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In reviewing the revenue of last year there are two other items of deficiency to which I would draw attention; the one is the item of “Invercargill Railway Plant,” £10,000. Of course your Honor will remember that this plant was sold to the Sydney Government subject to valuation to be made on arrival of the plant at Sydney. Owing to various reasons this plant has only recently been shipped, too late to enable the value to come into last year’s account, but of course it will form an item of revenue for the current year.

The other item is under the head of “Assessment of Stock,” which shows a deficiency in the estimated yield of £9,141 8s. 9d., and in connection with this deficiency, I would suggest that the carrying capacity of the runs be forthwith assessed.

Referring to the various items of revenue that have proved in excess of the estimate, I would only remark of the item “Gold Fields Revenue,” the excess is caused chiefly by the sale of land under Agricultural Leases, Land on Deferred Payments, and deposits on application for land on Deferred Payment. The excess in the item “Repayments,” is caused by a sum repaid by the General Government to the Home Agent for amount expended by him on account of Emigrants Then, as regards the item of “Railways,” your Honor will remember that exception was taken to the amount of this item when the estimates were submitted to last session of the Council, and now the excess under that head must prove a source of satisfaction, both to yourself and the Province, as well as affording evidence of the foresight of the General Manager, on whose information the estimate was originally set down.

Of course the deficiency in the estimated revenue of £92,704 9s. 7d. is not altogether sufficient to account for the position we find ourselves in of winding up the year with a debit balance of £68,796 6s. 6d.; still looking to the liberality of last Provincial Council in passing appropriations largely in excess of the estimated revenue it must be matter of congratulation that the various departments have succeeded in keeping down the year’s expenditure to the extent that has been done.

So much for the past, and as regards the future, the present political situation only permits the Provincial Treasurer to submit a statement, setting forth the estimated revenue and expenditure for the current six months ending 30th September, and even in doing this I find myself in a position different from any of my predecessors in office, inasmuch as I am now compelled to state as regards the estimated revenue, that it may be relied on, provided the proposals of the Government in regard to the disposal and settlement of the waste land of the Province be given effect to by the Waste Lands Board; may, however, assure your Honor that I shall take every precaution to keep the expenditure down in a corresponding degree.

In submitting to your Honor the financial position of the Province on the present occasion, which may be the last statement under the present form of Government, I may be permitted to say, in a word, that an analysis of the figures now presented will be enough to satisfy anyone that Otago possesses a financial vitality, which it is devoutly to be hoped she may continue to enjoy under whatever new form of Government the Province may be placed.

JOHN DAVIE,
Provincial Treasurer.

ABSTRACT OF REVENUE FOR THE YEAR ENDED 31ST MARCH, 1876.