THE Inangahua Times PUBLISHED TRI-WEEKLY. WEDNESDAY,JUNE 9, 1880.

Inangahua Times, Volume II, Issue II, 9 June 1880, Page 2

THE Inangahua Times PUBLISHED TRI-WEEKLY. WEDNESDAY,JUNE 9, 1880.

The Financial Statement was .wired through last night, but too late to ens able, us to lay the whole of it before our readers this tnorni.ng. The following is. boweye/, the gist of it : — Major Atkinson said.-— When in November,last I estimated the probable d«scit for jfthieh it would be necessary to make provision by the lsfc April last afc ££00,000, it was thought Lhad taken a far too gloomy yie t w of the financial position. I regret to say that my anticipations have been more than realised. He felt, however, that the check to our prosperity was only temporary. It was gratifying to know that the plain facts of the financial position which he had the honor to! submit to Parliament last sess<on have ' fully drawn public attention to this } vita! subject. In submitting the last Budget he bad Baid it would be impossible to surmount our monei^ry difficulties and, escape danger without a complete remodelling general and local finance. In accordance with the opiuion bo expressed, certain measures were introduced, by tbe Government and passed by the House last session,' modifying very considerably our fiscal system, but leaving un» touched the system of local taxation and subsidies. Upon this subject I said *• The importaut question of local finance was ft* too large to go into this session, therefore I will say no more upon the subject now, except that Government fully recognise the fact that it ie their duty to submit to the House upon its first meeting next session a scheme which shall place local taxation on a satisfactory, and something like a permanent basis, and by satisfactory the Government un* derstand placing local bodies in such a position as will enable them, to obtain as far as possible, sufficient funds for all necessary works, while drawing a broad and distinct line between local and general finance." To«night I shall endeavor to redeem this promise. He trusted, however, the Committee would not expect too much. The subject was beset on every side with d'» fficulfciea and nothing but strong de< termination on the part of local bodies to rely more pp their own resources ! and less upon external help than hitherto, will render any satisfactory solution of this vexed question possible. But before submitting tbe proposais of the Government, it would be more convenient jthat he should explain the results of the transactions for the last financial period, which through tbe change in tbe financial year, com* prued 9 months, instead of 12. Tbe year 1878-9.— 1 will first explain the actual financial result for tbe year ended 30th June, 1879. It will be re* membered I estimated that after payment of all liabilities outstanding at tbe close of the year, and taking credit for the ss3etß for the vear, there would be a deficit of £131,824 • the actual deficit on the transactions ended up to 31st March last, in respect to the period now referred to, proved to be £69,418. There remained unpaid on that date, however, liabilities to the amount of £70,193, including £50,000 to thj Bank of New Zealand, as the balance of overdraft of the late Provincial Government of Ofago ; while on the other hand further assets amounting to £5,821 have been realised since 3 1st Mareh, so that the to-» tal deficit, including asset* and liabilities to the $P h June las", was £133. 790, instead'of £131,824 as estimated. Tbe estimated expenditure for the year was £H,139,530, and the actual expenditure was £3,015 049, there being thus an apparent saving of £9440, wbicb was, however, liable to reduction. Tbe total revenue of the Colony for the nine months ended 30 Ji March was £2 44*5,20,0, or £261,441 |horfc of the estimate. Customs fell short £47,335; and Stamp Duties L32.921 ; Hailwaye, L113.072; Land Revenue L91.592 The Postal Sevenue ex* ceeded the estimate by Ll2 961. The' total debt of the Colony stands at L2t.4i09.113, the annual charge on wh : ch is L1.535,000. With regard to County subsidies, th,ey Would be discontinued, and he purposed to introduce two Bills. One to enable local bodies to levy rates to any amount they consider necessary up to 2s in the pound and beyond that amount if as special r,s|te. It will authorise bodto borrow, but prior to borrowing a specinl rate to be levied covering the interest and sinking fund on the sum proposed to be borrowed, sucb rate to continue until the dpbt h paid. All Governm .ui property, including waste

lands of the Crown, and public buildings to be .iable to taxation, but waste lands only to the extent of Is in tbe pound upon thii 'tyaoual value. The area of waste lands in each Countv to' be stipulated and the taken at 6s 8d per acre for .pastoral land and I 203 for agricultural. The second BUI | will enable bodies to obtain grants from the Government for the cons etruction of main roadsi but ratepayers to contribut one fourth of the grant asked for. -Couuties to maintain main roads.