THE Grey River Argus PUBLISHED DAILY. SATURDAY, AUGUST 24.

Grey River Argus, Volume 57, Issue 10520, 24 August 1901, Page 2

THE Grey River Argus PUBLISHED DAILY. SATURDAY, AUGUST 24.

Tue Financial Statement is not a document that can be absorbed and digested with tlie same facility as one may do with a mutton chop. While we are in the maim quite satisfied that it is not so disheartening as the pessemistic scribes (as Mr Seddon wouldterm them) of the Press thought and believed, the maze of figures presented to us does not entirely relieve us of some degree of discomfort! Ths Statement is satisfying in a,; sense only. Still,' there is that inevitable fly in the Oint-1 \ X ...

ment> !?sie Statement not only reveals the fact while we have been expending' of late considerably more money-than has been commonly supposed we have also incurred obligations to spend a great deal more still, more than has been anticipated or, we fear, has been prepared for. "We do not quite see any cause for special gratification in the balance to profit in the statement of accounts submitted by the Premiei 1 . He has no doubt made the very best of the case ; but with all he can do he cannot hide the fact that a decidedly distressful note pervades the financial statement of this year. We have been spendingbeyond the average; and the position demands of us to go on at: the same rate for a little time at least. ' We do not assume for a moment that all the expenditure, that has been going on — and that must be followed by a similar rate of expenditure for a little while — has not been entirely for the good of the colony, and that we shall receive full value for every shilling of it. But the fact cannot be hidden that for a Government constantly- preaching prudence and economy and inveighing in indignant terms against borrowing and squandering (and for the last ten years the same Government has been in power) the language of warning seems to be curiously misplaced. The Government evidently are in need of money, whatever the cause may be. That is quite patent. They borrowed for immediate wants before the Financial Statement was delivered, and Mr Seddon declaring that any motion to reduce the proposed million loan wanted for- land settlement purposes would be regarded as one of noconfidence, showed that he must have the money at any cost. Because he had already informed the House that this juncture was particularly unfavorable for loan operations in the London money market. He probably wants a whole million, but it is doubtful that he wants it solely for land settlement purchases. Hitherto the expenditure in that direction, annually has not exceeded half a million, and a very considerable sum of the land purchase fund is still in hand. Consequently, why the imperative necessity for a million ? But we do not object at all. There are always little mistakes in the administration of the affairs of the colony that' hurt no one and may excusably be gracefully covered and put beyond the public gaze. It is a sufficiently small mercy to feel that that the staple products of the colony are still our salvation by enabling us to pay the necessary twenty shillings in the pound — an advance upon it if necessary — and that theveis.no immediate danger of distress ' of any kind. We may note, however, without laying ourselves open to the chax'ge of "pessimism," that our depai'tmental and general administrative expenditure has been increasing at a serious rate. We are justified even in sayiug that it has gone a good way beyond the increase in our population. While on this topic it will not be out of place to call attention to the fact that our population does not come up to the ratio that under ordinarily favorable circumstances we had a right to expect. The rate of increase has shown a decided falling off, whatever the cause may be-;— a falling off in the birth rate or a reactance amongst the young people to accept responsibility of making homes. If the latter is the cause it does not reflect well on the prosperity of the country, because good times invariably send the marriage rate up. The departmental expenditure last year was over three millions, which showed an increase on last year of close on. three hundred thousand. This rate of expansion is most unusual, and though it is not likely to be recurrent, it is still a. good deal larger than seems easily explainable or- quite consistent with the prudence that was naturally expectedin the circumstances. As the increase in the public debt for the year was over- a million and a half, our readers can Imagine that thecolony has been going a pace and that it is 'time the break should be applied. It is of course to be recollected that we are a pushing community, • sometimes apt to fall into impetuosity and ready to attack the Treasury on every reasonable protext in a way that is not always easy for a Government to resist. , But as we are perilously close to fifty million of public indebtedness it is about- time, most prudent persons will admit, that we shall reduce our speed, and go slow for a while. The saving clause in the indictment is that new settlers are being placed on- the purchased lands, that old, struggling settlers are being assisted to obtain a prosperous position, and all the public works constructed are full value for expenditure. While the public works expenditure for the past year was over one millien three, hundred thousand,the expenditure for the current year is placed at L1,900,000..__ It is unnecessary to deal further with the maze of figures presented in this record Financial Statement* •' ' '