FINANCIAL STATEMENT

Waikato Times, Volume XXXVIII, Issue 3115, 2 July 1892, Page 2

FINANCIAL STATEMENT

Tub Colonial Tkbahuhkr (the Hon. J. I Ballance) deliver*.; , . *-'.ie Financial Statement in Committee of Supply, in tlio House of Huprcsentatives on Thursday night. Mr T. Thompson, in the absence of Mi- Rees, took the chair. Tlip .Statement was a ve;ry full and cx-i-iiiiii-Livu nne. Tho following him its .--ulienb fnatmvs: — ÜBCKII'TS AND KXPKNDITUKK. The actual receipt--, for y.j;ir ISSU-O2 (ire I -hown tn have air.smuud to £4,31>1,857 16s (id. and tho expenditure to i'4,iy2,347 (is 3d, resulting in an excess of revenue over ex- , pendituro of £168,140 10i Is. This amount I ha*, however, been reduced, by other charges leaving a net surplus on the 31-t March last of £105,573 18s sd. CONVERSION OK STOCK. A conversion take* place this year— £13,000 due on tho 15th January, and £4,214,100 due on the 15th April, of 5 per cent, debentures, become convertible into 4 per CPtit stock at tho respective valnns of 110 and 107. The oueratbn will result in tho public debt being increased by nearly £300,000 ; but there will ha an immediate saving of £30,000 per annum for interest.-' LOANS TO LOCAL BODIKS. During the past year, £89,408 was paid over to local authorities, making a total of £384,772 advanced to the 31st of March last, in addition to £25,000 previously paid, £84,000 were transferred to the public works fund, and £8000 to the Government; loans to local bodies account, leaving a balance of £228 ; some refunds amounting to £970 came in, and £117 was received under section 4 of the Government Lohbm to Local Amendment Act, 1891. The balances available for future grants was £1354 at the close of the year. THB PUBLIC DKBT. The public debt on 31st March, 1892. in respect of which wo are paying interest, was £38,713,008 ; but, as the accumulated sinking funds are estimated at £1,035,449. the net dubt at that time is stated at £37,077,619. ESTIMATES FOR VKAK 18921)3. The estimated expenditure for the year ending 31st March, 1893, amounts' tn £4,161397. The estimated amount of revenue for the year is shown at £4,320,100, malting a total revenue of £4,491.074, leaving an estimated surplus of £330,277 at the imd of tho present financial year. NATIVE LANDS.

It is proposed to submit to Parliament for consideration a measure intended' to provide for the acquisition of native lands to an extent not exceeding an expenditure of £50,000 α-yuar, on a self-acting principle, which will permit one-half of the purchase money to be invested as an endowment bearing interest at 4 per cent, for the benefit of the owners. THB PURCHASE OF PRIVATE LANDS.

The Government believe it to be a matter of the first importance that the work of colonisation should be renewed in many parts of the colony where landed monopoly prevents the increase of population, or where the consolidation of estates drives neople into the towns or out of the colony. To acquire lands to be settled in moderate sized and small areas, a Bill has been prepared which will enable land to be purchased, subject to such checks and safeguards as will absolutely prevent the possibility of the system being abused. Forthe present th>) measure need not provide for the compnlsory taking of land. This may become necessary in the future, but it is believed that tlie voluntary sale will provide sufficient land to enable a system of re-colonisation to be fairly tried before another step has to be taken. LAND AND INCOJfE TAX.

The obtaining of returns of income has been a difficult matter, chiefly because there was no trustworthy information as to the persona who should pay the inenme tax, and consequently forms could not be delivered. Again, many persons who should send in returns are more or less in ignorance of the provisions of the law; hence they have not forwarded them. The result has been so far satisfactory that there will be a surplus under that head, which will secure a small excess on the whole scheme. CIVIL SEIIVIOK PENSIONS. In order that some provisions should be made for those who have spent the best of their lives in the service of the colony, and have arrived at the time of life when they should give place to younger and more vigorous men, the Government sire of opinion that the Civil service in this respect sho-.ikl be placed in a position of selfreliance, not dependent on what might be considered a gratuity, but contributing , out of their salaries a certain proportion, about ;"> per cent, that would go to build up a fund, out of which insurances and pensions or annuities would be paid on a definite scale. JiUKEAU OF INDUSTRY AND LAI3OUU. It is the intention of the Government to establish in connection with this department one or two State farms in different parts of the colony, where unemployed men not fitted for arduons employment may find suitable occupation. These forms, it is believed, can bo made self-supporting, and will find employment for a class of industrious people who now find it difficult to hold their own physically in tho battle of life. The Government have attached so much importance to the work which is before this department, that they have constituted a portfolio of. Labour, the Minister of Education, who has administered the bureau from the beginning, being first Minister of Lubour. AGRICULTDKE. The Government havo proceeded in accordance with the expressed intentions of the Minister of Lands, last session, to organiso a department of Agriculture to deal 1 with subjects connected with agriculture, aiding settlers by means of lectures and pamphlets, a,ud generally to study and promote the welfare of the farmingoommuoity. A fruit expert was appointed late last year, and although only a short time in office, has visited and lectured in some of the fruit-growing centres of the North Island, Marlborough, and Nelson. The Government are now considering the question of enlarging the usefulness of the experimental farms, aud an endeavour will be made to establish several of these useful aids to settlew, and determining what trees and fruits to grow. A Bill will also be introduced dealing with the adulteration of manures, the destruction of noxious weeds, and the giving greater facilities in the way of draining agricultural lands, by providing a system of local administration.

SETTLKJIKNT. The progress of settlement may be estimated from the following figures, which liiv-n the rr-.nsMnti'ins in land during the pa-t year :— 1,374.071 acres and 207!) properties have been dealt with ; 47,457 acres have been opened fiTontional selection, and applications for 342.000 acres for small farm associations, with 1741 members, approved. Tho.-!) fig lire* represent the value of tho work which is being performed in the settlement of tho country, and are an indication of the procresi which may be expected when the lands being taken up are being occupied, *nd contributing their quota to the export trade. 00-OI'EKATION IS PUBLIC WOKKS. The system of carrying out public works on tho co-operative system was attacked on the alleged ground that it interfered with the ordinary labour market ; but aa time went on, and the labour bureaux were able to equalise the supply and demand of labour throughout the country, the false impression was removed, and the constrnction of public works upon a system of coulceration has become a permanent institniu New Zealand.

S BORROWING. ; It would not be wise to attempt to raise a . loan in the English money market at the preF sent time. Public works must not however . be altogether stopped, or settlement checked ■ for the want of funds, It is therefore proposed to pay over £200,000 of the surplus to ■ the public works fund. Deluding the transfer to the public works and laud fund, in all £235,000, from the surplus of £331,000, £00,008 is left for Supplementary Estimates. THE TARIFF. The Government had at one time hoped to be able to deal with the anomalies of the tariff in the present session, but in the presence of the great mass of details which had to be worked out, the number of important measures of policv which had to be dealt with, and the mgeacyof a state of transition in carrying into effect new taxation pro posals, thi'j has been reluctantly abandoned LOANS TO LOCAL BODIES. The more the inequalities of subsidies t local bodies are considered, Mir more d sirablc it appears to bring thorn to an en The- change ought not to be made withn . notice, and time should be given to nv 'i other arrangements,_but local bodies o< tone prepared next year to give np half of tl;e amount of the present sub: and that in the following yeaf'irut oat remainder should disappfer, \ Thes statement concluded with a i spect of the'policy of tb<» present Go v j ment, and the course'of a ' they propose to f.'hjjir.tuit