FINANCIAL STATEMENT.

Waikato Times, Volume XXXVI, Issue 2953, 18 June 1891, Page 2

FINANCIAL STATEMENT.

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'.'.n- ani AuditMi- fir :;n inr-iv-tini; :ind i \.-.:-';i>i!.- -'~1 ~; ~u'r c uvoi'-i',:. -iiioj I::- j i-.-iinr ,| tl-.j X-.V /-.1.ml G..iHi!:d.it,-i .\cU!n7, whk::i 1 ;,j,|,..|id ( , thi-.-"i:i:iin.'iif. i'i.i.l.;' \.i'i.:;s , , ..,). l'ul I. : Th... :.l '!..• c'.'dii of Hii;ico Hint-in tli- ;-;!-• M.aii, V'.iO. including nil .'i>-, t i'f L - .-7.'.i7'l U\ lv! 'Tni'ithr liiAeri ti:i-nt 1.'.,n-. I- i.-n.-.J I:.-,.-, '.:.•(.. iSfi: v .'..■.„ 12. ; X.t" 1'- ;.j,j. Jμ-,;::" <|. ( >- nitl - ; ,

Hi-iii-- i, ■■ i, ..-,- i- . ■>■ •■■•■■ ■ ri'Cfivi- I. o:> ■'.»■:; • ' :.'-.''l ■! '■ '. I !■■' t'M't I..I: ok '~„. »• .<.*■ v- l ~n. ■.'.:. <i 1., !:i::>.;-;n ;••'..:.•>,- ...-'.- i , . ■■ ■■■; ti..- >. ...i i ■-~.' ■■■ : < i '•-'■■ :i..';;.i 17-. ;. I. '!■■•:. . I :..- .1.. i -.:;. ■ - ,"■ lturn-:..' !. ■•.•■..'■ :• :ni. I'.ul II : : ...,- ; , i .-.d W ..■., T',;e!< K:||lw.<V I. ,:..!.• ■ .. ..■ I .:...,! n,|. i , ,,. >,■,, ■„ ,- i...-;,;. •:' . T'... -.. >, .'•:!,■ d'uii,,' >h.- vr ■ ■ ■ : ■ !-.;....-,".. '.' , ti.ui I-....,-,..- ; *; ■ o • ; i;,. ;—i !::;.->■;, UN, ~;!;■ ■■ ■~ l;d,: IT' i'l. ; ■.;,,„ < ~,. r ii 1.i;..; .. 'I'i- ■ : . • . ; •■ '■ b,- .:::■■ L , --...', ■■'i ■ ■ ■ : -, . ■ ■ ■ • :■ vv-.v. .-..1.' '■' ; i■■-. -i : • • ■•!" :, ,1,'.-.- i ■■• b .>;.'.; ■•, " !. ■ ' . '...-..'• ,y :,m-.1.i,: ' '." ''~ ii'■,, i ' ; .',;, : i '■ ' •■ ' l> ,!'.' I , ',:' ill . M - I----;.-.:' I' t! '. •• the b,,.,i|... ,v :.;.. ..-.j. :.,. ! '. the v." -r 'iie , \\ endilme .iie-uu: -d ! .'. L-l'/-'<. I'-:! 7- iii. '1'... i ■.:..!' '■ .'' ::-■ ';:■■ ■ "f the v ,<■ u f- i.:',1.:.i:. i . i"l, a:.,! ~ut.-t ui<lin;; li.-'.ih.-ii- '::iv ; "i It*- :' I. ,-i M-.t\i,r. Taking the thi,.. |..,ii- l,'i- i.:.-i, 11, • . • v -, j I - able lul.ini-.. at -.ho hei.:ii,niu;r ,'i th- year w:. V:i.ir,V, l''.ii I' , ,- :.' I, whi..-h v... . iu.i- ~ e;l I,i U,O-i;;,L'l ' :/• Ml I ny .- ii. - '.n.ail i,-:,-ip!s. The -i.-u.-e diinir: 11... year aui'.uiiled to L - ;(.i.'i.1',l I-., .'i!.', i.u.l !h" Mviilabh! li.datic , at. tl.-c'!,.-. ■ I'th-vni la U7l-S,O:Hi - : .i7d. '1 hfioiit-t.iKiiiiL.' Ii ibiiiti<.s,.ntli.!;'.lst .Marih l,:st .lie -,lit<-.l ;,( L'Jlo,o>7 lid. I'lidt-r -ieti-.ii :h) ',f (.he (,'.,nv,,iid a.al Ijoun Act, I--.SI, it i- ei|...;l -d tli.,tar!eried.:.:ii,injr such d'jbent.iii..-. a-may havi> been issued i,n at'i-.uiil of incre.. ;e'nf -inkiiiir fund <'f V.iiii in ie-pi:t<,f v.'hii.-h thu -inking funil I,a i bi en sot free, Iho balance uf such siuk-i-.i- tuild shall be |.:,id into I h<) p'lbliu account, and ."hall f. >i in p.ut ,'f tb" public u<.:ks fund. L'niii thu io;,n- ~t I;SiiO and ISM, fidlinffdiio tin; ye,.', have been fully cimvertud or paid ~li ((In- last pare.'l ~f the loan of ISii.'i i< n<.:. due till loth Oeeember nest), it is iiiipos-ible to estimate v.ath any certainty the ai nit <..f the sinking fund accretions whi-:li will be payabio iut-i the public works fund. I may" state that the loans having >inkint,' fund- which mature duriuir the year m,t lo I'IDI.OOa, and that tin- deb-mtuies, fo t, jssnn.l in i.'-|.eet <,f tbe .iec,vti,,n., of the milking funds <<( the.- , l-.au-. are now outKtandiiu'. ll i- fair '■> that, the iicciiinulati- I .-iuliimr Imi'N v, di, at lea 4, e,|ual iu aue iiul. thel.,.u- f"r wioe.ii they were created. We iniy, lln-r. fore, saf.'ly calculate ",;.,.ii r.-c-ii i:e: m ,'■■ t.!i in ».•."■■"M 1.000 int., lli.i public w.,i I;.-, fun:, v/ii.iioiit t sUiuur into cm'-; !,.-i.,t.|. o i!i. p,<.,,( ,i. . ivc.i fi<,m t!ii! ■•,:'.) ..'•• ..... , ..;■ of tiie fun-l in ~m I ';:■!■ u i,t. in-.-rii- I 5i..,:!.:. 1 pi-.,-liosolalei "ii to haw- L'lOli.OOO of this am, Mint n< iy b-- -peaially appli.il to di--clnirtro au <<h!i;:.itioii, thus iaaviiiff n balanc, of !:-.">').00O llii<« v-i.ir availali!,; f'.r public work-, tie- i.ppropri .lion of which will be fully i.v.[i! mud by iuy c i!'.*m', t uo in hii stab men'. i;i.i.N.i>>l.ll'A ri'.l' , '. M'. "I.I'iSAI.V HKVKXt'K ' a< f "i:; i'. for thn year eu.liu- M<: .\[ari:!i. I*l2, I have Irtd Vi-rv can't'il r.-limile- prepaied and they wi.l'bi: laid befoie you. 'I'he ox-p.-ndituin as prop, sei! wili be found to amount lo ft,!-'."., 10.".. I EXPK.vnnfiiK and i; ! -:vi.\ri; of tin; r.ANU I-I'M i Al't'iU.'N f. The pstiMiat..,! e\p.'iirlit.ure for tho enrrent year amouul- lo l.'l lo.llii-",, wln-ifas |..:,t y.ir pr.e. i i ,|i v. ■<■; m ;■! ■ f. r I'l i:,,ti-;il. DKi'lNAir. i;:.\ i.:.(.; i'.<i; Tin-; vi;.\it '.K'.. Tho e,i.in,,ie -,•.-! ~-iiajiy leveuue received will i'MViiit to i:;>,!»)'vVJtl ) or ilrs'.lO t le-i til .11 !.!:.- :.e.i-..i! l.\: -ipts ..f ia-l yo.ir. In itddiit-.n to tiieab,,\e Uieie will b<l issued iu ..id <•(' r iv-.-u i" f<.i linking fun.i i;,i;;,,'.-e-, as a;;aiu-l, -t/I'.VS,UUO instiud iluiii,.' (he p., ■>. yrai. Addin,- lli'.'.-c our t<.-i -.1 i-.c.-iut.- aie e-liimted lo fall short of ln-t year's aetual rec-ipts by the sNin "i i:l-:.,i.il." KrtMMAIKD lii-l.a l.i ,<K I'M!; lICMI I SO f '.Ij. Art I have b :■„-,■ ■■. ,;-,|, a -urn,us was bi-ousrht I .i-v..,!■! ~,' ).-! i;i.:io"i I."h C.I t<. Coinnieiic' tii ■ ! i .-.-u' v : ,r v. i. h, i>, i.hieli I add the ~>i,ii;,,|,,l ie'e,-,,-e f ,r the year, mi uti'i.' t.. '.' S.L.'iiS.i'dO, lo^'etler .Cl.ll-'.T'ia T" ''•',. I'r ,;>i ;''i- I deduct the estimated e,;p- ndi' m<: <<r f 1.1.)".,10-'., le.ivim,' a -Ui pi,i ; ~f l.'.'.ii'.ii , ; , .) I".-. '.' I at lii<! i.'iid of the pre-eii! li:i .la-iai v.-.ir. rill; -.( i:: , 11 ■-. Thn r|iie..tiou w :; .i le.'.v M.-.'.'.-t. ii-.jll (■■ the Col.uiul,',, e :'i ■-. i: ' '...,,',- . a:: tl,!-. .-1110111be. 1>..-hi |li M . •■■' i •■!'? I'l '~:.-! Il.v-J ' "II ~ I li; ■:. ti,.- lei,.!e!.(-..- •,; ti.e a-e it< increase tl; ; p< .-' -1 f...e'ii: j, M ~f |i,, ; ivorlil, and to <: ,a.-.: e !:.•• e ,-t ~, ui.iViiii.' letters The 'i aie i-, ,:,;, f. r , !: .; ~,,, ~■ beirr.e. wh. :• Me■.-.- v.iii 1 .- :-;i I-. p.-iial p'iiny postai,','. pr,<hal.;y wi'!,i:i ilia n<-s -, . three' yo:.r-. i'li" i.'-r . .- ... Pr •■:.•:,! wfii Aii-trali.i. i- J.I a 1,:[.t.j.-, .- :■! i:,.,.,: i... (Heat Bvif.iii 2', !, w'lile to ■:„• •,-.<-ob- ~f ~-ir citie-: and I'i.jr ;,,.i--.< of [',< co.ny the charge i- J-l. :>n in.iiiil'.-.-t i-.u auotn-.-dy KiiL'CO-;!:) a chair.-,- in I.I," -iii.e!i o of our pi'ujiosal -. Ti.'.: t::uv ha.- th..;-, I'ie ariiu-d, the liovei'iimn,! I ,-li<-\ ■-. wh' n liie penny post should be .-labli-lwd iu \,-v, /.-aland. It is r.lso intended to ;e-l; ior power b> cs(ab!ish tiki penny po-t wilh the Austialiau coloni.:-:, ami iieeoiiatioii-i to this end ai'O now l>, iliiT eaiidue'ed by my colle;i|,'iie, thy LVsuiiaslui-lleneral. ]f this extensinn of tin; pennv p<..-I lie i,:lopt"d, the iiimiediiili! las-1,. U),t c lony in r.ni-juo. will be about L'l'JiN) a year. 'The committee will a»veu that it i.i not, a [..niiidabl. , . sum to fiucure so Ki-i;at an ail. niitujro as an intercolonial penny post. The. on iiinvspapors to the oMier cilonic- , , now a penny, it is propped .shall in tnluie b<' i<m: halfpenny, and it is anticipated the inci.asod number po-tod will pi.-vi-ui. any material Ins-) of revenue. It is also proposed t<: reduc-i the telephono char;,-' s to an uniform r.itu of I'o a yoai, wliicli we bebevo will not entail any mateiial lo:,s to the leveinie, as Hie increase in the number of connections in conse<|Ueue« will probably bo l\irtfe. Thu del.ils of the o and other reforms in the l.'ost. nnd Telegraph Oilieo vvill b« explained by the. foituiasler (ieueral. Tho question of .settling (he land and carrying on the wnik of colonisation iu the making of roads to ~p..n up land for settlement vvill have, we think-, to lie borne iu futuio loHome ext.'ti! by the con.-olidat"d fund. Whether this can be d<.no will depend, of coiiise, on the of the colony in the way of yi"l lint, , an inerea-int,' revenue, but it will be rei;o,,'ni-ed that, the. Lonneclion is intimate between a iZrowinj.; nivemiH ami the oxteiisi-.n of ;-i:t!leuiciit. Wα iir<.pose, lliiirtifoiv. in lie! pri:-ent year, to apply the .ir.iii of l',;O,U'i'J ~ut of revenue for tho work of opening up land for settlement. This .-unuiint will probably have to Ins suiipieinontod by a vote from the public works fund. We'propose to remit the native lands duty on leas..-, amounting o:i the. avera^ , ,; to about CDOOO a year. Thero iippoars to the llovornin.jiit to be no ju.-aitieation for imposing an i;::ct-pLioiial duty upon the j iilieniition of native lands for settlement. ;t work tljatuuulit to be encouraged rather than lestnctid by tho imposition of an exuoptiimal duty which is irrititing, and at tho same time ditlicuU to collect. Tho land (lepartinont has mado a calculation of tho sum it will cost in surveys and administration to obtain the territorial revenue in tho present year, and the estimate is £10,000. Wo propose to place a tax of a.J per cent, on the money pa-sin? through the t ital'nator, which will amount to about £'10,000 a year, and for the remainder of the present year t,. about £">OOO. Thoso proposals I nhall n.iw brin.,' together to show the financial result;—Uest, ot penny po.-n----afjc, t-lO,OuO (Id) not include the intercolonial po.stau'e. a- llie iiegutiatious are tint completed); tbU'lOiJ for opening land for s.'ttlemi.-nt, !."(iOUU duly on native leases, i"-l,!>-U to meet estiiualod tlelicit in land fund, and an appropriation of i'l 11,000 to p.ty oil the debt incurred iu 18tiS to meet the deficit of that y<,tr. Tho total of these Miri".is amounts 'is KIDT.S'JO. Uednctint; ti.is fr.im t!i ■ e- L,m.,ted surpbis of i"'s7,t>(,o. woli-.ivo a net .-ai))ius avaiiabio to carry iorward ot 1,'">!",.510. To this has to bo added the lu\ ..ntlus tot;-.hsatoi-, amountintj 1.. A.'JoiH>, briiiniii',' up the surplus for the current year to fH which wilMjo an .uHplu mariiiu to piovidu for lli.< Supple incutary .IliUmads .itid po-jiblo C'jutmK'/n<_'.v-, i;L---!.-.\L \'.E'A)Vy,-iy.i \ i '.',!,, all leh,' I t,. Ihi.: Statemuii l -"'l-'W-i Iho ie,.euuj re;' hc.i ! ol p.ipulati.'U derived fr.,11. ' ::.u ~1 "•■■■ Mi.,;u i!tlus <.f the larill, and poii,.. , i , :'»■ >~:>. Ur't it will lie iuiposHlbl-.-. • , l!-,-nl :i! '[;■, ii;t'.r- '11 lllu 111creased eon-aiun.'',!. of ale,,h-.lie liquors to -t.reii' n 'tlitm Hie «<.u--..ii■• .; 1 fund. fact H gratityi.:,.' troui a teu.p.'ranco view, nnd I oiilv p.it; it ■''.', ia rder th.it we iii.iy an !,ie ivlianca on vdiat is lici'incil Hie elasticity of the I'li.-itouis revenue. A time of trreat |,ro.-pority, wattes, and u-.n-t.mt eio!i!,,yi.'ient for the labour cla-sos, w:;l 'jriiii,' Willi i>. no doab. a:i enlarged c-,ns-in',p'Jou of lux.U'ies, and mi the wri-.le the revenue, under such cireiimst.incts. will continue to increase, but imt rapidly ivr to a. pro-it extent, more .specially a-< tho colony will coiitiuuo t'i uianuiactura lnoru and m<,ra of ti.i.--o iirlicle.; wi-ll within the limits of protection, under the t.'-nff. Stai.-.ps will. ;..s ,:::,.,, .„.:,. tu ~.,

'.'.'■"■ u .m.i'i'--i l".v-V'i,-. 'Ti,'. i- iU 'V. <:.ri I,■■i. .. I i:.i!ii:, ti.: •"•■.■••■J "U ■'<■_"' ,1, '.'•■'riii.-'.Vji .I.', th'-v ■■::.; ,1" .'ill !». >t Mt.l i 1, ..■.....,• ,-d, a -ii- .-■;.•• -• ~...:h-. I . i!" in I 11,,. vv,- ..I r> din-in:: !',■' (.-,-! "f p! ■ ■ i J ■ 1 1; 11 •, 11 ~,,,1 ~l I,.«■■■■ i ,!■■- ~l <■ mi «.;•■■ l>ll.ri , t .\a!i.iri m tl->- uav "f ii I iii-l ari.l i"-:--'i.«-i fiv 1,,:, '„ I. .Hi:. 11l U-l-il tlil! .|i!V<-l.lptH'-llt "f ~.ir in.in Hi", ;i f.HUI.i! s »ir<->' <<i inr-mi-', fl-ili: t ■■ |,l, ■■■::! |.r 'p- ri V li\ In.-.V I'- '■» ' til,,.- I,- :. 1,,-.'— :-V. Wlh.ll t>,.! I..it ■'!-■ ~f . ~- ~,,. ...,':■■!.- v. ~i !"■ 11.1. li, v.,: -it. <■! ...„',-:,,r, ,i, ,L r.-li-r sh .'lid li:l g^. -n "<■ r!iu i ~-,•,■-..!, - .-i in'- i«.■■>'.• lavii'i; >.<><i..i i :' ~, , ,:, ■[~. ( 'h-Imiim. 1..,, wi. inu-t !>•• curi ' .in u i. ,!•■;;.. ;'ir,. t, ..!.j rli-lfi.',;! t.Mchi'd 1:,..t ■...-.■ -h.i : |~-,....ii!;c|.nU^,; n u.M..,ni.-,H i ;..:, i':i;.;..- t,.i •.,];.■!, ill- cl~-.iU -n ■ f '[■■"■ I,.Mli'ir ! .ij.- Mm .liiiS,,!' 1 j)-111■: >• in till Engii h m,rb-t. t, r if wi; an; t,, tnaiiit mi "ur ■ i ,j,( i'. iti i liniiici'il itidu>>(-ud»mr. borrow l-.cd l-.i rowing i-- iik'jly to h;: entitled tn tin: ;iliy.]iil.- !i.;i--"ilv ~t .;t,ryiiu' hi l : "> -e • ■--• ntiiil \v rl;s cif i-.,!niii-'-ili"n. swell a- the -i Mi in."it. uf til.; ;«• -pi- "" li, " 1; "' :1 - "" uhich depend; nm-c'ly tli.i |jr,,s;i-iily «l the C'ltimiimily. On the otlii-r hand if tin.' iii.-ieiiinury ot tin; i;,iu..niiin.'iit could br; si-nplilird and judio'nns reti.ueliim-ni. car-i-ifil In its |.|,.|)i;i- liir.i!-, i.hu expenditure •sidn of tlm account might still l>: cousiifera'hv tuducod, but >ve!ir>: stnmffly nf (ipisii'Mi that any iii.ifori.il reduction must onto from a more diri-et and simple foiin "t administration din. eUd t'i the attainment -if l.raetieal end-., awl it v.iil b.i to set! that i.ur nuNiKi.ite- >>f legislation do li'it include liabilities which will render tliU li.rm nf economy an impossibility. mi-; civil .μ-jkvlck. Tho '..'uvr-rnuirsnt recognise that vigoroumeasures liru rnijiiircd t<, place tho Civil service of tho cuhiiiy mi a satisfactory footing. They have discovered that depart intuits have been overmanned, mid do their work iinuurfecUy, and thny h,ivo had t<• apply the pruning knifo of retrenchment. This operation is always to ho regretted, for very nft-jti h.tr.i-hiiM result. Retrenchment to he cli'eetive, must, go on enntitm.lll y ; thus when an nllicr dies or rt>tiiv.s, tljo (|tii!.-l,ioii should always bo asked, has an (ipiioi(.unity occurred for pioinotinu' moatoi- economy and fliiciuncy. Kvury pi-oinotinn-should mem Loth; foi ,-c ni-'U-iy ,10-s not mean cheeseparing in s.il.nicjs, but (jettini; the man in tlio ii;;lil place, fs it, p.;,»i'ile to li.ivo a civil suuee in which Iliii coiiiiti-y sh.-iil .'lav- coMiMelic.!? The ij.niii-iiii.enl. h.:!ii)M~. t'i ;'. 11.0 Civil Serwee I,i;i, which will b,: t-lp.itly iritiod.ic'Jil, ha.-; in it. ki-.cli u1..-in.-nt» of sound i-uforin as will enable this quest.! >u to bo answeiml in th, : iiliiniiiitivo. We belike Ricit reductions cm still be made in the cost of tho seriioi?, but they "iiJtht to bu undo in tiic w.iy I have ni.Mtioiied, !.;.■;,:lu.illy. TIIK uOVI.HX.MI.M' INSLI-.ANCK I >r.I'.\RTM!'NT. U.ui:),' the le.e.ss I h.va niado iuqciiy into tli.. in.i!iii!,'eiuoiit i.f the (iiivei-m-.u'iit Insitrnuee. [.l-p-n uii-.-iil, and L have, coino to the c'liiuhiMou :.hat. the institution is conducted with sliiii and success. The quiiic|iionni.-il uccoiKit.s h..v.j b,-.'ii c,.inpl-:'u;d and .submit ted to the actuaries in London, and tho policy linldi-'i.s may expect to be in p.i-ses-si.,n at no distant date of tho most frratifyiuK and couvincinc; assurance of the vitality of tho institution. Tin: iTbi.ic Tiu'.sf oi-i-n. , !-:. I'lio li-.y.vl C itnuiissiin aiipmnted to inquirenil.) tlm working ot the I'ublic Tmst l).-paitaie:,t ha-' m;,de ;i Uiomhh;li iir.c.-ti-i;.,tion, and many refnrnis in its adniiui-l.iv,-tion nil; no d'.iiht bo It w.uil'l 1,,: lii.thli:;; short of a national it.il.imity ■iVrin puoi;;; ,;..ii'iil"m:o dostmyed in tin; in.-.iif-il'.oii, but publicity, cum to the intent of t;x|)o.-inn i/ravo clufccts, is rather ea!eul:it,;d to leissuni the timid than t.. pernrinuiilly we,ken puliliu faith. Thei". 1-; no iv.Koii why ti,,.- J'li'n.iij Trust Orlice ■lio.ild Hot bo as well administered as, 1.,r ii.sl.me:>, the fVt Ollioc .•jKTII.K-MKNI' 'IV THK I.ISII. My cii!le:ij-u i tin Miiii.sVT uf hinds will α-k tit-! to cDu~o!i,l.itu iiir.l amend the Aul-s rel .tim; to the disposal of tlie Crown lands. The limited quantity of ill..- p-,v>i;<; eMates s'.iii avail >V.ie for settlement su:.".;ests the necessity of proiidin:,' : li.it in future thu li ma tide, settler .-hall he roncidciuU before the s|-; lailator and the Mi'.iiojj .ll.sl. That the e,,;m'..ry may know the at-t'.i.ll ;-tate o[ :di.,iu-, i sublilit an intimate by the Knrvoy-r-l leuf-ral of the iitiriciiltnr.d '.and si ill av.iiiable in l!io luind-i of the Crown. " Tie- remainder,' , lie says, ",.| t'|.- I 'ii 1 in X ■« '/.■■■<'< ,iid i-i so int.-i-pei-Miil vv.-ir.lj coiiuliy lie only L'-.r .'i■i/.ii:" -.t....-:l;, lli.it i!. s- ein-s in '-t fall- to el;,-,; Int-h as one, for tile 10,,- ;>r.v/.<:U b Ish lauds .if tt-e Noi-ili U'uud ii!y can be most pr,.litd'ly Kc-jupii: I in <; ,njunction ,; '■ h ti,.. -oi i!i ,ioi' ~f purely :-g\ ie.nlt.ural i:,nd wiiliin t.h-in. On this b'sis the. low Ivi.i-.; I-:,;..,:.'.: and a-Meoltur:,! land lit for ■ettii'.m.iiit am mnts to alnint L',-S.">0,000 ■i,;n■■■.'' In a table rccomp invil1'_r this -fate.-iieut will be feiiild the »l.owiiiff 1.!,e,!i-,-.rib:i,i,,,| ~f llii; Inn I lhi-)ii..dioiit the. siurul pio.iuci.'il di-tricts. 'L'he cominittee will prolrjbly a«|-t'n with me thai when v.e oiHider tint upwards of sixteen million .icie- of the best land have already b;.en -...lienare. i in fee siuiplo frum the (Jrow-n, theio is -omo re-.s >n why tho rein ii iti available e-ta'e of le-,-- than three million ajres should he adniini-teietl in the ink-rests ot' the whole |)L-..ii!e of the colony. The time, it is be.lijved, has ;n rived when suitablo areas will have to be purclutsed by the Crown for -small fanners. Jn mmy parts of the ci'hmy the Ornwn lands avaiiab'e! for this purpose have already disappeared, and if the population is lo b.i retained, the want-; of intending will litivelo he met. A Hill will be, hedged round with the nexessary to estahlhh a satisfactory -\:-tuui of purcha.ie. If b:,trowiu' r ; in (.he (•jinjlish market is to be discontinued, the mums will have to be [novided for carryinjr o.'i, tho work uf settling the wasto i.uids of the colony. Instead of the complications aiisiu^'from the rates to be borne by rho land, wo propose the simple ph:ii of prncmiiiK an estimate to be prepaied by the .Surveyor-tienoral of tho halt of a l>l,iuk ot laud when surveyed and placed in the market, with an estimate of tiiii cost, of roads to open it up, whereupon the .Minister of Linds would be placed in jh.v.-.,.,,.,,! of the. funds to ;h:- limir. of ouehalf the e-jtimat. d valuo of the hind when it was ready f<u , Ui.-j..«•;;!, the funds borrowed for tiiis purpose, to be repaid out of tho proceeds uf the land. Tho (ioverniiiont th:nk that an :\in.iiiduient of the Act in this direuti ni will give a frt's!) iinptilsy to cyiouis-.ition. NAI'IVU LANDS, The necessity of for tlia extension of setil.'iiient by the puicha.e of native LurN will tie -fen (nun thy limited quantity of Grown hud*-,'ill avaiiah ■•, and a vote will be submitted in thu public works estimate ; fur the purpose. But while reserving to the Crown the rijtlit nf-purcliuise, tho trovumiiiuiit aru of opinion that the time has arrived fur an amendment "f the law to emtble the, natives to their land either direct to the, Crown in perpetuity or through a Boarn in which they will have confidence under the land laws of the colony, to the settlers who are to occupy. Whatever is done therein by the natives under treaty in accordance with the principle of justice must be strictly maintained. It will remain to reconcile by law the interests of the r.ativo race and of tho colony, a;i that the beneficial occupation of natue territory may be hastened and finally secured. The Iloy.il Commission app .int.'cl to inquire into this matter have drawn up a comprehensive repot t after a Conference with tho tribe- , , in which urn explained and ■ oliiL-idattd tho provisions under which, in Uieir npiiiioii, this end may lie attained. My colleatrue, thu X.itive .Minister, has 'ivea the subject iniwh atteuti.m, and will mtroduce a JJill for the consideration of tile with the object of consolidatint; tho numerous and complex nutivo laml laws ini'i one c-'i'.ei.-e and inlellieiblo liieasuru, and also of simplifying' and reducing the cost of tho ascertaiuuient, of title ami ollior procedure of l-he Native Land G.-uit. The ellect of this will, it i., huped, en.iblo more rapid and sitijf xtory ,:ett!euioiit of ths iuriilu; laud now unpeo l,i:t>ve in thu {io ; ; J= ) r-«i[jn c-S tho native;-. I.S>JII»L.NI.B i.,l' I'AXAnON. I 1,.,..i< iiow to ii,;k t,|,,, ciinuiitleu to e.raut mi. (heir att-'iiiiou while \ \n\ul< before it ibu qut!. J, »l j:\ ui thy ;.,;;:.joi:~o >l taxation, morn especially in iu i elation to lux oh on land and iueeii.es. Vv'hat is a laud tax': The popuhir, and I bulicvo the correct Linswci- to the quesLiuii a ta\ on the viilue M l.iiid less iinprovcn.eiiU. This is Uio idea of rho laud tax school The necessity for -.lopping liliint uf the ideal mu>t bo found in th« iui|jt-iative rtt:iu:re. r ujnts of our linance, -.In. need -<f providin n ' sufu-ient revenue to nuv.f our obliffations without unduly vveiiciitiiiL; tho nece-<irios of life through the (Jnstoms. We ad vane- 1 , therefore, just a-; far t-n'.aids this ideal tax as the condition of a. sound lin.incu will permit ih, aiul if we stop short of what s<.mo might dcsin , , it must be ruii.ouibeied that the history of ritiMicial rtformi* .'-.rd chi-rii'..- ' -li..\v \.\w.'. li.buuJ-; ~,u;:Vt i-j '-'l i, u lji<lj

wei-i: M'i'lom if ever, re ichi d al a -iiiK'le ■||f.(t. We propo-se to introdiie.'. al'.iii to :.bih-h tbe pr,,perty tax, and to |.rovid" f,,r ' a I i" I .iid inc mm t.ix, and in le.-peot of I h>! I Hid I .\, t', ijrant an exemption mi iuip:.,ve,,,.vits .:,, to tho value of .t.'iOOO for j ■■ .eh ~v ie r, iu<! al-o to i-npo'o a gradu-.ted Me: mi el all person.; and companies, tho v.0,.. ~f v.h ,v> land, the JfJUnOO of imp,..v..imMils, shall amount to WOOO. it in .'■■■'.iiiii'.d th.it tin) ded-ac'-iou of improvein.>nt- « ill eaii-e a loss of revnnu,! of about j t'llll.O-'iO. an 1 the prrnduateri tav will brinp; I in an iiici--. erl I. '..'rile "f I'f.l.StlO. I hivo I i.o> e,:u:-ii!"i.'d it .-.dvi- '.ii,! to -I- a i i.i.'.h-r I;.'.- ..f tax than th.it ! -la , e<l in -ii" t iblf. Tho payment of the ...-idUwna! s",mof Wl.8(10 will forti.au ilnp..it in' extra tribute to the rouinue by tins huld.-t • of lai-'.'o e«-tr.tns, and it will be putt by 1"-. thin .'WOO «,wners. Inaddiiie.it to Tln- ,!".!:; :ti.ui for improvements there i.- to 1...- au exemption of £500 fr,.ni owners laud, and it. is ii.it proposed 11 fjrant the oxeinptinti wie:!i an ,'Wner's land, less the deduction he i.i.y claim, will exceed fcl'iOO. Thus, if a f-.i-miir lu' li'lid Worth WSOO, tI, H impr..v.!iiientsoii which aro valued at t'SOO, :ti ■i- 'oipiion would make him not taxable; ami with land worth £1200, and nopn.vemeul- f-100. the taXiblo balance would be I'.IOO. In th-3 a.sses.sment of the tax, owueis will bo allowed to deduct from the land tie- amount of any uioi-tßutfos, and the. mortif.ifr.'o vviil pay the tax on the total of his ii [nrt >-'.-iS" at the saint? rate as the owner on h's land—th.it is, Id in .£ ; lint the Ki-iulu.ileil lax vvill fall entirely on the ~wner. and he will pay on the full value, le-s thu allowance for iinprovoments. For the purposes of the tax it is considered that the. m<>rtf,'a','oe is a p.ut owner of the land, and that therefore he should share with the owner thn responsibility in thn matter of tax, to which principle, howevsr, we make the graduated tsy-tem au exception. But I may hero state that an owner will not bo asked to pay the land tax on tho value of the interest, of any tenant who holds a lease in which he has a marketable goodwill. The tenant will bu assessed with the value of his interest. We propose to graduate tho tux on tbo following scale :—On a total taxable value of ,t';.000 to £10,000, I'd f.m ii total taxiblo value of £10,000 to f'o.ooo, IM; on ditto, €20,000 to f>o.ooo, 1 I'd; on litf.o, £50,000 to £1100,000, oil ditto, y]oo,ooo and over, It will inteicst the committee to know what a land tax i< expected to yield on this system, supposing the ordinary tax to be Id ill the i\ The result, of .-m all round tax on persons as rlistiiißiiii-lied from companies has been estimated bv the Property Tax Department (it U77,;i.l'j, and the I,'raduatud division ot thn tax on persons at ,fc-H5,51J7. T!,e all round tux "li the land of companies al Id amounts to £27,3G1, iind the graduated at. t;lo,oL';s. If we add these amountK tt'.rether we obtain a grand total of £'-!(J(i, 547. i attach a table eivintf the amounts that would be payahle on estates hold by persons and con,panics, and from this it will be seen that more than ±.'20,000 will be paid as a 'jraduated tax in respect of the laud of owners each «f whom has a greater value than £100,000. These owners are less than fifty in number. As a struiiff and readily gasped nrfT'iinmt in favour of a crraduated laud lav, I h.ave had published with the tal'lo iit'ai-b.-d l>> Hits statement anntlior rcivin? the pviitoilion between the numbers of I lm»« who ,v.n 1 <nd and the vidue hold. Tliis table deserves the most careful attention of all who really d°-:irr>, to seo tho occupation of urn- lands placed in a more satisfactoiy condition, and it will convey a highly lesnm to those wdio habitually profess to helioyo that I uided prop- rty iu this colony is s<i owned as t<. .-'.euro anylhinn approaching tho laiL'e-t p.is.-.iltlu production from it. Touchin<.; th'.: principle of a graduated land tax ; the conimiUen vvill probiibly desire to learn h<.'.v its incidence bears on wealth compared with tin; taxation pnvj by members of the •.vorliiii'.' classes. I will endeavour to hliow Hip amount of tax paid through thn Customs respectively by an arti/.nn and a labourer, encli haviiiß a family of live, the former i-eceiviiif,' aNs a week or £137 per year, and the latter li'ls a week or t'lol per year. Thn iirti-an would pay in duty 612 10s -Id, equal to (Vl per cent, on his earnine;*, while the labourer would pay £11 Us od, or 11'4 poi- cent, mi his earninirs. This allows for mi broken {juriods or for periods of sickness or n 'U-empi-iVinent, during which the earnim;j mii;ht cease, vvliilo Ibb payutcnt of duly, at least to some extent, would eontiiui<\ lii't us now see what owners of laml wMi-ili tlO-">,(J00 would i>ay in u pradu-;..l-..-l land tax, deductiuar tIiOOO for iniprovem.'iits. A 1-.1 tax would amount to t'UUO,

. r r.'■ ■ ■ l■>*- '.i! i,cr cent, mi an assumed iucnine ~f tTooO. In additinn he might pay 3 par con , ., mi hisiuc'iiiietdtlie Ciisttiins. There-.-itilt illustrates how been the syslnin nf the tax provailing in this country, a'nil exhibits nno I'tlicient cause »f thn ten-drnr-v iif wraith toaccumnlatcrapidly in the hands of a few. Assessments will be made of both the improved and unimproved value and it is hoped the fltfort will be mure sue-co-isful than m tho past to secure a fair and even valuation, for there is reason tu fear that ninny cf the larger estates have nut been assessed at their fair cash value. It is proposed to give greater power to the Tax Commissioner, in order to secure a more equitable result. Having dealt with the land tax and its incidence, I now c»>ine to the consideration of a tax on incomes derived from trade ar.d commerce. We bnlieve the property tax to be prossly nnjimt_ in its operation, imposing without discrimination burdptid on capital, whether productive or not, and discom-aping industry. For this obnoxious form of taxation we intend to substitute an income tax ol Is in the El. Thare will bo an exemption of £150, and a deduction by way of abatement of a like amount frum inuon.es which do not exceed tliOO. Companies will be subject to the -lame rate of income lax, but it will be iindersliiiid in all cases whore the income tax is charged that it will not be levied on prolits derived from land which is reached by the hind tax. Under the heading of companies are included all joint stock corporations, banks, shipping, (ire and marine insurance, and goldmining companies. Theie will not be au exemption in the case nf companies, Tho revenue derived will not bo so largo as at present, but the incidence of the tax will be more equitable, and those corporations which are in a progressive stage will be treated leniently, while those that are making laree profitu will pay proportionately. Life Insurance Associations are at present charged Id in 'he I' on the amount of their funds invested in thn colony. We propose to chnrge an income tax of Is in the AI un the income derivod from personal property in tho colony, but the land tax will be charged on their land. It is estimated that they will not be so severely taxed as in the pist, and the alterations will, I think, serve as an encouragement to invest in the colony, and will. T am glad to say, rdford some relief to institutions that art serving a most beneficial purpose. In order to prevent misconception it will be well for mo to state distinctly that the income tax will not be levied on any income derived from land, or from money lent on mortgage. Such property will be subject to the land tax only, [n charging tax on incomes derived" from professions and from occupations in which a profit is not made from capital and on salaries, wo propose to exempt all incomes of £300 and vnder. and to deduct £300 from all incomes above this amount. An income of £500 will, therefore, pay on £200, and an income of £1000 on £700 with a rate of 3d in the .€ on the first £200 over tho exemption, and Gd in the £ übove that amount. A person in possession of a t'soo income will pay under this proposal £2 10s per annum ; in possession of £UOO, £;j per annum ; of £700, £7 10s per annum, and so on. Cousideiiug the comparative independence .if thoso in possession of salaries or incomes above £300 a year, the smallnessof the rate will commend itself as fair. On the other hand it will be recognised that possessors of such incomes should not be askod t:> contribute the same proportion as tliosti who derive their incomes from property. Referring generally to the alleged inquisitorial character of an income tax, I ' beg to assure the committee that T have ftiveii title my most careful consideration, and I fail to discover any reason why the ai'.sea-nieut for an income tax should be more vejZiUiuu;, tu lattpaytrs than that for property tas; purposed, aud I am convinced that it will be to no adju.,l the mudu of aillccLiuK a>; no! to iiicrtiii-o at all event! thy inconvenience of th« taxpayer. F have now to bring together tho estimate <<! hind and income tax of tho amount rtvjeivablu under the different scheduled of the Bill -.—Land tax, includiug land and mortgages under schedule A, KSili.S 17 ; in-c-.nii,. t:ix under schedule li, including lands lite insurance, goldinining, fire, and marine insurance, and other companies (omitting prjfit from lands and murtgage--. and companies debentures other than mortgage debentures), £17,300 ; income under sjhedule C, from trade aud commercial, L' 10.000; income tax under schedule D. professions and salaries, £l.">, 010. Those amounts added together give a grand total of £309,147. Pending the results, however, of the triennial valuation of i>r»perty,sh(,rtly tr, be m:;dfc>, it will be safe to deduct from the tot:.i (vfciit. :ufl r> I'Pr rent, u.- :: i.:.- rgin. thus .uiiwu,-*; at a tit. 1 iiel i-eveiiue •goiO.'iyO.

At the end of tho present year, tho now system ii,t c"iuiii'.f into force until next March, thn dill.•rent otimatea will be revised in the lißlil of the. returns, and it will then bo pos. eil.'le to make a morn accurate forecast of the receipts. The proposals I have tho honour of submittiuß to the committee will tend; 1 bulieve, to adjust the diiect taxation of (he country in accordance with the capacity »f the. diffurnnl. classes of the community to boar it. Tim exemption of improvouiont up to £3000 on lands affords a material rpliof to the f.irmnrs and inipnvland owners, while it direcUv enco.ir-;,i,"-s thrift in con-.-rying the inrelliftonco ttp.t industry nii'i l,ih mr no lonprer mean additional buiden--. Thecraduation of taxation on the 1,-iren p-!attis in accordannri with the principal of the, equality of sacrilice,will act in Un direction of placing a chrclc on monopoly. New Zealand is a colony of comparatively limited nrn-a, and it. is for the people to say whether tho land, out of which all must live, slnl! be widely distributed, or whethor it shall be held by a privileged number. Our policy, wh believe, raises the issue in tho most practical form, while it will be seen not to bs unfair when we compare, tho taxation contributed by different I classes. Thn abstract fairness of an income t;\X on prolits derived from trade and commerce has never boen questioned. Our ohaiißn in this respect Rets iid of a, number of exceptional, taxes, which refit on no principal, fiubstitutmp; a single tax on profits realised. Tho comparatively light income tax under the head of salaries aud professional incomes will fall only upon those who are in a position to contribute it without inconvenience, tho exemption of £300 affording ample protection to all who will coDie within tho limit of tho schcdnlo If, »a the whole, wo have not Rone far enough in tho opinion of sonio, r,r too far in the opir.on of others, we ask for tlmt consideration which would weigh the difficulties of « lurfro and comprehensive change in tho incidence of taxation, and the difficulty of providing .sufficient rovenuo to meet the necessities of our finance, and at the same timo relieving the industrial classes from the crushing effect of an unjust system. If wo have not accomplished all that some anticipated, our proposals at least will have Rono a very great distance towards the end wo havo in view. We submir our proposals with tho full confidence that the country is ripe for them and will accept them. conclusion-. Before concluding, I consider it my duly lo direct the attention of the committed to the lesson conveyed by tho consus returns of tho population recently issued. Xow hero is a loss of wealth and wealth-produc-ing power in the departure of .so many people from our shores to seek employment in other colonies, which demands the serious consideration of Parliament. It appears to tho Gnvern.n>--nt tint thr: lir-|, tiling to bo done is to nl-.tnin an accurate knowledge of tho facts. How many people are unemployed, why employment does not exist, whether labour shall rot be. onanist-.! by the apsistanco of the. (Jovernincnt ko that it may bo more eipully distributed and more easily lind iMiiplovinisnl—in a word, what, ii wanted in this respect is a system under which statistics may he furnishod to n central office, at frequent inter' vals, weekly or monthly, of the stale of tho labour market in evory port of the colony. Wo live thus naturally led to thn practical consideration of the establishment of labour bureaux in the different centres of population under the charge of a Minister of tho Crown. I havo referred co tho cessation of public works as one of the assi<rned caus-.-H of the exodus. ]>oos it n>.t show that the method of cirrying out public works has been radically vicious, when they no .sooner cease than these engaged iu them aro compelled to emigrate. II thn public works had boon made subordinate to settleinont they would havo created demand for population ; on the other hand, from tho way thny have been conducted they have been instrumental in driving it away. 1 submit as a .subject for the earnest consideration of the CJiinnilteo that not a mile of road or railway should be constructed by the colony in tho future without provision being at the same timo made for tho location of people Riigaecd in I lie work, on land, if possible, in the neighbourhood. This may mean a radical change iu the method of entering into contracts, and it certainly will entail iiuuo direct responsibility on the part of the Government; but it will transform into stmdy spttlers, with a stake in the country, a largo proportion of tho-i", wh", seeing no prospect herp, aro ready to cinbaikfo.- other lands With a view to immediate relief and stop] ing the exodus, wo prui-osp. to pur. in hand such public works as are nf a reproductive character, Mid for which moneys, are available. Our first duty as legislators, it appears to nin, is to sec that it is niado easier for the people to havo comfortable home*. The wide diffusion of wealth and industry among the people are the surest etu .ranteta of a buoyant revenue .and a healthy exchequer. I sec only the closest relationship between a peoplo well planed ami fully employed and i\ State enjoying tho highest credit and discharging every obligation, moral and legal, imposed upon it. in urging these considerations we aro reminded of a maxim which I believe to be the essence of all .sound financial and social economy—that the safety of tha people is the highest law and demand* tho first considerattan of the Stato. I have, Sir, to return thanks to the lion, members for their attention.