THE Evening Star. PUBLISHED DAILY AT FOUR O'CLOCK P.M. Resurrexi. MONDAY, AUGUST 2, 1875.

Thames Star, Volume VII, Issue 2052, 2 August 1875, Page 2

THE Evening Star. PUBLISHED DAILY AT FOUR O'CLOCK P.M. Resurrexi. MONDAY, AUGUST 2, 1875.

The Financial Statement delivered by Major Atkinson, though undoubtedly calculated to alarm some by the magnitude of the national debt to which it confesses, will ■no doubt tend to allay some fears which must have sprung up in the minds of many with regard to the future prosperity of the colony. And first to touch—but lightly, for we have recently dwelt thereon—on the subject of the oft-discussed loan. We are certainly inclined to accept Major Atkinson's statement, that the result has been satisfactory, and will even go further and say that the very best course possible has been adopted, and that Sir Julius Vogcl by throwing the whole of the four million loan into the market instead of placing it before the public of England in successive small portions has acted in a way best calculated to benefit the Colony of New Zealand. For even if we admit the statement of Julyan and Sergeant that the loan might have been negociated on —to us—more advantageous terms if they had been ablfc to offer to the public only portions of the loan from time to time— which is certainly a matter admitting of doubt —we have to consider the facts of the matter as they actually stand; and first this must be taken into consideration —viz., that out of the seven millions and three • quarters authorised to be raised between the years 1870 and 1874, only £5,795,209 had" been raised, leaving somo two millions remaining unraised, so that what is called the four million loan, really only necessitated the obtaining of two millions additional to the sum already roted. Again, out of the money already obtained, £4,289,875 had "actually been expended. It was estimated that £3,300,000 would be required during the years 1874 and 1875, and the, current year's expenses were estimated at £2,250,000 j in all (we are obliged to alter some of the figures supplied to us in our telegraph statement of Saturday as being obviously incorrect) £9,839,875. Of this but £5,795,209 had been raised, leaving only the sum of £1,505,334 available to meet expenditure estimated at £5,550,C00, so that two courses alone were open; either to raise the loan at once, or to let the public improvements and general progress of the country remain at a standstill until' such time as the public of England would be able to see their way to giving a better price for New Zealand securities. And we certainly think that the extra prico which the stock viight — we use the word advisedly—have acquired by the delay, is nothing compared with the evils which would have resulted from the affairs'of. the Colony being left in statu quo, for' Want of necessary funds. Major" Atkinson" certainly sets men's minds at 'ease 'ori-anpther. most important point, viz, as*to how the interest on debt had hitherto been paid, for there were not wanting those who asserted that the principal itself had been dipped into for this purpose; a state of things which, if true to any extent, must have resulted eventually in the bankruptcy of the colony. That this is not so Major Atkinson explains by- showing that, as the Government had two accounts—one in London and one in New Zealand —charges which were strictly due from the revenue accruing to the Government from New Zealand were paid out of the London account, and vice versa; a mode, of proceeding often adopted"for the Bake of convenience and to avoid the unnecessary charges which attend the transmission of money. There certainly is the ugly fact that £300,000 was voted for interest, and we rejoice to hear that out of this only £218,5C0 has been actually expended, of which £179,403 has been repaid out of stamp duties ; a sum ■to be augmented, so says Major Atkinson,^ by an additional amount of £62,397;, 'making in all £251,8 CD or £23,300 in excess of the sum actually deducted from the principal. Major Atkinson injudiciously silent on the fact that this sum of £241,800 would have been just as available by the Government even had not £218,500 been deducted from the principal, and that we are losing the use of the £300,000 for the time being until, at all events, the end of this year, which at 5|- per cent, would amount to some sixteen thousand odd pounds; but we are so rejoiced that the. £300,000 has been paid that we are almost content to pass over the fact that the sum never ought to have been taken at all, and buoy ourselves up with the. hope that so ruinous a policy of incurring fresh debts merely to pay off the interest of old ones will never be resorted to by this or any other Government of New Zealand.

The present state of Finance in New Zealand stands thus—deducting what we have in hand from what we actually owe for the sake of clearness—National debt of New Zealand on June 30th £16,596,459, involving, with the amount necessary for the sinking fund, an annual charge on the revenue of the country of £945,785. (We omit the amount of two millions odd, spoken of by Major Atkinson, since as it subject to other liabilities, it might, as fair as the national debt is concerned, just as well have never been mentioned at all). Thus affairs are now ; but with the amount to be, raised, the national debt will be increased to £19,380,906, and the annual amount to be paid by the country will be £1,031,775 i If an

additional £2,250,000 spoken of by Major Atkinson be necessary for the current year's expenses, the annual amount to be raised will bo £3.381,775 ; a formidable sum, indeed, for so young a nation as New Zealand to provide. We sincerely hope, however, though the Major is dumb on this point also, that his estimate of the "year's expenses includes the amount due for interest and sinking fund, or that the expenses themselves may be most materially cut down.

The liev. V. Lush informed the congregation of St George's Church yesterday evening, what - probably many of them were aware of, that it would be necessary to guard against damage from future storms of wind which may airise, by strengthening the whole fabric of* the church. With thi3 view the congregation w.i'l be asked to subscribe, as it is impossible to meet the extra expense thus entailed out of the annual Church income. The Vestry having consulted with the Church architect are undoubtedly wise to put in their stitch in time, and the possibility of awaking some morning after a stoim and finding themselves without a Church at all, or at least a roofless one, will then, we hope, be done away with. A contract has been entered into with Mr Mackie to strengthen the Church b-y means of iron tics fastened from the outside wall of either aisle to the opposite part of the wall, forming the body -of .=the Church, immediately under the roof.; This will involve an expense" of ."-some £80, which, as we have stated;, must be met by the congregation themselves, and with Jtbis. view I','>subscription lists have been prepared. We have all heard the prorerb about " he gives twice who gives quickly," and though probably not many will admit the truth of it, yet no doubt this " giving quickly " is productive of much advantage. The office of begging for subscriptions is never a very pleasant and often a very thankless one; and we would suggest that all those who are prepared to give should not wait to be asked but of their own accord present their'contributions. By this aieans not only will the value of the' gift be'-cn-hanced, but the collectors themselves will be spared much toil and unpleasantness, which if they be —as we hear—ladies, is much to be desired.