THE FINANCIAL STATEMENT.

Auckland Star, Volume XXIX, Issue 186, 9 August 1898, Page 8

THE FINANCIAL STATEMENT.

A FORECAST

THE SURPLUS £521,144.

£100,000 FOR OLD AGE PENSIONS.

PROPOSED HALF MILLION LOAN.

(By Telegraph.—Parliamentary Reporter.) WELLINGTON, this day. The finishing- touches have been put to the Financial Statement, which may now be brought down at any hour, and I am in a position to supply your readers with the main features of the Budget. SURPLUSES. As lo the surpluses it will be found that these range from £143,965 inlS9l (when the Ballance administration took office) to £521,144 in 189 S. In 3801 the aid to revenue from sinking fund debentures was £288,000. This year the amount was reduced to £ 69,600. x , . During the last few years there has been contributed to the public works fund out of consolidated revenue about .£1,330,000. The saving in interest on this at H per cent, is £46,550. THE TARIFF. On this question the Treasurer will probably declare that the Government deem it injudicious to tinker with the tariff at present. While it is true that the colony has had a couple of years' prosperity, it is difficult to say how long this will continue, and it is thought the wisest course will be for the Treasurer to wait until he is able to positively gauge the position. LAND AND INCOME TAX. The revenue from this source last year was £382,417, an excess of seventeen thousand pounds over the estiEXPENDITURE. The estimated-expenditure for the current year is £4,700,000 in roui)..l numbers, as against. £4,600,000 lastyear. The amount "necessary to meet the increased interest is £53,000. ' APPROPRIATIONS. Departmental classification and increased facilities for postal, telegraph, and railway services for 159.8-9 amount to £44,000. ■ There is an increase of £8000 m the Education Department for capitation. The vote for police and defence services-shows an increase of £32,000, including the augmentation of the police force by 50.constables, as recently recommended by Commissioner Tunbridge. The two classified departments, postal and railways, show an increase of £14.000, exclusive of £15,000 to be provided for additional pay of 6d a day. -tp-'-:l©-WOT-paid railway hands, whilst the Increase'in all other departments which are hot clasified does not exceed £40,000. The Government recognise that there ought to be classifications of all departments in the public service on a fair and equitable basis without materially increasing the departmental estimates. In other works, ■ general classification of the Civil Service is deemed desirable, though, of course, this need nob necessarily be faced during the present session. THE REVENUE FOR 1898-99. The estimated revenue for the current year is about five millions, which exceeds last ' year's estimate, by £230,000. The Treasurer estimates that there will be a heavy falling off in succession duties, as last year there wore several windfalls- from this source. It is also estimated that there will be a falling off in land and territorial revenue, and that debentures issued in aid of revenue from sinking fund will be £ 15,000 less than for last year. PUBLIC WORKS. The Treasurer proposes to transfer from the Consolidated Fund to the Public Works Fund £350,000 for ordinary purposes and £100,000 from the same source is set aside for old age pensions, £25,000 for defence works and services, and £25,000 for the proposed new system of treatment of inmates of asylums. £25,000 will be appropriated to the completion of the Parliamentary library, inclusive of £10,000 already expended. ' CONCESSION TO BRITISH MANUFACTURERS. In accordance with the proposal indicated in the Governor's speech at the opening of the session the Government think the time has arrived for making substantial concessions to British manufacturers, and with this view it is proposed to remit import duties to the extent of five per cent, on British manufactured goods. PROVISIONS FOR THE FUTURE. After the above appropriations there will be aba.la.nee left of £220,----000, and from this provision will have to be made for the supplementary estimates, the amount payable to local bodies under the new local bodies proposals, and to ensure the amount required for payment of old ags pensions next year. THE PUBLIC WORKS FUND of ways and means under the Public Works Fund there is £326,000, to which has to be added £350,000, the amount transferred as already indicated, making a total of £076,000. Present liabilities amount to £3.94,000. Expenditure last year was £865,000, which includes £156,000 expended on additions to open lines out of railway loan of £200,000. A HALF MILLION LOAN. The cardinal feature of the statement is the fact thct it is intended to raise half a million in aid of the construction of railways, roads, and works of national and lasting character, and which works, in the Treasurer's language, will be for the benefit of the people to' come. The Government- do not propose to ask for an appropriation for the whole of the loan, or to spend it during the current year, but desire to leave the Public Works Fund in a better position than it was on March 31st last, when there was only a balance of fifty thousand in hand.

The above will he ionnrl to be a fairsummary of the main features of the budget. \ ■