The Taranaki Herald. PUBLISHED ON WEDNESDAYS AND SATURDAYS. SATURDAY, JULY 8, 1876.

Taranaki Herald, Volume XXIV, Issue 2426, 8 July 1876, Page 2

The Taranaki Herald. PUBLISHED ON WEDNESDAYS AND SATURDAYS. SATURDAY, JULY 8, 1876.

Thb Financial Statement delivered by Sir Julius Yogel on Tuesday evening last, appears K> be a very able solation of the difficulties that the Government have to encounter and overcome. It may, perhaps, be attacked in parts, bat it will be found that on the whole, as an exposition of a policy, it will be impossible for the Opposition to offer better terms to tho country. It carries out the Abolition policy and extends the progress of public works without any undue strain on the resources of the Colony. It maintains the credit, by narrowing the financial liabilities of tho Colony, and it enables local governing bodies to enter into engagements for public works of a large nature by means of loans secured on the revennes over which they have control ; that is, it enables the ratepayers to raise the money directly out of the district, instead of indirectly through the interventiou of . the Colonial Governraeut. It has thus arranged that a district will only pay for what it has tho benefit of. Under the past system one district might have to pay for what some other district received the advantages. Perhaps the most assailable points of the Statement are the educational proposals, in which the Government have departed from its programme of last year, when it was proposed to charge the whole of the cost of education to tho consolidated fund. Now we find only one-third of the cost is to be so charged, and the school fees are to be colonial revenue, the remaining two-thirds to be charged on the land revenue. This will, no doubt, in some Provinces injuriously affect public works, for it is just possible when the cost of establishment, interest on loans, two per cent, for railways, and education and the other charges imposed by past legislation are deducted, that nothing will be left for public works in the districts where the land is sold ; but this is a defect which may perhaps be remedied before the session is over. It is true that it is proposed to raise the upset price of land, so that the proceeds will be greater. This is very necessary in sorno districts, though in tho forest lands | of this Province, except perhaps in the immediato vicinity of the railway, it is not required ; but as a bill will ! be necessary to give effect to the resolution which the Government has proposed to tho Honse, details of this kind can bo provided for. The revenue for the year ending 30th June last has been greater than we have been led to believe from the gloomy reports spread abroad by the Opposition newspnpers. We find it has considerably exceeded the income of the preceding year, although it has not realised the very sanguino expectations of the late I Colonial Treasurer. Tho proposal to charge two per cent, on the cost of railways constructed within the provincial districts on the land revenue of those districts, is a fair compromise of that question, as railways are but superior to main roads, and are rightly a charge on the land. The whole of tho railways of tho Colony will be under colonial control and management, and those provincial districts which have railways of their own, aro to reoeive credit for the cost of their construction out of fhe Middle Island | Railway fund. With respect to the now form of local government proposed, only the broadest outline has yet been given ; bnt it appears that the governing bodies in towns will be municipalities, with extended powers. The revenue is to be swelled by licenses and subsidies, but they will have fo take ovor the charitablo institutions. The country will have Road Boards and County Boards, which will be dealt with in a liko manner, with the addition to the revenue of counties of the balance of land revonne not otherwise appropriated. At the conclusion of his exhaustive speech, Sir Julius Yogel recapitulates the principal points of his Budget, and com. mends them to the earnest and favorable consideration of the members. The Statement, we learn, was well received by the House as a whole, but on the Premier moving the resolution to raise the upset price of land, where ib is Jess than £2 an acre, by about 25 per cent., Sir George Groy rose to protest against its being passed, as being unfair, and moved an amendment to the effect, that if purchasers were dissatisfied with their purchases, their money should bo refunded. Sir Julius Yogel pointed out that the resolution was only introduced with a view to futnre legislation on the matter, and was merely meant to protect the Colony against tho operation of land speculators till the question was settled.

Some three of the members who hays made themselves conspicuous by .theik,obßtrnctivo opposition on several occasions of late, caused an animated 'discussion to be kept up for some time, and Mr. Stout moved n second amendment to the effect, that the resolution should apply only to Nelson, Wellington, and Hawko's Bay, but it was lost on a division by a majority of twentyeight. He then commenced to bo obstructive, moving that the Chairman should report progress, and was again defeated. The Premier, however, at an early hour in the morning consented to an amendment made by Mr. Bastings, by which lands leased or sold on deferred payments were not to be affected by the alteration. This was carried, and the House adjourned. The members voting with the Opposition have now sunk to eighteen, and there is no doubt that with ordinary good management, the Government will be able to maintain a working majority throughout the session.