FINANCIAL STATEMENT.

New Zealand Herald, Volume XXVIII, Issue 8472, 24 January 1891, Page 5

FINANCIAL STATEMENT.

THE CONDITION OF THE COLONY.

PAPER BY SIR H. ATKINSON. [BY TELEGRAPH.SPECIAL CORRESPONDENT.] Wellington, Friday. The following is the important Financial Statement which Sir Harry. Atkinson has prepared for the information of the Governor, and which will be presented to Parliament by His Excellency :~■

Being about to resign my office of Colonial Treaserer, I desire, before doing so, bo place before Your Excellency a short statement showing the actual results for the first nine months of the year, together with an estimate for the remaining three months, thus showing the probable state of finances ab the end of the current financial year. ORDINARY REVENUE : EXPENDITURE. In my Financial Statement, 1890, I estimated the total expenditure at £4,127,417. After adding the amount voted in the Supplementary Estimates, and deducting the reduction made in Committee of Supply, the expenditure authorised was £4,125,500. The actual expenditure for the nine months already brought to account was £3,287,531, excluding £78,600, the balance of deficit at 3lst March, 1888, paid off. A careful estimate was prepared by the various departments, which in my opinion is certainly not an under estimate, and shows the probable expenditure for the three mouths ending the 31st March next to be £823,047, making a total estimated expendidure for the year of £4,130,578, being £5,076 over my estimate. But in this expenditure is included £14,600 for the session about to be held, for which, of course, I did not estimate. There will be probably an excess of expenditure over the original estimates, including services unprovided for of £54,044. On the other hand there is an estimated saving in certain departments of £48,968. There is an additional expenditure of £10,137 in the Treasury Department arising from the discount from remittances from London to provide for interest and sinking fund, but as against this there is a savin? in the permanent charges of £15,086 for interest, the Agent-General thinking it better to discount the remittance drafts instead of providing the money required by obtaining advances upon the guarantee debentures. There is an additional expenditure of £11,503 upon the working railways. The Defence Department also shows an estimated increase of £4145, and services unprovided for £7000. The saving on the Customs and Marine, estimated at £9108, is represented principally by the expected expenditure not being incurred on the Snares and Stephens lighthouses. The other items represent ordinary departmental savings. REVENUE. .. i The estimated revenue, after deducting £27,500 six months'primage duty which was disallowed by the House, was £4,131,500. The total receipts for the nine months were £4,121,903. The estimated receipts for the three months ending the 31st March next are £1,125,085. As far as I am able to judge this amount is likely to be realised, giving a total revenue for the year of £4,250,248, being £118,748 in excess of my original estimate. The chief items of revenue in which excesses occur are : Customs, £89,721 ; railways, £15,001); stamps, £5728 ; beer duty, £5100. Other sources of revenue also show a slight increase. I anticipate the property tax estimate will be fully realised. SUMMARY. Summarising the figures we have receipts estimated at £4,250,248, and expenditure £4,130,578, producing an excess of revenue amounting to £119,670 for the current year's transactions. To this I add the balance of surplus at the end of last year £36,574, which was carried forward after providing £78,600 to extinguish the deficit outstanding on the 31st March, 1888, thus leaving a probable surplus at the end of the current financial year of £156,244.

LAND FUND. The total expenditure authorised by Parliament on the land fund account was £115,680. The actual expenditure for the first nine mouths was £83,997, and the estimated expenditure by the departments for the three months ending the 31st March next is £37,4?0, making: a probable expenditure of £121,427 for the year, being £5747 in excess of the original estimate. This excess is caused by expenditure on surveys. A considerable sum may, however, be recovered on this account before the end of the year. The estimated land revenue was £96,600. The actual receipts for the nine months were £123,142, and the estimated receipts for the three months ending 31st March next are £40,928, giving a total of £164,070, or £67,470 more than was estimated. The land fund was in debt at the beginning of the year £45,717. This debit will therefore be reduced to £3074, but probably it will be extinguished at the end of the present year. PUBLIC WORKS FUND. Part I. The balance at the credit of this account on the 3lst March, 1890, was £233,675, including an asset of £87,974, available under section 31 of the Government Loans to Local Bodies Act, 1886. This balance has been increased by £5781, derived principally from receipts under the Elle?mere Lake Lands Act, 188 S. The expenditure for the nine months' ended the 31st December last was £92,998, and it is estimated a further sum of £50,200 will be increased. For the expenditure of the current quarter the balance available at the end of the year will probably be £96,258, • subject to outstanding liabilities. Part 11. : On the 31st March, 1890, the unexpended balance of this account was £386,985. The expenditure durii -'' , oast : «e months lias been £19,644, *» Isj «,ai>iu .te for the current quarter is at £15,200, leaving a possible balance of £352,111 at the close of this financial year, subject to outstanding liabilities. Part HI. : £426,806 was at the credit of this account at the commencement of this year. The amount expended during the nine mouths ended 31st December last was £141,372, while a further sum of £40.225 is likely to be required for the current quarter, leaving a balance of £245,209 probably available at the end of the year, subject to outstanding liabilities.

CONCLUSION. We began the year with a balance of £1,047,466, which has been increased to £1,053,247 from special receipts. There has been £"254,014 expended during the past nine months, while a further sum of £105,625 will be probably required, making a total estimated expenditure of £359,639 for the year, and leaving an available balance of £693,608 at the close of the present financial period, subject, of course, to outstanding liabilities. I may add that on the 31st December last, the balances of the throe parts consisted of cash in the public account, £142,159; cash on fixed deposit in London/£30,000 ; in the hands of officers of the Government, £73,001; temporary investments, Imperial Guarantee Debentures, £261,000; Westporb Harbour Loan Debentures, £110,500; Grey mouth Harbour Loan Debentures, £5000; Government Loans to Local Bodies Debentures, £40,000 ; Deficiency Bills, £49,600 ; available under section 31 of the Government Loans to Local Bodies Act, 1886, £87,974: total on 31st December, 1890, £799,234. I attach tables for your Excellency's information, which servo to illustrate the foregoing results. . H. A. Atkinson. Wellington, January 23, 1891.