The Hastings Standard Published Daily. THURSDAY, JULY 16, 1896. THE FINANCIAL STATEMENT.

Hastings Standard, Issue 69, 16 July 1896, Page 2

The Hastings Standard Published Daily.

THURSDAY, JULY 16, 1896. THE FINANCIAL STATEMENT.

For the cause that lacks assistance, For the wrongs that need resistance, For the future in the distance, And the good that we can do.

The Statement delivered by Sir Seddon on Tuesday evening is remarkable for its ponderosity, and the various departmental chiefs have apparently been pressed into the service of the Colonial Treasurer to pad the Statement. Much of the matter supplied is ancient history, but on the -whole we fancy it should prove acceptable to the people. Mr Seddon has wisely kept clear of financial fireworks, and while he has resorted to an infinity of words to relate & simple story, the fact remains

that ths story is intelligible to the average elector. The avoidance of such tinsel trimmings as non-borrowing and self-reliance is commendable, and we feel we can congratulate Mr Seddon on the production of a Financial Statement that exactly suits the period just prior to a general election, which is a most important matter. The fact that it is intended to borrow another million will be welcomed by many, as the works on which it is proposed to be expended are necessary for the national progress of the colony. Bailways will receive £250,000, roads £250,000, Native lands acquisition £250,000, goldfields' development £200,000, and thermal springs £50,000. The terms of borrowing are studiously avoided. The revenue exceeded the estimate by nearly £150,000, to which amount the increased Customs duties imposed by the tariff of last year contributed £79,526. The estimated expenditure for the current year is £4,451,165, and the revenue is estimated at £4,484,000, showing a surplus of £31,885, which together with the surplus of £215,558 in hand makes the gross surplus for the year amount to £247,393, enabling the Treasurer to devote £150,000 to public works. The departmental expenditure is steadily increasing, the estimate for the year being £2,358,682, as against £2,310,967, the amount for 1895-96. The public debt was increased during the year by £2,663,810, bringing the net debt of the colony up to £42,271,879. The Land and Income-tax yielded £14,178 in excess of the estimate, and credit is taken for the progress made in the business of the Government Life Insurance Department. Eulogy is also dealt out. to the Public Trust Office and the xldvances to Settlers Office. Land settlement is stated to be progressing briskly. The census returns are quoted as a memento of returning prosperity, and the Statement concludes full of hope for the future. The Treasurer feels sure that all will recognise that there is a vitality and elasticity in the trade and revenue prospects of the colony sufficient to satisfy the most earnest well-wisher, and " to expose to the world how uncalled-for and unpatriotic were the predictions of those whe, for some time past, in season and out of .season, never missed an opportunity of alleging that there was a great loss of revenue, that our trade was ruined, and our credit destroyed." While capital is flowing to the colony, and while the prospects look so bright, the Treasurer is of opinion that we should go slow with expenditure, and that the strictest economy should be practised in every branch of the public service. While there is nothing brilliant about Mr Seddon's first Budget Speech, he must certainly be congratulated in trying to please all parties. He might have earned a name for himself byproposing to reduce the taxation on some of the necessaries of life, but he preferred to leave the tariff untouched.