The Akaroa Mail. FRIDAY, AUGUST 14, 1903. THE FINANCIAL STATEMENT

Akaroa Mail and Banks Peninsula Advertiser, Volume LIII, Issue 2799, 14 August 1903, Page 2

The Akaroa Mail. FRIDAY, AUGUST 14, 1903. THE FINANCIAL STATEMENT

9n Tuesday evening the Right Hon. B. J. Seddon delivered the Financial Statement to the House of Eepresentatives, taking 2 hours 45 minutes in the reading. He explained that the surplus on March 31st, 1903, was £233,416, and as a balance of £70,489 remains over from last year, theae is a total surplus in hand of £303,905. This being the case, Mr Seddon speaks in a very confidential manner of the success of the Liberal policy. The decline in New Zealand stock, he is careful to show, does not reflect on the financial administration of the Government ; but is only a reflex of the fall in vr.lue of English and Australian stocks, and shows the scarcity of money in those countries. Considering the rate of interest has been so increased, Mr Seddon speaks of the need of exercising economy ; but, nevertheless, this year's estimates exceed last year's by a matter of £40,000.

Many have waited to hear the Financial '.Statement in order to gather exactly what the Government intends to do regarding the Bank of New Zealand ; but though Mr Seddon spoke of their intentions in this matter, his statements are not very definite. For iiistai.ce, the announcement has been inside that Parliament will renew its guarantee to the Bank of New Zealand, but for a less sum; and, in addition, Government intends to propose a " limited partnership for a term of years/ as a reward for its assistance. Mr Seddon does not explain what he means by a " limited partnership"; so that the Government's claim cannot be fully understood. Another matter in which a great deal of interest has been found is also discussed in the Statement, and this is the preferential tariff scheme. Mr Seddon appears to have intended to adopt Canada's plan of and he declares that the adoption of this scheme will make no difference whatever to the colony's revenue. "With regard to the estimates of the colony, Mr Seddon, speaking of the tightness of the money market, advocates economy; but he proposes the expenditure of .£40,000j more during

the coming year, and the main part of the estimates goes to the Post and Telegraph Department, the Education Department, the Railway Department and the land Department. He considers these departments must, at all costs, be kept up in a proper manner. One proposal will meet with almost universal approbation—the increase of Magistrates' salaries and the salaries of experts in general. For some time Civil Servants have been underpaid, and an increase in their pay will induce an abler classjof man to take up Civil Service work. Many other reforms are proposed, ns for instance the treatment of mental patients. The first &tcp the Government will take is to provide more accommodation for the insane, and then an attempt will be made to class them properly. Mr Seddon suggests that there should be a special hospital for first treatment, as there ai-e many cases of temporary insanity and exaggerated eccentricity which do not merit an absolute loss of freedom. One proposal is of special interest to this district, and that is the attempt to place the fruit industry on exactly the same footing as the dairy industry, giving it the assistance of the Government. Mr Seddon also makes an offer of twenty national scholarships, which will enable the holders to enjoy the privilege of a secondary and Universiry education. These scholarships are provided for children, who, under ordinary circumstances, would not be able to go beyond the fifth standard. Other proposals are made for the future, some of them on rather an ambitious scale, as the great Intercolonial Fair in Hagley Park, 1905-6, the Conference of Premiers in New Zealand, and the opening up of trade with Noumea, Queensland, the Straits Settlements and Canada. However, in the main, the Financial Statement seems to point to a general desire on the part of the Government to advance the interests of the colony, even though a somewhat lavish expenditure is contemplated in the face of the talk of the need of economy. Perhaps the following quotation from the Statement as to the Colony's assets puts the position as clearly as possible before us, nnd a very gratifying state of affairs it shows :— " The approximate value of the foregoing assets amount to .£355,583,383. Our net public debt amounts to We have, therefore, in the assets above enumerated, no less than £301,000,000 approximately in excess of the amount that the colony

owes."