FINANCIAL STATEMENT

Waikato Argus, Volume I, Issue 3, 16 July 1896, Page 2

FINANCIAL STATEMENT

The Premier and Colonial Treasurer made his Financial Statement on Tuesday. The following is a summary : * INTRODUCTORY. The Treasurer alluded to the reasons which had rendered it necessary that he should deliver the statement, and he felt x sure that the cause would he matter for fe regret to all the members. He asked consideration from members as owing to f the short time which had elapsed since he took office he had been only partially able to grasp the facts. REVENUE ACCOUNT 1895-96. The revenue and other receipts have reached £4,556,015. and the expenditure has been £4,370,481. The _ balance pf iEtreceipts over expenditure, is £188,534 , KalSding to this the balance of the previous the amount transferred during the * year to the Public Works fund, £150,000, a surplus is left of £215,558. These gratifying results have been brought about as follows. The revenue for the year 1895-96 was estimated at L 4.341,200; the figure, however, reached L 4,556,015, or L 214.875 beyond the estimate. The receipts as compared with those of the preceding year show an increase of L 150,000. The duties received through the customs amounted to L 79,526 ; stamps show an excess of L 29 962; railways show an increase of L29j532. An additional sum of L 27,600 received in connection u ith the debentures issued against the accretions of suiting* funds for the year Some other beads contributed an excess of £17,144.The Laud Tax, in spite of concessions, only shows a diminution of L 5871. The revenue from registration and marine shows a falling off of L 3902, and the territorial revenue a decrease of L 24,493. The expenditure on annual votes exceeded last year’s payments by L 94.059. Permanent appropriations show a decrease,vof L 30.829, induing L 20,500 advanced to the Government Advances to Settlers Office to provide for the payment of interest and "■fcribher charges/ which -the office had not been able to earn during the first year of its existence. On subsidies to local bodies a small sum of L 3464 .was underspent. , ... v PUBLIC WOBKS FUND. The year commenced with a balance of L 268,526. The receipts into the fund amounted to only L 2,272 and L 150,000 transferred from the Consolidated Fund. The expenditure has been L 389,648. The balance to credit at the end of the year was only L 31,150 of part 2. There was a balance of L 36,605 to commence the year" .with. The expenditure during the year V.amounted to L 22.682, leaving a balance. dogf<sf the year of 1113,92^^^ TIIE has been numerous w during the year. Notwithstanding tbe F handsome prices our stocks have reached, which are naturally limited, L822,5T0 of--34 inscribed stock has been issued.—to - gether with L47ST3W) of 3J per cent, short dated debentures. These issues provided for the conversion and redemption of LI, 27(1,394 debentures, and LlO 687 for premiums and conversion expenses. Included in this is the half millionf which it became necessary to issue /to the Lank of New Zealand under the provisions of the Act of 1895, in exchange for the Bank preferred shares. The exchange was effected at par. The premium received by the sale of the stock has been carried to a account as part of the reserve fund of the Bank. L 45,765 of released sinking fund was received during the year. ,i,18,600 of this has been applied to •• redeem debentures, and L 20,100 to redeem sinking,fund debentures. Conversions show a saving of interest L 4,735,787 for the periods the stock has to run. LOANS TO LOCAL BODIES. During the year LlO5 500 of debentures were created and L 374 were returned. Those sums were sufficient to provide grants to local authorities of L 75.249 and L 30,057 issued in respect of the reading of blocks of land, leaving a balance of L 959 at close of year. Although there was a decrease of L 27.593 in amount of grants as compared with the previous year, it cannot be considered that the local bodies are becoming satisfied in the matter of branch roads. The disbursementto date have been L 722,797 to local bodies, L 116,544 to Lands and Survey Department, and L 89,800 transferred to Publi.Works Fund, leaving a cash balance of LSS9. % PUBLIC DEBT. * The gross debt on the 31st March, 1895, was L 40,380,964 ; on 31st March last it was L 43,050,780, showing an increase of The net debt on the same r.M,es respectively was L 39,635,082 g.nd 1fV71,889. LAND AND INCOME TAX. W The revenue Collected during the year | was L 364,173, being L 14,173 in excess of estimate. The falling off in land value:was not so great as expected, and returns •< F of income' do not show a falling off as compared itith previous years.' ADVANCES TO SETTLERS. At the close of the financial year there J..A been received 3276 applications for aajj^^yarces amounting to L 1,256,583, of alapnoh, 67 per cent, was required to pay off mortgages. Out of these the Board ■Motioned.' 2196 advances, aggregating applicants. ■- VTN \ Xf'F. QF THE CURRENT TKAS. hod something to rejp :. rk‘ - HHpTr about •>t shrinkage of rcypLue.^. o>• vsi..:i placed in ' .able position, for I shall he sHle «t< . MWaHLurf.•?:•»< 'll liiTU: f • >v)i fob -x.’lv'.'.y .yuM s.

other to avoid extravagance. With every indication that trade and general business relations of the colony have remarkably improved, I have refrained from unduly inflating the estimated amounts to be received from excise, railways, and other sources of revenue, ~

ANTICIPATED RESULTS, MARCH, 1897. With every indication of a buoyant revenue, with a large impetus to our mining industry, the firm price of our wool and the general commercial activity, I do net think lam too sanguine in anticipating very favourable results at the close of our present financial year. The estimated expenditure is set down at £4,452,165, and the revenue at £4,484,000, the surplus of revenue over expenditure, £31,838 ; balance brought over from last year, £215,558 ; total gross surplus on Slat March, 1897, £247.393. I intend to devote L 150,000 of this surplus to public works expenditure as has been previously done ; the balance, amounting to L 97,393, will more than provide for the usual supplementary estimates. SUMMARY OP OUR PROPOSALS. I have now placed before you our requirements in respect of railways, and to bring them to a more payable point, and to add to the public convenience. I am asking the favourable consideration, of the Commissioner for L 250.000, to be splent on this work. I have also mentioned the necessities of our settlers in the matter of roaiing and improving the Crown lands, and I ask L 250.000 for this service. The acquisition of native lands at a fair price, and their convection into the Crown lands of the colony, must bo continued, and for this purpose I am also asking for L 200,000. The wonderful impetus which has recently taken place in gold mining operations brings prominently ;before thevGoyernment the necessity of affording ever}' reasonable assistance in &V;direction of the construction of roads for the development of our 9B||Bhe For this purpose I am rccomat provision should be made to Our thermal springs and the wqudrouß&cenery in various parts of the a national asset of unlimited wealth. 'These advantages and beauties are not taken advantage of to their fullest extent. The tourist traffic must be developed, and to secure success additional funds must be-provided. I therefore propose to ask for L 50,000 for this purpose. The above proposals represent a total of one million, and measures will be brought before the House to empower the raising ot this sum.

ESTIMATED EXPENDITURE. Civil list L25,700 Interest and sinking' fund ... 1,720,753 Cinder special Acts ... 347,030 Departmental appropriation... 2,358,682 Total... L4,452,165 estimated revenue Ll.670,000 Customs Stamps... 7 Land and income tax 692.000 360.000 Beer Duty .*• 62,000 Railways Registration and other fees ... Marine... 1,200.000 49,000 20,700 Miscellaneous... •• 90,000 Territorial revenue ... 270,000 Total,..- - L4,413,700 Debentures for sinking fund 70,300 increases Total, w L4,484,000