,000 ; land revenue, £33,000; railways, £IIB,OOO. The expenditure is estimated at £10,458,000, showing a surplus of £442,000 and decreasing the deficiency at the end of 1893 to £710,000. The Treasurer said that the finances were so serious that they called for abstention from borrowing for a considerable time, coupled with the strictest economy in administration. A good feature in connection with the railways was that it is estimated that during 1893, after paying all charges, including interest on cost and construction, there would be only a deficit of £90,000. He stated that the Government had no intention of imposing additional taxation, as they 7" were anxious to get on with useful legislation, after which they would waste no time in discussing finances. The passing of the Local Government Bills would relieve the Government of much expenditure placed upon it at present. Ho expressed himself confident that in adopting a strict system of economy the Government would be enabled to wipe off the deficit, and he defended the action of the Government in connection with the issue of Treasury bills. The Government had

succeeded in selling locally bills to the amount of £750,000 at 4£ per cent., and had reduced ths loan expenditure from £4,800,000 in 1891 to £2,800,000 this year. They must, however, considerably reduce this. The bountiful yield of wheat proved that there would be little if any required to be imported, and the present crop was worth £1,000,000 more to the colony than that of last year. He pointed out that there are now 100,000 more acres under crop, principally in wheat, than during the previous year. _ Mr Reid, leader of the Opposition, violently attacked the Statement, and in a scathing speech denounced the Government for delaying its delivery so long when the finances were in so serious a condition. December 15. When the House met to-day, Mr Reid, leader of the Opposition, moved a direct vote of want of confidence, and the House immediately adjourned until Wednesday next.