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New Zealand Mail, Issue 956, 27 June 1890, Page 13

It is no longer the fashion for a Colonial Treasurer to affect the role of “ mysterv-maD,” Time was when a Treasurer deemed it imperative to conceal with the most strenuous care, up to the delivery of his Budget, the result of the past financial year’3 operations. To disclose prematurely the amount of a surplus or deficit would have been high treason ,f without benefit of clergy.” The whole Colony was supposed to remain in a condition of breathless and almost agonised suspense until the mighty financial oracle should be graciously pleased to reveal his solemn secret to his awe-stricken listeners. All this is out of fashion now. Sir Julius Vogel used to delight in it. Sir Harry Atkinson, during his former Treasurership, was inclined to adopt the same practice. But Sir Julius Vogel during his last Treasurership, when his dramatic skill had waned, found after one or two experiments that financial histrionics had lost their power to thrill, and accordingly “ ceased his funning.” Thenceforward it became the custom to make known the financial year’s results so soon as these ascertained. This has been done on the present occasion, There is no room for speculation as to t.he past year’s outcome. Everybody knows that there ie a surplus of L 115,000. So in attempting any fov.'acast of the Budget which is about to be presented by Sir Harry Atkinson, no conjectures need be wasted on that pond, With reference, however, to the policy embodied in a Financial Statement a certain degree of ret:eence is essential when premature disclosure might nullify the efforts of a Government to raise more revenue, as in the case of alterations iu the Customs tariff, which 0-re never made known until actually announced in tbe ‘ course of the Statement. We have reason to believe that no important changes in the Customs duties will be proposed in the coming Budget, Some minor modifications in the direction of greater equalisation and simplification will probably be rer commended, but that is all. The primage Duty did not expire, as some have supposed, at the close of the last, financial year (81st March), but continues in force to the 80th instant. It is understood that the Colonial Treasurer will propose to continue the duty for two years longer. The unfunded balance of the deficit of 1887 8 amounted to L 128.000. Of this the Primage Dufy was expected to pay off L 116,000, leaving L 12,000 to be provided out of ordinary revenue. Dp to the 31st March, however, the Primage Duty had only furnished about LIOO,OOO, to which another LIO.OOO or L 15,000 is expected to be added by the end of this month. This, it will be seen, leaves a considerable sum still to be provided. Then a large outlay on school buildings is indispen-

sable if our popular system <-f education is to be carried on efficiently. Extension of asylum accommodation is also urgently needed. There is a widespread objection to borrowing for these purposes, even were it practicable at present. We entertain no doubt, therefore, that the Colonial Treasurer will ask the House to retain the Primage Duty with a view to its application to the objects mentioned By the time these are provided for there will not remain more than some LIO,OOO of the surplus with which the current year started. This is none too wide a margin to allow for the contingencies and fluctuations during the year. We do not anticipate therefore that the Treasurer will see his way to accord any reduc f ion in the Propertytax. He would be willing no doubt to offer again the exemptions set forth in last year’s Bill. But the reception accorded to that measure was not such as to encourage a repetition of the experiment, and we hardly expect to see it tried again this year. Neither do we look for any extensive changes in the Stamp Duties. Among other matters likely to be touched on in the Budget speech, we shall probably not be far wrong if we include the Ocean Mail Services and the proposed reduction in postages. The Government are prepared to reduce the postage between New Zealand and tho United Kingdom to 2fd either by San Eraneisco—if the American Bill authorising subsidies to mail lines, passes into law —or by the fortnightly Direct Service. Reference, too, may possibly be made to the necessity of providing means for promoting settle mentof the land and toa suggested plan for carrying this into effect. Jhe labour question has attained too pro? nouiTced a prominence and possesses too important a potential influence 0.-i the Colony’s trade and finances to escape the attention of the Colonial Treasurer. It has a direct bearing on tbe revenue. The Railway Oointnis sioners estimate that to concede the eight hours system throughout tho service would involve a loss of L 50,000 per annum to the public revenue, But if all concession is refused, and a strike lakes place—which we trust will not be the case—no one can predict what the loss, direct and indirect, may be. The Treasurer will doubtless bgvesomethingtosay on thecondition of the Colony generally, and of its trade, including the marvellous expansion of its exports. On the whole we anticir pate that the Statement, while strictly non sensational, will possess an abun dant amount of interest to everyone concerned in tho welfare and progress of New Zealand.