New Zealand Mail. PUBLISHED WEEKLY. SATURDAY, APRIL 7, 1877.

New Zealand Mail, Issue 271, 7 April 1877, Page 12

New Zealand Mail. PUBLISHED WEEKLY. SATURDAY, APRIL 7, 1877.

At the general meeting of the Chamber of Commerce the Chairman drew attention to the misstatement which had appeared m Westgarth’s Circular ” for the month of January, 1877, and in reply to a suggestion made by Mr. Tolhurst, manager of the Bank of New Zealand, that the secretary should communicate with Mr. Westgarth, Mr. Hunter stated that he believed that a letter had been sent to J he^A^ en J‘ Gei J eral ’ callin & his attention to the fact, and requesting that gentleman to remonstrate with Mr. Westgarth, and insist upon his putting the matter right m future publications. We are able today to publish a copy of the letter, which it will be seen fully bears out the statements made by Mr. Hunter. A reference to the table appended to the document shows that the revenue for the sol°"y of Vlct <>na for the years 1874 and 1875 amounted to £4,236,423; that of Bdl Z Q^ and n f ° r the year 1875 be ing S 8 l’ 9 ! Vx hereas Mr - Westgarth ret°.ibe °- nly £l > 6 77,626, or £1,136,302 less than it really was. It is rue there is a statement annexed to the ex C nr^ r - : • T h ® New Zealand revenue is ex provincial revenues. Adding these £2 813 928 U » 6 t i e , land fund > the total i’a *2,813,928. But even this is £30,000 under what it actually was. We feel certain that Mr. Westgarth will be only I® v appy correct the error, and that he will be more careful in future, therefore we shall say no more on this point; but we cannot permit the opportunity to escape of drawneLpTf 1° * he table which is apattenff™ 0 ! le . tter ’ and of directing attention to the items which make up the total in each column, premising that exceed° 822 000 ln . Victoria is stated to exceed 822 000, whereas m New Zealand ° nly reached some 400,000, or less than one half. It will be seen that the Customs in Victoria realised £1,628,234 m New Zealand £1,274,400, showing a difference of only £353,834 ; excise in £102°670 ■ £32, 5 4 ; j u New Zealand, £102,670, ports and harbors in the 9 > 9 ? 5 J. “ the “‘her, £18,667, land sales in Victoria, £767,030* m New Zealand, £486,278; rents of

Crown lands, Victoria, £174,193; New Zealand, £112,172 ; railways, Victoria £921,713, New Zealand £289,368 ; post office and telegraphs, in Victoria£l9B,32s, in New Zealand, £133,091 ; fines, fees, and forfeitures, Victoria £116,831, New Zealand, £199,257. We shall not pursue the comparison further. The Victorian revenue shows a total of £4,236,423, New Zealand £2,841,953, the- difference being £1,354,470, the greater proportion of which is made up from the increased revenue arising from railway receipts, £921,713, as against £289,369 ; and land sales £767,030, as against £289,369. This cannot be regarded as otherwise than highly satisfactory as far as New Zealand is concerned, and warrants us in indulging in bright hopes of the future. At present we are expending large sums on our railway lines in course of construction; £170,000 to £200,000 was the amount mentioned by Mr. Hunter when addressing the Chamber of Commerce last week. Supposing these lines to be bringing in revenue, it would not be an extravagant calculation if we were to say it would make a difference of £400,0000r £500,000, that is, that instead of having to provide £200,000, we should be receiving more than that sum in aid of general revenue, and it ought also to be remembered that the population of New Zealand is less than half of that in Victoria, but is increasing much more rapidly, which will swell our other items of receipts year after year. What we have stated must convince any unprejudiced mind that New Zealand is racing Victoria very hard for the first place in the Australasian colonies, and ought to scatter to the winds all the nonsense we constantly hear uttered with respect to the future of New Zealand. We have only to think of the value of her imports and exports; to remember that within the last four years the production of wool has increased from about 100,000 bales to 160,000, forming, an addition of £1,000,000 in money value; that the deposits in the banks, representing mere unemployed capital, amount to some £5,500,000 ; that the colony has established banking institutions which are able to lend the Government £1,000,000 or £1,500,000 when circumstances render it advisable to borrow money in New Zealand, instead of going elsewhere for it. Every endeavor should be made to avoid the imposition of additional taxation. If we can tide over matters for a year or two our revenue will be greatly augmented by the increased receipts from the various lines of railway which will be completed by that time, and then it ought to be ample and sufficient for all legitimate requirements ; and it will be °the duty of the Government to keep the expenditure within the income, and only to borrow further for undertakings that would be certain to return interest on the outlay, and also aid the general revenue.