The Wairarapa Daily. SATURDAY, JULY 9, 1881.

Wairarapa Daily Times, Volume 3, Issue 815, 9 July 1881, Page 2

The Wairarapa Daily. SATURDAY, JULY 9, 1881.

We have at least one statesman in New Zealand—Major Atkinson. • The masterly statement of the financial position of the colony which lie made on "Wednesday shows that he is a head And shoulders above the average of Nejv Zealand Colonial Treasurers. In detail it may be open to criticism, but the broad features of it are so just and equitable, so faithful in principle and possible in practice, that they must be acceptable to the House and the country. The extreme length of Major Atkinson's address almost takes it out of the grasp of the ordinary newspaper reader, but the principal points in it will, one by one, become familiar to

. most men, anil commend themselves to i their judgment, In the year 1879-80 the expenditure of the colony exceeded its income by. a million, In the year 1880-81 the expenditure of the colony ;was £38,555;1e5s thtin its'income. This-i is a coritafftvliich may well make Neiffe Zealandcrs proud, of-their' present Colonial Treasurer! tDf course flie deficient million of 1870-89 has been, addod'to"the'"tleb'fc 'or tlio colony,, but ;t]iis liability removed, the subsequent management of our finances lias been ' sound and satisfactory. The colony, since 1879j lias-righted itself, and when it is borne in mind that our annual charges for interest and ■ sinking fund are' £300,000 more than they were then it will be obvious tlmt v the struggle to turn the corner, heavily handicapped as we have been, has been an effort of no ordinary character. The public debt of the colony is now. £27,108,270, tod we would be very well satisfied for it to remain at this standard for a time. The balance of the last five million loan available for new works is £274,861; but it is proposed to add to this a million of money hypothecated for land purchases, and if this be agreed to, then a considerable sum is available for the completion or continuation of our, arterial lines. The rates which local bodies are likely to draw from Crown and Native Lands aro not likely to exceed in the aggregate £27,000 a year, and this sum, among so many hungry, corporations, will not go far. The affirmation, however, of the liability of both the Crown and the Maories.to take their fair share of the public burthens which fall on country Road Boards, is a step in advance which must be attended with good results. Under Major Atkinson's scheme, the Maories will not pay rates directly, but indirectly the money will come out of their pockets, and more cannot reasonably J be expected. The proposal of the Colonial Treasurer, to avoid the present dual valuation of property by making the Government assessment serve the purpose of the local one will require some consideration. We aro not sure that the latter is the more reliable, and that it, and not the former should be retained. The proposals for aiding local bodies for the construction of roads find bridges are very liberal, and we hope they will work well in practice. The weak point appears to us to be the numberless and indefinite special rates to be struck for securing repayment of advances. For instance, were the Black Bridge rebuilt under Major Atkinson's scheme how difficult it would be to define an equitable area over which to levy a special rate, Of course security will have to be given, but it might be better for Counties to have the option of pledging a general rate, tolls, or any other tangible revenue they may possess, for the necessary repayment. Those who have persistently and untruthfully denied the results of the retrenchment policy of the present Ministry are confronted in the late statement with a hard fact. The estimates for the coming year amount to £334,000 less than those of last year for the same services. This diflerence may he taken as the net result of the economy practised by the Hall Ministry, and as the foundation stone of a new and prosperous future-for New Zealand.