The Lyttelton Times. FRIDAY, FEBRUARY 22, 1867.

Lyttelton Times, Volume XXVII, Issue 1928, 22 February 1867, Page 2

The Lyttelton Times. FRIDAY, FEBRUARY 22, 1867.

Some misapprehension 'seems to have arisen in the minds of several of our contemporaries with, regard to the probable revenue under the Stamp, Act. About thirty thousand pounds worth of stamps was disposed of during the month of January. Upon this basis tho calculation has immediately:: been made that .not less than three hundred thousand pounds must be the: annual income obtained by Government from . .this .source alone. ; We should indeed rejoice if this were found to be the case. It would simply mean that ail the; expenses of. th e tb ree million 1 oan and its adj unc ts were defrayed by this one tax, so that the customs revenues might be adjusted to meet the wants of the provinces and the, cost of the General Government .service. .

One or two considerations, however,; will help to modify this pver-sanguine estimate. It is not to be supposed., that the transaction of business in the colony is so evenly distributed over the . year as to mate one., month a fair criterion by which to judge of all the rest. There are many reasons tending to shew that the beginning of the year is a seasonpeculiarly fruitful of business transactions. At that time the wobi season has I just concluded: and the harvest is far Advanced,and. in connection with these' events, a very considerable amount of money changes hands... repeatedly. So many accounts are settled at the beginning of the year that the same sum of-money passes round and: round with much greater rapidity than at any other time: : At each'stage the government of. course receives its per-ccutage in one form or. another.

The necessity under which merchants, bankers, and others are .placed of keeping some small supply of the ordinary kinds of stamps would further have the effect of increasing the dernand during the first month of. issue : to, a very considerable extent... And the partial delay in providing a sufficient quantity of stamps, which gave rise to: 'so many complaints, may have the | effect of continuing that abnormal rate of issue daring a part of the preseiit month. But the average of the year ißlikelytoßliewamuchmoremoderate return of income from stamps; and it might be regarded with great satisfaction, as indicating the extent and soundness of our commercial" affairs, were the proceeds of the stamp tax for the year to. reach . two hundred thousand pounds. This sum is calculated upon the probability of an average sale of stamps not greatly exceeding one-half of the sale during the past month. It is no doubt possible that a revival of trade and immigration may arise greatly to increase the prosperity of the colony and the amount of all its revenues. But it is safer for us to base our calculations upon the: steady , increase of business on which we may warrantably count, rather than on any 'sudden accession of good fortune;. In any case, it is satisfactory to us to know that the revenuo from the. Stamp Tax has so considerably exceeded; the estimate upon; which the Government; relied as to hold out the certain prospect of a reduction ofsome of those heavy imposts under which, the colony has laboured ever siiice tiie passing of the present tariff. A letter which we lately published from an Auckland correspondent, called attention to this reduction of taxes as an object in securing which the politicians, of all the settlements might safely and. cordially join. The same correspondent took occasion. to express the general regret felt among the : merchants and leading men of Auckland at the bitter tone in which the newspapers of that province write regarding, the other settlements. It.would indeed be almost impossible to conceive how the people of one entire province could be actuated by the angry and jealous sentiments which are given utterance to by the journals in question. But we must beg our correspondent and others who think with him to recollect that there is only one sound and . safe means for reducing taxation, and that is the reduction of the unnecessary expenditure which renders it indispensable for a Government either to tax the people or break faith with its. creditors and become bankrupt. It isi;certainly .very true that the way seems now open . for effecting a partial reduction; of. taxation, and it ought to be one of the. chief iabpura of the present Ministry to bring forward measures calculated to liave this effect without injury to the provinces or risk to ihe credit of the colony at large, This and the: natural buoyancy of a new colony will, no doubt, do much for us. But we hope to see at the same time other measures introduced, the purpose of which shall bo to lesson the outlay of public moneys upon impracticable or: unproductive objects. Useless expenditure is doubly injurious to the commonwealth. It wastes what might otherwise bring a profitable return;: and .it opens up a channel for extravagance whicli will only too easily deepen.

Dr, ITaast's second lecture on Geology, is advertised in another column to bo delivered this evening. We have pleasure in.pairing. reference .toafcifor. several reasons. As an effort inthe direction of that higher education which is usually deficient in the colonies all will appreciate these lectures.' But eveE on,political grounds tlioy are of value. Our readers will recollect the discussion which took place in the Council with regard to Dr. Haast's position as Provincial

Geologist. It seems to us as if that gentleman fairly met and offered himself to the criticism of the public, : hy the delivery of these lectures. He affords an ample means of testing his own knowledge of the subject, and the extent and value of the researches he has made throughout the province. His first lecture was particularly distinguished by the readiness with which he referred to the various parts of our own province as affording illustrations of the general principles and theories of geologists; and in this manner he challenges the approval or the.strictures of those who are qualified to judge. For our own part we have not hesitated on any occasion to criticise the: work or the expenditure connected with the geological survey of the province, and we have therefore all the more satisfaction in saying that Dr. Haast's first lecture very considerably exceeded our anticipations in its coinprhensiveness, in the recent and local information which it contained, and in its peculiar adaptation to the object it had in view.