FINANCIAL STATEMENT. WELLINGTON. Tuesday.

Waikato Times, Volume VII, Issue 342, 23 July 1874, Page 2

FINANCIAL STATEMENT. WELLINGTON. Tuesday.

, Thq Hon Mr Yogel made r thAsfyaancial Statement this evening. The , following! tibatract of tho amounts are stilted in found numbers. Ho said that t4»e, statement iVovdd 1 , jiot'only bo shorter than usual, but ii would be unprecedented on account 01 the prosperity it evidences. The statement was made at an oarlitfr period' than> had been cuatotaory, a result Ho whidb/He Vasf Indebted to the untiring e'xei'tioiis^pf tho. Treasury officers. „ la. p t repajdng,the accountk^a^t year, it was anticipated that" the fttiHs of the I yea^iB^-3 : yrould Jr b^ i a"Tsur^ius*jbi L3BOO, with wllicif jarTfegitttlie year ''But results proved that thert-4iS^aeacie| f^bf L6^r Tl lhis arose through under estiniating^oii^tandingHabilitiefi and -partly through anticipated assets^;, nbV feeing realized: The Result being,-j;liatj;jnste£^ of 'a surplus of L3B^oJhWe wa<a d^afen^yjforbetween L2lOO and E~2200.' ] As tprio^s,jitfw-oiild^be remembered that during tho last _^ssipn^aii4an^9unclenient_ was made th'afwfr 'per txsntf deb&&tiireij".*t6' fhe amount oi half-a-million hadbeon/'sold^atrs^ promium. In January last the loanagentsinvitod tenders for one million, at 4£ per cent. He (Mr Yogel) had been favorable, ,to/ihe change, to 4,per cent., but he.approypdt*oi f the r atotipn^Qft the', agents ►since^ey had lmJerted^ai ep^tlition^tlftit :|het debanLt^i^.njighjb,^ be i returtte^afi any^me^%'"^ <The i half-millioriboirbw'ed at, j) pcr H cent. realized X»9Bi Maying allowance 1 fof le'deeming the' dispduii^ ijhii was equivalent to borrowing atihe^aie,of;Ll l2s 6d par-eent/.lt'.was' originally ■cjdculaied.'thatmbney for tho prqsacutioii'Of *^c Inimigrfttioii-knd Pubfic Works policy would hayo to' be borrowed at S^pei cent. It wast gratifying, therefore J .t° know tha< th 6 average rale ' of linteresl.bn the tpan for those purj)dses ? > yet'no'gotiated^inclftding-allowance for recbv^ring'discouht^amoixrited (bnly to L 4 14s lld per cojit „^t, w^righi.that.he^oiild say that the marke|/fdf.;(36loni|i;^ii|d^^sfnot so favorable lasi year,'tas it seemed- to'proiti^ef'^irhere was now no demand for mieh'' debenture in'lh'e colonies; this arose from the, dem^d^for ; ca,pi^ for. local enterprjso, but it had 'to' be borne in mind, in considering the question* bi the borrowing powers of the Colony. The,' aggregate amount, of* the Public ' Debt after^ dedufiia^rg Qiniqßgi OPuniijiacciraed, ,iWaE BI2;BQO,P*Op;' ;M "ft^an^^"; ? c^|efy9r;^e L777i00d/4&niWw4@y^d v to%~pai^ Colony, and r L223,ooovby the^ -Provinces. After explaining.the tK^ various loan accounii, he (Mr Vogel) referrfedHd Fund, this he said showed a remarkable progressive increase. Djuing the year 1 869.-70. j -the receipts exclusive of gold revenue were L209,000'j • "1670 m? 'L 208.000 ;: 1871-72, L336,p00';;^87;2-7^§M4^m74 ) Ll,103^800.; TS'^olf^j^p'^p^^lp^aqcount shows an incKjase of^depbsifs^olVf^l'^ppQ, the total deposits in these banks peing^i^EiSgljOOO. The revenue" of the past year oxceedecl'\thSt oi 1872-3 byL3OO,OOO, and 'exceeded .the estinlated amount by >£239 ? 00Q: ; <Tbi§ r^fw^el^tgc ,when the w proportio'n;it"bore ; to, tiiewhQle amount of tho ToVe'nue^as^coligidfergdJ-^H^/-' could not state accurately , increase thaljhad' resulted from 4h6 ? f^firefn r -p^ measuremenfc duties^ as^i'e r had" not' yet = been sufficient time to tHe r i?etukis; but there could be no doxitit-Nilikf "'the''' J new/ I :dufie& produced more largely ithansh^m:e{)!^femj3nt(duties wa s glad of thiajfbotji on accduntiSf %§Te^nltancl oif the testimony it" bore* to tKO honor anU'truthtulness of tho comndercial classes of tho country. .Tte emphatically oxproßsed the dprnion. thi^t^ajiipn had not pressed harshly uppfl. the bulk, of thepeople, and that under the new system' tha^ttti^hfra.. been more, evenly distributed over articles o£ luxury ihaii was the dose formerly. After deducting'expenditureandliab^liUes as well as allowing L20,0Q0 for liabuities yet to come in and paying, o^ L40,00i) of^Tre^aury.blllsji there was ,'a bolance f "at the end of 18.73-74 Wvailable .forthe'servic© of tW current year aniquntiiig to L 207,000. > After explaining at €fome length tlie pastiioa of tke railway^ Mr Vogol said th^-t the revenue rif h^^dmmiif 'oricrea^ing' so^macli, siHiultaneduaty with the 1 iutrdduotioiL of Mmigi'aiit& ancl^he proseotition of-'Public Worfes^thafc- there could no longer be'aiiy-idoubt as to^the-siiccess of the,.policy, and the Colony, would > > be^cftiite l> sale in taHng ovp<tb.e}main^t^ink^lines i$ ever it might'be founjd^gqnsjs|ipnt to A do so, and in relieving the- Prdyinces^&.'oni amliabilltl' on ; account of those l^eB^'j^p>rt\fro^/^Se^Sv^ei^ it was now coiH/am-W9i4ij^^ ! in excess of HvorkMf Ve^j|en^ei,'^%e';ldo^s&iidated Eeventie ,pf .the (^olpny^mid duraog^the last" "two years morcasedj^t^^^ sand pounds of th^ total r JuamiaL change ra^wayswhencomp^d^^^ n y to the other "wbtdd Sii^f^y^W'H^'^omted out, hpwever,; that lfiirtli^r .a^^b^LtyjrfoUv' bor : , ro^ving t f to complete tie v railways' e >?:ouldi{hay,e ,- to ,b% : I given. However successful 4ho- |minigration;an,d Public •' Works^olioy vssfci ■bered J that it .riec^sary.to^ mWet',:the' colprpial roquit6ments before straining tho'oredit of t.HVc'6l6ny for other Consideration '"of the^ fact , of the railways being pushed qn more quicMyJbiili wasintended, ajid ofthe factthat;it was;d.^|^lelajgply to encourage the construction of othei'woWsfimi?elled the Governmefit.W decitle not to i'en§w-"their proposals of lost "year as to pi'ovincial borr^wingr r The Hallew a limited amount qf -ossistattcf -td tK^iiiifb^in^el^but such assistance to be rendered through t^ie^lpnial' (Jovernineht, and to be .ohargcd^eilger^Sgi^t' *s& vambunt forthp settlement of iinmigran^Wiippn the 'consolidated fuftd j but, wjtK p;6^jDrJg^vpn r tcf^e^g6j7(^ issjie Treasury Bill^ *$ foutid neWsf^ig^to .iftegt it. As to tho 'agsistance^td'bSgy^^ rinces, Mr Vogefsald J^B'irst in^regaidtp Auokland^ the Gbvai'nme^iHinaerlddlidu^^tH^''^ Parliament to allcw;!!^^ io be actvanced;'fr6mViini(i w^me) extending, over a period-, of about ?thre'|^e^ri^fpf works upon the Thames for this loan, besides , that of is 6f a specific and

I'u go n.t^uiv, niicl tho import mcc of (.he object to bo •jaino'l h; not Lo be dollied. Th" (Joverinncnt hciidey fi^rood, anbicufc fco thb appiOAal of Parliament to advanco to Auckland on the Hocuvily of one-half of irs land revonuo, to bo impounded for the purpose, L 40,000, in sums of L6OOO every three months. Tho Government proposed to ask Parliament to carry out these arrangements. "We do not propose to ask for Auckland the power to, contract a further loan, but the power to devote some part of the immigration funds to objects directly provocative of the settlement tff immigrants. Taranaki, with its splendid lands, offers a field for tho location of immigrants soccrnd to none in the colony, and we shall ask for power to advance money to aid so essential a work. Similarly we intend to devote some funds to Weslland and to Nelson. In respect to these four provinces it is to be remembered that they have not as yet derived so much of the direct benefit from the expenditure on immigration as they might be supposed to ha* c the right to claim ; still for money \exponded on works we propose conditions for repayment. He might add also that whilst we shall require tho approval of the Provincial Governments of any works undertaken, we propose that the works shall be carried out under the control and with th,e approval of fcho Public Works Department. What he had said of theso dther provinces applied equally to Maryborough. We shall propose, for works in connection with thelpcation of immigrants, advances extending over twp, years, .besides a loan of £40,000 to bridge the Clarence river. •In regard to Wellington, lion, members will no d,oub,t have observed from tho correspondence that the?Crovernmel)tt during the recess endeavoured 1 to induldeVthe'Prdvincial Government to tho amount of borrowed money they desired. We agreed '^sttfemit for .the approval of the Assembly'a' pro'p'osiftoti* to" allow Wellington to obtain^ an advance of Lt66,000L t 66,000 on the security of 100,000 acres to ! B'e f tipened td the free selection of small settlers. We shall ask that this plan be carried out. He might also mention incidentally that we propose to asjk authority to construct proper Government Buildings in Wellington. Tho Nelson case is the most difficult to be dealt with. That -province has lagged behind in the race" that other provinces Have jran^T.ll/' requires useful works of it.ig. singularly destitute, and we propose to lend, to'ltr/'dn specific security, L 50,000, for works ■yvbicli the Public Works Department approve. From Otago also the cry for borrowed money has come. \ W^qannot see our way at present to sanctibn'i&elarge sum that province asks for, unless by way of purchase; of the Winton and Bluff line. U the 11 Provincial" Government are willing, we shall be prepared, to^ propose to the Assembly to purchase that railway at a valuation, the payment to be made in foiff 6qual',instalmefrfcs,<ori the Ist February next, and the Ist February of the three following years, The 'money to be' devoted to the construction oi branch railways-^ Otherwise in respect to Otago. and in respect to Canterbury and Hawke's Bay I have only, to say we propose to continue theii trunk railways, and to aid them in locating the im migrants theyKave so [wonderfully absorbed. Th< Government proposed not to undertake any furthei goldfields works until some of those already begur liad been completed. ; They proposed to appropriate an additional L 60,000 for roads in the North Island and to continue the s'anieplan as formerly, by allo eating to the Middle Island/Provinces 'a like amount Out of the sums which wouldHhiis be familiarly ex plained by the slaughter, of the,bir^l .which lays th( golden egga, os;a mere matter of policy it is ii the midst of the immense increase of the colonia revenue to especially remember some of th< Provinces which contribute, and which are ai a great disadvantage as compared with other ,-Pro vinces. It is not wise to let parts of the Colonj languish under a sense of wrong— to allow them t< feel they are ert^ll becalmed, whilst the favoring t breeze removes from'Qieir sight the vessels originally becJi^e|^t]l)t^em, t.,->Tlie.t .,->Tlie. condition of the thre< J Pfbviiices ? of Auckland, Westland, and Nelson, as compared with the other Provinces, is lamentable and requires from the surplus of the Consolidated Revenue the attention of the Legislature. Auck land's case is far the wftrst. It will take that Pro vince some years to work itself round and to enjoy the future which I firmly" believe is still before it We/rtland has proved a mine of wealth to fch< Colony. It is folly tcftflesert it. The West Coasi is somewhat similarly pl|iced.>Nelson"will, however not have, the means,' as it appears its rulers have the inclination to use those means, to become £ ■prosperous Province. These circumstances impel us to recommend that out of the surplus a special ■allowance, in addition to that already' provided oj the scale of capitation, allowance, be made te Auckland, Westlaiid, and Nelson, at , the rate oi L 25,000 to the first, LI 0,000 to the second, and L 5,000 to the third. When hon. members studj the whole circumstances, they will not, I think, grudge the proposed aidj Passing on to the expenditure jfor the current year 1874-5, he said the essential principle of this, Budget was different from thaV of any previous one, its main object being te prevent the Government . recruiting 1 revenues by resort to borrowed moneys. In fact, the present Budget had for its object to relieve loans t &i the expense of the consolidated revenue. He proposed thfs year to take over and to charge upon consolidated revenue half of .the, -defence .expenditure" and half, the' amount to' Be "paid as subsidies to the Road Bpards. Further, he proposed to-pay, off an LI 00,000 of Treasury bills. Taking into cojjsidei'ation the forge >ittw»ber of , officers at- the Civil Service "who yrexe inclined to leave the service on-accoimt; hi the opportunities to benofjt ibemseives, and the hardship to which tney were subjected through ' theY increased cost of living, the' Government had decided to recommend, as, a master of expediency,' no less than of justice, that a special allowance should this year be made of 10 per cent, kt-alll officers whose salaries did not exceed LI 50 ,pe»j? year, of 7\ per cent to all officers whose salaries exceeded, LI 50 but did not exceed L3OO, and of 5 per cent, to those whose salaries exceeded L3OO but did not exceed L4OO. To do this would absorb 1i15,000 of the surplus.' Adding to these various items to the amount of capitation grant, the special allowances to the'jprovinces as well as the ordinary expenditure and permanent charges, the total expenditure fot* the current year would be L 1,630,000., 630,000. This would include L 2 71,000 to be devoted to the reduction of ,. Treasury bills current, and to the payment "of amounts which might, under existing authorities, have been charged to loans, thus justifying the statement he had made, that the main 'feature, of the budget was to relieve loans at the expense of the consolidated revenue. He would explain when he made his; immigration statement the further votes that would bo required for immigration and for railway purposes. His colleague, the Minister for Public Works, would, in a day or two,* explain the vaiious circumstances respecting the construction of the main trunk lines. He must, however state that what hfe meant to include when he spoke of main trunk 'lines which the Colony would \>e justified in accepting as Colonial lines were those lines which had been already authorised; together -with bucJi other lines.,, as would ; complete, existing gaps, between < Kaipaiu' and Auckland, New Plymouth, Napio?,:and Wellington, aH wellas tbpse necessary"to complete tliroTtgn communication 'between Pictonj '-Nolson, Hokitifia, '-North Canterbury, and th^e ffi&ft, Poa^tj. , .Total .revenue' for the' year, estimated 'with moderation, was L 1,496,000. Adding to this the siirplujs with which the year ' was . cbnimefic'ed, thero' would be\a total of LI, iTQ^QOO, and ;Wl\iot^ng the total, expenditure tlioro^ would bp a" surplus of L 66,900. It

\nnbl be remembered bcmcsor, thai that surplus was liable to be largely trenched upon by i.uppii'montaiy estimates. In conclusion Mr Vogel urge A that while the colony was confident!, pursuing its policy of progress, they should w.^ely husband its strength, and not have larger recourse to borrowing than was absolutely necessary for carrying out the policy which the people and the House had adopted. Progress was reported and leave obtained to sit again. The House was adjourned at half-past 9 o'clock.