THE QUARTER'S ACCOUNTS.

Otago Daily Times, Issue 14899, 30 July 1910, Page 7

THE QUARTER'S ACCOUNTS.

The public accounts for an isolated quarter may qaito conceivably be ■ a far from reliable guide to the probable results of.tho year, and tho figures con.tained in them are, therefore, to be treated "with • a certain amount of- care imd-circumspection. They may, however, bo usefully viewed as indicating the existence of tendencies for evidence of the full development of which the accounts covering longer periods may be examined. Tho returns for tiho June quarter, regarded in this aspect, may, be said to present both favourable and unfavourable features. It is satisfactory to observe that the Customs revenue, though smaller I'hall i that for any of the preceding three quarters, showed a fairly substantial in : crease—between £43,000 and £44,000— over the collections for the corresponding period of List year, and that there was an increMo also of over £40,000 in tho reocipta of tho Stamp Department. These figures may, possibly, be taken as illustrative of that improvement in the material condition of tho people which is tho necessary outcome of the heavy expansion in tho exportation of New Zealand produco during the past fifteen or eighteen months. An increase, also, of nearly £40,000 ip the railway receipts ttay bo attributed to the revival of trade in the country. The total increase in the revenue from all sources during the quarter, as compared' with the returns far. the Juno quarter of last year, was £197,296, if we may trust the telegraphed figutee. But this increase is smaller than the increase in, the expenditure for the quarter. Tlio permanent appropriations absorbed' £130,202 in excess of tho expenditure in respect of thorn in the corresponding period of last year, and there is a comparative increase of £141,662 in tho departmental expenditure. This lattet circumstance supplies the point to Sir Joseph Ward's abortion that further retrenchment is impossible, and furnishes on additional proof of his failure to carry out his undertaking to vcducc the expenditure of tho country by £250,000. As the increase in the expenditure for the whole year is estimated by the Prime Minister at £325,548, it will be seen that ho will require to keep his disbursements for the current three months and for the quarters that are to come mors nearly on a level with those of last year if his forecast is in this respect to be Tealised.