THE FINANCIAL STATEMENT.

New Zealand Tablet, Volume XXI, Issue 13, 27 July 1894, Page 17

THE FINANCIAL STATEMENT.

Treasurer Ward is too keen a financier, and too levelheaded, to run the risk of misleading a country which, in its depression, closely watches every turn of Government. In the interest of the Colony, we hope that the various items will be thoroughly sifted. "We do not fear that the present Treasurer will be found to have made " wild and reckless stati monts." This being ho, wp can hnnpstly rongraMilate the Hon Mr Ward on the success of his administration. ■Ye note with genuine pleasure that thf dominant note of the Address is settlement of the land and the promotion of colonial industries. We see nothing alarming in the propoit"in tj "p -nd £250,000 in tho pnr:hasc of estates, to be uooid m small lots. Even if 5 per cent, return were not übtaiii. ■' a litt!-: loss in this direction would soon be a great gain to the Colony. The £25u,0u0 to be spent iv opening up f hc country in constructing bridges, and rendering the transport of produce easy and profitable, will be well spent wherever the money comes from. We see no difficulty in a direct loan for four times the amount, if the now retarded industries are to be fostered and sent quickly ahead. We have no time to lose if we would secure a strong place in the market of the world. No doubt, as Captain Russell hinted to an interviewer, the banking institutions will not favour the proposal to lend money through a lending board at a low rate, say 5 per cent., to farmers. In a recent leader we advocated a system akin to the Prussian system of land banks. We cate not what is done, provided the farmer receive substantial aid, and be taken out of the clutches of those who would fill his pockets with gold and then throttle him with interest. We are glad to find that Government intend to help the fruitgrowing industry, and to increase the facilities for small dairying. As Treasurer Ward justly said, there has been culpable negligence in this matter. Sir Robert Stout sneers at " the one million in Consols, which means borrowing from the people here." The borrowing bogey will not frighten the people. Settlers will rather applaud the Treasurer's words when he says that " the Colony must have a more plentiful supply of money." We fancy that the rush to invest in these Consols will show clearly that the Deople of New Zealand have unlimited confidence in the resources and futur* 1 of their own splendid country. On the whole we are of opinion that Parliament, alive to the interests of the Colony, should think twice before it rejects the proposals which its authors claim will give an impetus to trade, and assist in the development of the industries and commerce of New Zealand.

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REAPURER WARD is to be congratulated on the clear statement of the monetary affairs contained in the Financial Budget brought down to the House on Tuesday evening. It contains pleasant reading. Anything 1 that brightens up the political horizon and dispels some of the gloom of present depression should '• be hailed " v ~ with general satisfaction in the Colony." Jf Government be even fairly succeesful with their proposals our credit will be materially strengthened abroad, and prosperity much increased at Home. 'he gauntlet is thrown down to the Opposition by the Colonial Treasurer, when he says that his pretty picture has been painted honestly. Vouchers have not been held baeV. Wo need not s*y we trust Sir Robert Stout will, in the keenness of his analytical ability, examine closely the Financial {Statement. With the Jack-in-the-box propensity -winch has characterised his conduct in the present session, lie has aheady — almost before the Treasurer's ink was dry — -»iven his opinion. When Sir Robert t*lls the ready interviewer that "if these proposals — audacious proposals, forsooth — are accepted, a great injury will be done to the Colony," we bear in mind that though the disappointed knight can undoubtedly give a taking re-hash of the latest reviews he is not a past master in the art of finance. Captain Russell cannot b) expected to agree with a Budget whose salient feature is the determination to incrfase settlement, to gradually break up large estates, break down land monopolies, and place industrious farmers on comfortable holdings. If a Stout- Ucsseli- analysis r -veals inaccurate or unfair handling of liguros and upsouud finance, the country will gladly listen to them. The people, however, are tired of senseless abuse on both sides of the House. They want the country to go ahead. It makes little difference who is head, and who is tail. The following is a summary of receipts and expenditure for last year, and estimates for present financial year : —

loJo- ioj-t. Balance from last year Actual receipts ... ... 283,779 4,653 038 Total receipts Ordinary expenditure 4 936,817 4,386,359 Gross surplus L? 88 appropriation of Parliament to public works ... £50,458 250,000 Surplus Less extraordinary cbaiga io c nnection with Cbeviot fibtate 300,458 10,220 290 238 1891-1895. Estimated revenue Ebt mat jd expenditure £ 4,352,800 4,301,098 Excess Balanca from year endeJ 51,702 290 238 Gross surplus 341,940