The Waikato Times AND THAMES VALLEY GAZETTE. THURSDAY, MAY 31, 1888.

Waikato Times, Volume XXX, Issue 2479, 31 May 1888, Page 2

The Waikato Times AND THAMES VALLEY GAZETTE.

THURSDAY, MAY 31, 1888.

Jicpial and exact justiuc to .-ill men, Of whatsoever state or persuasion, religious or political.

Tiik Budget delivered on Tuesday might by the Coloni.il Treasurer is very unpleasant reading. It disuloses the position of the colony to be a painful and critical one, and, put tho best face we can on it, there are no signs of forthcoming improvement discernible, Tho revenue has gone on decreasing to a distressing extent, and the absolute necessity for a heavy increase of taxation is made unmistakably apparent. The Treasurer's estimated deficit was ■£312,Cf)3, but the transactions for the year iu the ordinary and land revenue accounts show an actual deficit of £382.047, or, including the one inherited from the previous year, a total deficit of .£528,603 for both periods. The excess deficit over the estimate, deducting ,£22,101. paid as compensation for loss of oilice, was ,£47,290. The revenue fell short of the estimate by £105,336. This is a dark pic ture. As we anticipated, the work of retrenchment does not reach tho extent it was claimed it would. It is still in a very incomplete state ; but it is a matter to look forward to with some complaisance thai further large reductions are promised, including the abolition of the Public Works Department and Nativo Oilice, and also that a measure will bo introduced providing for a re-classitication of the Civil Kervice, and that no increase to its strength shall be made without Parliamentary sanction. The Government recognise the folly of rontinuing the construction of the North Tsland Trunk line l)pyond present contracts, and further works thereon are to cease. This is t.lus course which we liavc spared no effort to impress upon tho minds of the legislature, and persistently desired to see brought, aiiout. Tho Treasurer endeavpurs to instil n new spirit into t

tlio hearts of the people by declaring tlint we have now readied the end of our borrowing policy, and that no more loans will be raised for three years, at- least. In the meatitinie the public debt of the colony reaches the immense sum of £35,5:>(i,381, exclusive of the Sinking fund, requiring an annual charge for interest of .£1,838,5:5!), mi increase of ,£7'3,872 during the year. Yet, notwithstanding the oppressiveness of this huge burden, so heavy that the population is fleeing from its presence, the extromo exigencies of tlio Colonial Treasurer i'orco him to inflict au additional weight upon the taxpayers in order to obtain the money necessary to carry on the affairs of the country and meet engagements. When the late Colonial Treasurer, Sir Julius Vogel, in his Budget, proposed to raise au additional ,£250,000 by au increase in the Customs duties, he was howled at and driven from office. A few months later his successor finds himself impelled by force of circumstances and a decreasing revenue to adopt a precisely similar course and at this moment asks for authority to obtain a sum of over £200,000 by means of a revised tariff. We havo now to pay our liabilities, interest on our loans, out of actual revenue and no longer, so immorally, out of borrowed money. The duty on tea is increased by an additional twopence to sixpence a pound, double the amount imposed in Victoria and New South Wales. Half the sum thus raised is to provide subsidies to local bodies to the extent of five shillings hi tlio £, but ib is distinctly stated that if the revenue from that source is insufficient to pay the subsidies even at that small rate, the local governing bodies are to go without any grants. It is not intended to increase the sugar duty ; that is a rod kept in pickle for the future, should it be needed. The new tariff raises the import duties very considerably,

20 to 25 per cent being placed on manufactured articles. It is decidedly a protective tariff, framed not, as it is claimed to assist local industries, but to appease the Protection party, and gratify the mob. Years of a continually falling revenue, a diminishing trade, and steady decrease in our staple products, have nearly driven life and soul out of the population of New Zealand, which unhappy state will be aggravated and intensified by the very nature of the new tariff. Increased taxation, increased indebtedness, and inability to continue public works are not likely to be glossed by i such a wicked act of administrative folly as Protection. There is nothing to induce investment of capital, on the contrary it will be kept hidden from us; and there are no prospects of new industries succeeding, Protection or no Protection, in view of the actuality of a Hying population. In addition to the new duties, it is proposed to tax all imports one per cent, for two years in order to clear off' a liability of £1'28,000 due last year. The estimated revenue for 1888-89 is £4,010,400, and the total expenditure .£4,060,838, leaving an estimated deficit at the end of the current year of ,£14,438. Trade, commerce and industry will be seriously touched by the Statement and Tariff which will act as a spur to accelerate the speed of the exodus from this debtcrushed land. The Treasurer does not touch the Property Tax; that money-raising instrument remains intact, except a remission proposed on certain classes of machinery. His sole object is to procure revenue. There is nothing held out that indicates liberal attempts to settle the waste lands of the colony will be made. Yet, unless we obtain an immediate and steady increase to the population, the position of the tax-paying portion who have to remain here and bear it, will become intolerable. The Premier deprecates the adverse criticisms made, on the colony and is very hopeful of its immediate recovery. That is the language of the physician to his patient who makes a wry face when a nauseous dose is administered to him.