THE FINANCIAL STATEMENT.

Lake County Press, Issue 2134, 6 September 1906, Page 5

THE FINANCIAL STATEMENT.

Sir Joseph Ward delivered his Financial statement on Tuesday night, August 28. The Otago Daily Timos gives the following summary of the points of the Budget : ■' It will bo the aim of the Government to show that sound finances is not inconsistent with progressive legislation and vigorous administration." The gross publlo debt on the 31st March last was £62,191,040 an increase of £2,279,0-10 for the year. The increase in the net public indebtedness was £2,266,839 for the year. The nott private wealth of the colony is estimated at £258,710,000. and the value of the public property at £67,520,387. The assets of the colony are consequently got down at £326,230,387.

The total indebtedness of tho Stnte and of local bodies in the colony is £71,215 l)G(J. Tho balance of assets over liabilities, on this basia, is £255.015.321. Provision is to bo made in future 'or the payment out of tho revenue account of the oost of repairs and additions to public buiiiiingsand for the maintenance of roads. Tho estimated expenditure tor 190G-7 is £7,575,972—an inereaso of £450,0:52. Tho estimated revenuo is £7,8G7,0()0, or £217,011 in excess of actual receipts for 1005-(5. Of the sum of £788,791 to the credit of the revenue account on trio Slat March, it is proposed to transfer £750,rj00 to the Public Works Fund. Tho estimated balanco at the end of the year is £320,823, less such sums as may be voted on the Supplementary Estimates. Authority will be asked to raise a loan of £1,000,000' for public works purposes, tho money to bo obtained locally. It is proposed to errata sinking funds to redeem unremunerative loans. A sinking fund is also to ho created for the repayment o£ loans for tho acquisition of land for settlements purposes. It is further proposed to pay off from lime to time tho £700,01)0 Treasury bills outstanding. _ , ~. . It is nnticinated that tho North Island Mam Trunk Railway and the formation works of the Midland railway will be finished by tho end of I'JOS. " Tho Otago Central Railway will have been been carried'to tho ■ present point of stoppage' by the end of Match next." "it is hoped that tho next few year:; will sec a greater impetus given to the construction of railways, and it is believed that the npcessary funds will bo obtainable without recourse to the London money market. " Some practical scheme should ho devised to onabla thoso employed on tho railway construction works to secure homes for themselves and their families. For this purpose Parliament will be asked to sat aside 20,000 acres of land along the North Island Main Trunk lino, the Otago Central, and tho Midland railway lines, which the Lands Department will survey and cut up into suitable areas. Assistance will be given towards orecting suitable dwellings for those settling