The Governor then laid on the table the Appropriation Bill for (he year 1849-50, and proceeded to read his Financial minute. Gentlemen of the Legislative Council, — In laying before you the Estimates of the probable expenditure of the Province of New Ulster for the year 1850-51, I feel much sa tisfaction in congratulating you upon the steady increase which, for the last few years, the revenue of this Province has continued to make in each successive year, as also upon the fact that the revenue and expenditure is now so nearly equalized, that there is every probability that within a very moderate pe riod of time, the revenue will amply suffice to defray all the legitimate expenses of the Civil Government. The various amounts of expenditure which it is proposed to incur upon account of the se veial services stated in the Estimates, will be so fully discussed by the Council when in Committee, that I shall upon the present oc casion refrain from troubling you with these details, and shall confine myself to directing, your attention to those general principles on which it is proposed to conduct the financial .policy of the Government, an acquaintance with which appears essential to enable you to Afford me advice and assistance in reference to the details contained in the Estimates, when these are brought under your consider ation. You are aware that the revenues of these islands are at present principally raised from the duties of customs, which are imposed upon all imported articles which are actually retained in New Zealand for the purpose of consumption in the country. These duties coosist at present of certain fixed duties npon spirits and tobacco, and of ad valorem duties upon all other articles. It was necessary, in the first instance, to adopt this system of ad valorem duties, in or der that the experience of a few years might, establish the average quantity and value of each description of goods which was likely to be annually consumed in these markets, and that the Government might thus be furnished with the necessary data for calculating what amount of paid duty should be imposed upon each article, with a view to raising in the. whole a revenue adequate to the requirements of these .colonies.
