Financial Statement

Horowhenua Chronicle, 7 August 1913, Page 2

Financial Statement

DELIVERED LAST NIGHT. ITS * The Jlon. James Allen, Financial .treasurer, delivered his .Financial Statement last night, iu the House of Representatives. Jt showed that for the year ended :>lst March, 19L>, the revenue of New Zealand was £7,7-54,022, or £'78;").(US in excess of the estimate. The greatest increases were in Railways (£224,■!•)()) an"d Customs (.£2O7,;Vj,S). The actual revenue for the period exceeded that for 1911-12 by £701,478. The expenditure for 1912-L! was £140,900 below the Government estimate. During - the year Treasury bills to the amount of £775,000 were issued and were repaid. It is satisfactory (adds Mr Allen) to note that on the •Ust March, 191'!, none were outstanding. The gross public debt at the end of the financial year amounted to £90,000,700. Approximately £55,000,000 has been utilised in such works as construction ol' railways, telegraphs, and telephones: advances to settlers, workers, and local authorities: purchase oi land for settlement purposes, etc., which are directly reproductive investments. Tl is proposed to amend the Public "Revenues Act in ordei that Treasury bills may be issued in London. This will facilitate the raising of temporary loans for the purposes o tho f'onsolidated "Fund in anticipation of revenue. A tola! of £21,800,2 ; >8 Xcw Zealand loans falls due during the next seven years. Tn 1914 onl\ £298,800 will fall due as from ! July, but in 1915 £9,8-'{o,-8(i:> will be due, and sonic fou l, and a quarter million iu the year succeeding. An Electoral Bill is to be introduced during tho eomii;:, session. STATE ADYAXCES OFFICE The amounts lent during the year were as follows: £ Settlers (including loans from Public Debt Sinking Fund 9 ; >7,40"> Workers 449,200 Local authorities 517,29") The report and balance-sheet of the Advances to Settlers Br ancli shows a profit for the year of £7-'J,B(M, and that of tin Advances to Workers' Branch a profit of £11,20:). These profits are more than absorbed hy the sinking fund contributions. Amended legislation is being introduced which will consolidate and simplify the present law regarding Slate advances. The existing system, under which the Superintendent is required to raise the money foi certain other Depart nients with the administration of which he has no connection, has prove; I cumbersome and inconvenient, and it is intended to provide that in future the Treasury shall raise all moneys required for such purposes as land fo; settlement, Native-land settlement, opening up of Crown land, etc., instead of the Superintendent. The amending Bill will also make provision for bringing the sinking funds of all new loans of the Advances Office under the operation of the Public Debt Extinction Act. LOCAL GO'YERXMEXT KEEOinr. Further information has lieen obtained concerning local government in some of the States of the Commonwealth. Phis has boon considered by the Government: but, in view >f the very heavy programme if legislation provided for this vcar, if is doubtful if "Parliament will have time this ses-

sion to adequately cousidei' this important subject. It is ■ intended, bowevei'. that proposals for the consideration of members of Parliament and local bodies. A(; IMCI'LTIMMv The rural industries, and the preparation of their products for export, are among" the most important factors in I lie material prosperity of New /''aland. If is consequently a matter of satisfaction that the past year has been one of prosperity for these industries. I lie wool-clip has been good: dairying" has continued to expand, especially in the manufacture of cheese: commercial

fruiig •rowing is now beginning in take its true place :is a means nf utilizing much bund (hat is nf comparatively small value for other purposes; the hem]) indusiry lias, owing largely to it period of high prices, shown a remarkable revival: and poultry-raising and beekeeping are exhibiting signs ol' a forward movement. The (Tovernnient has under consideration a proposal to introduce Legislation this session whjch will enable financial assistance to be granted to associations of fruit-growers for the purpose of erecting canning factories and providing cold storage.

CUSTOMS IIEEOIUI. A consolidating Customs Law is to be introduced this session. -«■* LAX!) FOR SETTLEMENT. The operations under the Land for Settlements Act have been larger than in the previous year, an area of 00, SI!) acres having- boon purchased at ,a value of £428,054. There is a good demand for grazing'lands, but for mixed farming' il is not so keen. Ten associations have been completed during: the year' with a membership of eighty-seven, and an area of 11,. c >s4 acres, valued at £'185,899. Several others are in course of formation. It is proposed to materially amend (ho Act this session to facilitate settlement and to make better provision for finance.