THE PRESS ON THE BUDGET.

Gisborne Times, Volume XXV, Issue 2143, 27 July 1907, Page 4

THE PRESS ON THE BUDGET.

VAR YING VIEWS. Appended w;> give oxrtacts from press comments on the Financial Statement:

CHRISTCHURCH PRESS. “Two main points strike us in looking over Sir Joseph Wants f’imuicial Statement this morning, tne first is that tlio grading prosper ii.i to which lie alludes is accompanied by an alarming increase m the public expenditure and a relentless increase of tho Public Debt. Ibe second is that, although there are sever li very gratifying remissions, especially in Customs duties oil articles of food and ill post and telegraph eliargos, these concessions aro accompanied by another remorseless turn of the screw so inr us the luigoi landowners of tlio colony are concerned. . . AVo heartily congratulate Sir Joseph on tho postal reforms and reductions, which arc on tlio linos of his progressive policy in the past in dealing with tho departments especially associated with his nnmo. . . Wisely, wo think, oir Joseph AVard does not roly on much revenuo coming in next year. . Details of tho statement will . no doubt bo subject to hostile criticism, b.tD tho Treasurer must certainly bo congratulated on the clear and businossliko manner in which ho lias sot out his proposals.” OTAGO DAILY TIMES. “Whatever may be said concerning the extent of the ’surplus’ which mu; be legitimately claimed upon the operations of the year, the figures demonstrate clearly.the buoyancy oi the finances of the colony. A year i i which practically the whole of the balance that was brought into account from the preceding financial term was transferred to loan account, au 1 in which nevertheless a balance wts available at tlio close of over £l"00,000, must, subject to a certain amount of criticism with regard to the methods adopted in the allocatio i of expenditure, he regarded as distinctly satisfactory. Tho satisfaction is enhanced by the knowledge li 1 tlie present Government is appal ently determined to abandon some of the more questionable financial practices of tlie past. • It is not to be pretended, however, that tho Government system of finance has yet been placed beyond reproach. An analysis of the appropriations cliargeu against the Public AA T orks Fund in the past year, irrespective altogether of the vote for additions to open railways, shows that the expenditure covered a number of amounts which should really, if the payments were made on nnv sound principle, have been charged against revenue account.”

CHRISTCHURCH TRUTH. “it ought to be fairly clear that there is no great stability about a prosperity' which rests on suoli a basis (loan expenditure), and that, instead of going on merrily with tho disbursement of .loan money, and remitting taxation, it would bo much safer if the Government were to take advantage of the presont favorable times to reduce their loan expenditure to a minimum, and make some honest attempt to establish the ‘strong’ finance successive Treasurers have been keeping ‘steadily in view’ tar years past. If they did so, there would be-no fake surplus of £717,825 to brag about-, and there would bo no remission of taxation.” AVAIRARAPA DAILY TIMES. “Tho public revenuo of our Domii.ionotto is now eight millions a year, and out of this wo liavo been able to save 2 per cent during tho past twelve months towards liquidating tho iloatinir debt. AVc have had a genuine margin of £150,000, anti have on the other hand borrowed £2,000,000. Shall wo cry liurrali ? AVe receive tlio old and oft-ropeated assurance that local government will bo dealt -with next year. ' It has been ‘next, year’ for twenty years past. Tho Chinese are to liavo a high educational test applied to them. We may be thankful that it is not also applied to our legislators.” HAWKE’S BAY HERALD.

“It is to ho noted that the public debt has increased by two millions. Ostensibly Parliament only gave a\ithcrity for on© million, but under various Acts debentures amounting to nearly that sum wore also issued for the purpose of land purchase, aid to settlers, and other similar objects. A new loan of a million is asked for, anc,, no doubt, this will be increased to nearly double the figure in a similar way. During the year the public works expenditure amounted to two millions, of which nearly three-quar-ters is claimed to he productive. It cannot bo denied that much of tho expenditure on public buildings of an extravagant kind should not go to swell our indebtedness. The rea-: der who is concerned for economy will note with interest tlie first appearance of two items for which the country lias to thank tlie Opposition —the reduction of £150,000 in the standing item of Treasury Bills and tin placing of £90,000 to a sinking fund to extinguish the war and defence and the land for settlements loans. The conversion schemes for the year have also been successful and prudent.” AVAIRARAPA DAILY NEAVS. “Tho position appears to be a very sound and gratifying one from all points, and the present statement is probably tho most satisfactory that lias ever boon placed before the country, inasmuch as it discloses no difficulties to provide for, and shows all plain sailing ahead, with ail excellent outlook for a safe and prosperous career.” - / FEILDING STAR.

“AA o must certainly congratulate the Government upon the Financial Statement delivered in the. House last night. The policy of the Governmcn, after a year’s tenure of office, gives an indication of a desire to belie the reputation earned last, year lor rash experiments and '.l-consi 1 ved proposals, and if the influence of a small Opposition can change the face of affairs so radically in such a s’u-rt space of time, there” is hope lhat the next general election may place flu parties on a more equitable footing in regard to the representation of the interests of the eoimnmunity than can he said for tho present House."'