FINANCIAL STATEMENT.

Grey River Argus, Volume LVII, Issue 9494, 15 July 1896, Page 2

FINANCIAL STATEMENT.

(PBft FAVOR OF OOVBKNMENX.)

! IN COMMITTKB OF WAYS AND „ ... : ... MEANS. " _ • ;•'■ . Wellington, Tuesday, July 14. By the Colonial Treasurer, the H«n If f Seddon. Mr Guinnesa,— l hope It will not be considered oat of place for me to expreiß my personal regret at what hai led to the delay in the delivery of the Financial Statement this year, and I faei assured that the regret is shared by memberi generally. The bitterest political op* ponenc of the Colonial Treasurer will do him the justice of admitting that he unsparingly placed his great ability in tha seivioe of the oolony and was ever zealous in promoting its welfare, and this devotion to public duty has In a great measure conduced to his personal loss and resulted in his retirement from office. He has thus been prevented from placing before yen a Financial Statement which I venture to assert, whilst satisfactory to the colony, would have been most pleaiant to him to have deliverad. Knowing that our syataia of keeping the public accounts is somewhat difficult to mastier, and that financial skill and experience art requisite) to sucoess, it was with considerable diffidence that I undertook the duties of its offioe, i»nd; following such an able prtdecaasor doe» not' minimiae the 'difficulties. However, my misgivings are to some extent 'allayed, for I feel assured that hon members will be considerate and acoord' me reasonable and generous asslstanoe. . ;- Owing"ts"the" short time that has elapsed sioo* 1 baealme Colonial Treasurer, the committee will not expect me to do more than to place It before them the year's traniaoilens and to briefly outline our present and future Intentions. 1 earnestly desire to place before you the figures and result! in a clear and practical manner, so «hat members acd the people generally may easily understand the financial petition of the oolony. KEVENUI ACCOUNT 1895-6. I now ask yeur kind attention while reviewing the operations of the past financial year and reporting the successful result In forecasting the result of the year. My predecessor in his laat budget did not express himself as hepef ul of a surplus of a balance as he had been able to predlot on former ocoasioas. Still, he was able to show that the estimated revenue would more than meet; the expenditure of tha , year. It is more gratifying to me to ba able to tell you that the aotaalreaultg have considerably exceeded his expectations. The figures are as follows:— The revenue and other reoelpts reaohed Xi,s6ri;ols;r The expanaitart^iwi. L 1,370,181. Thebilinoacf rtoalptioTM

expenditure L 185,534. Add to thli the balance of the previous year* L 180.02--4 and deduct the amount tranaferrea daring tHeJ year^ta ""th>. Public, Worica Fond, 1i150,000, leaving a netl Burplni of L 215.558. Gar detractors, who are few,' will be disappointed ;* but oo(r i ft lands, who u& &**&« w]ll Jftjojoe wUh, the Government at each a aplendid rein.lt, as is shown by 'the J r have jtiat' reolted to you. c ltla a matter for sincere* oongrataUtlon that, the ojolonf Is able to ■how ' a£ &c end of lt» last noanolaj year sucK 'a handabme antplutof dose upon a quarter of a miliiop, aad.thiacanqlds'Te'y proves, In my opinion, the wisdom and suooeia whloh have attended oar efforts to eitabllih and malntato~a syftsm of strong finance. ' .', . :\ . Following the usual custom, I will now give you in as oonolse a manner as possible the particulars of how time gratifying results hate been brought about. Fint, as regards the revenue of the year 1895 96: It was estimated that the receipts would produce L4,34i,200. The .actual figures, however, reache » L 4.556 015. or L 214.815 beyond the estimate. Oomparloa"fhe""actual «c»ipta of the year jaet, passed with those of the preceedmg year, they wIH be found to ba very nearly L 150.000 In access of this amount The duties received through the customs amounted to L 79,526 ; the stamp revenue produced an excess of L 29.962. One of the' most satisfactory inoreases over last year Is that of the railways, amount* lug to L 29.532 ; and this was reached notwithstanding very substantial reductions'which the Minister was able to naWib'c the benefit of the public; and an additional sum of L 37,600 was received In connection with the debentures leaned •gainst the aecretibns of th« sinking fund fo/ the year. 86me other recalpts contribated an excess ef L 17.144. It was oontemplated that the concessions made In Ibeliabd Tax weuld have probably resulted In diminished revenue to a larger amennk thanhas been aatually received ; but I am glad to be able to say that the falling off of the Land Tax has been oountetbalanced by the reoelpts from eooupled native land not previously collected,?r;iW; tsind , jmd ; Jn ? pm©: Tax totether showing only.! a .dim}n_utipn of L 5 871. The revenu^Jxom registration and from marine stows § falling off of L 39.011, while the, (;eircicorial revenue, •bout which the^most'anxUty was felt, j ■hows only fdebrease of L 24,493,* most gratifying; resaU.; Itjnbat te al owad, ■ ■Ming that the best of our Grown lands have beensallenatßd, and only a remnant remains, and: farther, when we take into ] consideration the struggles ©r many worthy settlers who have had to bear many heaVy losses arising out ■of the severe weather whioh was l experienced last winter, that the res.alt la very satisfscoryv The usual table showing the i Mliial results; oompared with the estimated revenue, will be found attaohed ta dt statement. On the expenditure aide of the year. 1895596. there i?. an excess looking over the various, items.l-find that. the expenditure on the annual vote .x---oeeds last year's payments by 193,059 . I will refer to . this again presently. The charges authorised by per* manent appropriation exhibits In unX expenditure of ] 1 3,829, Including L 20.600 advanced to the Government Advances tp&ettfors office, to provide for the payment of , Interest, and under ohargeawhlqh the .office had not been able to VeU .; OBt^ithe ;tefc. 1 year of its existence. Interest and sink njr fund Sew" decrease of 133.113; bat ldo not dilm thlsjas* ' ■wlngy because the preTiousyeays expenditure inoluded In the Ltq>arterihe>ilC]of , tip old method of providing for lßt-re«t fund of thelban of 1867. On, wbaidles paid to local bodies thY small sum;. of L 3463 was under, tpent ; ; on p the other hand, wm^the perma4?nt'. charges of last v«ar»xwa|ea 'those of the. preceding year, JoSbWi^#^^ - c^ for oharltaWepurpesas. which Ipflreased as ToluntarysubsctiFtloHß,tolocalinstltationa at various 1 parts' " id the colony, flowed Id. fae^TWnrientvbeing Oftlled °P° n to subsidise these moneys, with equivalent ■rants. There Is aho an excess to be found in the amount" P»id over, In connection witfi the- Woelptsfromlthe endowments of the West Coast harbor boards. Reference to the statement of {the appropriation account of last year, whioh has been piaoed' 'before r hpn m^mbera,, will ■how the vaiiooa yotes.upQn which sayings have been effected vand where the expehdltuYe has In excess of the amount vbted. lfi. comparing the expenditure of the year 1895 06. with the previous year. It will i be,, sufficient for me to mention the classes wherfln.the principal ■avlog ( oro.ver 5 -.exp.enditure>asbeenmade ; In c&sW' 5 of tlie Postmaster-General •n excess of - expenditure amounting to L 32.296 pcpura. The conveyance of mails by sea an; 4by land is responsible for L 25.000, LIi.6QQ °f which was proTided for p»yme.n.t.to the railways in excess of the. amount, paid the previous year, whereby the department; had hitherto been carrying the parcel, post at a very low rate; It must not be ; forgotten that thls'expendlWie js^ef nrned to the colony •a railway inobme.:;: The Postal and TelearßDh Department being, at the disposal S^JWic^,e?eryinbabited point In the cdlpnyiiihas <to bej»ervedj>y a Urge staff of^-pi^ees. r JBetace, the small increase* authorised by the Classification Act amount yearly A 6, a . lar*eßum in the aggregate. In the Bduoatlon Department, 'what' may be termed, the normal inorease pqours, and will so long as our Sfe'i;oeror(!iore«tiDg.l do not fmaaine:rtWt._hdn members will be» ; «adl» .feayment facllltiea; w^affora^^iucatlhathe;^^^ of , theodlonyU 4«^olaas XI (working railways) it will bejound that an Inorease of j revenue"nasl)aen-sMne:a. I. am glad to ■ cc the lncraased.spendlng pewer of the public has enabled them to make good use, of our iron roads The Inorease of freight. »nd of traffic will serf c as a great mducei ment for the Government to »fford stil further conossslDns. In class XII under, the cpntrpl of the Minister of Lands, the •xpenditure has again expanded, and. I fejsl sure that my colleagues will, not be i blamed for the small increase of expenditure whiob arises from the succeVsful; ■ettlemen.t of the people upon the land,; Aigood^round sum of this expenditure: has really been reoooped by the deposits; received from selectors of unsnrveyed; land. The«e,deposlts I% aroJ)y. law ,carried ( to revenue ihs^ead of being üßtd in re-: : duotlea of the coat of survey. I hope the Government will not be blamed fora lllkhi lncrease in the expendl ore Of the " / jor 'conUrmation see page 4) r

Police and Defence Department. It had become manifest that the police force of the colony needed strengthening, and with regard to the Defence Department the Minister recognised that in these stirring times It would not do to be behind the age, so the Home authorities were nrped ' to at onoe supply the arms aud ammunition which had been ordered same time ago to place our colonial forces upon a satisfactory footing. In regard to modern equipments it ' is to be earnestly boped that occasion will never arise to teit the effcclenoy of our loyal defence, but It cannot be gainsaid that we should be fore armed as well as forewarned. Other heads of expenditure under votes calls for little comment. Under the head ef " services not provided for," is sat down the unusually large sum of L 22.422. Of this amount L 11,333 was expended in the purchase of Martini- Henry rifles, Lf,693 for the first progress payment in respect of the contract for the building of the new cable Bteamer (the " Tutanekal") and lighthouse and L 2077 for ex* penses in connection with the Native disturbances at Ruatokl and Te Whltitl I have said before, the ÜBual detailed statement and tables will be laid before the hon members either attached to my budget or in separate Parliamentary papers, and 1 feel sure the hon members will be pleased to make themselves acquainted with all the particulars relating to the receipts and expenditure of the principal publio account of the colony— namely, the revenue of the consolidated fund, the statement of which membeis will fiad subjoined, RECEIPTS AND EXPSNDITURE FOR THE YEAR ending 31st March, 1896, compared with the financial year ended 31st March 1895. Xha receipts balance at the beginning of the ye *r 1894-95, L 290.238 63 5d ; of the year 1895-96, LI 80,024 5a 9i. Ordinary revenna 1894-95 — Customs, L 1,569,784 7a 10i-L1,649,310 7<» 2d ; stamps (including postal and telegraph cash receipts), L 677.225 7« 6d-L707,127 12s; Land Tax, L 280.188 4s lid — L271,3948a 2d ; Income Tax, L 89.891 6s 4d— L92.771 3i lid ; Property Tax, LJ9 2s lid— Ls4 183 81 ; beer duty, L 59,901 9j 1d— L62.657 Ha 6d ; railwaya, L 1.152,748 5s 6d— L1,182,279 16* 6d ; registration and other fees, L 51,381 4a 8a— L48.334 12s 8d ; marin», L 21.513 18s 10d— L20.660 6s lOd ; miscellaneous, L 63.175 16s 7d-L72,419 16a 8d ; total for 1894-95, 13.965,829 4s 2d ; total for 95 96, L 4,107,077 14sld. Territorial revenue for 94-95.— Cash land sales, L 75.362 14« 8d ; for 95-96, L73.521 10s lid ; deferred payment land sales, L5G,103 14s 10d— L53.049 14s 3d ; pastoral runs, rents and miscellaneous, L 184.699 2s 3d — L 165.102 4s 8d ; receipts in aid of debentures iseund under " The Consolidated Stock Act 1884 " for increasing of sinking fund for 94 95, L 117.80 0; for 95 96, L 145.400. Amount recovered from the Cheviot Estate account balance of the purchase money 94,95. L 2.220 ; for 95 96, LB.OOO. In respect of expenditure charged in pre vioas year to " unauthorised " 94-95, nil; 95-96, L 3.864 Is IA. In respect of interest paid on debentures for 94 95 L 4,520. SINKING FUNDS SET FREE.' "The Lyttolton and Ohristohuro Rhailway Loan Ordinance 1860," 94-95, L 15.200; 95-96, L 18.600 applicable to the redemption of the debentures ießUed under "Th* Consolidated Stook Act, 1884." In respect of "The New Zealand Loan Act 1856 ;" 94-95, L 5.51 4; 95 96, nil. "The Lyt-elton and Ohrlstohurch Railway Loan Od manes I860," 04-95, nil; 95-96, LIB.OOO. " The New Zealand Lo»n Ac- 1863 " 94-95, L 27,000 ; 95»96, Lll.lOl la 3d " The Consolidated Loan Act 1867." 94-95, L 231.900 ; 95-96, nil ; total, 94-95, L 279.614; total sinking funds set free, 95-96, L 47,701 Is 3d. The Naval and Military Settlers and Volunteers Land Grant, 1892, debentures Issued in exchange for remission certificates, 94«<95, LllBO ; 95-96, nil ; grand totals, 94-95, 1 4,977,548 2s 4d : grand totals, 95 96, 14,783,740 12a 6d. EXPENDItURE PERMANENT APPROPRIATIONS, 95 "96. Civil list, L 24.411 163 3d, 95-96 L 23,044 15a lid. Interea- on sinking fandL1,71C,88963 41 ; 95-96, U,683,775 O3 Bd. Under special acts of the Legislature, L 189.890 17« 6i. L 200.558 0< 3d. Subsidies paid to local bodies, L 67.342 13) 3d— L63 899 9i 7d.— Amounts paid over ta local bodies and to deposit accounts in respect of payments under the Land Acts, L 44,959 0a 2d— L34.066 7a 3dd. ENDOWMENTS. New Plymouth Harbor Board, 16893 1* 10-L798711* lOd; Qreymouth Harbor Board, L 10.577 9a 0d— L11.348 10a 2J ; Wa^o-n-i Harbor Board, L 15 ,937 14s lOd — L17,01510»9d. TOTAL PEBMANENT APPROPRIAT ONS 94-95, L 2,077000 19a 2d ; 95-96, L 2.052.673 63 sd. ANNUAL APPROPRATIONS. Olasa I.— Legislative 94-95, L 17.391 8s 'lOd ; 95 96, LlB 527 17a lid. Class II —Colonial Secretary, 166,022 13,4d— L72,380 14s lOd. Clasß 111.— Colonial Treasurer, L24 ; 41i 17s 6d— L24.784 0a 6d. C'asß IV. — Minister o? Jastice, L 124 204 6i— L122.728 4s lid. Olas» V. — Prrs* master General, L 298.765 15a 7d-L381,062 11s lid.. Ciasa VI. — C'lmmtesionerof Trade end Customs, -L66 674 10j 8d— L62.741 10s 9i. Class Vll.-rCommiesloner of Stamps, L 20,168 8* 7i-L23,565 17s Id. Clbbs V).ll,— Minister of Education Department.— L396,234 1a— 142,035 14a lid Lunnoy »nd Onarl'-ab'* Aid Department, L 54.413 18 1 8i— L53.129 4s 61. Department of Labor, L 3.437 3j 3i— L 8.083 6s Id. . Olaaa IX— Minister o! Mines, L 15,602 981^15,80611.. 7d. Csaßß X — Minister of Agriculture, L 42.529 11s ld->L43,347 16j 4d. Cass XL— Wording railways, L 725 556 157d— L753.670 ss2d. • Ola?* X 1. — Minister for Public Works, 150.153 2« 4d— L46.239 2s 3d, Class XIII. — In the Defence Department, L 62 156 7a 6d— 167,648 12a 2d. . Class XIV. — Police Department, L 94.210 5s 1d— L08.244 Is. 9d. Class XV. — Minist r of Lands,— Lll9 763 U, 10d— L121.583 15j Id. : Class XVI — Rates on Crown Lands, L 219 18r03— L493 Is 3d. Services not provided f0r,X8984 13s Id —22,422 16s lOd. TOTAL ANNUAL APPROPRIATIONS 94 95 L2,189,710.5i2dj 95-96, 12,297,307 ' 8« 30d. "■'"""■ ■■"•■' «i*A»*j

AMOUNT TRANSFERRED* TO THI PUBIIO WORKS FUND. PUBLIC WORKS FUND. Part 1— L250,000-L159,000. Advanced to Government, advances to settlers, office management account, In terms of section 49 of the Government Advances to Settlers Aot, 1894, nil— L 20.500. Realised sinking funds transferred to publio works fund, Ll7 Us Bd, nil. Balance at end of year, L 180,024 Os 9d— L215,558 16* ; total. 94 95, L 4.696.754 2b 4d ; 95-06, L 4.736.039 Us 3d. Add debentures radeemed under Consolidated Stook Act, 1884 (colonial issue) 94-95, L 26.44 1; 95 96, L 29.100. Lyttelton and Christohuroh Railway Ln*n Ordnance 1860, due first January 1896, L15, 200 —L1 8, 600. Released sinking funds transferred to deposit account, nl! — LI Is 3i. The Naval and Military Settlers and Volunteers Land Act, 1892, remission certificates exohanged for debentures, per contra, Lllß— nil. Grand totals: 94-95. L 4,978,548 2b 4d ; 95-96, L 4,883,740 12s 6d. TREASURY BILLS ACCOON2 For the year ended 31st March 1896 oompared with the financial year ended 31st March 1895. Kecaipts Treasury bills outstanding at beginning of year In anticipation of revenue, 94-95, L 33 530 ; 95 96, L 33.400. In redemnblon of guaranteed debentures. L 476.000. Treasury biUa Issued during the year L 1,060,100 — L 1,255,100. Totals, L 1.871,100 -L 1.255,100. Expenditure, treasury bills paid off in year 94 95, L1,061,100— L1.330,100. Treasury bills outstanding at end of year in anticipation of revenue, L 334.000 — L 335,000. In redemption of guaranteed debentures, L476.000— L400.000. Totals, LI ,771,100 — L 2,065,100. CONCLUSION. I look forward with confidence fully believing that the temporary difficulties of the past are over, and that there are bright snocesßful times in store. I thank the committee for the kind attention it has afforded me.