CO129-260 - Governor Sir Robinson Acting Governor O-Brien - 1893 [9-12] — Page 441

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have more than once enunciated to the Council of effecting such retrenchment as might be feasible on the occurrence of vacancies. The estimates for 1894 show a reduction as compared with those for 1892 of $12,120 under the head-

which should prove of signal advantage when the time arrives for converting our old loau with fur. ther benefit to the Colony. Our recent 34 per cent. loan was issued at an average price of £100 12s. 7d, and that at a time when the 4 per cent. debentures of one of the Australian Governings of personal emoluments. The real reduc- manta were selling at £95, and the 34 per cent. stock of the great Colony of Victoria was being quoted at only £85. The comparison not only argues strongly in favour of the able mauage- ment of the Crown Agents in bringing out our loan, but it also affords siguibeant evidence of the soundness of the financial position of the colony taken as a whole. Onlookers, they say, 290 most of the game, and it would seen that English capitalists recognise the exis- tence of factors which make for our stability, and which are, perhaps, not always sufficient ly realised by some of the local interests that have felt the pressure of the temporary restric- tion of local credit. The depreciation of silver and the uncertainty that attaches to its future have necessarily affected the estimates for 1894, for while on the one hand they have in- duced caution in the estimate of revenue,

necessitated hase

the other they considerable addition to the ostimate of expan. diture under the beads that have to be met by payments in sterling. The rate that has been taken in the estimates for such payouts is 2/6 to the dollar. The present market rato is, un- fortunately, lower, bat I have cousulted some of the best authorities in England and have fail- ed to find one that will undertake to predict the curve of exchange during the coming year with any degree of confidence. The average rate may exceed 2/3, or it may fall short of it: on the whole 2s. 6d. seems a reasonable as well as a convenient The estimates for 1894, which, as rate to take. already stated, have been prepared with caution ou the revenne side, show an estimated revenue of $2.007,210, with an estimated expenditure, in- cluding certain items for Public Works extra- ordinary, but excluding Public Works extraor- dinary that are chargeable against the loan, of $1.998.715. ad a balance of revenue over expen- diture char reable thereagaiust of $8,465. They also provide a sum of $318,500 for expenditure on Public Works extraordinary chargeable against the loan. They exhibit no items that call for any special comment: all the variations which they contain are explained in the notes attached to them, and I shall be happy to give any fur- ther information that may be desired, when the Council good into Committee on the Bill. Where no vacancies bave negurred, existing salaries bave. in accordance with the recent decision of the Secretary of State, been entered at the same rates as for 1893. Whatever the decision may be an to the appointment of a Retrenchment Committ, the work of retrenchment must in any case necessarily be one of time. But in the meanwhile Your Excellency has missed no op. portunity of carrying out the policy which you

tion largely exceeds this amount, for it includes items of savings on personal emoluments, which are not shown in the estimates. For example, the work of the second Magistrate is being per formed under an arrangement which effects a saving of $3,654 per annum, while the wholo salary of the office is retained on the estimates. Again, in the estimates for 1894 certain salaries which in 1892 were defrayed from the pro vision under the beading other charges." or now properly en- in the base of the Public Works department from votes for works, are tered under the heading "Personal ontola. ments." And lastly, as regards the Treasury, although the provision for the staff pending its settlement on a permanent basis has been enterod at the same figure as for 1892, with the exception of the omission of certain personal allowances, the appointments that ware made on the retirement of three of the staff and the dis missal of a fourth at the beginning of this year are purely provisional, and the salaries that are actually being paid are considerably lower than those hitherto drawn; and it is hoped that when the staff is permanently reconstructed it will be found possible to perpetuate the bulk, if not the whole, of the saving. I gladly avail myself of the present opportunity to cordially acknowledge the willing and valuable co-operation afforded by the Treasurer to the Government in reducing the cost of his establishment. Taking these several items into account the reduction that has been effected by Your Excellency in personal This reduction is a net reduction, after emolum als amants to a little over $32,000 per taking into account all increases, including a number of items aggregating 33,696 inherited from your predecessors for stipulated increments, and 81,272 for cost of the new method of signal. ling the approach of vessels. It was hoped that the Commission which was recently appointed at the instance of 'he honourable member who represents the Chamber of Commerce might be able to suggest some means of redneing the cost of the latter service: they hare, however, as is not unusual with Commis sione. recommended that the expenditure ba As the carrying cut of their largely increased. recommendations involves the previous con- currence of the War Offos, and the obtaining of that concurrence will necessarily occupy sous time, the provision for the service has been left unaltered: if ultimately their recommendations are adopted, provision will be made for the al- ditional expenditure by means of a fo2ncial minute in 1894. With these observations I move the first reading of the Bill.

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1. Robinson

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Mr. Hilmm 207an Mr. Lucas 20

Mr. Fairfield. 2:

Mr. Wingfield.

Mr. Brumston.

Mr. Meade.

Mr. Buxton.

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