The Gisborne Times PUBLISHED EVERY MORNING. THURSDAY, JULY 18, 1907.

Gisborne Times, Volume XXV, Issue 2135, 18 July 1907, Page 2

The Gisborne Times PUBLISHED EVERY MORNING. THURSDAY, JULY 18, 1907.

THE FINANCIAL STATEMENT. Tho uuuuiil balance-sheet of this I country’s affairs, usually described us “The Financial Statement, is I published in this issue, and our people are to bo congratulated upon the evidences there disclosed of continued prosperity. The revenuo for the year exceeded 418,000,000, a very largo sum for a population of less than a million. Some would view those, ligures as an indication of undue taxation levied through tho Customs, railway charges, and by direct taxes, but we prefer to look upon them as evidence of the spending power of tho people, and from this standpoint the record revenue of the year 1900-1907 is extremely gratifying. A community, so small numerically,’which can pay nearly £3,000,000 in Customs duties alono and £2,000,000 in railway fares and freights is evidently in a thoroughly healthy financial condition. The Premier and Colonial Treasurer, Sir Joseph Ward, is to be warmly congratulated upon his management of the finances (luring tho past year, and upon his business-like statement of the present position. While differing from tile Premier on 'uiaiiv points of policy involved we frankly acknowledge liis n'kill as a financier. The public accounts liave been presented by liim in a clear and attractive form, so that generally speaking they can bo thoroughly understood by tlie layman. A noticeable fact is that Sir Joseph lias abandoned tlie time-hon-ored methods of his predecessors, who thought it necessary to announce with a loud flourish of trumpets the figures of the annual surplus, which this year is very close to £600,000. Aa a matter of fact this surplus merely represents the difference between a forecast of the probable revenue for the year and the amount actually collected. That it is so large is evidence of a bad guess, and is to that extent a flaw in tho Statement. The chief feature in tho items of revenue is tho largo increase in the railway returns, which amount to £2,600,000, or £280,000 more than during the previous year. This is an eminently satisfactory result, and although some of the credit is given to the temporary impetus of tho International Exhibition, the net result should encourage tho Government in the pursuance of a vigorous policy of railway construction. More important than a review of tho past is a consideration of the proposals for the future, and in this respect some noteworthy innovations are promised. In view of tho ovor-incrcasing returns from the customs, Sir Joseph promises to remove tho duty from sugar, currants, raisins, tigs, dates, spices , and all articles of infant diet, as well as. from cotton goods. This should constitute a decided boon for those artisans in tho towns who have found the yearly increasing cost of living a sorious burden. It certainly marks a great step towards the longpromised “free breakfast table,” and at tho same timo is of such a nature that it can scarcely ho condemned by the most rabid of protectionists. Tho Premier gave reasons for not removing tho duty from hour which will be appreciated bv every farmer in the country, but at the same time administered a timely hint to flourmillers that the State would not perImit its tariff laws to bo made the moans whereby a ring might extract unfair profits from consumers. Tho financial management of the Postal and Telegraphic Department is such that his bitterest political opponents can congratulate the Premier upon, and it is pleasing to note that he lias seen his way to promise still further reductions in the low charges that at present exist. in. this, department of the Public Service. The proposed abolition of tho iniquitous sheep tax will be hailed with pleasure by pastoralists, and in this connection credit must undoubtedly be given to the various branches of tho Farmers’ Union throughout the country, who agitated persistentl y and successfully against what was reallv a class tax of tho worst kind. There are some neoplo who maintain that we should construct our public works oil) of revenue, but while a huge borrowing police is to be deprecated, it is neither wise nor necessary that the burden of constructing railways and roads for the benefit of future generations shall be placed entirely oil the shoulders of the present community, and under the circumstances tlie appearance of the usual ' “million loan” proposal is not likely to meet with serious opposition, It is, however, worthy of note that the Coloiiial Treasurer expects to float " this loan in New Zealand, and thus avoid the increase of our interest obligations with London money-lenders. This is undoubtedly a step in the right direction, as is also the deei- I sion of the. Government to refrain in the future from tampering with the sinking funds accruing in regard-to various loans. For years the Opposition lias denounced the method originated by, the late Premier of utilising those funds for different purposes, and it will be a keen satisfaction to Mr. Massey and bis friends to note that this amendment is at last to be made.

THE GOVERNMENT LAND POLICY.

It is difficult to criticise tlie Government land policy as indicated in the Financial Statement, for the statements made therein are in some instances far from definite and in any case there is still time for the Ministry to npike another change of front before its land Bills are actually submitted to Parliament. Already the Premier is alleged to have stated that lie lias been misunderstood and probably difl not make himself clear on the matter, whilst the Hon. Mr. McNab has come to his assistance with a laboured explanation of what really is intended. The Ministry which greeted an astonished people some twelve months ago with a revolutionary land policy, coupled with the statement- that- it would stand or fall by the proposals therein contained, has fallen sadly from its high estate, so low indeed, that- even our erstwhile visitor, Mr. George Laurenson, declines to do it reverence and promises his support to a want of confidence motion. Surely the whole history of New Zealand politics must be ransacked to provide evidence of such a debacle which comprises a most scathing indictment of the-Ward Cabinet as a constructive administration. As stated above it is useless to attempt the criticism of the “latest” land policy until it is definitely set forth in the promised Bills, hut unless another radical somersault he made the country will have reason to ththe Opposition and tlie Farmers’ Union for -having taken the sting from the objectionable clauses that were formerly favoured by the Government.