DEBENTURES.

New Zealander, Volume 2, Issue 54, 13 June 1846, Page 3

DEBENTURES.

To the Ed/lor of the New Zealancler. Sir, — Your excellent observations in your last iiumber, with the masterly and uudeniable exposure of the incorrect official statement, issued from the Audit Offiue on the 30th of April last, a& the true account of the past and present state of the Government Paper Debentures, not current, entitles sou mostjustly to the wannest thanks of the united body of settlers. This great error of the enormous sum of Eiafht Thousand Pounds in the Colonial Account, is but proof of all you have written Irom time to time as to

the system and management of Accounts and Finance lv this Colony — and until a better plan is pursued, and practical efficient persons appointed for the control and keeping of the accounts, errors will be continually committed. Concieving, as I do, that you have done the state some great service by your financial labours, which I am well aware, are at all times dry and tedious— I think it the duty of every one to assist in such laudable purpose, by calling your attention to any similar discrepancy in these official documents, that are so occasionally published. My attention having-, been called more particularly to the several Gazettes mentioned in your remarks, and following you through your very intelligible explanations and figures, I was struck wtth one particular point, which I wiii endeavour to explain. In the Gazette of the 21st November, 1845, to which you refer,— and the day of disallowance-rthere was published— -"the total amount of Issue" — of small Debentures, at that very time— as follows;

Such was the amount that had been. issued up to that time, and naturally, as they wqqejheu disallowed and not current, it Has to be expecte I; in common honesty, that no further isgue by ihe Government, itself, would take place of such Debentures. But .now, turn, Sir, to the Abstract Debenture Account of the 30th April, 1846', and therein wjU be found that the total amount of issue, of the "small Dobeutures, at that dale, was—

These fi-yures show a diflferencepf £1,132 145., therefore there must be an error in"oiie of these official documents— or the Colonial Treasury must have issued, between the 20 th November, 184 a, and 30th. April, 1846,— small Debentures to that amount. 0 As those who had claims on the Government when the old Debentures were disallowed, have been, since, * paid by issue of Debenture Certificates bearing 5 per cent, I cannot comprehend this matter, and having 1 called your attention to it, 1 trust you will endeavour to uurdvel the account. I am, your's, &c, VARRO, [We are quite aware of this difference, in figures, in ihp two official accouuts alluded to. The only solution we>can, at all, at present, suggest is,— i-that the issue of these small Paper Debentures, from fir? t to last, was conducted in such stupid, careless,.com--plicated manner, that we vecy much doubt, it ttie true amount of Issue,— or of those withdrawn from. circulation, are, or ever will be, correctly ascertained.' —Ed.] ■ c '

debenture 6 , no interest . . 5652 0 0 " 5. per cent ditto 39618 0 0 Total amount . £45,260 0 0

eat « ture es, no interest . . A 389 10 5 per cent ditto 38748 0 0 (i Total . £44,137 10