Wanganui Herald. [PUBLISHED DAILY.] THURSDAY, MAY 12, 1887. THE FINANCIAL STATEMENT.

Wanganui Herald, Volume XXI, Issue 6216, 12 May 1887, Page 2

Wanganui Herald. [PUBLISHED DAILY.] THURSDAY, MAY 12, 1887. THE FINANCIAL STATEMENT.

TnE Treasurer did not keep the country waiting long for the Budget this session ; indeed, we think it stands as the earliest delivered Statement on record. Being the work of a master mind, it contains an immense quantity of food for thought and comment ; so much, in fast, that it is impossible to more than skim very lightly over so large a Burface in a single article. We shall, therefore, take a general view of it in these remarks, and criticise it more in detail in a future issue. The first thing in the Statement to which public attention is drawn is the deficit for the year ended 31st March last, which, iv round numbers, amounted to no less than about £280,000. This sum is made up by the falling off in Eailway receipts £157,823, Excise £124,235, Stamps £16,337. The Property Tax and Beer Duty are responsible for th* balance of tho deficit. Against this large falling off in revenue the Treasurer shows a set off to tho extent of £186,805, reducing the deficit to £92,293, which he proposes to let stand over for a year, being evidently under conviction that tho revival of trade will effect its extinction by that time. The falling off in Eailway receipts was largely attributable to the decreased grain harvest last year, as there were, in round numbers, three millions of bushels of wheat less grown in ifrew Zealand in 1886 than in the previous year. The harvest this year has been an abundant one, and the railway revenue is already showing signs of it in the South Island. The Customs deficit is not a matter for regret, as it means the colonists are fast seeing the folly of spending their hard earnings on intoxicants, a matter for the warmest congratulation. Tho fact is, the young men of New Zealand do not drink. They have other tastes, and do not hang about the pnblichouses, Even the larrikin element do not drink, except in fits and starts, so to speak. The falling off in revenue caused by this increased sobriety is, therefore, one on which the colonists can be honestly congratulated. The only drawback is that the loss of revenue caused by it must be made up from Borne other sources, The Treasurer's proposals under this head have been already dubbed as " increased taxation." This is a pure misnomer, as it is simply a change in the incidence of taxation, and not an increase. If, for instance, the colonists stopped drinking intoxicants altogether, tho Colonial Treasurer would have to look about him and see where ho could raise the revenue at present derived from that source from. This would not mean that he was going to increase tho taxation of the colony by that large amount, but simply that he had to take it from the colonists under some other guise than as excise on intoxicants. To make up for the falling off in the revenue, the Treasurer proposes to get an increase from the Property Tax, to levy now or increased duties on several imported articles, and to cut down the salaries of Civil Servants by £20,000. From these sources he anticipates getting enough revenue to leave a surplus of £84,880 on the estimated expenditure for the current financial year, Tho new Customs duties are not at all excessive, nor are they what can be called purely Protective duties. Of course all duties are protective to the extent they handicap imported manufactures as against locally-made articles of the same kind, on which no excise duty is collected. Comparing the proposed tariff with the present scale of duties, it will be seen that the necessaries of life are dealt very lightly with, and that the increases are mainly on those articles which we should manufacture in the colony. The effect will be to give increased employment in the colony, and to encourage local industries. The increase in the Property Tax is to counterbalance the excise duties collected from those who are exempt under the former enactment, and to place the burden on tho shoulders of those best able to bear it. Those possessed of unencumbered property of the value of over £2500 will be called upon to pay Id in the £, and not be allowed the £500 exemption they now enjoy. Those possessing property to the value of £2500 and under will be allowed the present exemption, and pay thirteen-sixteentha of a penny, as at present. The change, therefore, will only affeot the minority of those now reached by the Property Tax, which the Jarge capitalists want to see denuded of the £500 exemption, so that it shall fall on the great bulk of the provi-

dent labouring classes. The proposed reductions in the salaries of the Civil Servants, from which £20,000 is expected to be gained, ia the one item in the Treasurer's budget we do not like. It -is & class tax, and gives those called upon to pay it a right to grumble at being singled out for a special contribution towards the cost of Government. Let the Service be re-organised, and the work so distributed that it can be performed by the smallest number of officers possible consistent with thorough efficiency, but let those who are retained be well paid, and not irritated by such a tax as the one proposed by Sir Julius Yogel. True, it is a lighter one than the 10 per cent reduction levied some years ago by the Hall- Atkinson Government, which was deducted from all Government employes, whereas the present reductions are not to touch anyone receiving up to £150 a year, above which a sliding scale is applied reachto 7 J per cent on salaries exceeding .£SOO. Aa we stated before, we do not like these reductions ; they fall on the good and bad alike, and are intensely irritating, and calculated to destroy the esprit do corps of the service, and cost the country more than it will gain by the scheme. Far better to purge the service of its drones and unnecessary officials, by which double as much would be saved, and those left in encouraged to work their best by a reasonable hope of advancement. It is quite clear that the service will not stand both systems of depletion and remain effective, and we wonder at Sir Juliua attempting the impossible. Taking the Statement as a whole, we think the country can be congratulated on the able manner in which its affairs have been managed. Had they not been so, the Treasurer would have had to face the House with a very different Budget and with proposals which would have startled the taxpayers into a sense of the folly of trusting the management of the public funds to a " mere tyro in finance," as was the case when Maj or Atkinson came in 1879 with a long face and a deficit of nearly a million, and an utter lack of resources othor than deficiency bills from which to draw the required amount ns a set off. The present Government have faced the difficulty, and by rigid economy reduced it to very small proportions, and that, too, without mortgaging the future or in any way endangering the colony's public credit abroad,

The adjourned annual meeting of the Equitable Building Society will be held this eveniug at 7.30.

We hear that thero is sorao probability of the local Freemasons taking come steps to celebrate the Queen's Jubileo in Masonic fashion ; the details of the plan however have not yet been settled.

There being no counter attraction on the 24th the Harmonic Society are arranging for a promenade concert in the Drill Hall, The programme to be submitted will be a miscellaneous one, comprising selections by our best talent.

Mr Leonard Harper the ex-M H.E for Avon, who is home on matters connected with the Midland Railway and the Union Steamship Company, is still prosecuting his mission as actively as ever, but has not concluded matters sufficiently to arrange for his return, Captain Todd, formerlyof theStLeonarda, and well-known in Wanganui waa in charge of the Northumberland when she struck at Napier. His many friends here will regret to hoar of his misfortune, but will be pleased to know tint the genial skipper is not one of those whoso lives have unfortunately boon lost ovor this affair,

It is calculated that in the present year, 1887, the Star of Bethlehem will again be visible. This star was last seen by Tycho Bracho in 1575, and ia supposed to have appeared before that at regular Intervals of about 315 years ; so that it must have been seen in the year 3 8.C., which is generally said to be tho correct year of the Lord'B birth, Ihe Btar is described as of enormous magnitude, far larger and brighter than the largest plauots, On it 3 last appearance it was seen in full brilliancy for about a year and a half, and then gradually faded away.

The following aro the names of jurors drawn by the Sheriff to-day tor Bervice at the District Court on tho 25th Bho'jld their attendance bo necessary, which at present seems unlikely :—W. Churton, J, Davidson (Putiki), J, Doyle (Aramoho), T, Craig (Kaitoke), W. '1 arrant, G. Leslie, T. Fawcett, O.G. A. Harvey, A. A. Burnett (No 2 Line), A. S. Laird, J, McGregor (Cherry Bank), W. Edwards, J. Crane, D. Lamot, A. Filmer, T. G. Philpot, C. Endorby, J. Manloy, G. Murch.C, Small (Tayforth), O. Langley, A.McQuilan, W. Whito, J. Well?. W. S. Fleetwood, L. Walker, W. Pinches, J. Garner (Okoia), J. Duncan (No 2 Line), Vf. H, Batohelor (No 1 Line), J. Ainsworth. J. B»sliford, (No 2 Line), T. Carey (Tayfiold), A. I?. Walker (Aramoho), J. Pcake, A, tlallighan, A. Smith (Upokongaro), F. 8. Rumbold, T. Sullivan, J. Sullivan, ). Adamsou, J. Goode, J. Streeter, and W. Wybourne (No 2 Line);

A meeting tf the Football Club committee was held last night to consider a proportion mado by Mr Haultain, of tho Palmerston North Club, to hold a football tournament here on tho 24th May. It was understood from Mr Haultain that tho Palmorston and Fieldmg Clubs wore willing to send teams, and tho Secretary was instructed to wnto to the clubs at New Plymouth Hawera, and Patea inviting them to send teams. If tho hivatations aro acceptod two matches will be played on the 24th and two on each of the following days the champion match being played on Friday, and a North v South match on Saturday, It is believed that the tournament can bo made a groat success, and if the country players visit Wanganui they mny be aasurod a hearty reception,

Tho Weot Coast Jubilee Exhibition committeo met last night when t hero was again a good attendance. It was decided that tho Exhibition should bj opened at 2 o'clock on Friday June 17th. Tho various aub-committoos reported favourably, and authority wns given to tho Eutortainmont committee to luvo 50 copies of an ode, written locally, struok off, Tho Eutertainment committee were requested to submit at next meoting a programme of the musio to be used at the opening. Tho name of Mr J. It. Sommorvillo wns added to tho Cteneral Committee. It was decided to write to tho railway authorities asking for tho adoption of special fares, and to the steam shipping oompaniea for tho free conveyance of exhibits. Mr Hatrick stated that as agontfor tho Oroti bo hid authority to offer free cwrinqo for all oxhibits. Mr McLean's notice of motion respecting tho ohargo for tho opening night was held over till nsxt meeting, and a resolution having been passed asking tho Mayor to prochim tho 17th Juno a half holiday the meeting then adjourned for a weok,