THE Grey River Argus PUBLISHED DAILY. TUESDAY, AUGUST 27.

Grey River Argus, Volume 57, Issue 10520, 27 August 1901, Page 2

THE Grey River Argus PUBLISHED DAILY. TUESDAY, AUGUST 27.

Although the publication of the quarterly accounts has been somewhat late this year, they come as a welcome change in enabling, an approximate opinion to be formed as to the revenue and expenditure of the colony. The tables appear in a supplement to the Government • Gazette published on the 21st inst. From these we tak c the following figures. While they are by no means discouraging "the general results would- seem to indicate that the colony has reached its commercial zenith, and that if the decline in our chief products continues the . revenue will be ien the down grade for the present year. The ordinary revenue for the first quarter of "the financial, year totals L 1,133,839, against LI , 1 07, 42 1 in the corresponding quarter of last year ; and the territorial revenue amounted to L.27,721, against L 27,631. It is hard to see how the territorial revenue can be kept up with the present policy. Every large estate that is purchased and cut up into small holdings diminishes by so much the territorial revenue. The large land owners by selling to the Government escape the graduated land tax, while the small farmers who succeed them contribute nothing to the-Con-solidated Fund by way of a land tax. The aggregate revenue was L 1,161,560 as against L 1.,135,052, an increase of L 26,508, while the increase in the previousyearwasLss,62B,

The Customs shows a decrease of L 24,147, stamps L 1455, and land and income tax L6BB. The increases were —Postal, L 4161 j beer duty, L 1863 ; railways, L 35,376 ; registration, L 875 ; marine, L 40 1; miscellaneous, L 10,032; and territorial, L9O. The revenue was increased by receipts in aid L 57,000, and recoveries L 5693, making the total revenue for the quarter L 1,224,253. The , expenditure has increased to typ amount of L 148,432, a fact of some importance, especially as the tendencyjur the same direction of late has attracted serious attention. Last year there was a decrease of LI 9, 3 15. The permanent appropriations for the past quarter totalled L 860,694, or L 58,787 more, than in the corresponding quarter, and the departmental expenditure totalled L 632,493, or L89,Q45 more than in the June quarter of last year. These are significant facts, and are scarcely explainable by the allegation that the natural progress of the colony and the development of its resources - have rendered increased ordinary expenditure necessary. There seems to a lay mind to be a want of proportion in the respective figures, though. Ministers, with their more intimate knowledge of the facts may be justified in thinking differently. The actual expenditure was thus L 1,493,187, while the revenue from all sources was L 1,224,253, or L 268,934 less than the expenditure. It is usual for the expenditure during the first quarter of the year to exceed the revenue, but this year the expenditure is a little out of the common. But no doubt this will be made clear in the course of .the debate of the Financial Statement that has been begun. The Statement shows that L 75,000 has been transferred to the Public Works Fund under the Appropriation Act of last year, and is apparently the first instalment of the halfmillion of last year's surplus proposed to be transferred. There is also shown that L 19,000 of debentures were redeemed.' With the credit balance brought forward from last year the total receipts for the quarter amounted to L 1,745,817,, 745,817, and the aggregate expenditure was L 1,587,187,, 587, 187, leaving a balance of L 169,630. ... As to the Public Works Fund there was a balance at credit at the beginning of the quai-tev. of 17332,516, and proceeds of sale of debentures brought in LI, 000,514!. >^ J^appears that 4 per cent, debentures to the amount of half a million were sold in London during the quarter. This seems to be something that the public have not heard of before, and should call for explanation. That will no doubt be forthcoming in due course. v The whole of the receipts, including the balance brought forward, was L 1,308,051., 308,051. On the expenditure side it is shown that L 417,213 was spent on public works, against L 151,640 in the corresponding quarter of last year. The expenditure on railways totalled L 268,133 against L 55,884. This seems to be a most unusual expansion on the expenditure side of the balance sheet, and is no doubt due to something exceptional and not likely to be recurrent. Temporary advances to the amount of L 200,000, together with the costs of issuing the half-million loan in London and the colonies, amounted toL4BIO. The expenditure and repayments together totalled L 622,023, leaving the Public Works Fund in credit to the amount of L 686,028 at the end of the quarter.