THE COLONIST. Published Daily—Mornings. Nelson, Monday, August 6, 1894. SUMMARY NOTES.

Colonist, Volume XXXVII, Issue 8010, 6 August 1894, Page 3

THE COLONIST. Published Daily — Mornings. Nelson, Monday, August 6, 1894. SUMMARY NOTES.

The event of tbe past month was the delivery by the Oolonial Treasaror, the Hon. | Mr Ward, of the Financial Statement, which has been reoeived throughout the Galon; with very mixed feelings. Mr Ward bed the exceedingly pleasant task of announcing that the flnanoial year ended with a nett surplus of £290,238, and aa a year ago the Bame gentleman intimated in his first Budget speech a surplus of £283,780, his experience at the head of the Exchequer has been of a gratifying nature, and free from snoh anxieties as have been tbe lot of the Treasurers of other polonies. He was able to show that his estimate of receipts in connection with the Consolidated Fund had bean exceeded by £106,338, and that expenditure had been less than the amount authorised by £74,188. To these two items have to be added tbe amount which the Treasurer estimated he would have to the good, namely, £86,153, and an extraordinary charge of £10,220 in oonneetion with the purchase of the Oheviot Estate brings ap the amount of the nett Buiplus. It has, however, to be borne in mind that the expenditure from general revenue included a quarter of a million sterling devoted to the prosecution of snob wotks as were formerly carried on out of loan money. Tbe uett public debt of the Colony has, however, been increased during the year by £730,421, partly owing to con* .version operations, and partly owing to the iggue of debentures, amounting to £477,466, for the purchase _of lands under the Government Loans to LooaTßadies Act. The Utter amount, therefore, will be reproductive and instead of increasing the charge upon tbe general taxpayers, should yield a profit. The nstt debt, it may be remarked, sands at £38,874,491. For the current year it is proposed to devote another £250,000 for public works, that sum to be taken from the present surplus, and it is estimated that there will ba a fall in revenue this year, and that at the end of March next the nett Burplus will only be £91,940. In order to carry on the wotk of satfclenwnl Parliament ia to be aaked to provide £250,000 for the purohaas of private landi, the roading and subdividing of same ; another £250,000 for making roads and bridges, and ganeially for tha pnrpose of opening up lands for settlement; still another £250,000 for the purchase and roading of Native lands. Saaing thit tha purohaia of the Ghaviot Estate baa led to the Colony receiving fire por cant interest on monay thtt costs it only 3J par cent, it may be assumed that if further purchases are mads judiciously the investment of this £750,000 will be immediately profitabla to tbe country. One of the most important ol the proposals in the Budget ia the raising in London of a gum not exceeding a million and a half staring at 3$ per cent, in order that advances may be made to settlers on freehold security ap to two-thirda of the value. It is probable if the proposal be acceded to that those eettleri who can do so will get rid of present mortgages, and borrow from the Government at S per oeni, and so far as this may eventuate the borrowing of the money will make no difference in the aggregate amount of publio and private indebtedness, while tha settlers able to take advantage of the system will save something like two per cant, in the interest they have to pay. Tha proposal is one that requires deep and careful consideration from many points of viaw. It may be that the necessity to state the Publio Debt at a larger number of millions will alarm lenders and depreoiate our securities. Then, too, the effeot upon existing institutions and private capitalists must not be left out of aooount. for the State cannot meet a'l private demands fo£ money. Besides this, there is the danger of making bad investments, and unless borrowers contribute something to wiping off the debt, in addition to paying a low rate of interest, to lend up to to two-thirda of the value does not appear to leave a sufficient margin for safety. • Then, in addition to this, tbe Government propose to create Colonial Consols, to enable people in the Colony to invest their money in sums from £5 upwards at 4 per cent. For the present year it is proposed to limit the issue of Consols to ha'f a million sterling, and the funds are to be us^d in promoting the development of the country — apparently the amount is intended ?o provide two- thirds I of the amount asked for the purchase and the [roading, bridging, owveyingt and settling oj

the areas of land proposed to be purchased. If that be so, and all the proposals are given effeot to, the debt for whioh the Colony is responsible will be inoreased this year by-two and a quarter millions. The probabilities are, however, that the proposals will be modified.

As we have said, movt diverge opinions have been expressed concerning the Government proposals, and some members have asserted that should they be given effect to the national debt will be increased by more than six millions,

Another important step taken by Parliament has been the emending of the Standing Orders in the direotion of limiting the duration of a speech, and the advancement has already saved some time.

From the report of Mr P. Cunningham, of the Shaw, Saville and Albion Company, it appears that the export of frozen mutton continues to increase, although there was a falling off in the North Island owing to the season beirg unfavorable for fattening. The weight in ponnds 8 ft'ae sheep and joints sant from the Colony during the year ended with June last was 88,292,189, being 8,667,477 pounds more than in the previous twelve months. Of lambs the weight shipped was 16,775,867 pounds, or 512,146 less thaa in the year ended with Jane, 1893. The export of frozen beef dwindled to a mere nothing, for whereas 1,788,060 pounds weight were shipped in the twelve months up to Ist July, 1893, in the succeeding period the weight was only 130,137 pounds.

A special Parliamentary Committee has been set up to consider the lateat proposals of the Mid and Bail way Company, whioh are to the effect that the Company should be relieved of a material part of its undertaking, and be paid £618,000 in Government stock, in lieu of land grant for completing the line between Springfield and the Teremakau. We have expressed the opinion that, from a Colonial point of view, it would be little less than madness to permit a contractor to do only so muoh of the work bargained for as he may choose, for with euoh a precedent formed Jhe door would be open for corruption and deoeit. If the Company cannot carry out its work, it should throw up the contraot, which expires in January next. Bather than give the Company £618,000 to finish a part of the work, whioh would still belong to the Company, it would be more advantageous to the Colony if the State were to finish the work at its own coat, under whioh oiroumstanaa the line would belong to [ the people, whereas if the Company should I build in the Colony would have to purchase the line,

Bap weather and influenza have been general all over the Colony of late. Floods 1 7-ere experienced in Auokland, and mora damage has been done to railway lines ia the I Wellington distiiot. Shipping Oisaaltiea hava bsen more common than usual, and more than one has been attended by loss of life. Some valuable lives, too, have fallen before the prevailing epidemic, and wa are sorry to add that the death roll of old and esteemed settlers has been a very heavy one this last month in Nelson.

In Australia the differences between pastoralista and ebearera show no sign of abatement. At the elections in Nevr South Wales the Freetrade Party bas conquered. Sir George Dibbs has resigned, and Mr Reid reigns instead, to theohagrin of Sir Henry Parkes, who is thus deprived of the ohanoe of advancing Federation, and thereby handing his came down to posterity. If the weather has been unpleasant in New Zealand, it has been extraordinary in parts of New South Wales, where (at Eiandra) eoenes of Arotio severity have been experienced tha bdow being level with the roofs of buildings. It must be remembered, however, that though Kiandra ts on'y3sdeg. 50 mm. south, i<B situation is 4,640 tte\ above the sea. In Western Australia !unh.<r rich discoveries of gold have been made. At Kurnalpie at a depth of 40 feet a reef rj nearly pare (.old was met with, the discovery eclipsing previous rich jue?. The GustotiiS revenue for the first quarter of the current year showed a falling off of about £19,000. It may be remarked that the Treasurer estimates a decrease under this head of revenue for the year of £55,500. j Last week the Directors of the Westport Coal Company declared a dividend for the half year at the rate of six per cent. It is under contemplation to Ehip coals from Westport to America, the object, no doubt, being to earn a bonus which the Government propose to offer of 2s per ton on 50,000 tons if exported within twelve months Thi< proposal eeema veiy maoh like en- j oouraging waste labor, for while tbe Colony imports coal from Newoaetle, it is surely unnecessary to offer a bonus for exporting.