NEW SOUTH WALES FINANCE.

Auckland Star, Volume XXIII, Issue 293, 15 December 1892, Page 2

NEW SOUTH WALES FINANCE.

THE TREASURER'S STATEMENT.

A LARGE DEFICIT.

STRICT ECONOMY NECESSARY.

Sydney, December 14. In the Legislative Assembly to-night, the Colonial Treasurer delivered the Financial Statement It showed that at the end of 1891 the debit balance was £770,000, and that there was a deficiency on the past eleven months of £382,000. The principal decrease was in the Customs revenue, which showed a falling-off of £92,000. Theßroken Hill strike had caused a loss to the Customs receipts of £40,000. The land revenue had amounted to £168,000. The revenue for 1892 was £10,910,000, which exceeded that for 1891 by £87,000. The total debit balance to commence the year 1893 with was £1,152,000. The receipts from new duties since the initiation of the tariff was £901,000. The Treasurer's estimate of revenue for 1893 is £10,900,000, the principal increases being: In the Customs, £106,000; land revenue, £33.000; railways, £118,000. The expenditure fur the same year is estimated at £10,458,000, showing a Burplus of £442,000, and decreasing the deficiency at the end of 1893 to £710,000. '• ' "! " The Treasurer went dri to say that the finances of the colony were so serious that they called for half abstention from borrowing for a considerable time, coupled with the strictest economy in administration. A good feature, he said, in connection with the railways was that it was estimated that during 1893, after paying all charges, including interest on the cost of construction, there would be only a deficit of £90,000. He stated that the.._Governme_nt) had. no intention of imposing additional taxation, as they were anxious to get on with useful legislation, after which they could waste time in discussing finances. The passing of Local Government Bills would, he declared, reliovo the Governmenb of much expenditure placed upon it ab present. . He expressed himself confident that in adopting a strict system of economy, the Governmenb would be enabled to wipe off the deficit, and he defended the action of the Government in connection with the issue of Treasury bills. The Governmenb had succeeded in selling locally bills to the amount of £750,000 ab 4| per confe., and had reduced loan expenditure from £4,800,000 in 1891 to £2,800,000 this year. They must, however, considerably further reduce ib. Referring to the harvest, he said that the bountiful yield of wheat proved that there would be little, if any, required to be imported, and the present crop was worth a million more to the colony than thab of lasb year. He concluded by poinbing out that there are now 100,600 moreacres under crop, principally in wheat, than during the previous year. ■ Mr Reid, leader of the Opposition, violently attacked the Statement, and in a scathing speech denounced the Governmenb for delaying its delivery so loDg, when the finances were in so serious a Condition.