THE FINANCIAL STATEMENT.

Waikato Times, Volume XXIV, Issue 2022, 23 June 1885, Page 3

THE FINANCIAL STATEMENT.

Tun following in the concluding portion of the Stitfincnt .—. —

Public Works Expenditure. Tlipic is lit Me moio about which f.o dntain tht 1 fonitruttue beyond the uioHt important coiiHidoi ition of works D\|)ondituru. f li.ur aliuady h.ikl that, t.ikmi; into account tlm million and a-half loan. tliiTc me about two millions of iuoiu,y available for ospcudituip, Hub|cct to a(hanro in the h;uids of ofhei'iH to- bo accounted foi. Without tiL-H|> i^inif,' on tins details which my cullfM^uc, the Minister for Public I WoiK«, will lay bi-foro you, I may nay tli it '\' "Htimuto theic will bo nn actual „, liLiii.-of jibont ti 1,700,000 tins ywu, \\l . will include about £170,000 on hiuboiu defences. Ft will bo hcoii tliun that, aftei accounting for ndvanccH, tlioie will be, but n small Hum left for expendituio at the end of March next. Out of the Nor tli Ihliukl Railway Loan there will be roiiio Hinount repayable for works defi ayed out vl other loniiH. Am the coiniuittto aiu a Wai 0, ho intend proceeding witlj that railway as fast as poHhiblo, but the actual pxponditum up to the end of March 30 i^ not hkoly to much exceed £10,000. Tho dofonco oxp«nd.turo in preijulit loanu will hnvo to be repaid. It

will 1)0 apparent, therefore, tint wo have proMMou foi .1 little l«\nml Much, and scarcely enough to c,ui\ us (in until the Mouse iih ( ts in ordin.ii} laiw nn\t yeai. In leg.ud to the g<>m').il question i)f bonow injr, I musts iy ,i feu mine woids. When the Mimstii f>>i Public Woiks brought down his plans in 1882 for the thine million lorn, ln> stated that if In- weic to stimulate foi \otos to compltto all the work 1 * he pioposcd he might ha\e to ask for ton millions, nioio or loss. We indent thcso obligations together with otheis which have giow n up since, and the pl.un meaning is thi>t we s-li.ill ontmuo jo.ir after yo.u the constiuction of gioat works to such extent ns P.uli.iinent considois ad\is,ib!e. It is m'ce^s.iiy to look the position f.iiily in the f,ic', ,iiul to di iw a lino as to the pin pose foi wliuh -houltl bo boi,o\ed. \V lion we pioposi d the million Hid n-h ■If loan last session, we diow Attention to tl noiinoiis proportion of it tli.it would have been nbsoibed bv mad-* arid biidgos. One of the objects of oni polity which I liavp dinclos<-d this evening is to sot a limit to bin rowing for hulls eliminate purpo-ps. As soon as wo cm end tho engagements at present contacted we hope tbcie w ill be little money bormucd by the colony for loads nnd biidges. Jiut we recognise the great objects these works fulfil, and we propose a sufficient fitnnc" to local bodies to carry them out. As reminds railway* besides tho Main Tiunk lines, there are hundreds of nules for which a civ cornea up from tho cotintiy. We propose that, in future, there shall bo threo classes of railway : Forest railways, tho cst of which the State forest » will defiay ; district railway, for which the lot.il bodies who recommend them shall defr.vy one-half tho yearly intoicst in excess of leceipts; and mam trunk lines, for which the colony shall bo wholly liable. In hw Stati'inent last year the Minister for Public Works laid down certain principlen which should guide tho House hi relation to futuro borrowing. . Tho railw.iya have not yielded the rVtcniio anticipati-d l.i»t yo.u. The (Joxernme'it deenifd it expedient to make some reductions in rates, (aliening th it the tarifr should not be framed solely with the view of p\actmg fhc utmost poH^iblc re ceipts. There woie other cinsos which Inl to a liw rexpuuo. Tln^o w ill be cspl.uncd in the Public Woiks SUtement. Hut it nny be Haid this is n good time to boi'row ; tho inarkot has shown that New Zetland loans arc welcome ; why not take advantage of thin disposition and ton row largely? I emphatically uige that no such \iow should prevail. Wo do not bin row to suit markets. Just as I would in go th.vt if wo wanted money wo should bonow, although tho inarixct will not bo disposed to tako our lo.m fm f,i\ our.xblo toims— l urgo with c(pi.\l Ktrength, we should not be enticed into bmrowing because the market is favourable. 1 take it that tho House means to carry out tho work of dofcuco, and that dm ing this and tho two succeeding years, and not less than £300,000 will bo required for tho jnn pose. We shall ask authority for only one million for lHBf>-87, of which £2">0,000 w ill be for defence for that and tho pronoun year, £50,000 for immigration, £200,000 for loads, bridges and buildings, i'loo,ooo for purchase of native lands, and £ 100,000 for railways. It may bo as well, whilst T am on tho subject of borrowing, that I should hay the (Jovoinmont base not adopted tho idea shadowed foi th dining the lece.hs <'f boi rowing money to lend in small Minis to fanneis on freehold security. When J spoke on the subject I did so withieseivations which I expiessly made. On fuilher examination I found th.vt the Knghsh (!ovcinincnt had ceased to make Hucct advances to lnnd improvement, and had sub stituted for it a system of authorising the HMtc of mortgage debentuics, for which tho State was not liable. This system wor ks excellently well in Cieat Britain, far better than the old one of duect ndwuitef, whilst tho State hax no liability. Bills will be submitted to the House forgiving effect to this Knghsh system. It will, I think, go some way towiuds satisfying the demand foi cheap money for the seouiities of local bodies and foi land lmpinvenieiitH. The I'/ist and West Connt and Nelson Railway of tho Middle Inland demands a few words. The Government aie of opinion that this i.iilw ay must bo constructed, but they are still ax orso to making it at the cost of tho colony. If fmther assistance be neconsary, they has o no doubt that Parliament will considei how it may bo gnen without incieasing the giant of land. They think it light to nifoi in the crnnmitteo that they attach gie.it iinpoi lance to the construction of the line.

w))ich Dm Lulls fiio held in thu London iri.uki't to imbue us to boirow nune tli.m wo ennsidei tv In 1 who. 21 Tint we should endeavour to fall into a system undei which we should luluee hm lowing foi indisi liiiiin ite purposes 1 . 2"). That wo should have thiee classes of r.ulw.iy in future— main trunk, district, iind forest railways- t!n« List to bn chaiged tv the State forests, and li.ilf the annual charge of district railways to be homo by the districts benefited. 2<i. Tliat the expenditure upon permanent defence should bo charged to loan. 27. That wo should authorise a loan foi ono million to bo issued next yen, toseno up to the end of the (man ci.U veai IS.W 87. Th.it t'JoO.OOO of this lo.m should bo foi def. nc , f"iO,000 foi lininigiation, £200,000f0i roads and bi ldg. i, I' loo, ooo foi tho pnichise of native 1 mds, l'IOi»,OOOfoi i ulu.i,\s. 2^. Tint we .it) uh great impoitanee. to giving snttioiont mduooiir'nt to pin ate c ipit ili-ts to < mi <ti nc fc tin) Kast and Wi -t Coast mid Nelson nilway. 2!l. That to meet tie demand foi cheapoi money foi hind iinprnvonn nt and foi loins to ln'cil bodies we will submit a. Moitgage l)ebeiituio Hill, which willeiu body tho system which has been found to walk nclx'intngt'fiimlv »> <«ieit JJiitnn, without entailing any liabilities on tinState. Let mo in conclusion say that I am sensible that I haw Ji.id t<< v> lntmnnctlo mint important news and pmposals to tin; ( oiniiiittne. Piobably I have not done so in felicitous l.ingu ige, but I stand on tho justice and generosity of the committee, and 1 anlc lion, members not to take hoed of all expression*, to coimidor the proposals I ha\o submitted from tho highest stand jioint. 1411 41 in far from deprecating th* lines of party, but there are Home Htibjects that nit) with advantage be coimiderrd with n tonijiuiary einancijtation from ji.irty obh gations. At tiny rate the citninutt-v will do justio to my decile t<i place Ix-foi. hon members free fioni all ac ibit\ mpws which I conscirntiouslv believe are, worthy of theii cmisidoiatinn 11 tho ititMist of the colony T Jiuvc the honoirr to nnve tho following resolution : " Itos lived, that in li'*ii of fjio duties of (Jm touis now eh iig< d on tbo uudt liupiitionoil .iiticle.s, the folloiwng duties of Cii^tonM shall, on and after the 20lh day of June, ] S,S">, be rhaiged tlioieon, on i'ii|>oi)ation I. ito Now Z •aland, or on b< ing c limhml from a'iy warehouse for home (insumption, n unoly. spiiits or stiong wati m as ddinod by thn CiiHtonio Duties (JoiiHolidation Ait, I.SSJ, Us (Id the gallon; bittei*, Us Ilil tho gallon ; wine, f)s liil the gallon ; wine Mm I ling), lis (id the giillon : wine (Autti iliui), Is (>d the gallon ; tea, (id the lb ; iuiiiwnmt, ODiufloiu, faiiuacetiiiH food, mai/ona, mac a mni, pi opai od gloats, eagd, tapioca, and \ennicelli, Ad tho lb; bacon auit haiiH, ,\l tlio lb ; boef salted, U tho cwt ; boots and shite*, men'H No. (i and upwaids, 17» 'id ]>cr do/,on pairs ; youtlin, Nun. 2 to .">, I}s per do/en pairs ; Itoyw, Noh. ."» to 1, 8n <id ditto ; women's, No. ,3 and upwaids, 11h ditto; girlx, Now. 11 to 2, 8s (id ditto ; girls, Noh. 7 to 10, 7» ditto ; children's, Nun. I to (i, and fllippeiM, 3s ; ditto, WdiniVs lasting and ntnff bnotH, 7« ; ditto, goloshes of all kinds, 3s lid ; ditto, dipper*, nipn's, woinenV, and childion's, from No. 7 ;vnd upwards, 4s ; butter and cheese, 2d tho lb ; candles, tallow, \d the lb, or loputed packages of that weight, and so in piopoition foi packages of gi eater oi 10-jh loguliii weight; candles, Hteanno, 2d, ditto, eandlos, paiaffin oi wax, 2jd ; ditto, c indies, not othoiwiso ennmoiatod, 2.d ; ditto, Cement, In (id the baml ; clncoiy,~ni any vegetable in ittor appluabl"' to the uson of clncoiy of eofieo, 'Ad tholb ; coals, landed, 2s tin* tonjdoois, plain, 3s each door; gla/.od, (is ; h'sh tiiiiiod, potted, and pieHoivcd, 2d the lb, or leputed pickage of that weight; fiuir, pulp and boiled, fruit not othoiwiso enumeiatod, 2d ; iron, barbed wiro, 2s the c»t Jams, jellies, marmalades, and piesir\os, 2d the lb., or i-oputed paokajs'o of tint weight; paints ground in oil, 2s the cwt. ; ] taint mixed jeady for uho, 4h ditto ; papi r wi.ip l)erH, brown, 3s 3d ditto ; ]iapcr bag-*, 7s (id ditto ; pickleK, 1h per dozen pints oi reputed pintn, and the same proportion for larger or Hinaller sixes. Rope and com], including house lino and niailino, (i« the cwt ; Htearino, paraffin wax, and Japanese wax, 2d the II); bicarbonate, 2s the ewt. ; s.'ihlioh, plain, 3h the pair ; soap, common, . r >s tho cwt. ; agricultural implements and machinciy, not otheiwise oniimci.itod, ."is tho cwt. ad valoioni ; casks, empty, and shookH, ditto ; duck, in the piece, ditto ; g.uden lawn inoweis, ditto ; gmlon pump", gaulen lolleiH, g.udon Hyiin^os, ditto; gasw'oik inaeinnoiy, and ni.itonal for other thin gas-pipe- 1 , ditto; non budgoH and mater ialn not otherwise cim mcratod fur constiuctimi of biidgi <, ditto ; oil, codhver, ditto; paper, writing, foi account books, of hi/,os not le-s than the kui Known as demy when in oii^inil wiappor, and with nnr ut edges as it lo,i\es the null, ditto; textile fabnes, not less than IK niches wide, of cotton, (lax, hemp, or jute, or of nnxtuies thoieof, the ni.u krt value <>f which is dofin"d in «cc 4 of the CustoniH l 4 iw ( 'onsulid itii>n Act, IHH2, ill thu coimti y wliome tlie same wiio expoited m less than td pei \,ud. ditto.