NEW SOUTH WALKS FINANCES.

New Zealand Herald, Volume XLII, Issue 12760, 10 January 1905, Page 3

NEW SOUTH WALKS FINANCES.

— — A SATISFIED PREMIER. SIX MONTHS' .ADMINISTRATION. Srnvr.v, January 4. Si'KAKiNc in a report of the Daily Telegraph yesterday in regard In the litumeial position of the Hi ate. Air. Carrot hers, Premier and Treasurer, hud what he considered a gratifying review to give, of liis first six months of office. With regard to (he finances," lie said, " taking-the half-year which lias just, closed, a. very satisfactory position is disclosed. The. increase in the revenue for the half-year is £105,000, as compared with the corresponding period of the previous year. This is without one penny additional revenue from any of lie Rills ttint were passed into law during last session. " In regard to the expenditure, that, for the last half-year has been £205,000 less than for the corresponding period of the previous year. Adding the two together, it makes a betterment in the finances for the halt-year under review of no less than £340,000. " 1 feel naturally very pleased to lind that the methods of finance which J have introduced have had such marked results in regard to the expenditure. The revenue has kept up. but. that 1 lake no credit, for, unless, ot course. there, has been increased vigilance exhibited in the collection ol it. "A good gauge as (i, the condition of the linanees is to be found in this fact, that from .July 1. to I teeember oL. 1903. the cash overdraft increased by £Y : 19,000. '1 his year, lor the. same period, it only ineieased by £558,000, so that, there has been an actual i ash gain of £211,000. lam not, sanguine of keeping up this rate of betterment, because there will lie some payments by the Commonwealth which will diminish the State return therefrom, and. moreover, during the latter half of last year .Mr. Waddell kept his expenditure down very much: in fact, lie kept it down so much that. I have had to suffer on account- of it. A good number of payments this year, amounting to something like £50.000 or £60.000, have been for old accounts, subsidies to agricultural societies, benevolent societies, etc. They were previously withheld. '" If 1 can only keep the expenditure down, proportionately in the next six mouths, a; I have been able to do during the. last six months, and the revenue keeps up without, any increase. I shall chisel lie financial year completely vindicating the. policy of reform embodied in my Financial Statement. "I was cautious throughout my lir.dget to underestimate, the reform:; which I then foreshadowed, and which 1 actually brought, into operation, and tiny will give iar great results during the year than 1 expected. "Xuw. having regard to the loan expenditure. For the hist six months it, was £1,039,000, as against £1,868,(1' j0 in the, corresponding pound of the previous year. 'I'llis iw a, difference of £850,000 in lound numbers, and of this difference £400,000 must, be allowed: to the credit of the preceding year for the redemption of loans.. The actual reduction of the loan expenditure' is in respect of public works which have been brought down from £1.086.000 in 190~> to £550.000 in 1901. '• i have teceiveil very imnnitant Filers from 1 !:.i Agent,-l loner,il, Lord Jersey, iu regard to the liuaueia 1 position in I'.iiulaud. lie tells me thai the financial outlook is still very grave so tar as (his State is cor.ee!nod. Unfortunately there has been a down on New South Wales, but the i<vent ctitieism of this Slate, has very iniich modified it. Rut everything depends on the e>. peud it ui e of loan money on public woiks dining the present I'A months. li' we can show thai we are in earnest in reducing ot;.' expenditure in borrowed money on public woiks our difficulties in financing for the redemption of our loans will disappear. ' "The Budget. said Mr. Oarruthers with emphasis, " has been favourably received in England, and they are .satisfied with the economy we are now exhibiting in the management of our ordinary finances. and if the same economy is shown in regard to I In* loan expemlitme mailers will progress satisfactorily. '"Everything wiil depend upon the evidence which we are able to afford the English people about our determination to diminish our loan expenditure, whether we shall get money at easy rates to meet our future rcdomption.'.."