FINNACINL EMBARRASSMENT.

Daily Southern Cross, Volume XII, Issue 860, 25 September 1855, Page 3

FINNACINL EMBARRASSMENT.

We hear many unsuccessful enquiries, as to the causes of the financial difficulties of the General Government, and the state of confubion and embarrassment to which " old officialism ' has brought not only one — but every one — of the Provincial Government.*. Our financial difficulties are in some degree,, we believe, to be ascribpd to the confused and irregular manner in which the public accounts have been kept. It would seem that no one can discover what is dne and owing to one Province or .to another. The

accounts, instead of being separated into distinct periods as they should be, and the " Surplus Revenue " paid over to each Province in accordance with the Constitution Act, are run on from one period into another, with the view , apparently, of making the future revenue liable for the over and erroneous expenditure of the pnst. Another source of confusion appears to arise, as might have been expected, from issuing money — and to large amounts— fmm the different Treasuries without the fact of such issues being marie known in due time to some one officer, who«e duty it would have been to keep a complete account thereof, in order to act as a check upon the expenditure. Without an accurate and systematic account of the issues of the public money, it is not suprisiujr that, when the Government are called upon suddenly to exhibit a "balance sheet," they should find so much difficulty in doing so, or that no two of such statements should agree with ea^'h other. The confusion and irregularity in keeping the accounts is one fruitful source of the present embarrassment ; but the main cause, we should apprehend, is the enormous sums of money which have been paid away in the purchase of -native lands— chiefly in the southern Provinces— and for sheep runs. - ! From the accounts laid before the House of Representatives, it appears that between August, 1853, and March, 1854, there was paid for lands at Ahuriri alone, ,£23,940.; and since January, 1554, (also chiefly in the Wellington Province), no less than £63,384. To the New Zealand Company, again, there has been paid since 22nd May, 1854. £50,104.- Of this amount £31.383 was taken from the, Auckland Treasury, £7,798 from Wellington, from Canterbury, £1/765 from Otago, and £504 from New Plymouth And from the AuditorGeneral's statement, there appears a further amount of upwards of £12,000 still due to the Company. These sums are enormous, and will account for some of the " tightness in the money market," as well as for the financial embarrassment, of the General Government, and tbefir consequent inability to pay the share of revenue due to the Provinces. { The Auditor-General, in his accounts, admits amounts due to the Provinces of about £20,000 ; and when he includes a sum of £32,000 obtained as land revemie during the past year, and erroneously withheld as revenue of that year, the amount due will be upwards of £40,000, towards payment of which it may be reasonably doubted if there is one sixpence after paying preferable debts. The share due to Auckland will be over £20.000 ; but when it is to be paid, or where it is to come from, does not appear. Auckland will be fortunate if she can .borrow rmney to keep matters going until onler in the accounts be established, and until her share of the general revenue be received. The 1 , other Provinces, we should imagine, may nod bo so j fortunate ; their financial affairs are likely to be j thrown into even greater confusion, with} a cor- i responding increase of inconvenience aid in- | jury. i Had our revenues fallen short of the estimated amount, there would have been some ejxcu«e; | but. the revemie has been continually and sjteadilv j nn the increase, and our embarrassments cm only be ascribed to mismanagement of the accounts, and to a reckless expenditure of the -public moneys. ' __ j

We learn that the mamarial to hU Ex^mov. praying, on the part, of the Provincial Council, for n dissolution, was presenter! vosfenlay/'morning bv the Sreaker. No intimation of his'liixcelloncy's decision has yet appea'erl.