The Financial Statement.

Manawatu Herald, 6 July 1893, Page 2

The Financial Statement.

We refer to the Wellington papers for the fall text of the statement, and extract from them the following precis. The actual revenue from all sources has substantially exceeded the estimate, by ,£178,786. The expenditure has b«en £48,719 less than. was estimated. Under the Native Land Purchases Act £19,575 worth was purchased. The gross public debt is £89,257, 840 an increase of £544,772, of which £828,347 was added as a result of the loans converted. The estimated expenditure for the year is £4,409,871 and the revenue is set down as £4,689,700, During the year selections of land under the various systems numbered 8071, and 1,668,687 acres were disposed of. The only completed purchases of land for settlement amount to an area of 1027 acres. During the year 1 the Labour Bureau had helped 8874 men in the way of getting employment. It was found, under the Factories Act, that there were 25,022 persons employed. The Cheviot Estate was paid for in the following manner, in cash £60,220, the balance by Treasury bills (£200,000) having six months to run. and bearing interest at 4£ per cent. It was asserted that the revenue derived from the estate will give a handsome return on the purchase money. In view of the large amount of land setthment going on the Government do not intend to make any alteration in the subsidies to* Local Bodies. It has been decided not to proceed with the classification of the Civil Service this year. The proportion of loss to be made good by New Zealand to the cable company, consequent on the reduce tions in the rates, will not exceed £7000 for the current year, and a third of which has been guaranteed by merchants and firms in the colony. proposals. An Amending Bating Act will be introduced to subject Native lands to taxation. Another proposal is that lands to be reserved for the use and residence of and cultivation by the Natives themselves, may be occupied under leases without tender at assessed rentals. It is proposed to offer the Natives to throw open their lands under the land laws of the colony < throughlsie: Government. It has been decided to exempt all improvements from taxation. ■ The Government is also of opinion that the time is fast approaching when the exemption of improvements- in county and road boards for local taxation should also be effected. „ [ The graduated tax on unimproved values of properties over £10,000 will be slightly increased. : V- v If land is taxed wholly on 'the unimproved values the triennial assessments will be abolished. ' ' ; The Government will abolish" the stamp duty on wages receipts, : The Government have some proposals for a general life insurance of Civil servants, Police, school teachers and Government employees. The tariff will not be reduced this session. • •. .„ - i The Government Railways. Act 1887 will not be repealed, but' 'the railways are not to be left solely under control of men who ' are not; directly responsible to Parliament. > It is proposed to abolish the PublicWorks Department and to have its duties undertaken by the .railway management. i:i ? • The Customs and Marine Departments are to be amalgamated. 1 The Government are likely., to be unable to deal with local government and charitable aid this session. ■ ■ ■■■-^i" r^ The Government believe borrow* ing is not necessary and have; Jecidcd not to have recourse to it ! ;< In conclusion the Treasurer stated he had no hesitation in saying 'that never in the previous history of the Colony were its prospects brighter. The Statement will be discussed on Friday.