THE FINANCIAL STATEMENT.

Pahiatua Herald, Volume II, Issue 179, 25 July 1894, Page 2

THE FINANCIAL STATEMENT.

(By Telegraph.)

The Financial Statement was delivered by the Hon. J. G. Ward in the House d. Representatives last night. Following if*

FonaeasT foe 1893 95. You will lik# to havs a foreeaet ef our position on 31st March, 1896, so I will gather tegether the figures 1 have been explaining and re state then# thus :—Estimated expenditure f er 1894 5. L4.301.09t; estimated revenue for 1894 96, L 4.352.800; sxoess of revenue ever expenditure, L 51.902. It must net, however, be for gotten that we closed last year with the satisfactory surplus of L 290.238. Oar several entice will not, we suppose, oojeet to oor bringing forward this surplus m aid of the enrreat year’s transactions, therefore, adding the surplus of L 290.238 te the excess of revenue over expenditure fer the year of L 61,902. we emve at a gross surplus of L 840.940. oct of whieb we propose as before to transfer L 250.000 te the Public Works Fund for oonetruetioa of reproducive works, and in aid of the settlement of the land ; our net surplus at the 31st March next should be L 91,940. Subject to further reduction after the supplementary estimates have been provided for the Public Trust Office. I may state that the profits in the Publio Trust Office at the close of 1893 (subject to wills and instruments of trust i had increased in number to 371 from 364 and in value to £643,238 from £442,671 at me elose of 1892. la every branch ef the business of this Office there has been an morease and the properties m the Office of all claaaea at the end of 1893 wer • 2040 at the estimated total vaiue of £1,460,917. The Act of 1861 by which the oolony guaranteed the capital funds of estates in the Publio Trust Office es well as a common rate of laterest on these funds is beannn good frail. The security ef the capitel funds will always be the principal consideration of those who any arrange el tract, nr make a will the larger the amount of the capital fund of a property the greater is the consideration for security. I shall ask the Committee for n sum ef LB4O in this year’s appropriation to moot the deficiency arising from bad and doubt ful securities on which the capital funds have been lent of estates in Peblic Trust Office. This will make the deficiencies which have been made good in such •counties of L4.09H out of the estimated total amount in 1891 of L 5.000 of the deficiencies expected to anse. Of this deficiency the amount which has already been appropnatei has. as the Committee is doubtless aware, beea met out of tht profits of the Public Trust Office The natives show sn increasing confidence that the lands which have been reserved for them will be so administered by the Public Trustee that the owner will derive 1 the greatest possible benefit. * W|>T COAST SSTTLtxaWT U'lET|s.

An area of 17,000 acres of these reserves which were idle and unoccupied has been leased in 96 sections ainee the passing ef “The West Coast Settlement Reserve Aet, 1892," and the survey of aa add.iional area has just beea completed of 9000 ernes, which are about to be offered on lease. At ones from these new lands the income ef the natives has been increased by apwards of L 16.000. and the total income of the reserves fund to L 14.300. which will pre vide an allowance of not lees than L 7 a vear to every man. woman, and child ef ; the natives who are interested m the land. ; ind these natives have besides for their own free use a large ores of some of the best portions of the land. GOVERNMENT INSURANCE I> I PAR TURN?. ITie accounts of the Government Insurance Department will show that it never occupied a stronger position man at the present. The new business of the year was virtually LIOO.OOO m advance ef the business of 1802, whilst the expense rate still further declined, and now »taada lower than at any time during the last 8 years. The menaial valnatioa of the liabilities of the Department under its policies has been earned ont upon principles approved by the London set caries. After having made very substantial reserves a cash surplns of L 140.000 re msined. and has been convened into reversionary bonuses, which havs been added to the policies in force. lam pleased to be able to say that the result of the triennial mvestmecte shows the financial condition of the department to be unquestionably sound. The sums assured with bonu» add.liens thereto have now reached nine million pounds sterling. The funds steadily continue to accumc late, and at the close of the year amounted to L*2,128.390. TUB DSPar.TMRNT OF INDUSTRIES AND

comucs. Recognising there were many schemes j that well directed efforts might discover for the advancement ef other mduetr.ee and commerce, the Government decided during the year to create department 1 whose special duty it is to develops and further the interest# of the industrial and commercial community in this eelony. 1 am glad to be able to assure the House that the work of this department seems likely to be of considerable advantage te the colony generally. drpaetmkmt or Ar.Ricn.Trma. The werk ia this department has steadily increased and eadeavenre made te msul MMlm kj ..ppWwc iafanMtioa b.i wiib renlUl ftppr.v.l. From lia, to j tint, p.aphl.u on diffamt mbjwtt by th. biolofiM. T.Mrm.ry nrpm. ud dairy instructor have been issaed. A very 1 large number of specimens, plants, insects, etc have been sent for investigation and a shipment of natural enemy of the Hessian fly was received from Homs and liberated. Another consignment is expected. Dairying has continued to in I crease and there were 178 far tones an* creameries at work last season, being a a ; increase of 34. The increase ia the output ! of butter 10.836 cwt, valued at £81,948 . but. on the other hand, there was a dt | rrease ia cheese of £9.939 valued et £14.9*22 ; the total output being butter. 63.600 cwt, valued et £966.989 . ehse-e 37,368 cwt, valued at £83,017. Altheugh these returns show * decrease m assess n it* believed there is really no actual decrease in quantity manufactured but through some cause it was not exported till after the end of the financial year, as the quantity shipped by the A raws shows During the year Mr Valentine, the dairy expert, arrived ui the colony ard was at once fully employed ia advising the Ihpsri tnent of the beet mesas to assist tbs in dustry. The other two uisuuctors mm ployed have been giving practical lastrcr lion and it i« announced that to increase the staff ia tins direction two practical fruit experts were engaced set November A large quantity of fruit s annually n ported and an effort it being mad* to sup ply the local markets bv improving our own fruits.

FOSTAL AMD TKI.Kk.KAI'D (WKrUIKCI. The first Australasian postal sad tele craph conference held m \«*w Zealand met at Wellington in March lass. 11l tie colonies with exception of Tasman a »#a; delegate*. In addition te the adopt ion b the conference of a res.d ji.on favouns the Ist j to eUfwhere aub the transaction of largr amount of other business of important depart mental nature, a resolution faxour tug continuance of the San Francise» serv ice was also carried. At e laid none J of the sets.*.. ll the lieu**- axil be s**ed u>

renew the service fer another tom ef tkr« tuii. New the! wool io to bo admitted free isle tko Uni tod States (■ (root llmton to this colony), the maintenance of direct a team communication between New Zealand, and Frisco becomes the more deeirabla. Should it be practicable JjO inaugurate an alternative Canadian p'acifio ateam ear vice, the Government proposes to recommend the payment of an annual eubeidy of £IO,OOO for a raaaonable term of years. The delegates gave expression to resolutions suggesting to their respective Governments that were the question of intercolonial reciprocity similarly discussed much practical good might be expected to be gained. THX CANADIAN L'OMFBBnMCI. The Government were advised that it was intended by the Canadian Parlianseat to hold a conference at Ottawa, and were invited to send a representative. Regarding the holding of the conference as of considerable interest and importance to the colony the Gevernment considered that a gentleman ef high standing in the commercial world should be sent from here. Mr A. Lee-Smith was for this reason invited, and agreed to ae representative of New Zealand. Judging by the reports already received of the works done by him both at the eonferenee and elsewhere since leaving New Zealand I feel sure his mission will result beneficially to our industries and commerce. PACIFIC CABLS. ( heap oable communication will by all classes be admitted to be a considerable service to New Zealand, which is the most • distant country in the world from the consuming and the distant eentres, with which our business is mainly conducted. Beeognisiag the advisability of having a more effioienl and cheaper service the Post-* master General is authorised to guarantee a subsidy of LIO,OOO a year as New Zealand's contribution to a Pacifio cable. Since the reeolution of the Postal Confsrenee was published, renewed intereet has, I am pleased to say, been manifested in this question. Two private offers have already been received to lay the sable under the conditions imposed by the reeelnlinn. SBVTLBUBNT eg TWB LAND. The demand far Crown Lends daring the peat year has been considerable, and the Lands Department has been kept busy. To meet this over one million acres of land were thrown open for selection under settlement conditions end for cash sales, besides about 1,700,000 acres for pastoral purposes. The whole of these areas were not taken up, for much of the land remaining in the hands of the Crown is of inferior quality. The total number of selectors of land last year was 2,876, bus includes selsctors of miscellaneous leases and leases not of a permaaeat character. Deducting these there remains 2.849 selectors under all other headings, viz., purchasers for cash ; 500 who selected 44.999 acres of deferred payment; 96 who took 12.668 acres of perpetual leases ; 17 selecting 3,854 acres ; occupiers with right of purehase, 47. selecting 10,849 aeres ; ■ leases in perpetuity, 1.228 selectors taking up MJM acres ; and finally 227 selectors < of grazing farms, runs, and pastoral leases. The total figures show a small decrease of 195 in the number selected as eempared with last year. The figures include selections under the I-and for Settlement Act and the Cheviot Estate. The number ef estates purchased was five of a total area of 9113 acres the total cost ef which was L 80.117 12a lOd, or considerably within the limit allowed by the Act. These estates at this date are bringing in a return on capital invested of percent. Seventy-one selectors now hold the land instead of five as formerly. When the whole land is selected the estates will bring in a return of 58 per cent on the expenditure. HANK OF NSW ZEALAND.

I take this opportunity of complimenting the Houee upon Ihe courage displayed in dealiirg with the State guarantee given to the Hank of New Zealand a few weeks ago. A financial institution, guaranteed by the State, supervised by and controlled by the State, must in the very nature of thiage be a bulwark againet astraordimary finan eial fluctuations, calculated to impede the industrial and general progress of the eeleny. RAILWAY CONTROL. In aooordance with the generally expressed wish of the country a oharge in railway oontrol has been effected, two of the former commissioners being replaced bv two new ones. It is to the land we must look for the creation of further wealth and for the pro motion of additional employment and homes for the numbers of people who are yearly being added to our populace. In the Middle Island the best of the land is in the hands of private owners. The resumption of a pertion of their land by the State is a necessity and to enable land to be acquired at a fair value the House will be asked to assent to an amount of a quarter of a million being provided for the purchase of private lands, and out of that sum the necessary expenses for reading, surveying, subdividing, aed promoting ■ettlemsnt will be paid for the important work of making roads and constructing bridges to open up lands for settlement, and for subdiving and cleariag them. Another sum of L 35.000 will also be asked for. LOCAL UOVKRMMBNT. It hae been decided to biiag is a measure authorising loeal bodies to levy rates upon Crow a Lands. From Ibis MM it da sai'* paled that they will receive about 410,000. post and TnLßoßArn eanvica.

This service is new si as si fled and is vearly iaereaMng in numbers. It seems to the Government that it is desirable to establish a permanent Appeal Board to enable officers to submit reasonable complaints from time to time concerning th«.r positions. I will submit a scheme to enable this to be done. It has bean decided to have a cable steamer specially made so that the work may be done more etlectually and economically. ASSISSMBNT OF LAND.

I do not propose to continue triennial assessment of land but in lieu thereof I shall propoae a much simpler scheme, under which opportunity will in tbe mean time be afforded for redrees of grievances which may exist under the present assess naeai. LAND TAX. It is also my intention to bring under operation of (he land tax all interests of the Man is in lands leased to Europeans, and anon gages belonging to Maoris secured Upor the land. AHSBSSMRST OF HANKS. t shall also submit s proposal which will place on a more equitable footing than Heretofore the taxation levies on the profits of Banks doing business m New Zealand rna mimino industry. 1 believe that further aid should be given towards inducing miners to settle on the land and construction of road" and tracks to open up the country in mining districts, nnd that aid should he given towards prospecting, especially in testing deep levels.

ofciVl nLUAB, 1 shall ask the House to agree to u ooaus bring paid to tho amount of I <60,000 for the production of sugar beet for a limited period.