FINANCIAL STATEMENT.

Wairarapa Daily Times, Volume XI, Issue 3546, 26 June 1890, Page 2

FINANCIAL STATEMENT.

At 7.80 last night the PostmasterGeneral read the tltianoial Statement. He bogan'liy referring to the surplus which was the result of the financial year, and expressing an opinion that it arose no less from the steady improvement in the condition of the Colony than irom the large economies and careful administration whieh the present Parliament had inaugurated. The rapidity with which land had

een taken up in;small' areas was eferred to as a. gratifying proof, of rogress. Having urged 'the neces-

sity of oareful and vigilant adminis-. tration, and referred to the falseimpressions prevailing in England and Australia about New Zealand, and the desirableness of dispelling it through Parliament and . the press, Mr Mitohelson proceeded to place

before the House the transactions of the past year.

. The Treasurer proceeded to say The estimated total ordinary expenditure for - the current year amounts to £4,127,417; the estimated, revenue to £4,159,000,, to which I add the surplus of £36,509 with which I have shown we began the year after- paying off the balance of the defioit of £128,605. We shall, therefore,' if our estimates are

realised, have a surplus of £68,092, subject, .however,- : to a deduction oi £20,000. to which I shall refer presently, leaving an estimated surplus of £18,092, which, honorable members will agree, is not too large a margin to work upon, especially when it is rememberedtliatsupplementary estimates have yet to be provided for. .

In concluding one of the most able and lengthy statements everpresentei

to the House, the Treasurer said] will say that I have .endeavoured, au< I hope not unsuccessfully, to place

before the . Committee a true pioture of the financial and general condition | of. the Colony. I claim to have

shown that our finance is well under control; that although, we have borrowed largely outside the colony, we have-not of course in every case but on the whole—publioly _ and privately, invested our ; borrowed money so as to produce satisfactory results, as witness the material advan-

tages enjoyed by tbe population generally.and tbe very large aud inoreasing amount of our exported " products, which last year were, valued ot £9,042,008, or at a rate of £1414s 7d

for every European rnau, woman, and child in the Colony. I have shown that tbe so-culled exodus of our population is no exodus at all in the sense in which it hits been used; that the reduction of our public expenditure would account for a much larger number than have gone; the real cause of emigration being more than immigration has been not the increase of the former, but the decrease of the latter, which no doubt is largely due to our unfortunate habit of selfdepreciation, creating at Home the false impression, to whioh I have referred, as to our real condition. I repeat that tbe number of people leaving our shores during the year 1888 was in round numbers only one-third of those who left Victoria, the numbers leaving tbe respective Australian colonies being-New South Wales, 48,681; Victoria, 60,229; South Australia, 12,760 ; Queensland, 28,059 ; Tasmania, 17,686; New Zealand, 22,781. The problem therefore for. our solution is not so much how to beep our settlers, but bow to induce others to come, I have shown tbe large • inorease since 1876 in tbe aotual and proportionate, number to the male adults of agricultural holdings. I have shown that our Crown lands are being settled in small areas at tberateof4so,oooacres a year. I have shown that the stagnation in our trade' arises partly from general causes and partly from the contraction of expenditure in consequence of the cessation of outside borrowing, and that it will no doubt disappear as soon as, by reason of tbe great and increasing productiveness of our industries, our trade has assumed its normal condition. I have shown that our population,' as a whole, is well and profitably employed. It is clear, therefore,'that no heroic policy is required to set us right. All we require is a steady pursuit of our present polioy of careful economy in tho administration of our affairs,a steady refusal to again resort to borrowing to make matters more pleasant, and a determination to get our waste' lands settled as rapidly and as well as possible, by offering every faoility to those now among us who, dissatisfied with the prospects in their present employments, are capable end desirous of settling on the land, and by inducing the immigration of a desirable class of persons to supplement those already here. Put in a few last words, I would say.: Sober finance, extended settlement, increased- industries—these, with never-failing confidence in our future, will carry us prosperously, on, and leave this land as a noble inheritance for our children, (Cheers.)