THE FINANCIAL STATEMENT.

West Coast Times, Issue 283, 20 August 1866, Page 3

THE FINANCIAL STATEMENT.

The financial statement was made by the Colonial Treasurer in the House of Representatives on Wednesday, August 8. The following is a short abstract of the actual figures, as stated in the authorised copy of Mr Jollies speech.

The revenue for the past year, which was estimated by Mr Jollies predecessor in his financial statement made on August 30, 1865, at L 943.500, inclusive of LSOOO from distillation, and L 37,000 from Stamp Duties, has, without these items, amounted to the sum of L 902,134 8s Bd, showing ♦hat Mr Fitzherbert' s calculation was onl y L 634 8s 3d below the actual receipts. The following are the actual figures of the revenue : —

A footnote informs us that L 6500 will probably have to be added to the receipts, by the Marine Board, on account of light dues, making the total revenue L 908,634 8s Bd. The ordinary revenue, apart from the Customs, has nearly equalled the estimate that was made of it. There is an increase of L 155,000 in the customs revenue over the estimate, for which the colony is indebted to the increased extent and productiveness of the Westland Gbldfields.

The expenditure for the year is next treated of, first as against land revenue, and secondly as against the L 3,000,000 loan.

The Appropriations made by the Appropriation Act for 1865-6, or by specific Acts of the Assembly were :—: —

Mr Jollie puts down the actual authorised expenditure for 1865- 6 at L 790,578 16s 2d, pointing out that there had been an error of computation in the preparation of the Supplementary Estimates of that year of L 122 1 Id. The actual expenditure, as against revenue, for the same period stands " nearly as follows,'' Mr Jollie adding parenthetically that he guards himself in this manner because at the moment he was unable, from the state of the accounts, to quote the figures with absolute accuracy : —

To this has, of course, to be added the monthly advances made to the provinces under the designation of three-eighths of their Customs receipts, on account of surplus revenue divisible amongst them in pursuance of the provisions of the Surplus Eevenue Act. These advances have amounted for the past year to the sum of L 288.281 lls 9d, which, although slightly less than three-eighths of the entire year's revenue from Customs, would nevertheless have very largely exceeded the actual surplus of the year, but for the fact which the Colonial accounts for 1864-5, laid on the table of the House at the commencement of the session disclose, that the surplus of that financial year, amounting to L 112,376 lls 3d, had not been distributed as heretofore, but applied in aid of the revenue of the past year, and in diminution of that burden of unauthorised expenditure on the part of three successive Governments, which had to be charged somewhere and adjusted somehow, and which last year's Appropriation Act made a charge upon the revenue, and not upon the three million loan. It is thus that the Government have been enabled to pay to the provinces during last year the sum of L 269,157 17s 4d, instead of only L 155,340 6s Id, which is all the surplus they could have otherwise received for the year.

This excess in the payments made to the provinces over the apparent surplus of the year is L 27,650 10s Bd, though the whole amount received by them is short of the three-eighths of the Customs by about LI 1,006 3s. Next as to the expenditure which has taken place during the year as against the L 3,000,000 loau. The balance of the Three Million Loan, on the 30th June, 1865, as stated by Mr Fitzherbert in his financial statement on August 30, 1865, to be available for future appropriation, was L 602,603. Mr Fitzherbert then calculated on a further expenditure of L 310,000 being required, in order fully to meet our engagements with the military settlers, within the several provinces of this island. The actual expenditure incurred on account of military settlers, and for the various, purposes of defence, together with that w hich it has been necessary to incur'

for great public undertakings such as the Electric Telegraph and Lighthouses, both of which were to be provided for out of the loan, amounted for the year that closed on June 30, 1866, to L4II, 391 18s 7d. A balance of L 179.839 Is 6d is all that remains of the L 3,000,000 loau. The Bank account to June 30, 1866, shows a balance aguinst the colony on that day of L 75,190 I6s.

The proposed expenditure for the financial year 1866-7 is thus stated :—: —

£974,500 8 8 To this must be added the supplementary expenditure (General and Provincial) incurred during the year just closed, which is put down by Mr Jollie at L 33,385 2s sd, making a total estimated expenditure of 1,007,885 lls Id. To meet this the Treasurer puts forward the following estimate of ways and means for 1866-7.

This shows a surplus of L 48,114 8s lid on estimated revenue over estimated expenditure.

In aid of this estimated amount of revenue for the current year (plus the savings made on the appropriations of the last, amounting to about L 46,000), or rather in aid of that large portion of the proposed expenditure which provides for the various purposes of defence, and is to a large extent a distinct charge upon the loan, the Government propose to apply the whole of the available balance of the loan, amounting, as before stated, to L 179,839, minus the sura of L 20,000, which it will be necessary to reserve to meet the discount and other charges that may be incurred in the negotiation of the L 250,000 which remains to be raised. The difference between that amount and the available balance of L 179,839 apportioned to the services of the year, the Government will retain in their hands when raised, to meet further liabilities, and to reimburse those accounts from which funds have been temporarily withdrawn in the exigencies of the public service during the last three or four years.

'ivil List .... reneral Services, including permanent charges , 'rovincial Services iupplementnry Expenditure pviov to 30th June, 1865-6 . ; £. 8. d. 27,500 0 0 391,157 15 2 160,480 11 3 167,655 16 2 746,794 2 7

£ 8. d. For General Services ... 200,808 0 0 Tor Provincial Services ... 169,882 0 0 Unauthorised Expenditure for the three preceding years 167,655 16 2 Civil List 27,500 0 O Permanent Charges 224,733 6 8 Total £790,579 2 10

Postal ndicial Registration ... [Tees on Issue Grants Marine Board Celegraphs . . . Miscellaneous £ 8. d. 798,100 12 8 49,391 4 7 29,209 4 3 14,981 1 9 of Crown 2,732 0 0 563 6 6 5,079 16 9 2,077 2 2 Total £902,134 8 8

Customs 856,000 Judicial „ 35,000 Postal 60,000 Telegraphs ... 9,000 Lighthouse dues, &c, ... 1,500 Crown Grant Fees 12,000 Registration of Deeds and Land 17,000 Miscellaneous 5,000 Proposed stamp duties (nine months' receipts) ... 50,000 Bonded warehouses 6,500 Licensed distillation duties . . . 3,000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Total £1,056,000 0 0

£ s. cl. 3ivil Lists 27,500 0 0 Permanent Charges under Acts 266,889 7 6 Jovemnient Houses and Domains 7,138 13 0 Public Departments 36,560 0 0 .taw and Justice 64,843 4 0 Postal 155,150 0 0 Customs 46,320 2 0 Native 29,986 15 0 Hibcellainoua 30,922 19 7 )efenco 309,189 7 7