The Timaru Herald. SATURDAY. SEPTEMBER 5, 1868.

Timaru Herald, Volume IX, Issue 342, 5 September 1868, Page 2

The Timaru Herald. SATURDAY. SEPTEMBER 5, 1868.

Mr Hall deserves the credit he claimed m tbe financial statement, for beingable to lay before, the Hotiso'of Representatives a detailed statement of accounts for the year, at the /some time ■ of making the- annual statement, . It is j an improvement and an example wliich : we hope will not' be without its dne effects on those who may hereafter fill the office. : !

From the: telegraphic 8111010877 of the speech of Mr HaU we gather the. chief outline of the financial proposals of the Government, hut to properly understand the details we must avvait tbe, budget speech. Tliere is much, however, to be thankful for. No further loans are required fbr any purpose whatever, ana the partnership between .the General Government and the provinces is to be dissolved after the, firet of January next. The charge of harbours is to be taken over by tbe General Government, and placed entirely under their control. Tbo police and gaols are to be provided for by the General Government by 'a capitation grant of seven shillings per head of the population, but are to be administered by the provinces. The provinces are to retain, tbeir land fund, whioh is to be relieved pf all liability on account of provincial loans, llie General Government will take over the loan liability of the provinces and 'make: it a colonial charge. The' inequalities iii the amounts borrowed by the various provinces are to be Adjusted '■by - Neilson receiving a sum of £90,000, and Wellington. £15,000,, and] Southland! to; have £12,000 deducted ppnually fi;om Tier territorial revenue, on nccount Ofher large indebtedness^ aha there is ample monoy ior the purpose of making]

tliese payment?. This ia the arrangement for severing a connection wliich has been a fruitful source of much annoyance and loss. j 0/ the state of the colony we were E repared to hear a very gloomy account, ut a great weight has been removed from the public mind. When Mr Stafford stated that the revenue had felton oft to the extent of £80,000 or £90,000, and yet that the expenditure would not exceed the revenue, we all thought that he was rather too sanguine as to the result of his economy. The j result is now given to the colony, showing what Mr Stafford has saved m one year. The falling off m the revenue was principally m tho customs and stamp departments, the former showing a decrease of £80,000 and the latter £19,000. | The estimated revenue and expenditure for the ensuing year is as follows : — REVEXCK. Customs duties £800,000 Stamp duties 63,000 Post-office 60,000 Miscellaneous 56,000 Telegraphs 15,000 Bonded stores 6,500 Total ... £1,000,500 BXPF.NDITUBn. Permanent charges „. £320,542 Postal 106,401 Law and justice 65,587 Customs 41,781 Public Departments ... 37,863 Miscellaneous 30,029 Defence „ 47,497 Civil list 27,500 Militia and volunteers ... 22,183 Native 12,384 Pubiic domain ... ... 2,880 Total £704,647 It will be seen frum the ahove tables tlmt the estimated revenue exceeds the estimated expenditure by i £295,853.