FINANCIAL STATEMENT

Evening Star, Issue 9772, 31 July 1895, Page 1

FINANCIAL STATEMENT

Wellington, July 30.

-In Committee of Wajs and Means this evening the Colonial Treasurer delivered the following Financial Statement The Hon. Mr WARD raid : Mr Guinness,— It gives me pleasure to be again able to congratulate the House and the country upon the satisfactory results of the year’s finance. When we bear in mind the great redaction in the spending power of the people, owing to the low prices obtained for our staple products, it is cheering to find that financially the colony occupies a strong position. I have thought it prudent to make some changes in the form of the public accounts. I may say that the alterations ate made with the object of placing our position still more clearly before the public and to assist in removing any excuse for the causeless adverse evitic’sm which hss unfortunately been so common in this country for many years, and Which has undoubtedly tended to injure and discredit our colony. I shall now proceed to place before you the position of the Treasury account.

, REVENUE ACCOUNT, 1894-95. It is extremely gratifying for me to be able to announce to hon. members that, notwithstanding the restriction of trade owing to the abnormally low prices already referred to, the actual receipts for the year just closed have exceeded the estimate I tad the honour to place before the House in my last Budget. The estimate of revenue for the year 1 placed at £4,235,000, exclusive of £117,800, to be received to provide for the accretions of sinking funds payable during the year. The actual receipts come to £4,281,995,'0r £46.995 in excels of my estimate. It is almost unnec«s>ary to remind hou. members that I was careful to warn them that in preparing my estimates we had to reckon with a fall in revenue owing to causes which were not only affecting New Zealand, bub were being felt over the larger portion of the commeieial world. For this reason I reduced my estimate by £133,538 below the actual receipts for the preceding year, and is is therefore very pleasing to be able to inform you that the revenue, as a whole, exceeded my forecast to the extent of £86.563. Hon. members will, I feel sure, not be offended at the estimate being on the safe side. I have, however, noticed with amazement that I am actually blamed in some quarters for the falling off of revenue rot bring so large as 1 bad estimated. As previously stated, the actual receipts were nearly £47,000 more than my estimate, seven heads of revenue yielding an excess of £94,561, while three items were less than the estimate by £47,565. Two out of the three items of decrease are : Custom duties £30,215 and railways £18,251. I allowed for a deficiency in the customs receipts of over £55,000. This hes. however, ben exceeded by the amount I have just mentioned. It became apparent some few months before March last that importers were narrowing their orders to the smallest possible margin, and the caution and hesitation exhibited by them were quite natural in the face of an adjustment of the tariff in the near future, to say nothing of the very low and unremunerative prices for produce, which regulate business transactions in mest parts of the colony. Besides this two of our largest importing dry goods firms closed up their businesses and disposed of their duty-paid g-.ods at auction, thus supplying by forced sales large parcels of goods, the market for which, it is not unreasonable to suppose, would otherwise have been replenished by importations on which duty would have bean paid Within the year. I find also a considerable shrinkage in the duties derived from the consumption of spirits and wines. The reduction in receipts under this head, however, is not a matter for regret, for it goes to prove that our people arc progressively temperate in titeir habits.

I also a'lowed for a falling off in the railway receipts, but my estimate was not large enough As I have already stated, the it cideota of trade which affected our cusf ons duties also ope rated in the direction of diminished railway revenue. It is no news for me to tell you that the grain traffic fell off tnormously. The exports were two million bushels less than the previous year, and this coupled with the damage done to tho lint s by flu ds made more marked the falling off in revenue which I am endeavouring to explain. It is much more pleasant to turn to the items of revenue, which show an increase over the amoun's I bad estimated. The largest items are by the revenue derived from the sale of stamps, from the land and income tax, end fn m territorial revenue. The inertass of £39,225 over my estimate of stamp revenue contains some large sums for succession duties. Hence wo must deplore the loss of some veiy worthy colonists from our midst. At the same time, ordinary receipts derived from the usual bu'incis of the country show an increase, thus proving that the colony is tot so commercially depressed as many pessimists would lead us to believe. The land and income tax combined show an increase over £20,000, or £4OOO for the land tax and £16,000 for the income tax Although the territorial receipts show an increase of £26,166 over the estimate they are only £3107 over the previous year’s actual revenue. As long as such low prices obtain for our staple products we must not hope fc r any increase of revenue under this head; indeed, I shall be surprised if the receipts under this head are maintained during the current year. Other items of revenue require no special comment. EXPENDITURE.

I can now pass on to results of the expenditure of the last year, and 1 find that as compared with ray estimates the amount underspent was £83,487. Of this sum £27,787 was not required for interest and sinking fund charges. Ou locking into this large sum I notice in at of the £50,000 set down for interest on Treasury bills only £38,985 was required. The difference of nearly £II,OOO, I think, can be fairly claimed as a saving arising out of the fact that in consequence cf the earlier collection of the land tax it became unnecessary to issue Treasury bills to the extent we had originally contemplated. Over £II,OOO of interest on the 3£ per cent, consolidated stock, held by the Agent-general, was repaid to the credit of the interest account of the loan, and several other classes of securities were not drawn upon to the extent originally contemplated, and, therefore, interest was not required to be paid. The satisfac'ory remits <f the interest account stows that hostile crit'cs who professed to know mere than I did committed an error of judgment. On examining the annual appropriations, the largest items which c-11 for explanation are under the respective beads of Postmaster-general and Department of Lands and Survey. Nearly £14,000 loos than estimate was spent under the former, and £15,000 under the latter heading. On referrirg to particulars of the balance of tin coi solidsted fund at the end of the year it will be e.e.m f hj. t the s xm of £ll 428 remain d in the bands < f the Postmastergeneral. This money w*s advanced by the Treasury, in order that tee department might make the usual pay mete for departmental services; lut at the last moment it was found impossible to itc’ude a large sum for the transit expenses of tbe San Francisco mails. The Lands and Survey department were unable to carryout the contemplated surveys of Native and other lands as rapidly as was originally contemplated. In the Treasury c'ats there is a saving of over £9OOO. The item providing for a revision of nsemmfente could not be used, and a large saving was effect d in the item providing fer the payment of di ciunt in London on the drafts remitted to replenish the public account. There are two ittnn amongst the permanent appropriations which call for remark. The first is in connection with £4592 over expended, under “special acts,” owing-to ext-a ci/ntribut'ons to ho pitals and charitable institutions. No fau’t can be found with this expenditure, as it resulted from the generosity and charity of our c'b?/. Ms, upon whose voluntary contribuMors the Government find a proportionate subsidy. Tbe estimate of the amount to be paid over to local bodies out of terr torial revenue was abo r xceeded, but honourable members will recognise that it is very difficult to form an accurate estimate of the amounts pavab'e by way of “thirds” and “ fourths,” which are purely dependent upon the rece'-pts. It will be seen t n re f erence to the tables (which wid accompany my Statement) of expenditure for services not provided for that the annual votes have only been exceeded by £llls. A detailed statement of the expenditure for services not provided for will be found in the usual statement of the “unauthorised” expenditure. This has been already placed before you, and, when compared with the ex-

penditnre under this head on former years, leaves little to explain and nothing to defend. RESULTS OP THE YEAR 1891-95. On the 31st March 1894 we closed cur books with a not surplus of £290,238, to which we added the receipts for the past year, amounting to £4,406 515, making a total of £4,696,753, and deducting therefrom the ordinary expenditure, amounting to £4,266,729, there remains a balance of £430,024, out of which we have the surplus of £180,024 at the close of the past financial year, a result which must be as gratifying to members as it is to myself, and must add materially to the general stability of the country. With regard to the issue of Treasury Bills in anticipation of revenue, I am glad to inform members that I was able before the close of the year to pay off those that had been issued during the year, and to reduce the amount outstanding by £IOOO. Hon. members will find that the revenue account for the year showing the receipts and expenditure now appears in detail in the body of the Budget. On reference to the table it will be observed that the transactions of the year relating to the ordinary revenue and expenditure are clearly shown, while the extraneous receipts and expenditure, which are simply entries on both sides of the account, are set out separately. These have been eliminated from the revenue proper, and the result is that the receipts and payments relating to the revenue alone can be Been at a glance and easily followed. The balance at the end of the year, as shown in the account, represents the surplus, which I have already stated to be £180,024. With a view to place the transactions of the year as clcaily as possible before hon, members I have transferred the column representing the previous year’s figures to the left hand side of the table, thus preventing confusion and at the same time affording facilities for comparison which hon. members may desire to make, and this will save them the trouble of referring to previous Blue Books ; The Receipts and Expenditure of the Revenue Account for the Year ended 31st March 1895, compared with the Financial Year, 31st March 1894.

PUBLIC WORKS FUND. Paut I. As Uir money for expenditure of this fund is now contributed by the consolidated fund, and as the loan money which formed this fund has been exhausted, I have under consideration the question whether Part I of the public works fund shall be retained as a se)>arate account or not. Outside the £250,000 transferred from the consolidated fund during last year, the receipts amounted to £65,049. The expenditure under the annual votes amounted to £307,182, and £IOOO was charged to complete the purchase of the Kahn Valley railway. Entries for £47,000 of the company’s debentures taken over by the Government have alto been passed through both sides of the account. Adding the receipts £360,049 to the balance £263.658 at the commencement of the year, and deducting £355,182 of expenditure, there remained a balance of £268.525 on the 31st March last, against which £329,076 of liabilities were outstanding. Paut 11.

The loan money belonging to the North Island Main Trunk railway line is steadily disappearing. The balance to commence the year with was £79,197, to which was added a small recoveiy of £l2 belonging to the former year’s expenditure. On the other side there has been charged the sum of £52,604, leaving a cash balance at the close of the year of £26,604, against which £14,007 of liabilities have been incurred.

THE CONVERSION ACCOUNT. The conversion operations of last year resulted in a further issue of £787,258 of 3£ per cent, inscribed stock, which towards the close of the, year began to sell at over par. The inscription of this stock enabled £398,900 of various debentures to be converted, and £283,300 of loans to be redeemed, leaving, after paying expense?, a balance of £40,193, which will he used to complete the operations. The redemption of the loan of 1853. on Ist July 1894, by the sale of inscribed stock issued for that purpose, resulted in the release of sinking funds amounting to £59,925, of which amount £5514 was used to redeem debentures issued under “ The Consolidated Stock Act 1884,"’ and £54,421 was paid into the public works fund, partly in conformity with the provisions of the same ac. Two hundred thousand pounds of debentures bearing 4-i per cent, interest issued ss part purchase money for the Cheviot estate were also paid for, and the amount i? now carrying only a 3J. per coat. rate. In accordance with our new method of dealing with the annual drawing of the consolidated loan of 1867, the sum of £33,300 of bonds drawn were paid out of the proceeds of stock issued for the purpose. Offers for the conversion of the high-;nfcerest bearing loans are still before the public, but there is a natural reluctance to part with gilt-edged securities, and consequently the conversions are only slowly tffected. The ordinary t able which I shall attach to my Statement contains full particulars of the conversion operations of the year. THE LOANS TO LOCAL BODIES ACCOUNT.

Up to March 31 last the amount raised for granting loans to local bodies was £648,082, and for grants under the provisions of section 2 of “ The Government Loans to Local Bodies Act Amendment Act 1891” the amount was £118,918. These two amounts, together with an amount of £B9 800 which was created in respect of the debt of £89,878 8s 9d, due to the public works fund for debentures, issued under “The Koads and Bridges Construction Act 1882.” and now inscribed as debts of the local bodies under part 2 of “The Government Loans to Local Bodies Act 1886,” amount to a total of £854,800. For debentures created and issued, and the proceeds of which have been carried into the loans to local bodies account, the disbursements to the same date have been £647,792 to local bodies, £116,918 •to Laud and Survey department, and £89,800 transferred to the public works fund, leaving a oosh balance of £290 at the close of the year. Details of receipts and expenditure will be foend attached to the usual annual statement of accounts. As showing the continued increase of the aggregate amount of grants made to local bodies the grants made during 1892-93 amounted to £74,445; in 1893-94, to £87,151; whilst during the last year, 1894-95, the amount of such grants was £102,842. Experience has shown that owing to absentee?, to the indifference of ratepayers, and to other causes the existing Jaws exhibit defects and difficulties which should be removed, and during the present fession an attempt will be made to consolidate and amend the existing method The principal feature of the proposal will be that the machinery to carryout all the steps required to obtain a loan will be found embodied in the bill. In this way we shall do away with the different and at times conflicting processes which the various local authorities have to consider and carry out.

NEW ZE AX AND CONSOLS ACCOUNT. There have been 20 deposit? inscribed amounting to the sum of £153.025. of which £158,000 has been invested in securities yielding ,a 4 cer cent, rate of interest. Of this som £150,000 was inscribed by the Bank .of New Zealand as a special investment of a portion of the second guaranteed million. By arranrement with the bank in the event of the public desiring to make deposits in excess of the bra t fixed by law, the arrangement providei that the £l5O OCO referred to, or any portion thereof, should be transferred to the investing public. At the time inve?tmeat was mad' tfce Bank of New Zealand was desirous of finding suitable investments in New Zealand Goyqrpmeat securities for the balance of the guaranteed million in order that they might b.? -held with coin as a reserve against liabilities in accordance with law, and I fee I sure that it only requires to be more thoroughly understood that we are offering a secure investment for 14- years at what may ba now called a full rate of interest to secure a s»t : sfactory flow of deposits properly representing the thri't of our colonists. In connection with the comols account, exception has been taken to our having deposited with the Colonial Bank the pum "-£lob,ooo at 4 per cent. The deposit made was strictly in accordance with law, was businesslike and advantageous to the colony. At the time the

transaction took place the colony owed the bank £IOO,OOO, the payment of which did not fall dne until Jane 1895. On matarity this was renewed for 18 months at a rate of interest of 3£ pi*r cent. The bank thos pays the colony 4 per cent, on £150,000, and the colony pays the bank 3£ per cent, on £IOO,OOO. THE PUBLIC DEBT.

Daring the year there was advanced £152,000 for loans to local bodies; £234,000 for land improvement and the purchase of Native lands; and £25,100 for the purchase of land for settlement; making a total of £411,000. On the 31st March 1694 the gross public debt stood at £59,826,415, and on the 31st March last had been increased by £560,549, making a total of £40,386,964. Of the increase of £560,549, the large sum of £411,000 was, as I have before stated, advanced to local bodies, to land improvement, purchase of Native lands, and land for settlements. At first sight tins increase appears a large sum, bnt upon mature, consideration it will be found reasonable enough if we are to carry on successfully the advancement of the country in the direction contemplated under the acts providing for placing the people on the land, and relating to settlement. The interest which the Treasury has to pay upon these loans is considerably exceeded by the receipts derived from the transactions leading to the raising of the loans. In addition to this, £158,025 has been added on account of the liability for deposits inscribed under the New Zealand Consols Act of last session, and the investment of this money predaces a profit over the amount of interest payable. Debentures amounting to £llBO were issued to satisfy old soldiers’ claims, and £117,800 for the annual accretions cf sinking funds, as provided b? “The Consolidated Stock Act 1884.” The Government, having acquired the Kaihu Valley railway, hss become responsible for the debentures, amounting to £47,000, which hsd been issued by the company. For the purposes of the conversion or redemption of existing bonds our loan agents issued farther stock amounting to £787.258. The total issue of bonds and of inscribed stock was £152,246 and £1,522,363. Oo the other side there weie redeemed or converted debentures amounting ia all to £961,814, leaving, as I have stated, an increase to the gross public debt of £560,549. Of the debentures redeemed, the largr st parcel be'ongcd to those of “ The Consolidated Stock Act 1884,” amounting to £264,414, paid oft upon an equivalent amount of sinking funds being set free of the loans of 1856 and 1863 and of the consols of 1867. From the same source £15,200 of dtben. tores belonging to “ The Lyttelton and Christchurch Railway Loan Ordinance I860” were paidatmaturityonthelst.Tuly 1294. Outofthe proceeds of the sale of inscribed stock £200,000 Cheviot estate purchase debentures, £50,000 bonds of the loan of 1856 (due on the Ist July 1894), and £33,300 drawn bonds of the consols of 1867 were paid off. Conversions were effected during the year iu respect of the following debentures—namely, £78,700 loan of 1863, £297,100 consols cf 1867, £IOOO Auckland loan of 1863, £9IOO Otago loan ordinance of 1862, £IOOO Canterbury lean ordinance of 1862, and £12,000 district railways purchasing loan of 1885.

The net public debt on 31st March 1894 was £38,874,491. while on the 31st March last it became £39,635,032 showing an increase of £760,541 This is accounted for by the increase to the gross debt of £550,549 by £334,295 of icleased sinking fund appropriated according to law, less the natural accretions amounting to £134,303. To make our position in this mat Ur perfectly plain, and so that all may at a glance understand it, I subjoin a table showing the particulars of the increase cf the public debt since the 31st March 1891. This increase amount.? to £1,556.614, but cf this sum no less than £1,335,591 earns a rate of interest considerably in excess of the rate which the Treasury has to pay. £1,177,566 is earning 5 per cent, and we are paying an average rate of £4 8s 24 for the use of the money, and £158,025 is earning 4 per cent., while the deposits only carry per cent, interest. £47,000 for the Kaihu Valley railway earns £2 9i 6d per cent. The £964,900 raised to get the payments by which the sinking fund aunuslly accumulates, represents ia reality a saving in taxation which would otherwise kave required t j be provided. By the £27 226 of debentures, even at 4£ptr cent, interest, we have avoided parting with land which is yielding us at least 5 per cent, per annum. The final sum of £623,273 being an increase arising out of our conversion is the result of the ordinary operations under the act of 1884, and speaks for itself. -It is an item, the outcome of. transactions which have very materially reduced our interest charges, and to which it is unnecessary for mo to allude in this place. With these few remarks aad a little assistance! the table will afford to non. members, I feel sure, proof that the accusations of “borrowing,” using such a term in its ordinary sense, must fall to the ground. Apart from the strictly remunerative character of these financial operations, it must be conceded that the primary object the advancement and settlement of cur colony—has been their sole object, and we should not be blamed for onr endeavours to recure this remit. In fact I hwa no hesitation in asserting that were a policy of inaction adoytul in this colony it would result in widespread damage not merely to any one class, but to all. While it is satisfactory to know that the increase in the public debt is compensated for by the large earning powers which are indicated in my previous remarks, it will be of considerable interest to ton. members to have before them the indebtedness per head cf cur population during the last seven years. A table gives the amounts of debentures and stock in circulation, the gross indebtedness per head, amount of sinking fund accrued, the net indebtedness per head of the European population, and the annual charge for interest and sinking fund. These figures’speak for themselves INDUSTRIES AND COMMERCE.

To assist the industries of ttc colony, the Government have been making inquiries as to markets for onr surplus products. Great Britain imports £18,000,000 worth of timber. Of ibis amount some nine millions are sent from Russia, Germany, and Scandinavia. Germany spends annually four millions on its forests and employs 500,000 men in forestry. An expert was sent to London to push the timber trade, and by the reports received from the Agent-general there is no doubt that a considerable trade can be opened up in onr New Zealand woods for street paving, and for carriage building, furniture making, and ether uses. Trial shipments have been sect from Auckland to London, and the west coast of llje South Island has forwarded some. A shipment is now being despatch’d to the Cape of Good Hope. It is coclidenily expected that these may prove the forerunners of large orders. By the comtesy cf (he Victorian Government copies of the repent of the commissioners sent by them ti inquire into the prospects of trade with India, China, and Japan, were obtained, and there are good grounds for believing that many of onr products will find a market in tbo-e countries - The result of the virit of the Vic'orian Commissioners has been that large orders have been received by the colony for various ait isles, including ecanred wool, butter, cheese, lard, ba r on and hams, jams and jellies, canned fruits, and preserved meats. All the so can be exported i a large quantities from New Zealand, and it only remains for negotiations io be opened up and transit at a reasonable rate provided. When it is mentioned that the imports to New Zealand from India in 1893 amounted to over £210,500, Ihe question, of obtaining return cargoes from that country does not seem a very difficult one to solve. LAND AND INCOME TAX.

Tee revenue collected curing the year was £370,089, being £20,079 in excess of the estimate. The amount of land tax outstanding on the 31s*: of March 1895 was £472, all of which was made up of surm for various reasons not immediately rtc- v* b!e. Considerable atteu'ion was given by the department during the year to the rat iiion of the relume of income made since the tax cime into force. Very many of these returns were found to bi wrong, and their correction has resulted in the addition to the revenue of the entire surplus over the estimate. The work of reviewing the land values fixed in 1891 was undertaken soon after the Amendment Act of 1894 was parsed. Some shrinkage in values was expected, but tb>s has not been, go great as was anticipated. The exact figures are not yet available, as ttus? of the b' ards have only just concluded their bat thered actions

In values warrant me in estimating that the combined taxes will not produce more this year than £350,000. It has been the opinion of the Government for some time that Native lands occupied by European tenants should, in respect of the interest of the Maori owners, be subject to some contribution by way of land tax, seeing that these lands have benefited equally with the other lands of the colony by the general progress of the country and the expenditure of money, both public and ‘ private, within it. The Government therefore determined, as the lands were not exempted by law, to collect the large sum owing tor the ordinary land tax for last year only from the tenants leaving them to recover from the owners. A considerable sum has collected, but several tenants have been advised, erroneously as I believe, that their power of recovery is not clear. I propose to remedy any possible defect by an amendment of the act. which I shall submit to the House. Color, id Treasurers in the past _ have collected tin taxes at dates to suit the rcqninments of the colony, and this without the aavcisi- and extraordinary criticism to which my action last year was subjected. However, ts unexpected animadversions calculated to seriously affect the financial position of the country were made against the alteration in the date of the collection of the land tao last year, I deem it essential to take steps to prevent the possibility of such adverse criticisms again b.ing possible from similar cauFe-i, I’ntltr the circumstances I have deemed it advisable in the best interests of the country to prepare a measure to permanently fix the date for ed'oetiog this tax. The regulations issued in .January last with regard to fonign (riders and to shipping owned outside New Zealand, have, I am informed, worked well, except in one particular. As to this I will consider whether the system cf annual licenses adopted in many o'.ber co'oniei will not answer the purpose bitter than the pie-:ent plan. DEPARTMENT OF AGRICULTURE.

This department still continues to do goed work. The past year Las br:tu most discouraging to these connected with agricultural and pastoral pursuit l '. TLo prices obtained for all products have been lower than anything experienced for many years. The dairy industry promised well at the beginning of the season, but towards the end prices fell. During last session a new dairy act was passed, and in addition to increased powers of inspection authority was taken whereby the Governor, by Order-in-Couucil, could declare that all products had to be put in a cool stcre, and tte.e graded and cooled prior to shipment. It was decided to deal with butter only, and arrangements were made with the local freezing companies for the necessary storage. The grading has resulttd in a very marked improvement in- tbo quality of the later shipments, and the of the appointment of competent and impartial men to inspect the produce prior to shipment is admitted by all who have the general welfare of the industry at heart. To encourage the industry no charge was made for the first month’s storage, coding, or grading. A number of new factoiies and creameries have been dared, and there are now at work 218, an increase of 40 The ijuanlitv of butter shipped was Go,6sGcwt, valuta! at £242,387. This shows a decreue for the year of 1844cwt in weight and of £23.572 in value. Of cheese there was shipped 54 947cwt, valued at £109,157; or an increase of 17,584ewt, valued at £26,140. Acting on the recommendation of Professor Robertson, of Ganada, the services of Mr MacEwau have been secured ns dairy inspector, and he lias, along with the other instructors, given valuable assistance to those connected with tho industry. Mr MacJ‘,wnn has now been appointed to the position of chief dairy inspector. 11 is proposed during lb) 1 oil 1 season to start dairy schools for the purpe.se of giving instruction in the management of milk and the manufacture tf butter and cheese. The fruit experts have been busily engaged, and ileir ellorts to impart instruction Lave been highly appreciated. The other brandies of agriculture have not been neglected, and numbers of leaflets on different subjects have been issued from time to time. In addition to our exports of meat in a frozen state, the feasibility cf shipping live stock and chilled meat has now been successfully demonstrated, and this will to a great extent remove the objections formerly irged against our frozen meat. The stork throughout the colony are generally in a healthy condition.

POST OFFICE SAVINGS BANK The depotits during the year 1894 were £2,252,862 6s lid, and the withdrawals £2.268,624 8s 4d. The wi’hdrawals exceeded the deptsi's by £15,762 Is sd. For the previous year the deposits were £2,386,089 10s 7d and the withdrawals £133,227, or £146,102 Us 8d less than the amount withdrawn last \ car. During the first two quarto s of 1E94 the withdrawals were £83,935 17s lOd in excess of the deposits, hut curing the last two quarters of the year the deposits exceeded the withdrawals by £73,173 16s sd. There was an increase of deposits during the first quarter of 1895, the total sum deposited amounting to £725,173 13s. The withdrawals were £568,448 3s 6d, so that there was an excess of deposits of no less than £156.825 9s Cd for tbe quarter, a result believed to be largely due to the reduction of the rate of interest on fixed deposits by the banks and other linauciol institutions. GOVERNMENT LIFE INSURANCE DEPARTMENT. '• The condition of the Government Life Insurance deoaitment continuts to afford every satisfaction*. The funds at the close of last year amounted to comdderably over two and a-nuarter mi lions Stirling, ann. at the present date exceed £2,300,000. The sums assured, with bonus additions, amounted at the end of the year to nearly nine and a-quattsr millions. The commercial depression of the past 12 months, cue to low prices ruling in the Home markets for the colony’s chief staples, did not appreciably affect the volume of new business secured, the policies for the year having amounted to £729,013, as compared with £740,428 for 1693. As might have been anticipated, some slight increase is shown in the discontinuances by sur-r.-uder and lapse, but in this respect the department's experience contrasts favourab.y with its Australian compeers, whose published returns do not in auy instance show such a large net gain as the department's, whilst in ns„,t cases a decrease of business on the books is recorded. The act which was passed last s;ss:on extending tbe department’s powers as regards investments cn mortgage is proving an advantageous measure, and desirable securities at satisfactory rates are now being freely offered.

PUBLIC TRUST OFFICE. TLe b-ghlution by which the Public Trust Office was constituted and its administration regulated was consolidate d and amended by the Public Trust Office Consolidation Act of lust session. By that ant the functions of this important (ffice are so charly defined and the powers of the Public Trustee fo enlarged as to render the office capable of affording services of a wider scope ana of being mere attractive for the pnrncse for which it is mainly designed, or affording to the estates of deceased persons that guarantee of tbe colony for a faithful administration and for the security of themvested funds. The business of the office continues to increase, ami at the clcse of the financial year the total number cf ts'ates in the office of all e ius-s wa- 20,860. of the tffiil estimated value of £1 562,268. The best index to the pub'ic confidence in the office is in the inertase in the number and value of the estates pmced in the office by wills or instruments ot trust, and these properties at the close of the financial year had increased in number from 371 to 392, and in value from £513,237 to £586,813. In this years' Estimates I propose to ask the Committee for a sum of £1272 to meet the deficiency which has resulted during the year from the realisation of bad and doubtful securities on which the capit-d funds of the office had been invested. This deficiency will bring the total amount up to £53,800. All such deficiency s proved by realisation will be met as formerly—out of the profits of the office. The administration by the Public Trustee cf the reserves subject to iho West Ooast Settlement Reserves Act 1892 ” is regarded generally with increasing satisfaction by the Native owners, and is promoting settlement with satisfaction to bo a races. There has been some little difficulty in matters of detail in respect to insurances of the buildings. The tenants c’a'm that tbe said iomtances should be effected in their names and not in the name of the Public Trustee. This matter will rectify itself without hindrance or disadvantage to the lessees. An aiua of 33,389 acres of these reserves formerly unoccupied has, since the passing of the eel, been leased in sections of an average area of 172 acres. The income of the Native owners has already risen to £15,470, and will continue to increase, for tenders are now invited for leases cf an area ef upwards of 16,000 acres more of the lands which the Natives can themselves occupy, and could not mere profitably employ than by Hting them to our settlers of tin,. Nat no n serves, vested subject to other a.-s b. ibe Public Trustee. The income from lessees amounts to £7788. ADVANCES TO SETTLEES. The Government Advances to Settlers Office was established by the act of last session for the purpose of relieving the settlers to whom the high rales of interest for loans on the mortgage of land, with the heavy incidental expenses, had become burdensome, and of thus

removing an obstruction to the progress of the colony; and such has been the fall by which the passage of the net has been followed in the ratesoorf r interest on private mortgages generally, that this remit alone may be said to have more than justified the measure. A low rate of interest encourages improvements, fosters industries, and increases the avenues for employment. The total applications to June 30 dealt with by the board were 1552 for £550,855, and of these 965 were granted for loans amounting to £354,907. I attach to the Budget a detailed statement which will be of interest to bon. members. The advances have, it is believed, been authorised with prudence and a due regard for the public safety. At the same time it must be apparent that amongst the many hundred applicants for loans there will be found some who consider themselves aggrieved when their applications are either declined, or the amount offered by the board is in their opinion not nearly commensurate with the value of the security offered. Such complaints ns these are sure to arise in dealing with a large business of the character which the colony has now undertaken, but I am convinced that time will prove the wisdom of the course pursued by the board in the early stages of the administration of this measure—the first of its kind in this country. There were delays inseparable from that period of necessarily careful consideration as to the steps which should lie taken in an untrodden course; but the difficulties have been overcome, and now as soon the applications are received, with tlw required v&luiticn fees, and are found to bo in order; every eft'oi t is made to have the valuations effected and the applications considered with the least possible _ delay. For the consideration of the applications for advances the valuer of the relative securities are estimated by trustworthy men, and these estimates ate reviewed by chief valuers specially appointed for the purpose. MINING INDUSTRY.

The outlook on the goldfields of the colony is very promising indeed. A very large amount of foreign capital has besn invested in the mines on the northern fields, and this is extending to the quartz mines on the West Coast, Dredging operations in the rivers in Otago have proved very profitable. Generally the progress of the mining industry demands that greater facilities than at present exist should be afforded towards prospicting localities in some of which scarcely any mining work has yet been done, while others may te considered to have not been even explored. With the view accordingly of affording encouragement for the expenditure of capitil on mining in outlying districts, it is proposed to introduce a bill to provide for granting areas for a limited time to persons with sufficient capital to enable them to carry on pr; specting operations on a largo scale. It is also proposed to increase the sub.-idy payable to individual prospectors under the existing regulat ons in order to encourage mining associations and local todies to sendout prospecting patties in their respective districts. Owing to the provision made last session for prospecting deep levels, nego’iations are now almost complete for testing the ground at the Thames to a depth of 1000 ft. The eni oaraging results which have been obtained at the deepest workings in the Reeftou and Oorojcandol districts tend to justify reasonable expectations that rich auriferous lodes will bo found at greater depths than have hithtrlo been worked in this colony. The comparatively recent new departure _ in gold mining by means of dredging is also being rapidly developed, and affords employment to a large number of persons, while the returns of gold hitherto obtained stow satisfactory results that luve every prospect of being largely increased.

[.AND SETTLEMENT,

Dm ing the 12 months ending the 31st March latl laud settlement moved steadily forward. The number of selectors ami purchasers of Ciovu lauds during that peiiod was 2631, but as the conditions cn which a portion of the lands were disposed of do not necessarily imply occupation, such as pastoral i n ,s, town sections, and miscellaneous leases. Wo may deduct these, and slid gel 1984 se'ectcrs who may he said to have taken up lauds for permanent set dement. The same figures for the pievious year were 2281. This shows a decrease of 297 selectors. Taking into consideration the fact that land suitable for settlement is becoming more and more difficult of access each year, the result of theyesr’s actions must be looked on as satisfactory. The above figures relate to all classes of lands, including the Cheviot and other purchased estates. In addition (o these 10 associations had selected blocks, but as the ballots for individual eclectic ns Lad not taken place on the 31st March they are not included. They number 491 members. For the same re nson 86 selectors under the improved farm system are not included, the preliminary arrangements having only been nude. If all these figures aic added wo shall find that up to that date arrangements wore practically complete for settling 2551 settlers on the land. The greater number of these settlers hold their lands under the leese in perpetuity, by the conditions of which improvements and tcsklence are compulsory. The number of selectors for cash has gradua’ly been decreasing for some years. In cases where lands are thrown open for optional selection, however, it is found that there hj a slight preponderance in favour of the lease with a purchasing danse over that of the lease in perpetuity. Tbe total territorial revenue for the year on current and new transactions was £306,166 11s 91—an increase on that for tbe previous year of £3107 4s 10J. As against this there is an increase in the arrears due to the Crown of £3789 Ss lid, which is due no doubt to the low prices for stock and produce which have prevailed during the past year. During the coming year the Government will offer for selection some very good lands in the Awarua block and others in other parts of the colony, for which many people are waiting, and it is expected that some of tbe recec t acquisitions in what is known as tbe King country will be sufficiently advanced as to survey and reading to bo thrown open, FINANCES OF 1895-96.

Having now recounted the past, I will return to our proposals for the current year, and I may at once inform hen. members that I do not share in the gloomy forebodings of the prophets of evil who afflict our public services. The following table exhibits our financial position as estimated for the current year

Proposed Expenditure. It must be remembered that there ate several services the expenditure on which as the colony advances in settlement and increases in population requires to be augmented fx'om year to year, notably tbe. post and telegraph services and the expenditure on free education. There services show an increase of £36,251 and £20,580 severally Then again as extra mileage on our railways is thrown open, expenditure op tbe service must necessarily increase, and this accounts for the extra £13,684 shown under this head. The other departmental increases are small and do not call for any special comment. I have been able to make a material reduction over the amount paid last year for our interest charges, amounting in all to £22,284. The largest item of reduced interest charges arises from the final disappearance of the old system of providing interest on the drawn bonds of the consolidated loan of 1867. The interest on bonds issued to provide for the requirements of loans to local authorities and for the purchase of European and Native lands and for settlement purposes generally has necessarily been increased, but the interest we pay upon the moneys raised for these purposes is more than covered by the earnings which come back to us. Tbe total estimated expenditure is set down at £4.331.843, which is £65,131 in excess of last year’s actual payments, but £18,357 less than my last year’s estimate. THE ESTIMATED REVENUE.

exercise proper caution; on the other hand I do not. wish to discount onr resources. Excluding the aid to revenue from the proceeds of debentures issued as a set-off against tbo sinking fund accretions, I have estimated the revenue at £4,195,800, which is £86,196 less than the actual receipts of last year. The customs revenue is set down at £9784 less, and the revenue from stamps at £32,926 less. The latter item is large, but the reedpts from both duties are an element the amount of which cannot bo foreseen, and last year increased our revenue by upwards of £35.000. With regard to the land and income taxes, I shall have a word or two of explanation to offer, but I may say here that I have not considered it safe to estimate our receipts from this source at more than £350,000, the same sum which I placed on my last Budget. The railway revenue has fallen owing to causes which I have already mentioned, and although I desire my estimate to be on the safe side, I shall be disappointed if the actual results do not exceed my present figures. The receipts under the head of “ territorial revenue ” are retained at the same figures I submitted last year, and you will recognise that the extremely low price of onr staple products and the losses sustained by our flookowners In the South Island by the unprecedented fall of snow do not warrant an increase of this item. The item of £145,400 in aid of revenue from debentures issued against sinking fund accretions is larger than last year by the amount of £27,600. A large proportion of this excess has arisen in consequence of the inclusion of an amount previously omitted in respect of the accretions connected with the sinking fund, created under “ The Government Loans to Public Bodies Act Amendment Act 1892.”

RESULTS AT MARCH 31, 1896, I am not able on this occasion to prognosticate such a favourable balance at the close of the year as I have been able to predict on former occasions, still I am able to show that our revenue will be more than sufficient to meet our expenditure. The requirements for the year are thus estimated :

From this amount we intend to deduct £150,000 as a contribution to the public works fund in aid of the fe’tleraent of the country by road-making and other public works, leaving a balance of £39,381, out of which the usual Supplementary Estimates will be provided for.

THE CUSTOMS TARIFF. The present tariff is influenced by several considerations—Protection remissions in favour of manufacturers, reroisMons in favour of the working classes, revenue, and extra taxation of luxuries. It will be seen that (here are here the elements of a complicated tariff in which anomalies cannot be avoided, and I see no prospect of constructing a simple or comprehensive tariff so long as it is deemed expedient to allow the question to be influenced by these considerations. To give an instance, take soft go'ds, in connection with which many of our difficulties occur. For protection we impose 25 per cent, on apparel; for remisnonsin favour of manufactures' we remit the duty on tailors’ trimmings and other articles for making up apparel, also on the materials for shirtmaking ; for remissions in favour of the working classes, we make cotton goods subject to half tbe rate ; for more expensive materials, for revenue purposes, we maintain tbc high rate of 20 per cent, on unenumerated drapery which eannot be made in the colony, and for the purpose of extra taxation of luxuries wo pick cut velvets and furs for a higher duty. Now, it would be a very easy matter to strike a medium rate over all the items embraced under “soft goods,” but the requirements of revenue only would be served, and local industries and the interests of the working classes would ho sacrificed. As to “anomalies,” these unit arise when some materials are made free for aiding manufactures. Importers are unable to see why one “linng” should bs free and ar-: other not, but fern a departmental point of view it is necessary to make free merely such textiles as are suited only for manu f astute, and to exclude from the free list those which may be ussd now for manufacture, but which if made free would be speedily altered sufficiently to make them suitable for general purposes. Manufacturers may be aided in two ways—by imposing a heavy duty on the complete imported article, by imposing a moderate duty on the complete article but remitting the duty on the materials used in the local manufacture. The latter is the course followed in the proposed tariff, and it is the one most ben< fisial to the consumer. But it is the course in pursuance of which it is vain to expect a simple and comprehensive tariff. In support of these remarks I would invite your attention to the tariffs of the United States, Canada, Victoria, and Franca as examples of the extreme complications which arise from Frot ;c----tiou and from tie attempt to adju-t the relations between the manufacturer of the complete article and those of the producer of the raw material. The New Zealand tariff howev. r complicated it may appear, is much more simple than those named. It is principally the importers and traders who make so much of these complications. It is vexatious to them to be puzzled with sr many distinctions of rate 3 , and so many exemptions in which they are not interested. No doubt the manufaatunr, however, wi 1 value the attempt to disc iminatc. O her fruitful sources of anomalies are the following: The exemption of articles used for some particular purpose— as marlrnery for dairying, mining, and agriculture, but not for papermaking, b.obmnking, woollen mills, ropemaking, &c. This ‘anomaly is inti ns.fkd by the fact that the very classes of machinery which can be made in the colony are these which are admitted ftce. The exemption of certain descriptions of goods from a general beading—for instance, “artificers’ tools” was worded in this way, because some definite meaning could be attached to it; but the consequence is that sbeepshears, butchers’ saws, &c are excluded. A great many tco’s of trade are dutiable, because those who use them are not “artificers” A hand-fet saw is free, but a fret saw driven by a treadle is dutiable. This forms anotherof (heanomel’es complained of. It would be a very easy matter to get rid of all those difficuHes by making all machines and machinery either free or dutiable, or else removing the exemption in favour of artificers’ to Is, but it is not an ea’y matter to resume a duty which has been in abeyance for gevcal years. The e are examples of the difficulties to be met with in any attempt to reconstruct the tariff on broad and simple lines. In submitting proposals ft a readjustment of the customs tariff, I desire to acknowledge the valuable assistance that has been rendend by the Tariff Commission, the members of which went exhaustively into this difficult and intricate subject during the recess. No alteration has been made in the tariff since 1888 and an adjua moot is now necessary. There are many anomalies to be remwed While I have not been able to are my way to adopt the whole of the recommendations of tie Tariff Commi-sion, yet their investigations have brei of very considerable help to me in dealing with thio important question I need hardly say that it was my duty to very carefully read and weigh the important recommendations made by the commissioners. I need, however, scarcely point out that there are connected with it many important considerations outside the particular duties of the commission which 1 have had to keep in view in the readjustment of the tariff. My object has been to give reasonable assistance to local industries without increasing the burden of the industrial classes of the country. It cannot be expected that my pr iposals should meet with the approval of all, but I would ask those who may be inc’incd to view them with dissatisfaction to take into consideration the many difficulties which beset a Treasurer in undertaking such a task as readjusting the customs duties. It is of the utmost importance that the revenue should be maintained, and were too high a duty to be placed upon a particular article it would in some cases have the effect of greatly diminishing the revenue. At any rate, a sense of responsibility renders it imperative that undue liberties should not be taken. Take, for instance, two articles on which the Tariff Commission have recommended increases—viz., jewellery Jand cards. They recommend that the duty on jewellery should be increased to 30 per cent and on cards from 6d to Is per packet; while I am wiling to go a reasonable length in the taxation of luxuries, 1 cannot help thinking that in respect to the two articles I have named the adoption of the recommendations of the commission would have led to more active evasions of the customs duties by those who are dishonestly inclined, and experience at present shows the great difficulty with such articles of preventing smuggling, though the greatest vigilance is exercised tbronghout the co’ony. An increase of duty must tend to aggravate the trouble, and there are many otner articles which could be mentioned in respect to which evasions of the duty might be expected were too high a rate to be imposed. To those who are in favour of a reduction of the duty cn the necessaries of life the fact will he welcome that I have been able to see my way to reduce the doty on bulk tea Id per lb. 1 thould have been glad to have gon-i farther and adopted the recommendation of the commission to reduce the duty by 2d per lb, but was prevented from doing so by consideration for the condition of the revenue, A redaction has also been made of one-half the duty on fencing wire and rice, and one-sixth of the duty on kerosene. The boot and shoe industry has received very careful considera-

tion, and it is proposed to make the duty upon imported boots and shoes ’25 per cent, In connection with soft ' goods, changes have been effected which, it is hoped, will result in the prkyertting of the friction between importers and customs officers, which has been the cause of much complain*. It will be observed that, with few exception", the IS per cent, ad valorem rate has been increased to 20 per cent. This has been done with the view of obviating difficulties of classification and'.simplifying the working of the tariff. The increase of duty thus obtained has beea available for the remission of duties in other directions’ Alterations have been effected in the duty upon many other articles which are too numerous to be mentioned in the Budget, but particulars of which hon. members will find in a schedule attached to my Statement. The exemptions have -been added to with the view of the further aiding of local industry and production and the removal of anomalies. Among other remissions it will be found that the duty has been removed from woolpacks, batter paper, tubular woven cloth used for meat wraps, certain drags used iu manufacture, papers used , for making stationery, and wooden handles for tools. I have now given bon. members an indication of the direction in which onr new tariff proposals tend, and I shall presently move a resolution to give effect to the proposed alterations. In the meantime I may mention that by remissions and concessions we shall lose about £45,000 of revenue, while on the other hand increased rates and new impositions will bring us in some £55,000, leaving a net increase to the revenue of £IO,OOO. At present the law allows licenses to be issued to persons authorising them to act as agents for the transaction of business at the custom house, and such agents arc required to give-a bond for the faitnful discharge of their duties both ia respect to pe sans employing them and of the interests of the revenue. It has been considered expedient lo require the payment of an annual fee for these licenses, and provision will be made for this during the present session. CONCLUSION.

I have endeavoured to place before members such matters as are of interest to the country, and 1 tin >t that the proposals of the Government, should tbey be adopted, will prove to be of advantage to New Zealand. There aie, I am glad to say, evident signs of better prices for our chief products, and the future in this respect lodes more hopeful for our settlers. While this is s>, it is a matter for most fincere ivgret ttat in poitions of the South Island the unprecedented fall of snow has wrought such havoc with the flocks of some of our farmers and runholders. In expressing my sympathy with them, I feel sure it finds a responsive chord of general regret throughout ths country, and I can but express the hope that the results may prove less severe than was fist feared. Surveying tho general conditions of other countries, I am of opinion that New Zealand comes well out of the comparison. It is not to be expected in the difficult task of fighting the battle of life that all can be satisfied, but the evidences of thrift, enterprise, and energy which are observablein all parts of this country augur well for its future, and though I foresee a s imewhat difficult pe iod ahead, I look forward with confidence and hope, relying upon the giit and pluck of our fellow colonists to overcome any temporary d (Realties that may arise

I thank the committee for the patience with which it has been so good as to listen to me.

RECEIPTS. 1893-94. 1894-95. £ s. d. £ s. d. Balance at beginning of year ... 283.779 11 0 230,238 6 5 Ordinary Revenue— Customs 1,655,502 17 1 1,569,781 7 10 Stamps, in ing postal telegraph receipts Jutland cash ... 074,047 8 8 677,225 7 6 Landin'; ... ... 285.326 10 r» 28.1,188 4 11 Income tax ... 75.237 16 2 89,891 6 4 Property tax ... 1.412 1 8 19 2 11 Beer duty ... ... 61,807 18 4 59.911 9 1 Railways ... ...1,175,547 17 5 1.152,748 5 6 Registration other fees anil ... 49.290 6 6 51,381 4 8 Marine ... 20,183 4 8 21,513 18 10 Miscellaneous ... 56,522 8 9 63,175 16 7 Tolals... ...4,055,178 9 8 3,965,829 4 2

Teiuutouut. Revenue— Cash land sales ... 70,311 10 10 75,362 14 8 Deferred payment land sales ... 58,328 7 9 58.104 14 10 Pastoral runs, rents, and miscellaneous ... 184,389 8 4 184,699 2 3 Totals 313,059 6 11 316,166 11 9 Grand totals 4,368,537 16 7 4,281,995 15 1

Rfx'eipts in Aid Debentures issued under “ The Consolidated Stock Art 1S84” for increases of sinking fund 284,500 0 0 117,8!0 0 0 Amount recovered from the Cheviot estate account in part repayment of the purchase money 250,000 0 0 2,220 0 0 In respect of interest paid on debentures charged in previous year Totals 250,000 0 0 4,500 6,720 0 0 0 0 Total — 4.690,754 2 4

Sinking Funds Set Free— “ The Lyttelton andChristchurc i Railway Loan Ordinance 1860” 28,500 -0 0 15 £00 0 0 Applicable to the redemption of debentures issued under* 1 The Consolidated Stock Act 1884" in respect of “The New Zealand Loan Act 1850”... 5,511 0 0 “ TteNew Zealand Loan Act 1863”... 96,371 0 0 27,000 0 9 “ The Consolidated Loan Act 1867"... 109.700 0 0 "231,900 0 0 Totals 294,571 0 0 279,614 0 0

The Naval and M. Jitary Settlers’ and Volunteer ’ Land Act 1892”— debentures issued in exchange for remission certificates 16,300 10 0 1,180 0 0 Totals — 280,785 0 0 Grand totals 5,497,688 17 7 4,977,518 2 4

Treasury Biu.s— Treasury bills outstanding at beginning of the year 604,000 Do in anticipation of revenue ... — In redemption of guaranteed d ebentures... ... — 0 0 335.000 476.000 0 0 0 0 Totals 604,000 Treasury bills issued during the 0 0 ■611,000 0 0 year 1,397.000 0 6 1 1 0 0 Giand totals 2,091,000 0 0 1,871,100 0 0

4k/ (i • . / * y : ■ i'X* x 5 i\, | v ‘ r f ■ ‘ ■ .... ,»- * _ I ’* -• . tt (| 5^ vt t mmi ft ( NO. 9,773. DUNEDIN, WEDNESDAY, JULY 31. 1895. WANTED. PUBLIC NOTICES. PUBLIC NOTICES. FINANCIAL STATEMENT penditnre under this head on former years, leaves little to explain and nothing to defend. \%T ANTED, an Apprentice to tho painting W and paperhanging business; references os to character necessary. H. S. Fish and yon. MANTLE DEPARTMENT. SMOKERS 1 A FACT! t Wellington, July 30. - In Committee of Ways and Means this evenRESULTS OP THE YEAR 1894-95. On tho 31st March 1894 we closed cur books with a not surplus of £290,238, to which we added the receipts for the past year, amounting to £4,406 515, making a total ot £4,696,753, and deducting therefrom the ordinary expenditure, amounting to £4,266,729, there remains a balance of £430,024, out of which we have the \\J ANTED, a thoroughly competent Man VV to take charge ot jobbing department in a commercial printing office ; none other than a steady man with practical experience need CLOSE OF THE WINTER SEASON. ing Financial Statement The Hon. Mr WARD raid : Mr Guinness,— It gives me pleasure to be again able to congratulate the House and the country upon the satisfactory results of the year’s finance. When we bear in mind the great redaction in the spending power of the people, owing to the low prices obtained for our staple products, it is cheering to find that financially the colony occupies a strong position. I have thought it apply. Box 141. JJERBERT, HAYNES, AND CO., MANUFACTURERS AND IMPORTERS OF surplus of £180,024 at the close of the past "Cl 7 ANTED To Buy, Sell, w Exchange, New Vt or Left-off Clothing. Bernard Grey oppoalte Royal Arcade), Maolaggan street. m C. WILLIAMS CO.’S (RICHMOND, VIRGINIA) financial year, a result which must be as gratifying to members as it is to myeelf, and must add materially to the general stability of the country. With regard to the issue of Treasury Bills in anticipation of revenue, I am glad to inform members that I was able before the close of the year to pay off those that had been issued during the year, and to reduce the amount outstanding by £1000. Hon. members will find that the revenue account for the year showing the receipts and expenditure now appears iu detail in the body of the Budget. On reference to the table it will be observed that the transactions of the year relating to the ordinary revenue and expenditure are clearly shown, while the extraneous receipts and expenditure, which are simply entries on both tides of the account, are set out separately. These have been eliminated from the revenue proper, and the result ia that the receipts and payments relating to tbe revenue alone can be seen at a glance and easily followed. The balance at the end of the year, as shown in the account, represents tbe surplus, which I have already stated to be ¥> BODES AND GO., George street, dyers, cleaners. Work done carefully and well LADIES’ MANTLES, JACKETS, CLOAKS, Etc., X • FOR SALE. PRINCES STREET. “JUNO PLUG” (DARK) prudent to make some changes in the form of the public accounts. I may say that the alterations ate made with the object of placing our position still more clearly before the public and to assist in removing any excuse for the causeless adverse critic’sm which hss unfortunately been T710R SALE, first class Building Site, SunnyJP side, Roelyn ; cheap for cash. Perpetual Trustees Co., Rattray street. Special Notice.—Ail Odd Garments loft over from the recent successful SALE are now on Show in our Largo Window, and are marked at extremely Low Prices. Remkmrru: We have only some Two Dozen Garments to clear, and these must be sold before tho 31st of this month, as wo take stock on that date, nothing being carried over. AND mO CHEMISTS. — For Sale, an old-cstah-X lushed Chemist's Business nt Westport. Stock at valuation, on easy terms. Low rent. Good reasons for selling. A splendid chance for an energetic man with a small capital, lor particulars apply to Robert Taylor, importer, Westport. “ROYAL” COLORS (improvedaromatic) so common in this country for many years, and Which has undoubtedly tended to injure and discredit our colony. I shall now proceed to place before you the position'of the Treasury account. , REVENUE ACCOUNT, 1894-95. It is extremely gratifying for me to be able to announce to hou. members that, notwithstanding the restriction of trade owing to the abnormally low prices already referred to, the /*-i For Sale, Leith Valley, Farm, 11 acres; house, etc, Scott and Co. small byre, ODD STYLES IN JACKETS, ODD STYLES IN MANTLES, ODD STYLES IN CLOAKS, ARE THE FINEST TOBACCOS ON THE MARKET. 4% A K —To Let, Farm 70 acres, MaunODD STYLES IN CAPES. actual receipts for the year just closed have exceeded tho estimate. I tad the honour to place before the House in my last Budget. The estimate of revenue for the year 1 placed at £4,235,000, exclusive of £117,800, to be received to provide for the accretions of sinking funds payable during the yew. The actual receipts come to £4,281,995,'or £46.995 in excels of my estimate. It is almost unnec«s>ary to remind gatua; 40 acres m grass, and Co., Dowling street. Scott SPECIAL DISPLAY OF REDUCED GOODS. Q K—For Sale, Sections, Leith street, at/lOO Scott and Co., Dowling street. See Window. Ladies’ Black Cloth Jackets 10s each Ladies’Colored Cloth Jackets ... 10s „ Ladies’ Macintoshes 10s „ Ladies’ Golf Capes (4 only) 10s ,, Ladies’Cashmere Cloaks 10a „ FASHIONABLE GARMENTS AT ENGLISH If not already smoking one of the above brands, try them, and you will use no ether. £180,024. With a view to place the transactions of the year as clcaily as possible before hon, members I have transferred the column representing the previous year’s figures to the left hand side of the table, thus preventing confusion and at the same time affording facilities for comparison which ton. members may dtsire to make, and this will save them the trouble of referring to previous Blue Books ; — — For Sale, Section, Hillside 3| road (near Cargill road); suitable for shop. Scott ami Co.. Dowling street. ( —For Sale, Hanover street, 4-roorncd Cottages. Scott and Co!, Dowling street. hou. members that I was careful to warn them that in preparing my estimates we had to reckon with a fall in revenue owing to causes which were not only affecting New Zealand, but were being felt over the larger portion of the commeieial world. For this reason I reduced my estimate by £133,538 below the actual receipts for the preceding year, and is is therefore very pleasing CJTONEWARE Sanitary Pipes, Agricultural Pipes- Limestone Filters, Sink or Gully Traps, Spirit Bottles, Butter Jars, Chimney Pots, Flower Pots, Vases, etc. I<ambert, Kensington Pottery Works. COST PRICE. MACINTOSHES. MACINTOSHES. MACINTOSHES. SWEET MARIE 1 The Receipts and Expenditure of the Revenue Account for the Year ended 31st March 1895, compared with the Financial Year, 31st March 1894. receipts. 1893-94. 1894-95. TENDERS. Makes in the above goods left over, which may he had for a few days only at reduced prices. — to be able to inform you that the revenue, as a whole, exceeded toy forecast to the extent of £86.563. Hon. members will, I feel sure, not be offended at the estimate being on the safe tide. I have, however, noticed with amazement that I am actually blamed in some quarters for the falling off of revenue rot bring so large as 1 bad estimated. As previously stated, the actual receipts were nearly £47,000 more than my estimate, seven heads of revenue yielding an excess of £94,561, while three items were less than the estimate by £47,565. Two out of the three items of decrease are : — Custom duties £30,215 and railways £18,251. : I allowed for a deficiency in the customs receipts of over £55,000. This lies, however, b en £ s. d. £ s.d. Balance at begin- „ „ rung of year ... 283.779 11 0 230,238 6 5 Oum nary Revenue— Customs ... ...1,655.502 17 1 1,569,781 7 10 Stamps, including postal and telegraph cash receipts ... 674,617 8 8 677,225 7 6 Land tax 285,326 10 5 28.1,188 4 11 Income tax ... 75,237 16 2 89,891 6 4 mENDERS Invited for SIX-ROOMED X COTTAGE until SATURDAY, 3rd August, 1895, at 4 o’clock p.m. Plans and specifications at E. M. Bclamy s Southern Hotel, Princes street south. All guaranteed. Close at 1 O’clock on Saturdays. Open Ail Day on Wednesdays, g E (J O A H 1 8 KE M E D I K 8. rjlHB LATEST POPULAR MELODY SUNG BY THE LEADING BALLAD SINGERS IN THE COLONIES. ran t.p.t — Property tax ... 1,412 18 19 211 f|10 LET, Five-roomed House (scullery, regiaX ter grates, range, washhouse), Lang’s terrace, Maclaggau street (near Grant street); lately occupied by Mr Simms. TO LET. TOWN OF GORE, mHAT LARGE AND COMMODIOUS X BRICK SHOP, well and fully fitted, next Beattie’s Warehouse, Slain street. A splendid opening for a Diaper or Grocer. Rent, 25s weekly to a good tenant. Any alterations in fittings will he executed. For further particulars apply JAMES BEATTIE. rjlHOMSON, BEIDGRR, AND CO. " SEQUAH’S CURE,' A Special Edition of ' SWEET MARIE!! SWEET MARIE 11 Price Is fen. Beer duty 61,81)7 18 4 59,911 .1 1 Railways 1,175,547 17 5 1.152,748 5 6 Registration ami _ , „ other fees ... 49,200 6 6 51,381 4 8 Marine 20,183 4 8 21,513 18 10 Miscellaneous ... 56,522 8 9 63,175 16 7 SHOW ROOMS AND HARDWARE STORES ALBERT BUILDINGS, PRINCES STREET (Directly opposite the General Post Office). oiSljUAao UiL, •’SEQUAH’S INSTANT RELIEF’ ABB to bb had Published by OHAS. BEGO AND OO, 21 Princes street. VIOLINS! VIOLINS! VIOLINS! exceeded by the amount I have just mentioned. It became apparent some few months before March last that importers we re narrowing their orders to the smallest possible margin, and the caution and hesitation exhibited by them were quite natural in the face of an adjustment of the tariff in the near future, to say nothing of the very low and unremunerative prices for produce, which regulate business transactors in most parts of the colony. Besides this two of our importing dry goods firms closed up their businesses and disTola Is 4,055,178 9 8 3.965.829 4 2 Territorial Revenue— „ . • Gash land sales ... 70,341 10 Iff 75,362 14 8 Deferred payment . laud sales ... 58,328 7 9 56,104 14 10 Pastoral runs, rents, and miscellaneous ... 184,389 8 4 184,699 2 3 Totals 313,059 6 11 316,166 11 9 Grand totals 4,368,537 16 7 4,281,995 15 1 T> ICHARDSON’S HOUSE AGENCY, Xv Stafford street, Dunedin. AT ALL CHEMISTS AND GROCERS. WANTED—A HAPPY MAN. An Eastern apologue relates that a great king was sick, and that his physicians declared that nothing could cure him but the shirt of a perfectly happy man. Messengers were sent through the land to find this rarity, and when a likely person was discovered the envoys asked him If he wanted anything. The answers were "Yes”; the "happy man” wanted something —another field, a little more wealth, another a son—there was always some deficiency that showed the imperfection of tho happiness. At length the searchers came to the verge of a Just Landed, Tit T/F.T. ST. ANDREW STREET.—13-roomed House; shop and stable. CLYDE STREET.—6-roomed House, all conveniences. Rent, 12s fed. CLYDE STREET.—broomed House, bath, pantry, wash-house, all conveniences ; convenient to town CASTLE STREET NORTH.— 8-roomed House, every convenience; lately renovated. Low rent. , HAWTHORNE AVENUE.—7-roomed House, bath, pantry, wardrobes, range, gas stove, garden, convenient to town. Rent, 14s 6d. HIGH STREET, MAORI HILL. — 6-roomed House, all conveniences; 15 minutes from Knox Church. Rent, 10s. ARGYLE STREET, Mornington. — 8-roomcd House, verandahs, Venetians, 8 fireplaces, washhouse, range, orchard; 15 minutes from G.P.O. MAIN ROAD. CAVERSHAM.-5-roomed House, scullery, bay window, etc. Rent, 9s. PRINCE EDWARD ROAD, ST. KILDA.— 4-roomed House, outhouses, garden. Rent 8b. , _ , ANDERSON’S BAY. — Oaklands, 5 - roomed House, sculler}', bathroom, fruit and vegetable garden. ANDERSON’S BAY. -7-roomcd House, stab.e, coachhouse, orchard, plantations, etc. Low rent. RAVENSBOURNE. —7-roomed House, every convenience. Rent. 12s, SEASONABLE GOODS. RANGES! STOVES! GRATES! We have just landed a complete stock of Ranges, Stoves, and Grates, including Smith and Wellstood’s, and American Stoves, Tile, Dog, Sussex, Gothic, Kent, and Slow-combustion Grates, all of tho latest patterns. FENDERS ! FIREIRONS! A Now Shipment of the FAVORITE VIOLIN (complete with Case and Bow), Price 30b Net. CHAS. BEGG AND CO., 21 Princes street. posed of their duty-paid g-.ods at auction, thus supplying by forced sales large parcels of goods, the market for which, it is not unreasonable to suppose, would otherwise have been replenished by importations on which duty would have bean paid Within the year. I find also a considerable shrinkage in the duties derived from the consumption of spirits and wines. The reduction in receipts under this head, however, is not a matter for regret, for it goes to prove that our people arc progressively temperate in titeir habits. I also allowed for a falling off in the railway receipts, but my estimate was not large enough As I have already stated, the it cideots of trade which affected our cusf oms duties also operated iu the direction of diminished railway revenue. It is no news for me to tell you that the grain traffic fell off tnormously. The exports were two million bushels less than the previous year, and this coupled with the damage done to tho lint s by fbi ds made more marked the falling off in revenue which I am endeavouring to explain. It is much more pleasant to turn to the items of revenue, which show an increase over the amonn's I bad estimated. The largest items are by the revenue derived from the sale of stamps, from the land and income tax, and fn m territorial revenue. The increase of £39,225 over my estimate of stamp revenue contains some large sums for succession duties. Hence wo must deplore the lots of some very worthy colonis'.s from our midst. At the same time, ordinary receipts derived from the usual bu'incss of the country show an inReceipts in AidDebentures issued under “ Tbe Consolidated Stock Art 1884" for increases of sinking fund 284,500 0 0 117,8!0 0 0 Amount recovered from the Cheviot estate account in part repayment of the purchase money 250,000 0 0 2,220 0 0 In respect of interest paid on debentures charged in previous year — 4,500 0 0 Totals 250.000 0 0 6.720 0 0 wood and found a man dancing. He seemed poor but merry. Questioned closely, he would not admit that he wanted anything; he had Total - 4,696,754 2 4 Sinking Funds Set Free— ASHPANS ! LAMPWARE. Rochester Table and Library Lamps with fancy shades. Lamp Silk Shades in all colors. Burners, Chimneys, Wicks, Globes—a complete Stock. CUTLERY, E.P. SPOONS AND FORKS, quite enough, and was very jolly. "Then,” said the messengers, "give us your shirt to heal the king.” The merry dancer rejoined : "I have no shirt.” The king died, and the problem of how to cure the king remained unsolved. To-day there are thousands who, like this king, through sickness, are not happy, and there are countless numbers who nave become happy by removing their sickness through tue timely use of the world-famed Sequah Remedies. Sequah’s Cure for Indigestion and kindred ailments Is Infallible. Try It, Sold by all respectable Chemists and Grocers. Price, 2s 6d. BEN MaoDHUI. . BEN MaoDHUI. BEN MaoDHUI. " T>EN MaoDHUI HIGHLAND WHISKY “ Xj ia of Rare Quality and perfectly free from “every form of impurity, A BETTER OR "MORE GENUINE WHISKY NEVER CAME " INTO MY HANDS. JAMES BLACK, M.A. and D.Sc., Professor of Chemistry and Colonial Analyst. " The Lyttelton andChristchurc i Railway Loan Ordinance I860 ” 28,500 -0 0 15.200 ft 0 Applicable to the redemption of debentures issued under" The Consoli dated Stock Act 1884" in respect of “The New Zealand Loan Act 1856”... — 43,511 0 0 " TteNew Zealand Loan Act 1863”... 96,371 0 0 27,000 0 0 “ The Consolidated LoanActlS67”... 109,700 0 0 231,900 0 0 WATCHMAKERS. ELECTRO-PLATED WARE. INTERESTING DISCOVERY. crease, thus proving that the colony is tot so commercially depressed as many pessimists would lead us to believe. The laud and income tax combined show an increase over £20,000, or £4000 for tbe land tax and £16,000 for the income tax Although tho territorial receipts show an increase of £26,166 over the estimats they are only £3107 over the previous year’s actual revenue. As long as such low prices obtain for our staple products we must not hope fc v any increase of revenue under this head ; indeed, I shall be Totals 294,571 0 0 279,614 0 0 . AND r s. ERY The American Government has Instructed a uoted analyst to examine and report upon certain mineral springs, which have been i joently discovered to have an extraordinary curative effect In oases of rheumatism and other complaints. A voluminous report has been already laid before the recent Medical Congress, from which it would appear that most marvellous cures have been undoubtedly effected, and the Investigation of the Government analyst la therefore looked forward to with great interest. Sequah’s Cure Is composed of the carefully concentrated water of one of these springs, combined with certain botanic extracts, and Is therefore a natural, safe, and effectual remedy for all kinds of Rheumatism, Sciatica, Lumbago, Kidney Disease, Pains In the Back, and Dropsy. It also cures Indigestion, BUlousness, and Constipation, The result of this Remedy, when used In conjunction with Sequah’s Oil, has been so remarkable as to have occasioned considerable public Interest. VALUE, AND T. Y 0 U N ( VJT • 88 Princes street, DUNEDIN, A Magnificent Stock of WATCHES, CLOCKS, AND JEWELL GUNS ! RIFLES ! POWDER 1 SHOT! CARTRIDGES ! PAINTS, OILS, WHITE LEAD, VARNISHES, PAPERHANGINGS CEMENT. WIRE NETTING, STANDARDS, WIRE, KIWI RABBIT TRAPS DRESS DEPARTMENT. STOCK-TAKING ! STOCK-TAKING 1 STOCK-TAKING ! OF SEASON’S DRESS MATERIALS AT SPECIAL REDUCTIONS Prior to listing stock. “The Naval and M.litary Settlers’ and Volunteer ’ Land Act 1892”debentures issued in exchange for remission certificates 16,300 10 0 1,180 0 0 Totals - 280,785 0 0 Always on hand. TWO SHIPMENTS LATEST DESIGNS JUST OPENED OUT Ex steamers Doric and Rimutaka. Further shipments to arrive per steamers Arcadia and Tokomaru. THE LARGEST STOCK IN THE COLONY. WATCH AND JEWELLERY REPAIRS surprised if the receipts under this head are maintained during the current year. Other items of revenue require no special comment. EXPENDITURE. I can now pass on to results of the expenditure of the last year, and J find that as compared with ray estimates the amount underspent was £83,487. Of this sum £27,787 was not required fur interest and sinking fund charges. On locking into this large sum I notice chat ot the £50,000 set down for interest on Treasury bills only £38,985 was required. The difference of nearly £11.000, I think, can be fairly claimed as a saving arising out of the fact that in consequence cf the earlier collection of the land tax it became unnecessary to issue Treasury bills to the extent we had originally contemplated. Over £11,000 of interest on the 3£ per cent, consolidated stock, held by the Agent-general, was repaid to the credit of the interest account of the loan, and several other classes ot securities were not drawn upon to the extent originally contemplated, and, therefore, interest was not required to be paid. The satisfac’ory remits <f the interest account stows that hostile crit cs who Grand totals 5,497,688 17 7 4,977,518 2 4 Treasury Bills— Treasury bills outstanding at beginning of the year 694,000 0 0 — Do in anticipation of revenue ... — 335,000 0 0 In redemption of guaranteed d ebentures... ... — 476,000 0 0 Under the supervision of MR T. G. YOUNG. SPECTACLES TO SUIT ALL SIGHTS. Oculists’ Prescriptions a Specialty. G. AND T. YOUNG, IMPORTERS, WATCHMAKERS, AND tkwkI J.KRS (With Patent Barrel Swivel). CARRIAGE WOODWARR, TIMBER, three GOLDEN RULES. " Never put off till to-morrow what ought to be done to-day.” " A stitch In time saves nine.” BUILDING TO BE TAKEN DOWN, NO ROOM FOR STORING WINTER GOODS. Totals 604,000 0 0 -611,000 0 0 Treasury bills issued during tho year 1,397.000 0 0 IJWiO.lOO 0 0 Gi and totals 2,091,000 0 0 1,871,100 O 0 TURNERY, DOORS AND SASHES. And “ A bottle of ' Sequah’s Cure will often save a doctor’s bilL” See our 10s 6d Dress Length See our 13s 6d ,, ,, See our 15s fed ,, „ EXPENDITURE. 1893-94. 1894-95. £ s. d. £ s. <1. PERM A N ENT Appropr IATIONS— Civil list ... ... 24.307 3 9 24,411 16 3 Interest and sinking fund 1,885,696 19 7 1,716,889 6 4 Under special acts of the Legislature 182,484 8 3 189,890 17 6 MONEY. — SEQUAH’S CELEBRATED MEDICINES Are the best of all Household Remedies, and never fall to give satisfaction. See our 19s fed ,, ,, Worth double the money. See the balance of our choice FRENCH DRESS LENGTHS ; they must be sofd this month. SEE DRESS WINDOW. REMNANTS OF WOOLLENS, SILKS, AND 1% TONEY To Lend ox Farm or City Freo1VX holds ; any sums. Neville Sievwright, estate agent, High street. QUOTATIONS GIVEN PROMPTLY BY LETTER OR WIRE. OOihgfcia To Lien a on good d securities at very lowest rates Boot* and Co., Dowffne street. THOMSON, BRIDGER, AND CO. • professed to know mere than I did committed an error of judgment. On examining the annual appropriations, the largest items which cdl for explanation are under the respective beads of Postmaster-general and Department of Lands and Survey. Nearly £14,000 lets than estimate was spent under the former, and £15,000 under the latter heading. On referrirg to particulars of the balance of thr coi solidsted fund at the end of the year it will be e.e.m f h. t the s xm of £11 428 remain d in the bands < f the Postmasterlocal bodies ... 63,371 2 9 67.342 13 3 Payments under _ _ the land acts ... 45,515 19 1 44,959 0 2 f* AAA To Lend, in any sum, on any approved security. Fitshardinge Jones, 95 Princes street. E n d o w nr cuts “ Ellesmere Lake Lands Act 1893 ” 3,28119 <6 NU. New Plymouth _ HarbourBoard... 6,367 It 3 6,993 1 10 Greyroouth Harbour Board ... 11,210 8 3 10,577 9 0 Westport Harbour _ . Board 16,334 19 O 15.937 14 10 T\/TONEY To Lend at current rates. The IVI Trustees, Executors, and Agency Company of New Zealand, Limited. AN ELECTOR’S RIGHT. HAMS AND BACON. A GOOD DEAL OF NOISE LATELY about Prize Hams and Canterbury cured Bacon. One is not sure whether every piece of Bacon and Ham sold is a Prize-taker, or only a few VELVETS AT HALF-PRICE. DRESSMAKING AT SPECIAL RATES TtyfONEY to Lend—£100 at 7 per cent. JxJL £1,000 up to £3,000, at 6 per cent. Small Sums to Lend on Bills of Sale. Bills disTHIS MONTH. fTIHE RIGHT for a man to do as he pleases general. This money w*s advanced by the Treasury, iu order that t v e department might Totals 2,238,760 11 4 2,077,001 19 2

Annual Appropriations— I—Legislative ... 15,880 8 3 17,398 8 10 II—Colonial Secretary 83,852 Oil 66,022 13 4 Ill—Colonial Treasurer 24,868 16 1 24,511 17 6 IV—Minister for Justice 115,923 14 1 124,204 6 « V— P os t. mastergeneral 292,433 8 3 298,765 15 7 VI—GommLsioner of Trade and Customs 62,453 10 6 65,674 10 8 Vll—Commissioner of Stamps 20,535 1 2 20,168 8 7 VIII—Minister for Education’s department 381,652 tl 8 {396,234 8 0 Lunacy and Charitable aid department 48,714 17 6 54,413 18 8 Department of Labour .. 2,757 19 4 3,337 3 3 IX—Minister for Mines 14,430 7 5 15,602 9 8 X—Minister for Agriculture 29,789 9 8 42,529 11 1 XI—W o r k i n g Railways 728,623 15 5 725.256 1 7 Xi I—Minister for Public Works ... 51,858 3 10 50,155 14 6 XIII—Defence department 56.570 4 10 62,156 7 6 XIV— Police department XV— Minister for Lands 93,904 0 10 94.210 5 1 119,996 <6 5 119,763 14 10 XVI—Rates on. Grown lands ... 92111 8 31918 0 Services not provided for ... 2,350 7 0 8.884 13 1 Totals 2,147,598 10 2,189,710 5 It

Amount transferred to the public works fund, part 1, in terms of section 15 of “ The Appropriation Act 189*" 250.000 0 0 250,000 0 0 Released Sinking Funds not applied to redemption of debentures transferred to public works fund XU Purchase of the Cheviot estate under “The Land and Income Assessment Act Amendment Act 1802 ” 260,220 0 0 17 11 251,017 11 8 8 Totals ...£510,220 0 0 215,017 11 8 Balance at the end of year 1895... 180,021 5 9 Totals ...4,290,238 C 5 4,696,754 2 4

Debentures Redeemed— Consolidated Stock Act 1884” (colonial issue)... “.Lyttelton and Christchurch Railway Loan Ordinance 1860,” matured 1st July 206.071 0 I 264,414 0 0 1894 £8,500 0 0 15,200 0 0 Totals “The Naval and Military Settlers’ and Volunteers’ Land Act 1892" remission certificates exchanged for debentures 294,571 0 0 279,614 0 0 per contra 16,300 10 0 1,180 0 0 Totals 5.497,688 17 7 4,977,548 2 4

Account op Treasury Bills - Bills paid off during year 1,289,000 0 0 1,061,100 0 0 Treasury bills outstanding at end of year— In anticipation of revenue ... 335,000 0 0 331,000 0 0 In redemption of guaranteed debentures ... 476,000 0 0 476,000 0 0 Totals ...2,091,000 0 0 1,871,100 0 0

Estimated Fa'penditehe. Civil list £ 25,700 Intorest and sinking fund 1,094.605 Under special arts 331,590 Legislative departments 17,385 Colonial Secretary’s department 70,110 l 'olonial Treasurer’s department 25,550 Justice department 124,180 Postal and Telegraph department ... 335 017 Customs and Marine departments ... 04,180 Stamps and Deeds department ... 20,500 Minister for Education — Education department 416,814 Lunacy and Charitable department.. 52,022 Department of Labour 6,200 Mines department 18,289 Department of Agriculture 44,735 Working Railways department 738,940 Public Buildings, Domains, and Machinery department 505,000 Defence depirtment 64.419 Police department 100,441 Lands and Survey department 129,634 Rates on Crown lands 900 Total £4,331,643

Estimated Revenue. Customs . £1,5(10,000 Stamps, including postal cash receipts (144 300 Land and income t \x 3,540.000 Beer duty 00,000 Railways 1,155,000 Registration and other fees 50,000 Marine 21,50 • Miscellaneous (15,000 Territorial revenue 290,000 Total ... Debentures for sinking fund increases £4,195.800 145.4(H) Total £4,341 200

Revenue £4,341,200 Estimated expenditure 4,331,843 Excess of revenue over expenditure... 9,357 Balance to begin tlie jear with Tot d gross surplus at the cud of the 180,024 year 189,331