The Star. FRIDAY, OCTOBER 15, 1869.

Star (Christchurch), Issue 443, 15 October 1869, Page 2

The Star. FRIDAY, OCTOBER 15, 1869.

It is a very good tiling indeed to bave a credit balance at one's banker's, but if that balance happens to be the result of a pleasing fiction — a little bik of thimblerig some people would call it — the result may prove to be disastrous. Ifc will be remembered that, on the opening of the session of the Provincial Oouucil, we expressed Borne doubt as to whether the actual financial position of the province was so very rosy as the government led us to believe — whether, . in fact, there was actually such a large balance in hand na the Treasurer Baid there was. After events have shown, that our doubts were .fully justified. The Treasurer tells us that he has a balance of so much in hand, and we reply — yes, but that does not represent the real financial position of the province. The, case is exceedingly simple. Mr Jollie, or whoever is the Government • fiuancier, has come down to the .Council with a statement that there wad so much money in the bank to the credit of the Government on Sept. 30. So far, right. But then comes the important fact. Mr Jollie, while taking credit for all the revenue up to a certain date, ignored amounts actually due on Sept. 30, but not usually paid .till Oct. 2. These outstanding liabilities may be £15,000, £W;000, or s -even £20,000. The public don^t kuow ■Vet. It is certain, however, that they •will reduce the apparent balance,— the fictitious balance, wemaycall it— which the Government have in hand. It is ' greatly to be regretted that the public should have been led to believe that they are richer than they really are. /It. is still more to bo regretted that the Provincial Auditor, to whom they look for stringent correctness, should have . endorsed so very loose a principle of finance as he appears to bave done. The Press of this morning affects to . treat the affair as a mighty fine joke, and takes occasion to sneer at those i "honourable members of the Council Tvfao wish to know the actual, not tlie apparent, financial condition of the province. The public generally will probably be of opinion that bur contemporary's saturnine mirth is exceedingly inappropriate, and that ifc would be more to his credit if ke exposed instead of backing up a species of financial thimblerig. The Press endeavours to defend the

Government by quoting the example of Her Majesty's Chancellor of the Exchequer. Our contemporary is singularly unfortunate in this attempt. Mr Lowe did not show a surplus by ignoring outstanding liabilities, but by contriving that certain taxpayers should pay more than they had usually paid within a given time. The Provincial Government, it is almost needless to observe, have done the former — have studiously kept out of sight the fact that September salaries and other amounts became outstanding liabilities on the first of October. However, they have promised to produce a balance-sheet on Tuesday next. Tbe public will then, if it is correctly drawn, know the actual posiliou of the province, which is exactly what they want to know.