The Maikato Times AND THAMES VALLEY GAZETTE. Equal and exact justice to all men, Of whatsoever state or persuasion, religious or political. THURSDAY, APRIL 25, 1889.

Waikato Times, Volume XXXII, Issue 2619, 25 April 1889, Page 2

The Maikato Times AND THAMES VALLEY GAZETTE. Equal and exact justice to all men, Of whatsoever state or persuasion, religious or political. THURSDAY, APRIL 25, 1889.

The financial operations of the colony for the year ended 31st March have been announced, under official authority. We look upon the published returns with much complacency, inasmuch as they are a sure indication of a change in the tide of the colony s affairs. They a re proof of the wise course insisted upon by the country to put a decisive stop to extravagances of every description. That course has producedarenewalof confidence amongst ourselves and people outside the colony, has given elasticity to colonial enterprise and trade, and bids fair to carry the colony onwards with the current of hopeful prosperity. The financial results of the past year are not favourable to the policy of the Government; on the contrary, they may be regarded as clear testimony of the failure of the Premier's fiscal measures. The satisfaction to be found in the revenue returns is in the unusal, almost unknown, factof asuiplus. That is pleasant reading ; aud, although we had looked forward with trepidation to the consequences of the Governments policy, we can rejoice with all parties that there is no actual deficiency to confront us. lhe surplus, however, is almost wholly due to the reduced expenditure in the cost of the civil administration, which was less than hi the previous year by £135,000. The total income for the year was £3,791,8' i (J. After deducting interest on the loans, there was £1,912,000 for ordinary expenditure, which amounted to £1,892,000, leaving an actual surplus of .£50,000, On the totai estimates of the Colonial Treasurer there was o deficiency of over £117,000, nearly all the items having fallen short of his expectations. Thus on the Customs, railway, postal, property-tax, registration and territorial revenue the deficiency was .£ 13G,2 l-l; while the beer duty showed an excess of £">U, marine ,£507, and miscellaneous .£18,338, or, £18,9-1"), alto- [ gether, over the estimates. J lie j customs receipts include the primage duty, which was imposed for the purpose of raising the sum of '.£50,000 per annum for three years to bft specially used in paying ofl the deficiency of 1887-8. If this intention is eaf rjpd out, the apparent saving effected in tho expenditure of i>>o,ooo will be appropriated, and there will be no positive surplus at aU, bjit an even balance of accounts for fcha year. Whilst it is evident, we arc so much indebted to the policy of retrenchment for what benefits have accrued to the finances of the colony, it is also tiiat uiucb yet re-

mains Lo bi; performed before completely economy is secured. So fur tin.* reductions in the cost of the administration of Uie colony have been ell'eetcd witiiout the slightest derangement in the public service or impairing its efficiency, as its friends predicted would follow the work of the iconoclastic retrencher. Rather are we the more convinced of the necessity for the economiser's hand continuing its task of recasting and assimilating the general system of civil government in order to bring it within reasonable limits of our actual requirement ; and, in this we include the scheme of national education, which is fast growing beyond all endurance, The following is the result, under each head, of the finances of the past year : —

Estimated. Receipts. Deficiency. Customs ... i,fil:i,000 j£l,4.>0,(i03 j£;i:i,302 Railway ... 1,0(0,000 1,001,134 33,362 I'o'tal ... (iU,700 G00.370 14,330 I'ruix'rty-tax 375,000 373.S30 1,170 K ejjistration 57,500 30,-22li 18.174 Territorial... 103,000 1S4.716 8,284 Surplus, JVer duty ... 51,000 51,050 50 Marine ... 17,000 17,557 55, Miscellaneous 40.000 04 333 1S.33S