COLONIAL FINANCE.

Timaru Herald, Volume LII, Issue 5164, 10 June 1891, Page 3

COLONIAL FINANCE.

(Press correspondent.) I understand it is not unlikely that a Select Committee may be moved for at an early date to make a searching aud exhaustive examination of the colonial finances and accounts. Somo inquiries have already been made why tho report of the Controller-Gene-ral, presented to Parliament m each of tha last Ihree years, has not been printed, co as to be available for study and resdy reference. The explanation appears to bo that this report has not boon very acceptable to successive Ministries, as putting tho financial position m a leaa favourable light than Colonial Treasurers approved. I hear that an effort is to be made this time to have tho aerieß of reports printed, and to compel tho whole eituation to be exhaustively roviewed. Ono point to which I understand that attention will bo pointedly dirocted, ib the construction of a surplua by including m tho revonuo the sums borrowed from tho accretions of sinking fund, according to tha ingenious plan introduced m 1884 by Sir Julius Yogel and continued by his Bucoessor. It haß been urged that this process was nothing more than the diversion for revenue purposes of a cum already actually raised for tho sinking fund, but practically not needed by the latter. It is assorted, howovor, on good authoritj that the money is not really raised at all by taxation, but is m fact borrowed, so that the colony ia yearly borrowing a considerable sum (£288,000 last yoar) m aid of current inoomo, and thus adding covertly to ita debt. It is further stated that the paat year's surplus, oven reckoning it m the way surpluses have been arrived at hitherto, provos now to bo more than £40,000 or £50,000 loss than the olßoially announoed, £146,000 odd.