FINANCIAL STATEMENT.

Dominion, Volume 2, Issue 534, 15 June 1909, Page 5

FINANCIAL STATEMENT.

BY IJRIME MINISTER. 1;; - ('ThW.meimoraridnin' on.finance;'presented b; -'the Prime Minister: last night, consisted o J; 32 printed, of .which four and a quarte V ; .arc- given up to a summary;of known, fact ' ■■ arid figures,;..27.'consist:of (figures■ reprints ;/.: from the. Gazotto,'. and. .three-quarters of ; i "'■ ■ page;, sots forth the • Government , s■• intention ..., with'regard..to finance.' J 'This:, portion of th ...'. memorandum' is" 'as, follows:— ;■ . ; .:'. ':/- ..r The Public' Services. ;;':/:..■ .'/:. : ; , .;V : ' ':■ ; tho.:Pubiio'Reveau6sV: lot ..provides'.for, carrying'on to June 30. .After no , payments can be made for any.Bcrvicc until ..':further 'provision, is inade. , .{lt- is : therefore ■■necessary to prqvidp for the ' carrying on of ■. soryicea; till meets ■.'. igain,'i and I.propose, to ask' tho Houso to ''■'" wtend ■ the provisions'of'the iPublio Revenues '• :,-. ,Vct;tbV.Ootober.l4 ! next v .. The Act;contains ; , 'iic . safeguard ■that,' no" payment shall bo _ } ; 'jiade •: for..: any service. other : than those for. "'...ihich provision was- made , in : tho respective >■ Ippropriation Acts-and-estimates of the pre- ;'.'■ ;■' icding year, 1 or in excess.pf the scale therein set forth.- Authority to increase the amount . "to bo:spent underHhe;head/of Unauthorised .. Expenditure will also'.bo asked : for, as it ■ ■■{ has ;• been;;.found- ,that" J with'.:;the; restrictive . ;'iprpyisionß.:pf the: Act -the amount , allowed is'. ;'"'' insufficient.. : All as well : i> as .that-iinder.the. extend"ed : appropriations, ; is'required, by;-law .-to ,bo .'included in the . '.estimates laid, before, Parliament in the next ../ ■■ session:.;l estimate the cash issues out of ' the Ordinary Revenue, Account for the peri::V;iod;;April;lLto; Octoberil4, at £4,600,000. To t:'.■:'■ .•' meet .this.;l anticiD'ato revenue.receipts to

the amount of £3,900,000; in a> estimating, I feel it desirable to keep on : the safe eide, which, with tho caeh balance at credit on April,!, 1909, £387,163, wiU giw) a total available ways and means of £4,284,000, or £312,837 loss than I estimate the expenditure for that' period. This will be met by the temporary issue of Treasury Bills, which I: hope ,to pay off before the end of the financial year as tbe'i incoming revenue will permit, tho largest. portion of which comes in.during itho last, six months' of tho year. Tho reductions in tho public expenditure to tho amount of about £250,000 per annum sbould assist to ensure an equilibrium be-, twoon tho expenditure, and revenue, and I hope that the present, reduction of revenue iviu bo fully provided for. Publlp WorHs Fund. :; ■ As to the Public \Yorks Fund, the balance on Maioh 31; 1909, including advances, in hands of Government officers and loan money to.recoiyo, was £433,709, an amount insufficient to corry on our .public works beyond .the present month. I thereforo .propose; to ask Parliament for ,■ authority to raise £1,250,000, to be.expended in reproductive works'.. .This'will enable : the Government to provide for the employment over the winter of thoso mon at present : out of work who are willing to accept same. To enable the equipmont of bur lines of railways to , bo more efficient, £250,000 ■ is. included in 'the £1,250,(100 proposed loan,' as the icreasing calls for further 'rolling-stock and/equipping of' lines':' requires. this amount.; ; I am also including in'the'amount-of loan asked for a sum" of £100,000 to. be expended .'ur the "purchase of-Native Lands, as. it. is" desirable in tlio. interests of the people .lq- si-cure these lands.; The funds for duplication of lines are practically exhausted; and as it is desirable to push on.with the necessary works already authorised, additional: borrowing-power of ,£75,000 will bo asked, for. So far as the, other .soparato accounts are concerned, there ,aro sufficient ways and means 'to carry on 'frith'.'-;'-' .'• .-: : ...-■'. :.;..}: ;. : - : :■■

, ;;; i the finance bill. ( : Tho Bill is divided into Wo parts, dealing with public revenues and aid to public Works. Tie part dealing' with public "revenues is to continuo in operation till 14, : 1909. While, this part ..continues in operation, Sections 37 and-38 ( of the Pnblic Revenues Act, 1908 "(relating to extended appropriations) shall be road and shall operate as If the following. amendments had been .- ; made therein:—Tho'words, "period ending on tho closo of October,l4 next" shall be deemed to be substituted for.'the words "space of three months" in; Sub-section 1, Section 37. The words "the period so ending on October 14" shall be. deemed to be substituted for tin words "such throe" months" in Sub-section 1; SectiW 37;'. The words "bearing tho same' proportion^to the..total amount of such vote as the period elapsing betweeiii ment of the financial" year.. and the close of October .14 thereafter bears, to • the whole finauoial year" .shall be'deemed to' be substituted for the words "equal to, one-fourth part ofisuch vote" ,in the first proviso to Section, 37. The words "the period bo ending on tho close of Otober 14. tnereafter" shall be deemed to be"substituted for the words "the three months thereafter" in paragraph | (c)of Section 38. \ ■ .•"...•■■'■

iVThis Act, 'notwithstanding anything' coriiained therein,-shall; not 1 _bo deemed to be an ict;granting and apropriating monoy within ;he'meaning and for the , purposes of Section 57 of the/Public Revenues Act, 1908. ;' ..■While this'part of the' Act continues in jpera-tion, of the Public Revenues iot, 1908 : (relating to unauthorised expehdil.uro), as amended by , Section' 23 of tho Appropriation Act,'l9oß, shall be read and shall >poratoas if thoyfollowing amendments had !>eeti madfr; therein:'—The; sum-.of-£150,000 shall be deemed .to-be substituted for the ram ,'ofr, £100,000; the sum of £200,000 shall bd'deemeilto'be substituted for the siim of ei50,000.v.:.-, :-!. -V-■■'.•;; ■■:■;■■ v. ,■•>"'^ Aidto, PuWlc WorksJ: :;■ ;. ; ' \r\ ';;:■• • With , regard to-'the second- part; (aid to' publio' yrorus; it is provided as follows:—this Act shall be deined' to' be , an authorising .. "the'i-"ine4hiii"'g'- o'f!;'the "New Zealand Loans Act,-. 190,8,'.' and the moneys be-'ftUsisd shall/be raised 'under and 'to ithe' provisions )f, that Act- accordingly.- : ' The Minister of finance is" empowered, to'raise) dn'"tnq''secur,ty of .upon the. public roveimes >f\-New;Zealand, such sums of'money, not speeding in the whole, ; £1,250,000; as ho ihinks. tit...-. The., sums; so raised shail bear" nterestat pnch rate (not exceeding 4| per :entum per annum) as the Minister for Finance .prescribes. / All.-moneys so raised rtiair be paid into ' the Public Account, to khe'oredtt of ;the Public Works Fund,'and shall, from time .to time; be applied to the ,vorks and purposes specified in tho schedulo lieroto, in. such amounts as are, from, time, to time, appropriated by Parliament. Prorided' that any,of tho aforesaid -moneys ivailablo • for' specific- roads .or; .bridges :may. frbm!'time''t'o:time, without, further authority ••than'- this Act, .be paid, over' in whole-or inpart to .the.. local authority in whose trict tho w'o/ks'are situate, or under whose control'such works; are usually performed, upon such terms'and conditions; as case tho Minister'in charge doterininps by isreoment. with that .local authority; 'Provided .also; that during the period ending pn";the .c/psß of October, 14, 1909, any moneys so raised under, .the authority. of, -this Act may from, time , to time be'''issued and .applied ' to.tho works, and , ' purposes Specified in the' schedule hereto. .Provided, also, that during the r same period, the sum of £100,000 allocatefl to the purchase of Native lands' in the schedule, hereto, together with the* sum of. £50,000 (being part of . tho sum of £300,000 allocated to/ land settlement and goldfields development in the said schedule) may. bo issued and applied to those purposes without,further appropriation thaiithis Act. lii addition.to the sums hereinbefore authorised to be. and in addition to the arebont; authorised to be -raised by Section 48. of the; Government' Railways' Act, 1908, the Minister of Finance is empowered from time-to time to' raise, .on the security of and chaTged.-upon'.the, l public, revenues of :New Zealand, for. the purposes .authorised by Section- 48 -of the- Government Railways Act, 1908, such sums of money as-ho thinks fit, not exooeding''in the' whole.the , sum 'of £75,p00.' ;:: ; ■>.." ■;:."■■- : ---' .?'. - ; .v -The'suma so raised shall bear ;interest at such ra.te, not exceeding i\ per cent'.; as the Minister '.for Finance prescribes,: and shall be raised under and subjeci! to the provisions of- the New. Zealand Loans Act, 1908. : All moneys! raised'.under -.the authority of this section, shall be paid into the Public Account _to the credit; of the separate account established by Section 48 of tno Government Railways Act, 1908, : and all. moneys expended on the, improvomentß.authonsed'bj that section, shall from time to time be paid out of that separate account- without further appropriation than this Act. . :'/■■' Tho'.following schedule is 'attached to the BiU:— ;;■-:,:. . : -;..,'■ Works and Purposes. . ..;'■',■ . / [l ■ 1. In respect of railways:—Construction ol railways, -£500,000. ■ Additional rplling-etocl for. open lines,, and such other; works anc ; purposes, in connection: therewith as may, lx authorised, £250,000. .-. . .'■'•- ■'.■■:'■ 2. In respect of land settlement and goldfields •,development:—The, constrnction ol roads,' tracks, and bridges, for the purpos< of opening up: back blocks and developinj: tho goldfields,, and such other works anc purposes in connection therewith as may be antlioriscd,-'£300,000. - . ' :■, .'.■■ ',' , 3; ■':■ In respect of tho purchase of Native lands, £100,000. "'•■:■■'. . .' '. .'4. In respect:of , other public ■ works,£100,000. '' . . ■ ■ ■■.'- • -Total, £1,250,000, . .;' '•'... '--. : ■;■ ;