THE Wairarapa Age MORNING DAILY. WEDNESDAY, JULY 20, 1910. THE FINANCIAL STATEMENT.

Wairarapa Age, Volume XXXII, Issue 10045, 20 July 1910, Page 4

THE Wairarapa Age MORNING DAILY. WEDNESDAY, JULY 20, 1910. THE FINANCIAL STATEMENT.

! The Financial Statement delivered j to Parliament last ni;;ht by Sir J;;j scj'.h Ward rridkes very interesting ■ and instructive reading. Perhaps j the rco3t gratifying statement is that j in which we fire informed that the | revenue of the past year has been the | highest on record, and the financial yisr ends with a substantial balance of £432,316 over and above the catimatts, end this notwithstanding a period of financial stringency during the pre vi-us jrar,. The to.t-l

revenue amounted to no l~ss a sum j than £9,238,261. being £218,261 above the estimates. The Railways , are chiefly respunsible for the excess. Compared with the previous year the receipts show an increase of £237,076, the greatest being RailI ways, £339,756. Owing to reduced | importations the revenue derived ! from Customs is less by £130,127. ! j Stamps, Registration, aud other' J fees show a considerable shrinkage. | Considerable care rn'iat have been i exercised to reduca the expenditure by nearly £120,000, on the amount estimated. Departmental expenditure was Jast year less by £98,970 than 3&08-9. But what of the pur- ; chase of lands for settlement? | Ouly fourteen estates resumed, and ' (Uno aotilorl t Thin is

■ but ten of these seltieai mis ib j not pleasant reading, and it is to j i)s hoped that the current year will see a great improvement in this respect. Sir Joseph's statement that the fault does not rest with the Government is not convincing, and it does not look as if he means to fac? ,?the ;posltion.: ,«He recognisss .the fact that the demand for lasd Is unsatisfied, but he makes no definite promise to amend this unsatisfactory state of things. The Land and Income Tax shows an increase 'of £34,000. Dealing with the puo> I lie debt of the colony, after deducting moneys borrowed ior railway construction, the purchase of Native lands, and for advances to Local

Bodies en the security of their rates, all'of which show values in excess of the amoucDt borrowed, thfere regains a sum of J25,000,000 Considering the average and increasing wealth of the people, the vast resources, tfie ' expanding and the purposes j for vvh>ch 4ne mo tv borrowed .have j liten expended, Sir Joseph considers I the indebtedness need reuse no f alarm, lor be claims that f<;r every I million of debts the assets have inI creased three millions. It is encour-

i agjng to note that there has been no trouble ia renewing the loans that fell due in the past year at lower rates of and. on better terms; than - originally borrowed , at. ■ The, current year, we are to d, is to be a light one, as far as loans . Jelling due, ..add no/ difficulty , is ,an-:_ .: tjcipated in providing for them. Authority was given last year to

borrow two and a quarter millions, and although the London market . was disturlied a 3J per cent, loan of £5,850,0«e was floated a<9BJ, showing the credit of the country to be sound. Ther ( e ara as usual numerous promises tx push forward rail>way ronatraotion, assist with roads and bridges to help the back cuun- ' try settlers, and other important 'matters which are given in detail | elsewhere.