REPORTS OF THE PUBLIC ACCOUNTS COMMITTEE. (MR. STEVENS, CHAIRMAN.)

Appendix to the Journals of the House of Representatives, 1880 Session I, I-06

1.—6

1880. NEW ZEALAND.

REPORTS OF THE PUBLIC ACCOUNTS COMMITTEE. (MR. STEVENS, CHAIRMAN.)

Presented to the House of Representatives, Session 1880, and ordered to be printed.

Otaso and Canteebuby Sueplus Land Funds. The Public Accounts Committee, to which has been referred by the House the question of the distribution of the balance of the surplus Land Fund of the Provinces of Otago and Canterbury, and of the basis on which such distribution should be made, has the honor to report as follows: — The Committee recommends — That tho balance of surplus Land Revenue of the Provincial District of Canterbury be distributed, so far as Waimate is concerned, on the basis laid down in "The Financial Arrangements Act, 1876." That the proportion of the surplus Land Revenue, distributable on the basis of subsidies, should be paid to those counties, with the exception of Waimate, to which the subsidies have been paid by parliamentary authority, whether under " The Financial Arrangements Act," or by special vote covering unauthorized expenditure. 27th July, 1880.

Public Trust Funds Investments. The Public Accounts Committee, to which has been referred by the House the question of the present position of the investments of the Public Trust Punds, with a view to see whether the treatment of those funds hitherto adopted is the best practicable, has the honor to report as follows : — That, in the opinion of the Committee, no loan should be made out of the Trust Funds upon any other than securities of New Zealand or other Governments, or upon bank deposit receipts. That, as soon as possible, one-third at least of the amount to the credit of the Post Office Savings Bank Account should be invested in Government bonds, the interest on which is payable in London, and that such securities be deposited in London, to be used in case of any possible financial emergency in the colony. A return of the securities forming the subject of the inquiry is appended. 28th July, 1880.

1.—6

APPENDIX

RETURN of the Securities held on behalf of the Post Office Account, the Government Insurance Account, and the Public Trust Office, on 31st March, 1880.

THE POST OFFICE ACCOUNT.

Description of Securities. Nominal Value. Cost. Rate of Interest per Cent. Due Date of Bonds, &c. Consolidated Loan, 1867 Westland Loan, 1873 ... Immigration and Public Works Loan, 1870 Immigration and Public Works Loan, 1870 Waimakariri District, Canterbury Rivers Bonds General Purposes Loan, 1873 ... General Purposes Loan, 1873 ... Defence and Other Purposes Loan, 1870... Defence e.nd Other Purposes Loan, 1870... North Otago District Public Works Loan, 1872 ... North Rakaia District, Canterbury Rivers Bonds ... £ s. d. 13,000 0 0 50,000 0 0 173,200 0 0 14,900 0 0 4,500 0 0 143,600 0 0 5,200 0 0 75,000 0 0 5,000 0 0 23,200 0 0 8,000 0 0 ~ £ s. d. 12,480 0 0 50,800 0 0 166,272 0 0 14,527 10 0 4,500 0 0 142,600 0 0 4,342 0 0 72.000 0 0 5,000 0 0 23,200 0 0 8,000 0 0 4 per cent. 5 per cent. 4 per cent. 4_ per cent. 6 per cent. 5 per cent. 4 per cent. 4 per cent. 4J per cent. 5 per cent. 6 per cent. 15 April, 1913. 15 April, 1894. 15 April, 1913. 15 April, 1882. 1 Nov., 1923. Various. 15 Oct., 1913. 15 April, 1913. 25 June, 1881. Not later than 1 Nov., 1902. 15 June, 1892, and 1 Oct., 1892. C Redeemable in any year _ after 1888, and payable ( 1 March, 1918. New Zealand Loan, 1876 44,000 0 0 44,689 15 4 5 per cent. Oamaru Harbour Board Mortgages Patea Mortgages Treasury Bills, "Financial Arrangements Act, 1876" " Treasury Bills Extended Currency Act, 1876 " ... Patea Harbour Board Debentures Corporation of Oamaru Debenture Bank of New Zealand Deposit Receipt Bank of New Zealand Deposit Receipt ... 35,000 0 0 510 10 2 65,500 0 0 45,000 0 0 5,000 0 0 5,000 0 0 30,000 O 0 20,000 0 0 35,000 0 0 510 10 2 65,500 0 0 45,000 0 0 5,000 0 0 5,000 0 0 30,000 0 0 20,000 0 0 5i per cent. 6 per cent. 8|d, per diem. 3fd. per diem. 7 per cent. 7 per cent. 5 per cent. 5 per cent. 31 March, 1881. 1 Nov., 1880. 1 Nov., 1882. 8 Aug., 1889. 15 Eeb., 1881. 3 April, 1880. Paid. 4 May, 1880. Paid. Total ... £764,010 10 2 £754,421 15 6 * Repayable 31st January in each year after being drawn. Drawings c< General Post Office, 19th July, 1880. THE GOVERNMENT INSURANCE ACCOD ■mmenced Decei Secretar; iber, 1879. W. Ghat, -, General Post Office. ST. Description of Securities. Nominal Value. Cost. Rate of Interest per Cent. Due Date of Bonds, &c. " Treasury Bills Extended Currency Act, 1873 " ... "Treasury Bills Extended Currency Act, 1876 " ... Treasury Bills, " Financial Arrangements Act, 1876" "Treasury Bills Act, 1879" ... • ... Deficiency Bills under " Public Revenues Act, 1878" Bank of New Zealand Deposit Receipts ... £ s. d. 180,000 0 0 4,000 0 0 59,400 0 0 ] 48,500 0 0 52,000 0 0 37,000 0 0 £ s. d. 180,000 0 0 4,000 0 0 59,400 0 0 48,500 0 0 55,( -on 0 0 87,000 0 0 £ s. d. 180,000 0 0 4,000 0 0 59,400 0 0 48,500 0 0 52.000 0 0 37,000 0 0 3Jd. per diem. 3fd. per diem. 3fd. per diem. Sfd. per diem. 5 per cent. 5 per cent. 1 Nov., 1880. 1 Nov., 1882. 1 Nov., 1880. 31 Dec, 1882. 30 Sept., 1880. Aug. and Sept., 18S0. Total ... £380,900 0 0 £380,900 0 0 Government Insurance Department, 15th July, 1880. THE PUBLIC TRUST OFFICE. D. M. Luckie, Commissioner. Description of Securities. Nominal Value. Cost. Rate of Interest per Cent. Due Date of Bonds, &c. Immigration and Public Works Loan, 1870 Immigration and Public Worts Loan, 1870 General Purposes Loan, 1873 ... General Purposes Loan, 1873 ... General Purposes Loan, 1873 ... General Purposes Loan, 1873 ... '•■'.. £ s. d. 4,300 0 0 900 0 0 IflO 0 0 20,900 0 0 800 0 0 6,200 0 0 £ s. d. 4,032 0 0 877 10 0 340 0 0 20,06'1 0 0 09<- 0 0 0,014 0 0 ? 4J per cent. > 4 per cent. ) 4i per cent. 15 April, 1882. 15 Oct., 1913. 15 Oct., 1883. 15 Oct., 1913. 15 Oct., 1885. ( Redeemable. in any year < after 1888, and payable ( 1 March, 1918. I Nov., 1882. 30 Sept., 1880. New Zealand Loan, 1876 2.1,750 0 0 24,841 6 6 5 per cent. 'Treasury Bills Extended Currency Act, 1876 " ... Deficiency Bills under "Public Revenues Act, 1878" 4,000 0 0 10,000 0 0 4,000 0 0 10,000 0 0 3f-d. per diem. 5 per cent. Also Securities held for Private Estates, — Immigration and Public Works Loan, 1870 ... Immigration and Public Works Loan, 1870 ... New Zealand Loan, 1876 ... 72,150 ,'0 0 70,864 16 0 I 0 0 0 0 0 0 150 0 0 '! 0 0 585 0 0 150 13 0 [ 4 i per cent. 5 per cent. 15 April, 1882. . Redeemable in any year after 3888, aud payable 1 March, 1918. Total ... ! 0 0 £73,520 8 6 I Public Trust Office, 19th July, 1880. R. C. Hameeton, Public Trustee. SUMMAR* ST. Nominal Value. I Cost. Post Office Account Government Insurance Account Public Trust Office £ s. d. 764,610 10 2 380,900 0 0 74,900 0 0 £ s. a. 7541,4123. 15 6 380,900 0 0 73,520 8 6 Total 1,220,410 10 2 1,203,842 4

3

1.—6.

Payment of the Plaintiff's Costs in Russell v. Grindell. The Public Accounts Committee, to which has been referred by the Treasury the Treasury voucher 40,098 and bills of costs in Russell v. Grindell —(a), between party and party; (b), between solicitor and client—with the view that the Committee might " inquire whether any portion of the total amount shown by the voucher to have been paid to Mr. H. D. Bell as solicitor for the plaintiff in Russell v. Grindell and another was wrongly paid, and, if so, might recommend such action as might be deemed neecessary or desirable," have the honor to report, — That the £800 having been paid to Mr. Russell's solicitors for costs between solicitor and client, and not between party and party, should have been paid out of and charged to unauthorized expenditure. E. C. J. Stevens, 9th August, 1880. Chairman.

Be Vouchers for £2,000 Paid on Account of Waimate Plains. The Public Accounts Committee having received from the Treasury a copy of the report of the West Coast Commissioners, with a view to an inquiry into the circumstances referred to on page xxvih. (second report) connected with certain vouchers for £2,000 charged by the Land Purchase Department to the cost of acquiring the Waimate Plains, and having been requested by the Treasury to report on the following questions,— "1. Was the sum of £2,000 imprested to an officer of the Government for a specified service expended by that officer on an entirely different service, though vouched for as expended on the service for which the imprest was made ? " 2. If such was the case, who is responsible for the misapplication of the money ? " 3. Were the purposes to which the money was actually applied disclosed to the Native Minister, to the Under-Secretary of the Land Purchase Department, or to the Audit Office when the vouchers were submitted for approval and passed for credit of the imprestee? "4. Who is responsible for the preparation and signature of these vouchers in a form at variance with the actual facts of the case, aud for the suppression of the true vouchers? "5. How the Waimate Plains purchase or takoha account, which now stands charged with the expenditure represented by the vouchers upon which credit was allowed to the imprestee, may be relieved of the same, and to what other account the true expenditure may and ought to be charged?"— have the honor to report:— That the Committee is of opinion that this matter should be investigated by the Controller and Auditor-General, and that such action should be taken by him as the circumstances of the case may be found to require. E. C. J. Stevens, 23rd August, 1880. Chairman.

Payment of £300 to Me. Sieyweight. Vide 1.-6a.

By Authority : George Didsbtjet, Goyernment Printer, Wellington.—lBBo. Prico 3d.]