FINANCIAL STATEMENT.

Otago Witness, Issue 2319, 11 August 1898, Page 27

FINANCIAL STATEMENT.

The following Financial Statement was read this afternoon in Committee of Supply by the Colonial Treasurer, the Right Hon. R. J. Seddon :—

Mr Guinness, — In accordance with the announcement made last week it gives me very great pleasure to place before you the much-inquired-after and longed-for Financial Statement. For some years past the reference in the Budget to matters not directly relating to finance has given rise to prolonged debate, and to obviate this I have made a departure by eliminating from the Financial Statement this year all reference to extraneous matters not bearing directly on finance. And seeing that the statements and reports from the several departments give more complete and elaborate information on the several subjects than was contained in the necessarily condensed reports in the previous Financial Statements, it will be an advantage not to have the Budget loaded with reference to departmental and abstract policy buestions.

It is pleasing to me on this, as on former occasions, to relate to hon. members that there was another substantial surplus at the close of the financial year. In accordance with the provisions of the Public Revenues Acts, the audited accounts of the colony have been duly gazetted, and consequently their contents have been published far and wide, I have been extremely amused at the " War of the Surplus " \y > hich has been waged by leading journals. In one camp it was complacently asserted that the alleged surplus of L521,0C0 was in reality a deficit of over LSOO,OOO, and the figuies compiled by an erstwhile champion of members opposite were triumphantly quoted in support of this contention. I have little desire to enter the lists, for it appears to me to be of no importance whether the real and substantial sum of £521, 000 with which the year closed is called a "surplus "' or a " ba^nce." The amount is available for expenditure during the current year, and as Colonial Treasurer I feel quite satisfied that whatever it may be called, the money was there. Perhaps if the word "balance" was made use of there would not be so much argument. The exact figures of the balance with which tiua jeaar.

concluded were £521,144, after payment of £10,000 for the patent rights of the cyanide process and the transfer of £300,000 in aid of public works. This last-named sum completes a total of £1,330,000 which has been, during the last few years, contributed to the public works fund out of the balances of the ordinary revenue account of the colony. This very substantial aid has been obtained without entailing haidship or inconvenience to the public at large. The annual interest on the £1.330,000 at 3£ per cent is £4G,550, that would otherwise have been sent out of the colony, which would have been poorer to that amount.

I notice that in the controversy which has been going on over the surplus much stress lias been laid upon tbe inclusion in the revenue account of the money raised under "The Consolidated Stock Act, 1884," and being included in the revenue account it has necessarily formed a part of the surplus at the end of each year during our administration, when " surpluses,"' have been the rule, and not, as in foimer years, theexception. I can scarcely bs blamed for so including these sums, for the law distinctly lays clown that the proceeds derived from the sale of the debentures issued under the act just mentioned "shall form part of the coiißolida'ed fund." The law was made by my predecessors, but nevertheless it is my duty to carry out its provisions. In previous years (as will be shown by a subsequent table), and when deficits were the order of the day, the revenue was aided by the issue of debentures against sinking funds to double and treble the amounts issued during the last few years, and when the Ministry in office in 1890-91 showed a suiplus of £143,965, the revenue had been aided by the issue of debentures to the value o£ £255,000. I subjoin a table of balances of the oidinary levenue account year by year since IS7I, showing the amount of surplus or deficiency at the close of each year, also the amount of debentures issued in aid of revenue from whatever cause arising. This table at any rate shows at a glance that the finance of the Liberal Administration for the last seven years has been successful. Nay, it may be truly observed that the balance during that period forms a marked contrast in our favour to those under the successive Conservative Governments. We have often been taunted that we know nothing of finance, not even the rudiments, but although only an unsophisticated plodder in the intricate labyrinth of finance, I claim to know at any rate bow to keep on the right side of the ledger. Perhaps it was our predecessors high- class ability in financial matters which so constantly produced an under- estimated expenditure and over-estimated revenue with lhe result of landing them in financial deficits. Table showing the position of the Ordinary Revenue Account =»t the close of each financial year, commencing 1871 :—

* Tbe financial year ended on June 30 until 1879, whon it was chinged, and tbe financial year for 1880 ended on March 31. t In 1883 a deficit of £1,756,450 was wiped out by the conversion of £1,832,000 of Treasury bills into permanent debt. The surplus of £35,549 is simply loan money. t 'lhe deficit had leally become £242,294, reduced to £92,294 by the issue of £150,010 as debentures added to the permanent debt of the colony. , , . 0 A deficit of £395,255 was also wiped out by the conversion of £400,000 Treasuiy bills into permanent debt. The surplus of £4745 is simply loan money.

A word or two now about the revenue and expenditure of last year.

RECEIPTS DURING YEAR 1897-98.

The estimate for the year was £4,793,000. The actual figures reached £5,079,230, producing an excess of £286,230 over the estimate. A glance at the table which accompanies my statement shows how the excess is made up, but I may briefly mention the largest amounts, viz., £61,400 from Customs and beer duties, £59,200 from stamps, £95,500 from railways, £ 13,300 from territorial revenue, £31,800 from land and income and other heads of revenue. In last year's Budget I anticipated an increase of £01,000 for customs revenue o%er the actual receipts of 1890-97, and I expressed a hope that 1 was not too sanguine in adopting such increased figures, I had two things in view : First, that importers were very fully stocked at the time ; and, secondly, that the northern gold mining activity having suffered a relapse, it was only reasonable to suppose that general trade would be proportionately affected. I may probably be blamed that my pessimistic views were not iulfillcd. > Personally I am pleased to find a different result, for the increase of revenue from this source, find from out railways, goes far to prove that the spending power of the people has been improved. A much larger amount of succession duty was received than could bo estimated for, and this, with other substantial amounts* have swollen the stamp revenue,

The land and income tax has come ii» wonderfully well. The last named tax has reached a record amount, and very fairly indicates the general prospeiity of the country. From our railways we have received, as I have said, some £95.000 in excess of the estimate supplied by the department. There is no special feature in this to comment upon, for it is the evident result of increased commercial business, which has more than compensated for the loss of revenue from the floods and from the drought in Southern Canterbury. Other heads of revenue have shown a gratifying increase. The Advances to Settlers Office was able to repay to the consolidated fund £22,000 of the arrears of advances made from time to time from the fund. lam happy to mention that during the current year I think the office will be able to repay the balance of these advances, as well as to provide for the due payment within the year of the half-yearly amounts of interest upon the £1,500,000 loan borrowed for the purpose of lending upon mortgage. EXPENDITURE DURING THE YEAR-

1597-98.

The actual expenditure reached £4,912,372, and the estimate was set down at £4,979,074, resulting in a saving of £66,702. The table I have already referred to bhows at a glance the various items over or under-spent. The working railways vote was exceeded by £27,706, but I do not imagine much exception will be offered to this when it is taken into consideration that nearly £100,000 of excess revenue was at the same time obtained, for it is evident in railway business that increased revenue means also increased expenditure. Among the underspent amounts (which total to £108,173) the item of £27,709 represents principally a saving of interest payable on Treasury bills and inscribed stock. Other items are of the ordinary departmental character, and call for no special remark. RESULT OF THE WORKING OF 1897-98

SUMMARISED.

The result of the transactions of the revenue account for the financial year ended 31st March last may be set down thus : Actual leseipts £5,079,230 Leas actual expenditure 4,912,372 Balance £ \&s& Add balance at beginning of year ... a5*,25!b Surplus at end of year £521,144 It has been the custom to refer to the other accounts which form part of the public account of the colony, and I shall do the same on this occasion very briefly. TUE PUBLIC WORKS FUND, 1897-98. In accordance with authority obtained last session, the separate accounts of the lands improvement and the Native lands purchase have been discontinued as from the Ist April, 1897. The transactions now simply form part of the public works fund. During the year it became necessary to assist the ways and means of the public works fund by making use of the unissued portion of the aid to public -works and land settlement loan, and for this purpose L 125,000 was raised on the sale of debentures, and LIOO,OOO was received as a temporary advance against short-dated debentures of the loan. In the early part of the year L 300,000 appropriated from the consolidated fund was made use of, and a further sum of Lso,ooowcs temporarily transferred pending arrangements being made in London for the issue of the 3 per cent, stock by means of which the half million of authorised loan was to be issued. In respect of this £50,000, it is right to mention that the Audit Office declined to allow the advance to be restored to the consolidated fund, except as a charge against the unauthorised account. I have therefore had to do the best I could with a limit of only £50,000 for unauthorised charges, instead of the margin of £100,000 which Parliament placed at my disposal for unforeseen contingencies in all funds and accounts. This smaller limit caused great inconvenience in connection with the railway and other overdrawn votes, etc. The above receipts (exclusive of the £50,000 retransferred), together with some sinking funds and other small accounts (in all £2876), made up a total of £527,876 which was passed into the fund, and with the balance brought forward to commence the year with (namely, £389,159), including £231,796 transferred from the separate accounts, made a total of resources amounting to £917,035 with which to meet the expenditure \ during the year of £865,543, leaving I a balaDce in hand of £51,492. In addition to this balance the unissued portion (£275,000) of the authorised halfmillion loan has yet to be brought to account. THE CHEVIOT ESTATE ACCOUNT, 1597-98.

The separate account for the Cheviot estate shows receipts from rents, etc., amount to £16,277, and this money was expended on payment of interest on the special loan, in roading, surveys, and other charges.

THE LAND FOR SETTLEMENTS ACCOUNT, 1897-98.

For tho purpose of acquiring lands for close settlement debentures amounting to £135,000 were created and sold. In addition to this amount, £27,667 was received from rents and lease fees, making, with the balance brought forward (£4714) a total of £107,381. Purchases were made to the amount of £147,990, and £10,595 was expended in roading, surveys, and other expenses, leaving a balance of £5796 at the close of the year. THE CONVERSION ACCOUNT, 1897-98.

At the beginning of the year the account had a balance of £15/3, and during the year £,)51,392 3 per cent, stock was subscribed for conversion purposes, and £S4S of premium was received on a portion of the same. On the other hand £300,916 of debentures was converted at different rates into £364,392 inscribed stock, and £185,216 of various debentures was reduced. The expenses amounted to £4663, and the balance at the close of the year was £2542.

TUE LOANS TO LOCAL BODIES

ACCOUNT.

The balance in hand to the credit of this account at the commencement o£ last year was^ £4» and during the year, £111^4,00, o£

debentures was created and issued mule " The Government Loans to Local Bodies Act, 1886," and refunds of £-1601 were made to the credit of the account, under the provisions of section 8 of "The Government Loans to Local Bodies Act Amendment Act, 1896." These sums, amounting in all to £116,(05, have enabled loans to be made during the ye*r to the amount of £75,257 to local authorities and £18,770 towards opening up for settlement blocks of land, leaving a balance of £21,979 to the credit of the account at the end of the year. The total amount raised and carried into i this account by the creation and issue of j debentures up to the 31st March last was £1,165,500- (1) for granting loans to local authorities, £379,069 ; (2) for loans to ©pen up blocks of land for settlement under section 2 of "The Government Loans to Local Bodies Act Amendment Act, 1891," £195,631 ; and (3) for the payment of £89,800 to the public works fund on account of the debt of £89,878 8s 6d due to the said fund for debentures issued under "The Roads and Bridges Construction Act, 1882," and converted and inscribed as debit tinder part 2 of " The Government Loans to Local Bodies Act, 1886." The total disbursements up to the 31st March last have been :— (1) To local authorities, £857,091 ; (2) to Land and Survey department towards opening up new blocks of land for settlement by the construction of roads and bridges to give access to such blocks, £19,631 ; and (3) by transfer to credit of public works fund, £89,800, leaving a cash balance of £21,979, as above stated, at the end of the financial year. lam glad to be able to state that the local authorities, whose districts were overtaken by the severe flood disasters of last year, have apparently been able to make good the damages without being compelled to increase their loan obligation by borrowing under the Government Emergency Loans to Local Bodies Act of last session. Members will, I am sure, join with me in expressing th© hope that their self-reliance will be rewarded by the increased prosperity of their districts.

THE NEW ZEALAND CONSOLS

ACCOUNT, 1597-98.

During the year £58,780 of deposits have been inscribed. The small amount of £85 remained uninvested at the close of business on the 3 1st March last.

THE PUBLIC DEDT, 1897-9 S.

The gross debt was £44,366,618 on the 31st March, 1897, and £44,963,424 on the 31bt March last, producing an increase of £596,806 dux ing the year. Additional debt must take place so long as Parliament sanctions the policy of acquiring laud for close settlements, the purchase of !N ative lands, the construction of railways, roads, and works, and authorised assislance to local bodies to enable them to make roads and build bridges, &c, for the purpose of opening up the splendid land of the colony in various districts. To enable this policy to be given effect to £246,400 0f debentures under "The Land'for Settlements Act, 1894," and " The Government Loans to Local Bodies Act, 1886," was created. £58,780 was inscribed as New Zealand consols deposits. Th. interest on these sums is more than recouped to the consolidated funds. In addition £69,600 was issued against the accretions of sinking funds for the year, and £225,000 was raised on account of the halfmillion authorised under the Aid to Public Works and Land Settlement Act of 1896 and 1597. A further inscription of 3. per cent, stock took place to the amount of £554,392 for the purpose of redeeming and converting previous loans to the amount of £545,932, producing a net increase to the debt of £8460. Two small parcels of loans were paid oft'— namely, £6934 under " The Consolidated Stock Act, 1884," and £4500 of the Lyttelton and Christchurch railway loan, ISGO.

The net debt on the 31st March, 1597, was £43,r>52,324. On the 31st March, 189S, it was #4,081,521.

THE CUSTOMS REVENUE.

The customs revenue has shown great elasticity during the last three years, as will be seen by the following figures'.— lß9s-90, £1,649,344; 1886-97, £1,518,893 (increase as compared with previous year, £169,519, equal to 10-3 per cent.) ; 1897-98, £1,935,252 (increase as compared with previous year, £116,309, equal to 7 - 05 per _ cent.). In some quarters this increase is persistently attributed to the operation of the tariff of 1895. In opposition to this view I beg to draw attention to the fact that the revenue derived from colonial beer, the rate on which was not altered, shows a somewhat similar increase, as follows ;— 1895-96, £62,680 ; lb9G-97, £65,787 (increase as compared with the previous year £6197, equal to 9-7 per cent.) ; 1897-98, £72,179 (increase as compared with previous year £3302, equal to 4/9 per cent). Ib is also noticeable that the total value of imports has been increased in a greater proportion than the «luty : — 1895-96, £0,550,985; 1896-97, £7,673,511 (increase as compared with previous year, £1,310,520, equal to 29 per cent.) ; 1897-98, £8,018,990 (increase as compaied with previous year, £345,479, equal to 4*5 per cer>t.) Taking the average for the two years, 1890-97 and 1597-9S, the comparison is as follows : — Customs revenue, B*6 per cent, inc/ease ; beer duty (excise), T-J.^per cent, increase ; total value imports, 12-02 per cent, increase. In my opinion the above is a fairly complete answer to the allegation that, the increased revenue is caused by the tariff of 1305. I feel sure that the increased revenue is owing to the prosperity of the country aiising from the impetus to mining, the prevalence of fairly good prices for agricultural produce, the increased spending power of the people, Ihc Bottling of the people on the land, and the opening up of tJ»o country. Referring to the gpncral prosperity of the community, 1 may be pauloncd for introducing here a few (itrmes horn the Ravings' Ish.hU retuins, which I think very strikingly show how substantial our probperity has become. I will contiaßt the (Savings Bank figures of the Ulst DecjinlH-r, If.- 97, with these oi ISO). Id IS'OO the invnb:r of deposits received was ]62,9, i'?, ond the amount £1,60^, 5-1 3, while at the clo-c of Ja&t year the depoiils numbered ">'> r i, ol f>, ond in value ieu(.hcd the large aim of £.5,187,219. The number of accounts rcruaiuuie oucuiu ib'JO was 97 »20S a

as against 159,331 last year. Since 1890 the total amount standing to the credit of all open accounts, inclusive of interest, has very nearly been doubled, the respective figures being— ln IS9O £2,441,876, and in 1897 £4,744,924. The average amount standing to the credit of each open account has increased from £25 2s 4d to £29 15s 7d. Such figures as these are in the very highest degree satisfactory, and prove without doubt that the prosperity of our people is real, and that their earning power must have largely increased. I hope members wilt pardon me for this digression.

Inquiries which have been made in different branches of trade give good reason for anticipating a fairly prosperous year. At all events at present there are no signs of any check. I have also consulted the Agricultural department, and am assured that the prospects for this year are good. The mining industry is perhaps not so promising- On the whole I feel justified in estimating the customs revenue at a similar sum to the amount actually received last \ year— namely, £1,935,000. The beer duty revenue I have estimated at £71,000, the revenue last year having been £72,179. The elasticity of the revenue derived from indirect taxiu ion may lead members to unthinkingly urge for a revision of the tariff, and, under a misapprehension to press for a reduction on the necessaries of life. In the remission on the last tariff under the item of tea, which is a necessary of life, we have lost a revenue of £75,000. Who has received the benefit? Is it the consumer? If I were to answer iv the affirmative, by far the largest number of persons would say I was wrong, and that ib was the middleman who had profited. Again it must not be forgotten that the £100,000 payable as old age pensions is practically a remission. True, it is only payable to a section of the people, but they are deserving, and being a humane and proper charge few will challenge the call made upon them for the purpose. On broad lines of general policy I submit that it would be unwise, un politic, and injurious to the colony to attempt to materially interfere with the tariff under existing conditions, and would be indefensible. ! Great injuries would accrue which would 1 not by any means be counterbalanced by any remission that might be made. As yet there has not been sufficient time to gauge accurately the position. We have had two I years of prosperity. Can we absolutely and accurately say how long this will continue? j Should there be a change in the tariff let it ! be made od the broad lines that there was too much indirect taxation and correspondingly too little from direct taxation. 1 Tinkering with the tariff should be avoided.

LAND TAX AND INCOME TAX.

The revenue derived from the land and income taxes during the past year was L 382,498, or L 17.497 over the estimate, and about LSOOO over the receipts of the previous year. The steady increase in the income tax receipts has been the best possible evidence of the advancing prosperity of the colony. The Consolidation P-ili 'considered by the Public Accounts Committee last session will be reintroduced. This measure, though not absolutely essential for taxation purposes, deals with anomalies which it is considered advisable to remove, and presents the law relating to direct taxation in a clearer and more concise form — certain concessions which it is thought equitable to make will tend to a reduction of the income tax receipts. The purchase by the Government of estates under the Land for Settlements Act also tends to decrease, the land tax receipts, but it is expected these reductions will be more than compensated for by an increase in the land tax receipts resulting from the new valuation. I do not, however, place the estimate for the year above £390,000, which means an increase on last year's receipts of about £7500.

Turning now to matters which concern the present hour and affect the remaining months of the financial year, I propose to give lion, irembors some idea of the estimated ways and means of our revenue account. ESTIMATED EXPENDITUBE, IS9S-99.

The estimated expenditure for the current year, out of the consolidated revenue account, amounts to £4,743,876, excluding £350,000 in aid of the public works fund, which latter amount is provided out of the surplus of last year. The actual expenditure last year amounted to £4,612,372, therefore the current year's estimate totals to £131,501 in excess of that of last year.

£53,599 of this arises from the extra provision tor interest required on the new loans raised or authorised during the past and current year. The departmental estimates show a net increase of £83,982 (full particulars will be found in table No. 7), Classification and incieated facilities are ar.&ivcrable for £44,031 of the additional expenditure fur postal, telegraphic, and railway services. To keep pace with the increasing population the Kducttion department asks for additional expenditure amounting to £8549. There has been a consensus ot opinion that our permanent foico and our volunteers should be strengthened and made more efficient, These improvements cannot be effected without additional cost, consequently the estimates of the Defence department will be found to be increased by £25,890. Jn the Colonial Treasurer's department there is an increase of £13,254, but of this sum £13,000 arises from a contribution from the Land and Income Tax department as valuation fees, whi' h aie credited as revenue and included under the head of "registration and other fees." The Police depaitmcnt shows an increase of £7554. It hay been apparent for some time past that the police force of the colony was numeiically weak. On the present estimate we arc therefore providing for the engagement of come r<o extra men. 1 lie services I have jufet named leally piovide foi expenditure of an exceptional nature, arising from causes which do not influence the expenditure of other dep-n tments. The amount 1 acknowledge ia Luge, nearly /: I (0,000, but f do siot think honourable mcmbcis will gainsay the nec.s^ify tor pioviding for the bcrvk-i'&, and tin's, will bo pi duly demonfc/udied m hen the Estimates arc under dia-

cusMoii. Ihu inorcd&es of sahuics by sonic I iUi,OQO of. the two clarified deoavtinenta*

AID TO THE PUBLIC WORKS FUND.

The total ways and means of the public works fund unexpended on the 31st March last amounted to £32fi,392. I hope to be able to transfer from revenue this year in aid of the public works fund an amount of £350,000, thus bringing the total ways and moans under this fund up to £076,492, against which there were liabilities amounting to £391,427. As the expenditure, including £156.731 spent on additions to open lines, amounted last year to £565,543, and will probably amount to about the same sum again tins year, it will be evident to hon. members that the available ways and means are not sufficient to meet our requirements even up to the 31st March next, and it is very desirable that we should be able to see our \*ay a little beyond that date. It is contended, and with some force, that we should not burden those now in the colony with the cost of the construction of railways, main arterial roads, and roads to open up land ior settlement, together with woiks of a national and permanent character lasting for all time and being for the benefit of future generations. It is uiged furthermore that we should not go too far ahead and bs constructing works before the proper time, and which for that reason are for some years unproductive. We are by this means placing upon the shoulders of the present generation a burden which, if greater care had been exercised, would not have been lcquircd to be borne. Wise discrimination is necessary. To unnecessarily borrow, to plunge and. sauaadeiv must inevitably Und

the colony in disaster. There is a class of work needful to meet present requirements, beneficial and nccessaiy for the convenience of the people of to-day, and which during tho present generation is only of sufficient capacity to meet its requirements. Future generations will have to provide for themBelves similar conveniences. I allude to tho construction of public buildings, such as post and telegraph offices, lunatic asylums, benevolent institutions, and courthouses, Harbour defences, maintenance of main roads and roads in localities where there are no railways, the construction of tracks for the development of our mineral resources—all this class of work is a reasODable charge upon the revenue 1 . As will be seen from my summary of expenditure we propose to take from the revenue £425,000, and we further propose to obtain this year in aid of the public works fund, and more particularly for the class of work previously mentioned as national and permanent, the sum of £500,000. It does not, however, follow that we pretend to xaise or appropriate the whole of it this year. But I do consider it i necessary, so as to avoid complications to place the public works fund in a more favourable position than it was on the 31st March last, when there only remained a balance of £51,492, in order to carry on the I necessary works. Hon. members are aware I I had in the first and second Imprest Supply J Bills to transfer £225,000 from the consoli- I dated fund to the public works fund. Such J assistance as this would have been impos-,j sible had it nob been for the elasticity of our finance, and I therefore deem it the more prudent course for the future to have sufficient in hand at the end o£ the financial year to meet the public works requirements independent of revenue for some little time thereaficr.

CONCLUSION.

I have now almost concluded, and although this is perhaps the shortest Financial Statement tiiat has beeu delivered for many years past, still it is concise, treats solely of finance, gives succinctly the state of the finances of the colony, is instructive, and I hope not uninteresting. The continued prosperity of the colony leads me to the conclusion that we are on safe lines and that there is _ nothing ephemeral. Lind values are maintained, there is no sign of decrease in cur revenue, our population is increasing, and the same can be said of our imports and exports. The settlement of the people on the land is progressing satisfactorily, the output of gold and coal mines ia steadily improving, the laboiuer scorning the country for work commonly known as the "swagger " is nowbecoming a thing of the past. The employment of nearly the whole of the woikers privately and publicly has proved beneficial to the colony as a whole. Labour-saving machines have, it is true, thrown out ot employment many men, and this will continue, but although this entails individual hardship for tho time being, with the changed conditions other avenues must be opened, aivl tl.o private employer and the State can and should assist in utilising the surplus labour. The safest rik! per mancnt solution is to place such of them as are willing upon the land. As to the future outlook, being neither pessimifetio nor optimistic, but desiring calmly and dispassionately to gauge correctly the position, I feel confident that with strict economy, reasonable expenditure on reproductive works, thus providing for those who arc willing am! able to labour, t ! ;c settlement of the people on the land, with proper regard paid to the development ot our vast mineiAl resources, witii clue pi-c vision made to ensure the expott of our principal products in good condition, and mo eased laarkets, therefore, together with the continued energy and enterprise of our colonists, we have a bright and prosperous future before us, and I shall look forward with hope to being able in my next Financial Statement to again congratulate the people of our colony on their improved position, and to announce that my expectations have been fully realised, and that the wisdom of maintaining a strong finance has been fully justified.

» [BY TELEGEAriI.] WELLINGTON, August 9.

* v a v I 01 til 1, S3! &§* oSaS £ 3 " 3 <4- fe *^ Balances. Colonial Treasurer in Office. i i I Deficit. £ 521,183 405,fi17 2E6.PG3 123, ICO 320,388 451.227 612,930 S58.«)l 560.05S 1,522,772 1,837,666 1,628,31(5 Surplus. 35,549 t Deficit. 152,111 330,108 112,141 i 92,294 X\ Surplus. 4,745 II Deficit. 50.536 I Surplus. 36.58S 143,065 1P5.573 £83.779 I 290,238 180,024 215,553 351,286 521,144 1871 1872 [873 '874 1875 [876 1877 !S7S 1879 ;880 BSL :882 I _ I _ ~ _ Julius Vogpl Julius Vogel Julius Vogel Julius Vogel Julius Vogel Julius Vogel 11. A. Atkinson John Ballance John Ballance 11. A. Atkinson 11. A. Atkinson H. A. A'kinson .883 H. A. Atkinson [884 !8?5 1886 [857 £247,700 252,200 251,000 i H. A. Atkinson Julius Vogel Julius Vogel Julius Vogel i [888 258,184 H. A. Atkinson [889 203,200 H. A. Atkinson [890 1891 !892 [893 1894 [895 189G [897 [895 275.L00 288,000 282,300 280,300 ?54,500 117,800 145,400 70,300 Wt.GOO H. A. Atkinson John Ballauce John Ballance John Billance J. G. Ward J. G. Ward J. G. Waul R. J. Seddun * R. J. Seddon