POLITICAL.

Wairarapa Daily Times, Volume XV, Issue 4462, 5 July 1893, Page 3

POLITICAL.

The Financial Statement

The Financial Statement was deliver* d last night by the Colonial Treasurer, Alter alluding to the ko Hon. Mr Ballance, ho said 1 took tho office of Colonial Treasurer with great and natural misgivings, but my hesitation is non allayed by a feeling of confidence that I shall without doubt receive the generous consideration and assistance of honorable members. I am sure the Committee will not expect anything more than a plain statoment of the facts which have occurred during the past year, and an outline of our present intentions. The position of tho

CONSOLIDATED FUND (ordinary Revenue account), Revenue and expenditure of ihe year 1892-93. —lt is gratifying to be able to stale that tbo aclual revenue from almost all sources substantially exceeded the estimate. The following figures show the receipts of the past year. The estimated revenue for the year was set down as 14,826,100, whereas the actual receipts amounted to L 4,499,836, or L173,78C more than the estimate and of this amount the Customs duties provided an oxcess of L 67.590 ; stamps, L 86,424 ; railways, L 84,099 ; the Land and Income Tax, L14,ff48 ; and smaller heads of revenue, £9,075. In addition to these sums, L 17,126 was received from the Property Tax including L 11.579 paid by tkoNow Zealand Estates Company which, however, the House decided should be refunded to the Company, and a vote was taken for the amount accordingly, Only two itoms of revenue failed to come up to the amount estimated, namely, marine was short by £446, and territorial revenue did not rcicli the eatimato by £4680. It is right to mintion that although the railways revenue exceeded the estimate by £34,099 the expenditure to obtain this revenue overran the vote by £14,362, but aB wo had estimated a net gain for the year of £425,086, and we actuiilly obtained £444,828 producing an extra profit of nearly £20,000, I now turn to tho expenditure of the year. Tho I'StimaUd expenditure of the ordinary revenue account made up a total of £4,201,844, including expenditure under permanent Acts as wall us the annual appropriation*, the actual expenditure amounted to £4,153,125, or £48,719 leas than was estimated in the attached tables. RESULTS OF THE YEAR 1892-98,

I have already stated that the actual revenue for the year amounted to £4,409,886, and the expenditure to £4,158,125; these figures give an excess of revenue over expenditure of £840,711. We brought forward, however, a surplus of £105,671 from the preceding year, wbieh wo are entitled to add to the surplus of the past year, and thoso fixtures together produco £512,282, THE PUBLIC DEBT.

The gross public debt on the 81st March, 1892, was- £88,718,068; on the 3ht March last it was £89,257,840, showing an increase of £544,772, i The accretions of Sinking Fund on 31st March, 1802, amounted to £1,087,862; and on the 31st March: 1898, they are stated at £1,118,770: produoing a net increase of £75,908 for the year. The net publio debt on tho 3lßt march, 1892, was £87,675,206 ; on the 31st March last the net dobt :was £88,144,070; roaulting in an increase of £408,864 on the year's transactions, With respect to,, the increase of the gross debt by £644,772, it ia right to 1 Beoiioß tMWwsriM

a result of the loans oouverted by the operations of ilia law connected with the consolidated stock, 1881,' debentures, convertible on the 15th January and 15th April last. Although the capital amount lias been increased, a very substantial saving of interest (some £53,000 per annum) results Irom these con versions.

THE FINANCIAL YEAR 1893-94,

ii Theesiima'ed oxpontlitura for the i year 1898 94 is £4,409,371. De--1 ducting the charges ot'tlio public debt , and the amount required under the permanent Aots, wlnoh together oome to £2,246,574, llie annual or departmental estimates are £8,804 let 3 - than hst year's appropriations, notwiihstundiig the increased expendiI tnre which lias to be provided for ou education and working railways, ' REVENUE FOB THE OUtIRBSX TEAR* Vory careful estimates of the rei venue for the year ending on the 31st ' March, 1894, have been prepared, and it is set down at £4,255,200, to which have to be added tho proceeds of debentures issued lor sinking fund increases, amounting to £284,500, ■ making the total receipts £4,539,700, or £114,600 more than was estimated, and £70,491 less than was actually teseived during last year. AGRICULTURAL. As promised by tho Minister of Agriculture last year, he has given considerable attention during the year t) this department, and good progress has beeumado in its organisation, The department lias been tho means of imparting much uroful knowledge i n different subjects to farmers and settlers. Valuable seeds of various sorts havobeen imported, and the department will continue to mtrodnco seeds in small quantities for distribution, Tho fruit expert employed severed his connection with the department last J nnuary,and inquiries aro now being made in America for a suitable man, with a knowledge if fruit canning, to take his place, The dairy industry continues to make rapid progress, the number of factories and creameries at work list season boing one hundred and f mr, an increase for the year of 82; the output for the twelve months ended on ihe Bht December, 1892, was 58,980 ewt of butter, valued at L227,1G2; il,493cwt of cheeEP, valued at L 91,042 ; making a total of L 818,204 for the year. The question of a system of grading and cool storage previous to shipment is receiving consideration. With cars in manufacturing and improved methods of transport this industry promises to be a worthy second to our frozen meat industry. Tlneo dairy experts were engaged during the season giving instruction ivbero required throughout the Colony; ' aud thu Agent General has been requested to procure tho sorvices of a first class man, having both soien- ' title and practical knowledge in cheese aud butter making, to be here in time for the next season. A clerk aud acting biologist has been appointed for the head office and is doing uselul work , DEPARTMENT OF LABOUR, The returns which have been collected by tho Labour Department - during 1892 98 show an encouraging growth of trade and an improved labour market, Tho aiea of land cleared of forest has given work to a large number of men, while in tho , factories and workshops 45CC more workers were registered than during the past twelve months. During the J past year there has been no conflict of any importance between capital \ and labour, and the feeling between employers and employed has admittedly been more cordial than was tho case somo years ago. During j thu year, from tho Ist of April, 1891, to the 31st March, 1893, tho number I of men putin the way of getting work by the department was 8874. These ■ havo 7802 persons dependent on them. Since the Bureau of Industries was set up, one year and ten months ago, 6467 men have been thus helped these having 12,531 dependents— J a total of 18,998 persons,-He regretted that the Railway Commissioners, although repeatedly applied to, and urged to grant a general , reduction or concession, refused to do so, and still make no remission whatever from the full charge. The swel - ling of the influx of men to New Zealand during tho last few months if chiefly owing, no doubt, to the unparalleled industrial and finanoial ( collapso which has taken place in the Australian Colonies, and the sharp contrast it affords to our marked 1 prosperity. ,

It has been found in administering tbo Factories Act that the factory half holiday is well observed, But it is quite impossible to properly supervise tho carrying out of the Shops and Shop Assistants Act in the present form, That the law should fix the day on which tho weekly closing day for shops and lialf-holiday for assistants must be kept appears to be the only proper courso to be taken fairness, . BORROWING. As to tho important question of how our future monetary requirements are to be provided for, there are some who advocate a reversion to tho old system of obtaining loan money from the London market in order to enable public works to be carried on to what is termed'a payable point,' There is a great doal to bo said against the raising of more revenuo by taxation ihnn is ordinarily required to carry on the services of the country, and I am tree to confess that it is not desirable todiaw morr; from the pockets of the taxpayers than they are at present contributing. On the contrary, the policy of the Government, bb I have already indicated, shone that we believe that relief should bo afforded to the taxpayers, Wo must, however, either obtain money by taxation or by borrowing, until tho time arrives when the expenditure upon public works will be less necessary than it is at present. In tho meantime I am of opinion that tho bist interests of the Colony are being better consulted by our steadfastly adheriDg to the policy, of self denial, arid by maintaining the strong financial position which we now hold, than by further large and heavy reductions in taxation, and in substitution thereof, . adopting a borrowing policy, The Government believe that borrowing is not ntfSessary arid hayo deoided to conduct the business of the country without having recourse to it.

CONCLUSION', It is gratifying to know that during tho past financial year our progress baa been of the most satisfactory nature. In every direction this is apparent; and our prosperity is ell the more marked when wenc/te the absence of any strong influences which may be characterised as superficial or fictitious. That there has been no 1 boom 'is in itself a matter for sincere congratulation,