BY ELECTRIC TELEGRAPH. (FROM OUR OWN CORRESPONDENT.) WELLINGTON, Thursday, 3rd September, 1868.

North Otago Times, Volume XI, Issue 343, 4 September 1868, Page 2

BY ELECTRIC TELEGRAPH. ( FROM OUR OWN CORRESPONDENT. ) WELLINGTON, Thursday, 3rd September, 1868.

The Financial Statement was made on Tuesday by the Hon. John Hall. He alluded to the Publio Revenues Act, as having worked vrell though requiring modification. He also announced that the accounts with the Imperial G-overnment were settled. The revenue for the past year was less than the Estimates by L96.000. Of this deficiency L80.000 is Customs, and L16,000 Stamps. The actual expenditure wus Lo 1,000 less than the Estimates. The total liabilities of the Colony (Provincial and General) are L6,7 74,099 ; and the interest thereon is L37.666. The Sinking Fund is L99.040. Receipt* from confiscated lands for the past year, L11.929. Expenditure, 1/26,410. ~ The estimated revenue for the present year it Ll,000,500. Ordinary expenditure, L704.647. It is proposed to spend Ll0,0u0 on a new house for the Governor, and L5000 for new Government offices. No reduction in taxation.

Mr Hall concluded by moving the following resolu'ions: — 1. That in order to simplify the relations between the Colonial and Provincial Q-ovornments, to remove uncertainty from Provincial finance, and to facilitate the ultiraato reduction of taxation, it is expedient that the system of provincial charges on the general revenue be abolished ; that the Consolidated Fund bo at the disposal of tlio General Assembly, and bo charged generally, with the interest and Sinking Fund, on the Colonial and Provincial loans, and with the expenses of the Colonial Government, including the maintenance of the harbor establishments. 2. That in order to equalize tho effect of the above change aa between tho several Provinces, a Bum of L90,000 out of the proceeds of the accrued Sinking Fund, realised by the operation of the Consolidated Loan Act, be placed to the credit of the Province of Wellington* ; and an annual Bum of L12,000 be deducted from the territorial revenue of the Province of Southland in aid of the fund, until repayment of the Consolidated Loan shall be effected. 3. That annual appropriations in proportion to population bo mado to tho several Provinces and other divisions of tho Colony, for tho maintenance of gaols and police. 4. That tho above arrangement bo brought into operation on the 1st January, 18G9, and that leave bs given to bring in a Bill for giving effect to these resolutions.

(From the " Daily Times" Telegrams.) Col. Haultain stated that, from personal inspection, he could give the most unqualified denial to the reported disorganisation in the West Coast Forces. He everywhere found the discipline) and regularity of the Camp such as would be creditable to any portion of Her Majesty's troops. Agricultural statistics are to bo taken as usual. In the Distillation Bill an 8s. a gallon duty on Colonial spirits was negatived by 30 to 22. Mr Richmond proposed, as a compromise, that the duty ahould bo 8s. if distilled froui sugar, and 63. if distilled from grain. No decision was arrived at. The question was postponed to Tuesday. The official investigation into the loss of fcho Taranaki, resulted in the honorable acquittal of Captain Francis. Tho Board of Inquiry acquit the officers and men of tho Taranaki from blame, and find the loss of the vessel was attributable to an unusually strong eddy. Sir George G-rey received a hearty welcome on landing, Sir George Bowen moeting and accompanying him to the residence of the Bishop, with whom Sir George Grey is staying. The Distillation Duty is settled at half of the Import Duty. The proposal to make it certain for six years was negatived. The House adjourned to attend the presentation of an Address by the New Zealand Institute to Sir George Grey, through Sir George Bowen.

* "We notice that a telegiam forwarded to a contemporary represents that N elson is to Teeeive L90,000 and Wellington Tj15,0u0. Our Correspondent is probably riglit.