The Pahiatua Herald. with which is incorporated THE PAHIATUA STAR. Published Mondays, Wednesdays, and Fridays. FRIDAY, JULY 27, 1894. A BUDGET OF BLUNDERS.

Pahiatua Herald, Volume II, Issue 801, 27 July 1894, Page 2

The Pahiatua Herald. with which is incorporated THE PAHIATUA STAR. Published Mondays, Wednesdays, and Fridays. FRIDAY, JULY 27, 1894. A BUDGET OF BLUNDERS.

Tub Colonial Treasurer has unfolded the financial proposals of the Government in his Budget statement delivered in the llouso on Tuesday last, the full text of which we have received since our last issue. To say that wc are extremely disappointed with the. Financial Statement is to express our sentiments in the mildest maimer possible. The budget is studded with gems of blunders of the first water, and wo can scarcely understand how a young Colonial Treasurer like the Honorable J. G. Ward, with a reputation to Make, could foist upon the country a financial policy so crude and indigestible. It would be charitable to suppose that the budgot was framed during that week of illness to which the Treasurer was subject, immediately following the Bank of New Zealand crisis. It will be impossible for us to review the Statement in a single article; we shall therefore reserve for further oommont such portions as we cannot now adequately touch upon, and content ourselves with a brief reference to tho most salient points of the Financial Statement. We may accept for the present that the financial position of the colony as on the til.si March last showed a surplus of ,5290,238. This alleged credit balance did not, however, prevent an increase in the public debt by £5G8,575. Although this increase is partly accounted for by services under special Acts, amounting in the aggregate to £177,10G, there still remains £91,109, which must, in the nature of things, be deducted from the alleged surplus. The estimates of revenue and expenditure exhibit tho redeeming feature in tli6 budget, for they bear traces of careful computation and prudential provisions for a passible fall i«i revenue. The estimated revenue for the year 189495 is £4,352,800, or £133,538 less than the actual receipts of last year, while the estimated expenditure is set down at £4,301,098, showing a surplus as on the 34st March, 1895, of j £51,702. Wo do' not find any great fault with tho statement regarding the past year ; we shall accept the figures as corroot for the presont and analyse them ou a future occasion. We are most ooncerned with the bastard borrowing policy portrayed in the Statement, and in this connection we are free to admit that that part of tho budget which a fleets the department presided over by the Minister of Lands, and which was the result of his advice, is sound and acceptable, bocauso moderate and necessary. We can offer no objection te a quarter of a million being spent in the acquisition of private lands in the South Island, we heartily welcome the expenditure of £250,000 on the construction of roads and bridges, and tho expenditure of a similar sum for native land purchase is desirablo at tho present stage of the colony’s march of progress. The expenditure of the above sums will result in real benefit to the colony, but when we have said this we have said all that is possible to be said in favor of the loan policy of tho Government. Under the heading of financial aid to settlors the Government make proposals that must inevitably lead to disaster, and instead of being “ aid to settlers " will be “ ruin to colonists.” Tho proposal is intended to be a fulfilment of the promises made with rogaxd to cheap money, but they differ so materially from the original proposals that they are positively dangerous. The Government proposes to borrow £1,500,000 at 41 pm- cent in London and lend to settlers in the colony on freehold securities up to two-thirds of the value. What avenues of jobbery ami oorsuption will tins not throw open? What a bountiful yield of valuators will there be as soon as tho policy is put in force', and what corruption and do liberate thieving will they strek at? This is tli.• rock upon which this proposal is dashed to pieces aim L emeu valueless. Tho übiquitous valuator,

with u conscience as plastic as putty and a greed unequalled by Nhyloek will bleed both lender and borrower, and bring . bout national disaster. Much of the mischief that has been rampant in the conn Trial world can be distinctly trad- ! to the villainy of valuators. What a suicidal policy for the ivnmtry to place itself with in the reach of this greedy set. Valuations

au carried out in this colony are rotten because performed by incompetents and in a great many instances by rascals who desire to earn more than is due to them. We are distinctly opposed to the conditions of the cheap money scheme as skotched in the budget, while wo are firm believers in a State scheme for providing cheaper rates of interest for mortgage loans. The desire to create consols is a commendable one, but tho machinery wants lubricating. The whole policy of the Colonial Treasurer is to prostitute tho credit of tho colony and not to benefit the people. The borrowing proposed may be summarised thus :

Land acquisition, South Island £250,000 Surveys and roads ... ... 250.000 Native lands purchase ... 250,000 Cl leap money scheme ... 1,500,000 Consols ... ... ... * 500,000 Rank of New Zealand ... 2,000,000 £4,750,000 And of this large sum the colony gets the direct benefit of £1,250,000 only. Wo shall be agreeably surprised it New Zealand’s stocks do not fall in the London market as a result of this budget. No Treasurer had a better opportunity of displaying courage, statesmanship and financial ability than the Hon. J. G. Ward, and no man has more signally failed. We hitherto held the opinion that the present Colonial Treasurer was an adept in figures, and we regret to find that he is but a financial mountebank. We are extremely sorry for the Seddon Government, for this financial policy clearly indicates the beginning of the end.