THE GENERAL ASSEMBLY.

Tuapeka Times, Volume V, Issue 238, 22 August 1872, Page 7

THE GENERAL ASSEMBLY.

FINANCIAL STATEMENT.

[By Electric Telegraph.] The following is a. precis of the Financial j Statement, which was delivered on Tuesday night : — I The Colonial Treasurer said a deficiency of L 136,000 had been anticipated. He was glad to Bay that it proved to be only L 122,000. Of the Immigration and Public Works Loan LBso,ooohadbeennegotiated; and of the Defence and Other Purposes Loan L 150.000, making together one million. Inclusive of the L 150.000 recently negotiated, then* had been raised, nnder the Defence and Other Purposes Loan, L 625,000, of which there was charged, under the second schedule of the Act, to Auckland, L 50,00 0; toTaranaki, L 6,000; to Wellington, L 17.000 ; and to Otago, L 90.000. There had been altogether L 1,600,000 raised. Adding to that sum L 27,204, being moiety of the stamp duties, the total was L 1,637,294,, 637, 294, of that sum L 711,611 was expended up to the 30th June. The items of expenditure under the Immigration and PuVtlic ! Works Loan were : — Interest and sinking j fund, L 209.00 0; departmental expenses, j L 24,000; roads in the North Island, ; L 120.000: railways, L 241,000; water supply, L 2,00 0; purchase of land, North Island, L 49.00 0; immigration, L 42.00 0; telegraph, L 58,00 0; coal mines, L 50 0; payments to road boards and provinces, Ll00,000; Greymouth protective works, L3,01>0; discount and charges, L 39,000. The actual revenue of the year 1871-72 was L 1,007,000, agaiust L 999,000, the receipts the previous year. There was therefore, an increase of L 71,000. The customs revenue showed an increase of L 25,000 on the estimates, aud of L 42,000 over the amount actually received during the previous year. The exports during the year had exceededjthoae of thejprev.ous year had LI, 180,000; and the imports showed an increase of L 427,000. Among the exports, gold increased L 135.000 over the previous year ; and wool showed a considerable increase, both in quantity and in value. The stamp duties had yielded LSOOO less than was estimated ; but on the postal revenue there was an increase of L2OOO over the estimates, and the receipts of the telegraph department showed a small increase. The total re", venue of the year was H,007,Q00, but receipts from other sources and assets made the total L 1.261,000. The expenditure during the past year for colonial charges was according to the appropriations, L 565.000; supplementary expenditure upon colonial accounts amounted to L3ft,000,; capitation allowance to provinces, L 200,100 ; excess of payments to provinces, L 31,000; deficiency bill paid off L 60,000; liabilities from 1870-71, L 62,000 ; payment to special fund on account of a liability of the previous year, t20,000 ; half amount of atarap duties paid to. immigration and public works ao> ootint, $37,000. Tho»e sum* make a tptal of IilfOUyOOO.; There wen still

due liabilities on account of interest due in Sydney on tbe Ist July, and interest on sinking fund payable in London up to 15th July, amounting to L 109,00 0; reserve fund, L 14,00 0; miscellaneous, L 13.000; deficiency bills, LIOO.OOO. Adding all those items together, there was a total of L 1,250,000, 250, 000 expenditure , which, deducted from the total amount of the revenue, left a balance of LIOjOOO, with which to commence 1872. The Treasurer here described a new system of keeping the public accounts it was proposed to introduce, tand compared , New Zealand with other colonies. Turning to the proposed expenditure for 1872, the total amount on the estimates was L 933,830, showing an increase of L 21.000 on the appropriations for 1871. That increase was principally represented by increases in the permanent charges, such as L 5,000 for interest on L 90,000 of treasury bills, and LII,OOO interest for Defence and Other Purposes Loan. Other items going towards the increase were the additional amount for members' expenses cost of buildings* now become a oolonial charge, and the expenditure on account of the Manakau lighthouse. There was also an increase in the expenditure of some of the departments, such as the telegraph and the land registry. To the expenditure set down in the es'imates there must be added L 208.000 for provincial capitation allowance, against L 200,000 la3t year ; moiety of stamp duties receipts to be paid to the Immigration and Public Works fund, L 40,000; treasury bills falling due during the year, L 45.000, being the second instalment of the deficiency stated last year, and leaving only L 45,000 to be |clear«id off next year. There must also be added a sum of L 21,000, which it was proposed to pay to the Immigration and Public Works fund in addition to one half of the stamp duties, wkick had been paid over to the aCCOUIJt — the L 21,000 being calculated to represent fairly the amount of interest and sinking fund on the payments made for works completed snd on final payments. This would make a total expenditure of LI ,060,000. It was proposed also to relieve the provinces from payment of L9OOO ayeav, For s.-ilaries of Provincial Auditors, and L 23,000 a-year, the cost of inland mail carriage. These su ma together would represent a payment of L 32,000 out of the consolidated revenue, on account of the provinces, more than last year. It was not proposed to continue the extraordinary aid Of L 50,000, which was la3t year granted to the provinces in consideration of its being alleged that there were engagements to meet which required that amount ; but L 50.000, being the same as last year, would again be paid to road boards. The estimated total revenue of the year was M,076,000. TheprincipaHt -mswere customs, L 820,000; stamps,. LBO,OOO ; postal, 1,50,000 ; telegraph, L 33,000 ; judicial fees and fines, L 32.000. It wa3 estimated that the stamps would this year yield L80,0U0 ; although several remissions wou d be proposed, namely, the aunual license fees on certain companies. It would also be proposed to remit the stamp duty upon cheques of friendly societies, and upon receipts given to them for moneys disbursed by them ; and to remit the duty on all conveyances of land in trust for religious, charitable, and educational pUi."pose3. It would also be proposed that the stamp on receipts should be reduced to one penny. The postal revenue was estimated at L 3.000 more than last ye<ir. notwithstanding a contemplated reduction of the postage on newspapers to one halfpenny. The total estimated revenue then was L 1,076,000, or an increase of L 813,000 ,<>n the estimates, and of L 68,000 on the actual receipts last year. Adding L 10,500 to the amount of the surplus with which the year was commenced, there was a total of L 1,086,500,, 086, 500, and deducting the total proposed expenditure L 1,060,000, there would remain L 25,000 surplus upon the year. A portion of that surplus would be required to meet supplementary estimates and unauthorised expenditure. The Treasurer afteraliuiingtotheencoungin.j'g ate oft ie colony, concluded by moving a resolution that it was expedient to reduce the stamp duty on receipts to one penny. The resolucion was agreed to by the committee; was reported to the House, and adjourned. The House then adjourned. The delivery of the speech occupied two hours and a quarter.