The Waikato Times. "OAMNE SOLUM FORTI PATRIA." TUESDAY, JULY 28, 1874.

Waikato Times, Volume VII, Issue 344, 28 July 1874, Page 2

The Waikato Times. "OAMNE SOLUM FORTI PATRIA." TUESDAY, JULY 28, 1874.

■\Vi: continue our remarks on the Financial Staten ( nt. It is satisfactory to leain that the deposits in the Post Office Savings' Bwnk have increased by i 1 137,000, as it is fair to presume that the greater jn/pition of the sum deposited belongs to those vho at present are the servants of others, but who tni&tby frugality to place themselves in the position of their employers. We are justified in the belief that the money belongs to the working classes, because there are few men in business or in occupation of land who cannot find profitable employment for every sixpence they can command. The revenue of the colony has exceeded that of last year by .£300,000, and the yield estimated by the Treasurer by £239,000. -Mr Vogel admits that fcoi::e portion of the increase is due to the substitution of ad valorem for measurement duties. We ! agree with him, however, that the new system has ciused taxation to press more evenly on all classes in proportion to their means. He attributes the additional revenue somewhat to the honesty of traders, and from the revenue having so much exceeded his calculation it is a fair inference that he under-estimated their honesty or believed that the new duties would open a larger field for dishonesty than facts bear out. It is not surprising that the initiator of the scheme that waa either to « make cr break " New Zealand should indulge in a little exultation over the success that has so far attended im vlnrtH to place her in the front rank of our c ■io:u< ■>. He points to the fact that the consolidated n . h l'u of the colony during the last two years has ii.i-rc .• «i by .£412,000,-0* within a few thousands oi i c amount of the total annual charge when the raJ\ .')* sh.ill be completed from one end of the colony to tbo other. Without wishing to detract colour from the glowing picture, it is well that we sii<uid point out that the large expenditure of to: i owed sums has enabled the bulk of the poimlai:o?i to live more luxuriantly than otherwise would Ik- \ o been the case, and as the major part of the ri/i .i:. ue in collected at ourportK, a largo proportion o'.' I ' « increase is accounted for. ' There are few jc.i in the habit of looking beyond immediate ij ■liimatc resuHw who will not join with us i-» . -oioing that the finance of the colony is to be i >cl irom the inextricable muddle tolerably certain ! l<> i.-iult from piovinciaJ borrowing. Mr Vogol uj u •> * » '/ properijr : " Hovcver fettcwi^ful the

I Imuiigitttiuu «md Public Works poUcv might be, it mif-t be remembered that it was necessary to meet the colonial mjmiemonta before straining the crodit of the colony for other purposes. "' When burrowing is limited to the Colonial Government the strain is a steady one, and capable of regulation, but to let loose the provinces into the money market, whether Eugliah or colonial, would subject the credit of the colony to a series of jerks much more likely to snap and destroy it. The Government, in place of allowing the provinces to borrow, purposes to give them assistance from the funds borrowed for the settlement of immigrants or the consolidated fund. In our opinion the policy is correct of only allowing the Colonial Government to borrow, and the money borrowed on the credit of the whole colony only to be locally applied with the consent of Parliament, and then under the supervision and with the consent of the Public Works Department. It is purposed to deal with Auckland as liberally as, considering her divided representation, she has any j right to expect. She is to be lent £50,000 for works on the Thames goldh'elds, and £40,000 on the security of half her land revenue. She is also to receive in company with the other pauper provinces a portion of the surplus revenue to the time of £25,000. In the words of the Treasurer : ! "The essential principle of this budget was different from that of any previous one, its main object being to prevent the Government recruiting revenue by re- | sorting to borrowed money." In place of the whole of the cost of defence being charged upon the loan fund, half is to be transferred to the consolidated revenue, and h.ilf of the subsidy to Road Boards is to be derived from the same bource. The revenue for the current year is estimated at £1,490,000, which, with the suplus from last year added, gives £1,704,000 to be appropriated ; after deducting the total estimated expenditure, this sum will give a surplus to be carried to next year of £66,900, which, as the Treasurer states, will no doubt be largely trenched upon by supplementary estimates. The policy has been worked with prudence and economy, and the success anticipated, if such was the case, has attended it, and the prophets of evil will have to find a new object for their attentions. We predict that as the scheme is developed the colony will experience an amount of prosperity hardly anticipated by the initiator of the policy.

Wo are glad to report that £30 is already collected towards the building fund of the Tuwpiri clnm-h, and about £30 is pro- , mised. Plans have been drawn by Mr T. H. White and have met wuh tlio approbation of everybody who has seen then. ' The building, when complete will t wt about £130. The Rev Mr Ash well n ill shortly submit the plans for the approval of the Eight Rev tho Bishop. Wo have beca requested to intimate that subscriptions will bo received by the Bank of New Zealand, Ngaruawnhin. Tho return moved for by Mr Gillies shows the quantity of land purchased in tho North Island by the Government The price paid for the land and the names and emolument of the agents employed. The transaction m the Auckland i province were 736,061 acres pu, chased, and 170,142 acre I leased from the natives, the price being 32 711/ The lands purchased in Hawke's JJ.iy wc le 183,431)' acres coating 20,854; ; in Wellington 324,330 acres, costing 34 504/ • in Twauaki. 113,870 acre,, for 13,520/ s total purchase,' &»,,G0l; leased, 170,142-in all 1,0,27,833 acres The amount paul was 1201,651*. The names of the persons employed are .—Wellington, Hon W. Fiteherbert, Lands Purchase Commissioner, and James Booth, at a salary of 3501, travelling expenses 11 3s per day ; Major Kemp 300/ and hke travelling allowance ; Richard Booth, 250*, and 12s 0d per day travelling allowance; Samuel Locke, no extra al owance. For Tavanaki . Robert Paris, ditto. For Auckland : Henry T Kemp, ditto ; E. W Puckey ditto; James M.ickay. j,, n ., 4d per aero to cover oil expenaes ; Thomas McDonnoll, salary, TOOZ; fora*. 3U 15s snd trave llin R expense., 10s 6d per day ; Henry Mitchell, J * .per Jay- Charles O. B. Davis, ' 2l 2a (] j h A. Wilson, 212, per day ; J. C. Young, 1/ 10a per day , E P Bnssen.en, 2Z 282 8 per day, and travelling expend of 1/ Js Der day, and employment of interpreter w h en necew.ry, at 11 Is per day. Mr James Mackays purchases dining the year were 118,162 acres, at a cost of U. 072, faml 2,208^ incidental expenses, in all 17 ISO and Mr Mackays fees at 4(1 an acre, amounted to 1 OsW — Cross. of Mr Boche s speech at Alexandra. Ho has touched upon a vane y of subjects, on all of which we hay, prcviou'l^ev pmso'l onr opinion. So long as he confined himself toltSl lhe case of MaefaHane v. Harris inn fn>. moi • = tion ternnnated last night at lo'SoS S"e S ?&?. unable to ag.e B upon a verdict, wore discharged. In th fs protracted t»«l « great deal of conl,«l K .tory cv.dene" Zl «h»ne« on either «de, and at it, conch, Jn tl,, £Tom. n tZJjT t r 3 Wt V' 0 , lhadow Of * Ll|)an ™ of the urv July 25 J WCr ° " P fol ' Uire ° we <"' k9 -CW, Ssled ii S W J nnU Bt 12 30 - Lett *" '"U't be Hamnton t0 W tm ° { ° V S^^»j'» coach from Our own correspondent ha< telcgraplied us that nbont sixty thmisandaoresoff.m.average hrndl.vPbPenu.ced by the Government m the n,igl,boiiphoort of Roto-un. H •Iso inform* tv that 11,,- conch road from Olnnemutii to Rotomahatia is nomly cowplotod. wmnemuiu to ,