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Otago Daily Times, Issue 617, 9 December 1863, Page 5

It does not often fall to the lot of Golonia] Treasurers to be able to'present such a satisfactory financial statement as that delivered by Mr Reader Wood in the House the other day. In every item the calculations of the Government have been substantiated, and the anticipated rate of progress has been largely exceeded. We question much if iat the present time there is a single British colony which can show so remarkable a condition of advancement as New Zealand, or whose finances are in so satisfactory a state. In the first place the total receipts of revenue exceeded the somewhat high estimate by £91,563, viz., £549,563 against £458,000 estimated. Of this amount the Customs Revenue: alone reached £489,150 or £79,150 more than was estimated. The Postal service shows £6861 over the sum estimated, and almost every branch of ordinary revenue shows a similar excess over the estimate. The total authorised expenditure was £6000 less than the amount voted, but there was an unauthorised expenditure of about The actual expenditure amounted to £290,697 •which, with the three-eigths of the Customs duties returned to the various Provinces, left a surplus of £76,016, being £66,000 more than the estimated surplus. This surplus it is proposed to dispose of by charging it with the supplementary expenditure of 1861-2; the unauthorised expenditure of 1862-3 ; the cost of the Dunedin Custom House, and with part payment of a sum demanded of the colony by the Imperial Postal Authorities, — these items in all amounting to £39,372, leaving £36,744 for distribution among the Provinces.

Of the total amount of Customs revenue for the financial year Otago alone contributed £215,623, being £64,572 more than was contributed by.,the whole of the North Island and £93,147 more than the Customs revenue of the other Middle Island Provinces united. The greatest excess in the Customs duties over the amount estimated was in the case of Southland, it having contributed no less than £27,214 more than was estimated. Southland contributed within £5000 of the furnished by Wellington, and £17,181 more than the Provinces of Taranaki, Hawke's Bay, and Marlborough, and £14,529 more than the Province of Nelson. These figures show a most remarkable rate of prosperity, but it is only by a comparison with former years.that" an adequate idea can be formed of the progress of the Colony. Quoting the remarks of the Colonial Treasurer:—" For the year 1860-1, the Customs Revenue-was £205,000 ; which was an increase of 15£ per cent, on that of the previous year; for 1861 r2, it was £339,393 or an increase of 65 per cent.,- and for 1862-3, it was £489,000, or an increase of 44 per cent. On the 31st December, 1860, the population of this' colony nuintiered 83,919 souls; at the end of 1862, it numbered 133,114, or an increase of 49,194, or nearly 60 per cent. In 1860, shipping representing 140,276 tons entered our various ports; in 1862, shipping representing no less than 810,000 tons entered, or an increase of 114 percent. In 1860, our imports amounted to £1,548,333; in 1862, they were £4,626,082 ; in 1860. our exports were to the value of £588,000; im 1862 they .represented £2,422,734. Up to the 31st December, I860; the total value of the gold exported was £138,808 2s 3d ; but at the end of December, 1862, the value was £4,377,708, of which £4,103,000 was the produce of the Province of Otago. Jn 1860, the value of the wool we exported was £444,398; in 1862, it was £674,226. In 1860, the ordinary and territorial revenue of the colony was £464,739; in 1862, it was £1,186.009. The Bank return? also show a most extraordinary advance Jn }Bj£>6, the tqtal deposits in the B,anks, "o

which there were, but two,,- amounted to .£600,000; on the 30th of September, .1863, they were ■ £2,171,165. ' The total assets on the 31st December, 1860, were £1,009,425 on the 30th September,. 1863, they were £4,038,178. On. the, 31st December, 1860, the total liabilities were £824,629 ; on the 30th September, 1863. the total was £3,026,184. There is nothing to my mind, which shows to us how very rapid has been the advancement of this colony as a comparison of these returns of revenue, population, imports and exports, shipping and mineral resources."

The estimated amount of the ordinary revenue for the financial year 1863-4 is £691,600. Of this . sum, £603,600 is put down for Customs' revenue divided as follows:—Auckland, £105,000; Tarauaki, £7500; Wellington, L 42,000; Hawke's Bay, £10,000; Nelson, £25,000; Marlborough, £4000; Canterbury, £80,000; Otago, £270,000 ; Southland, £60,000 ; Chatham Islands, £100 ; making the total of £603,600. It is thru estimated that Otago alone shall contribute £105,000 more than the whole of the North Island united. Southland has the compliment paid it of haying its customs revenue nearly doubled, and equal in amount to . the revenues of Wellington, Hawke's Bay and Taranaki united, and more than double that of the Provinces of Nelson and Marlborough. The postal revenue is estimated at £40,000 against £26,861 the actual postal revenue of 1862-3. The estimates of the .other...branches of ordinary revenue are based on a similar rate of increase. Large as the increase in the estimate of the ordinary revenue is, Mr Wood assures us that the estimates are not speculative, but at the actual rate at which the revenue is being received by the different collectors throughout the colony. Mr Wood even anticipates that the sum of £691,600 will be very considerably exceeded. The general expenditure for the ensuing financial year is estimated at £297,840, which with the sums charged provincially, and the 3-Bths customs returned to the Provinces, will leave an estimated surplus of £21,960. The expenditure for General Government purposes in the various Provinces is estimated at. £146,314, of which amonnt Dtago is to receive £56,510, and Southland £17,250. So much for the ordinary financial affairs of the. colony. .

Now as ;to the Loan accounts. Of the £500,000 loan authorised by the Act of 1856, £450,000 has been raised, and £442,873 expended, viz.:— £318,841 for the payment of the New Zealand Co.'s debt, and the old debts of the colony; and £124,031 for land purchases. Of the £150,000 war loan of 1860, £25,000 Has' been expended on the relief of the inhabitants of Taranaki, and various sums for other purposes, amounting in all to £148,220, leaving a balance of £1789, which will be required for various purposes contemplated by the Act, so that this loan may be said to be all spent. The loan for £500,000 authorised to be raised last session has not been raised, the Imperial guarantee not having been obtained for it; but £100,000 has been raised on Exchequer Bills authorised to be issued pending the obtaining the Imperial guarantee to the loan. Out of this £100,000, £51,569 has been expended on account of the Taranaki reinstatement fund (but of this only £37,934 was directly expended in relief to the settlers, the remainder being for military charges, &c), and £37,870 on roads and the purchase of arms, making a total of £89,439. Mr Wood stated that £146,146 had bean expended on colonial defence up to the 13th October, viz.:—" First, the purchase of the Sand Fly, and the amount that has been paid for the steamer for the Waikato, amounting together to £9471 33. Then there is for the removal of settlers from Raglan and the Wairoa, £541 18s; for l)!ock houses, £2 398 12s 6d; for native forces, guides, andojhe is not characterised, £493 Is sd. The pay of the whole of the colonial forces proper, including the Defence Force, Militia, and Volunteers, amounted to £49,221 193 lid. The enlistment of volunteers from Otago, Melbourne, and Sydney, together with stores, arms, &c, for them, cost £42,519 13s. Horses for the Defence Force, including remounts, cost £5094 14s ; certain miscellaneous items represent £2380 4s 3d1; necessary clearing, &c, on the South B.oad, &c, £2700 ; remittances to New Plymouth, to Taranaki, to Wellington, and to Wanganui, £2000." Mr Wood assures us that £200,000 would cover the colonial war expenditure up to the time of his speaking.

As to the financial arrangements for carrying out the policy of the Government in respect to the suppression of the rebellion, the introduction of immigrants and the colonisation of the North Island, the Government propose to raise a loan of three millions, to include the half million loan authorised to be raised last session, but which has not been negotiated. In his statement, the Colonial Treasurer apportioned the £2,500,000 present loan as follows :—Suppression of the insurrection, £1,000,000; immigration, £300,000 ; arms, £100,000; public works, £900,000; telegraphs, £150,000; and £50,000 for lighthouses. Since then, however, this classification has been abandoned, and the Loan Bill simply mentions the various' purposes for which the money is to be expended, without specifying the exact amount tq be appropriated to each purpose.

Such is a review of the principal, features of the financial statement, a statement that reflects very great credit upon its compiler, and Avhich sets forth most clearly and s,imply the financial condition of the colony. We must reserve further remarks on the question of, the new loan for some future occasion.