Papers Past | Parliamentary Papers | Appendix to the Journals of the House of Representatives | 1888 Session I | FINANCIAL STATEMENT (In Committee of Ways and...

8.-6

1888. NEW ZEALAND.

FINANCIAL STATEMENT (In Committee of Ways and Means, Tuesday, 29th May, 1888.) BY THE COLONIAL TREASURER, THE HONOURABLE SIR H. ATKINSON.

Mr. Hamlin, — - • The recess which has just ended has been so short—only about onehalf the ordinary length of our parliamentary recess —and the work imposed upon the Government so much greater than usual, that, with every effort on my part, I have been unable until to-day to submit to the consideration of the Committee the budget proposals of the Government. These proposals necessarily depended to a large extent upon the reduction of expenditure rendered possible through the reorganization of the Civil Service, and it was not until within the last few days that that work had sufficiently advanced to enable me to summarise the results for the information of the Committee. It will be in the recollection of honourable members that, when the Government took office in October last, the financial position and prospects of the colony were such as to require the immediate and earnest attention of the Government and of Parliament. So far as time permitted, important changes were introduced during the session and others promised or foreshadowed. The Government undertook to largely reduce the loan expenditure upon public wrorks. This has been done, and still further reductions are now both possible and desirable. We also undertook to make large reductions of the expenditure charged against the Consolidated Fund, and, although the sum reduced has not reached the amount we had hoped, we shall, I have no doubt, be able to satisfy the Committee that the reductions we have made and are making, are very substantial in amount, and of a good and permanent character. We further undertook to charge against the ordinary revenue certain works and services the funds for which had hitherto been provided from loan. This also has been done, and honourable members will find in the current ordinary estimates proper provision made for these services. These salutary changes have not only been immediately and directly beneficial, but have also been indirectly of great advantage to us in their effect outside the colony. It is much to be regretted that our credit in London and elsewhere has been and still is greatly injured by hostile and unfair criticism. No one denies that there are very obvious points in our past finance fairly open to adverse criticism: that for so small a community we have become largely indebted; that in the past we not only borrowed largely, but sometimes spent unwisely and too freely. But assuming the truth of these things, they only touch one side of the case. If we want to see their real, present significance—their bearing upon our financial position and prospects —not one but two aspects have to be viewed. We must obviously, in the first place, and before we can strike a balance, look at the other side of the account, and consider the character of our population, its energy, industry, and skill, and the great resources, developed and undeveloped—the wealth, actual and potential,

8.—6

which here exist. It has been said that New Zealand colonists are heavily taxed. Let us, without stopping to consider the qualifying facts, assume this to be true, and then look at it from another side. Here is a community of some 600,000 people who, in a time of long-continued and almost unexampled commercial depression, with some of their main staples very low in market value, yet raise a public revenue of, say, ,£3,500,000 a year. That is the sum they annually contribute to the State, mainly, if not wholly, out of their earnings ; and it may be fairly inferred that these earnings, and the wealth they represent, bear no unfavourable comparison with those of other peoples, when out of them, and, as I have said, in a time of long-continued depression, they are able to make and maintain such a contribution. Tet in spite of this very large contribution, I hope I may even say—partly in consequence of it— there is, I believe, no community in the world of the same number, and spread over as large a surface, where on the whole, and allowing for inevitable exceptions, the material conditions of life are more favourable, or possessed by the people in greater abundance. In the second place, it is not less necessary to bear in mind the important and salutary financial changes already referred to. These changes are not only important in themselves as involving large and immediate economies in administration and in public works, but still more so as showing emphatically that we both mean to live within our means, and have approved, and are adopting, the steps necessary to insure this most desirable result. The misrepresentations I have spoken of are to be greatly regretted for their effect upon-our credit in London, and still more so because, owing to the extraordinary ignorance of the great mass of the English people of all things relating to the colonies, they tend most materially to turn from our shores that class of settlers whom we most need, and who would do best here —men with some capital, who could make profitable use of our waste lands, whether agricultural, pastoral, or mineral. It has very often been said, yet I would again repeat, that the introduction and settling upon our unoccupied lands of this class of settlers is one of the most important functions of the Legislature and Government of the colony. It may be convenient that I should state briefly at starting what, in the opinion of the Government, is the chief financial work which requires to be done this session. Firstly: To see that our ordinary expenditure is reduced to the lowest practicable point; and, this being done, —- Secondly : To devise a means to raise sufficient revenue to prevent the recurrence of a deficit; and in doing this we must, as far as can be done without loss to the community at large, assist our local industries and manufactures ; and Lastly : We have to reduce the expenditure of borrowed money on our public works to a much greater extent than was proposed last session. The general course of action I have here indicated will, I am sure, meet with the cordial approval of the Committee. It is not and cannot be the work of any one party. No doubt honourable members may object to this or that proposal of the Government for accomplishing what is aimed at, but the difference will be only as to the means to be used and not as to the result to be achieved. With these preliminary remarks I pass to the consideration of the financial transactions of last year. EEVENUE AND EXPENDITUBE, 1887-88. It will be remembered that, when the Financial Statement was made last November, I was blamed by a high financial authority for having predicted a much larger deficit than was likely to occur. I regret to say that the results of the year have been less favourable than I anticipated. Upon the proposals then submitted (particulars of which will be found in Table No. 9 appended to last year's Statement) it was estimated that the deficit on the year's transactions would probably be £253,305 on the Ordinary Revenue Account and Land Fund Account conjoined. This estimate was subsequently

8.—6

increased to £312,653 by the disallowance of some of our proposed reductions, by the late period at which the session ended, delaying the application of our proposals for retrenchment, and by the supplementary estimates of expenditure— the increase of £59,348 being the difference between the estimate of expenditure given in Table No. 9 referred to —£4,286,702, less proposed reductions, £71,000 - —and the estimate, £4,275,050, arrived at after the passing of the Appropriation Act; but this increased amount did not include any estimate of the sum required for compensation for loss of office, which in last year's Financial Statement was treated as a matter outside the ordinary estimates of expenditure. I shall presently refer to this question of compensation more fully. The receipts of the year —still keeping the Ordinary Revenue and Land Fund Accounts conjoined for the purpose of comparison with my estimate last session—fell short of the actual expenditure of the year by £382,047, as against £312,653 anticipated, being £69,394 in excess of the estimated deficit for 1887-88; or, deducting £22,104 paid for compensation for loss of office —deducted for the reason just mentioned —the excess was £47,290. Before explaining how the estimated deficit came to be exceeded, it may be well to state what it actually was at 31st March last. As I have just said, the expenditure exceeded the receipts of the year by £382,047; but if we add the deficit left over from the preceding year —£146,556 —we get a total of £528,603 for the two years. The liabilities outstanding at the close of the year were in respect of the Ordinary Revenue Account £126,184, and of the Land Fund Account £18,772, makingtogether £-144,956, being about £60,500 less than they were at the 31st March, 1887. I shall now as briefly as possible explain to the Committee how the actual deficit at 31st March last exceeded our anticipations. In the first place the revenue as a whole did not realise the amount estimated by £103,336. The railway receipts did not reach the estimate by £68,174, nor the land sales by £29,503. The revenues derived from depasturing licenses, rents, and other sources, also fell short by £7,239, but Customs duties and stamps were both slightly in excess of the estimate. I am informed by the railway authorities that the falling-short of the estimated railway receipts is in some measure due to the late harvest and also to the low price of wheat, which caused the farmers to delay threshing and delivering their grain, in the hope that a rise in price might soon take place. That the smaller quantity of grain conveyed before the 31st March does not arise from a less quantity grown and ultimately needing conveyance, is shown by the fact that 28,000 tons more grain are estimated to have been carried over our railways during this month than in the same period in the previous year. The expenditure as a whole was less than the estimate by £33,942, or, excluding compensation paid for loss of office (£22,104), it was £56,046 less than estimated, which sum deducted from the revenue short received, £103,336, gives the excess deficit of £47,290 for the year, the amount I have already named to the Committee as exceeding our anticipations. I should, however, inform the Committee that, excluding interest and sinking fund and other charges under permanent Acts, which are not so directly under the control of Ministers, and also compensation for loss of office not paid under the Civil Service Act, the amount expended last year was within the votes of Parliament by £36,688. Included in this sum is £19,882, the unexpended balance of the amount voted for the General Post Office, Wellington. The total expenditure out of the Consolidated Fund under the Appropriation Act, including services not provided for, was £2,168,713 for the year 1887-88 —including the whole charge for Defence services—as against £2,241,513 for 1886-87, with £12,500 added for Defence services charged to loan, being a reduction of £85,300 in favour of last year. I have stated to the Committee that the transactions for the year of the Ordinary Revenue and Land Fund Accounts conjoined resulted in a deficit of £382,047. Separately, the accounts stood thus : Ordinary Revenue Account, £302,960; Land Fund. Account, £79,087. To these sums we have to add the deficit with which the year began, made up of £92,293, Ordinary Revenue Account, and £54,263, Land Fund Account. There was, therefore, for the two years a deficiency of £395,253 in the one account and £133,350 in the

III

8.—6

other, making a total of £528,603. But Parliament having last session, in anticipation of a large deficit at the close of the year 1887-88, made provision for £400,000, I have to-day to suggest only a means of meeting the much smaller sum of £128,603. This I shall do presently; but I may as well at once say that I shall not propose to add the amount to the permanent debt of the colony. THE PUBLIC DEBT. The gross public debt at the 31st March, 1887, as stated in detail in Table No. 3 appended to my Financial Statement of November last, was £35,741,653. During the year the following reductions in the debt have taken place : Debentures for £300,000 of the New Zealand Loan of 1856, which matured on the Ist January, 1888, have been redeemed by the Trustees of the Sinking Fund of that loan, and have been cancelled and returned to the colony ; the debt under " The Consolidated Loan Act, 1867," has been reduced by £42,400 debentures of the " drawing "of 1887 redeemed, out of the Sinking Fund. The additions to the debt have been: £69,000 under " The Consolidated Stock Act, 1877," for expenses of conversions ; £500,000 borrowed on short-dated debentures under " The North Island Main Trunk Railway Loan Act, 1882 ;" £7,000 under " The New Zealand State Forests Act, 1885;" £125,000 under "The Government Loans to Local Bodies Act, 1886;" £258,184 under "The Consolidated Stock Act, 1884," for the increases of the sinking funds during the year; and £400,000 under " The Public Revenues Act, 1887 (No. 3)." The debt paid off having amounted to £342,400, and the new debt incurred to £1,359,184, the total gross debt at the 31st March, 1888, was £36,758,437. Deducting the sinking funds accrued, £1,222,056, the net public debt at that date w Tas therefore £35,536,381, as against £34,314,454 at the 31st March, 1887. It will be observed from the table of the debt appended to this statement that the following loans fall due within the current financial year, viz., £500,000 on the 31st July, temporarily borrowed under " The North Island Main Trunk Railway Loan Act, 1882;" £250,000 on the Ist November under " The Colonial Inscribed Stock Act, 1882;" and £49,500 on the 15th December under " The General Purposes Loan Act, 1873." It will be necessary to obtain the authority of Parliament to renew the two latter loans. In addition to the loans I have named as falling due within the current year, there are £25,000 due on the Ist October, 1888, and £25,000 due on the"lst January, 1889," under "The New Zealand Loan Act, 1856." These two sums will be repaid out of the accumulated Sinking Funds of that loan. At the " drawing" under " The Consolidated Loan Act, 1867," which took place in London on the Bth March last, bonds to the amount of £172,500 were drawn for redemption; of that amount, £131,600 represents bonds which had been converted into other securities under the Consolidated Stock Acts, which sum has accordingly been paid into the Public Account by the Crown Agents, and in conformity with the law has now been applied to the redemption of debentures issued under " The Consolidated Stock Act, 1884." There is also a contingent liability, which should, perhaps, be mentioned under the heading " Public Debt," although a very remote one. The Government have guaranteed £47,000, Kaihu Valley Railway 5 per cent, debentures, and also £100,000 of the Greymouth Harbour Board 4 per cent, debentures, and £150,000, Westport Harbour Board 4 per cent, debentures. But the security is, in each case, I believe, ample to insure the Government in any event from loss. PUBLIC WOBKS BUND. Honourable members will recollect that, in consequence of the earmarking of the North Island Main Trunk Railway Loan and the loan authorised in 1886 to specific purposes, it became necessary to establish three distinct accounts in the Public Works Fund: No. 1 being an account of the balance of the loans raised before 1886, No. 2 the account of the North Island Main Trunk Railway Loan, and No. 3 the account of the loan authorised in 1886.

8.—6.

No. 1 Account. The balance at credit of No. 1 Account on the 31st March, 1887, was £491,245, of which there was expended during the year £440,854, leaving a balance of £50,391. I shall not give here any details of the expenditure out of the Public Works Fund. Some further information will be found in the tables appended, but full particulars will be supplied when my honourable colleague the Minister for Public Works makes his statement. It will be remembered that " The Loan Act, 1887," which authorised the borrowing of one million, provided that one-half of the amount should be carried to the credit of No. 1 Account and one-half to the credit of No. 3 Account. During the year it became necessary, in consequence of the "earmarking" already referred to, to create debentures under " The Loan Act, 1887," for £300,000, which were taken up out of funds at credit of No. 3 Account (I need scarcely say this transaction does not affect the amount of the public debt), whereupon £150,000 was carried to credit of No. 1 Account. This sum, together with the £50,391 already mentioned as the balance of the old loans, made £200,391, the amount which stood at credit of No. 1 Account on the 31st March, 1888. The liabilities outstanding at that date chargeable upon this account were £205,323. No. 2 Account. Up to the 31st March, 1887, there had been expended, in anticipation of raising the. North Island Main Trunk Railway Loan of £1,000,000, £325,685; during the past year a further sum of £152,315 has been expended, making in all £478,000, and leaving a balance of £522,000 unexpended. As honourable members are aw rare, this loan has not yet been placed upon the market; but, in order to provide funds to cover the expenditure both made and in progress, it became necessary to obtain temporary advances to the extent of half a million upon short-dated debentures pending the raising of the loan. The liabilities outstanding at the 31st March, 1888, chargeable upon the balance of £522,000 amounted to £75,904. No. 3 Account. The unexpended balance at the 31st March, 1887, of the loan of 1886, including £391,300 balance of the loan, and subject to deduction of £242,800 District Railway moneys not belonging to this account, was £769,234. The expenditure during the year amounted to £372,990, leaving an unexpended balance of £396,244 ; or, adding the moiety of the £300,000 debentures created under the Act of last session, to which I have already referred, the balance at credit of No. 3 Account at [the 31st March, 1888, was £546,244, subject to liabilities amounting to £190,467. Summary . The actual balance at credit of the Public Works Fund, as a whole, on the 31st March, 1887, was £786,294 13s. 9d., subject to a deduction of £242,800 for district railway debentures sold with the loan of 1886, but not forming part of the Public Works Fund. The balance at the beginning of the year for Public Works expenditure was therefore only £543,494 13s. 9d. During the year we received the balance of the loan of 1886, £391,300, and an advance of £500,000 borrowed by the late Government upon the North Island Main Trunk Railway Loan. These sums made together £1,434,794 13s. 9d., of which there was expended during the year £966,159 12s. 6d., leaving an unexpended balance at 31st March, 1888, of £468,635 Is. 3d., consisting of— £ s. d. Cash in the Public Account .... .... .... 408,715 8 11 Imperial guaranteed debentures.... .... .... 5,000 0 0 Advances in the hands of officers of the Government 54,919 12 4 Total .... .... .... £468,635 1 3

8.—6

The loans authorised but unraised amount to £1,500,000 (being £500,000 of the North Island Main Trunk Railway Loan and the £1,000,000 re-authorised this session) ; the balance on hand at the 31st March last, and the loans authorised but unraised, make together £1,968,635 Is. 3d., subject to liabilities at 31st March last of £471,695 6s. 3d. GOVEBNMENT LOANS TO LOCAL BODIES. Up to 31st March, 1887, there had been borrowed under the provisions of " The Government Loans to Local Bodies' Act, 1886," for the purpose of making loans to local authorities, the sum of £50,000, and there had been lent £15,270, leaving £34,730 in hand. Last year there was borrowed a further sum of £75,000, and lent £93,571, so that the total amount borrowed to 31st March, 1888, was £125,000, of which there has been handed over to local authorities £108,841, leaving a balance of £16,159 unissued. At the same date the liabilities outstanding amounted to £29,224, consisting partly of balances of loans not fully taken up, certain local authorities having elected to take their loans by instalments. The applications received in response to the notice published in the Gazette, on 19th January last, under section 16 of the Act, amount to £78,330, of which £6,980 are for second years'loans. Nearly all of these applications have been provisionally granted; and should the local authorities complete the steps necessary to give the security required a further sum of about £90,000 will have to be borrowed to enable the Treasury to make the loans, which will bring the total amount borrowed on this account up to £215,000. The Government Loans to Local Bodies Act provides that the Treasurer may grant loans to local bodies to such an amount as shall be appropriated by Parliament for the purpose; but, in the event of no sum being appropriated, the Act authorised the Treasurer to make loans up to £200,000 in each year. In the first year no appropriation was made ; last year £100,000 was appropriated; and as these tw ro sums are largely in excess of the total amount of the loans applied for to date and granted, it is not intended to ask Parliament to appropriate any money for this purpose in the present session. The scheme of these loans to local bodies contemplated an annual payment of 5 per cent, per annum for twenty-six years, the colony to be responsible for payment of the principal sum, and to meet it by setting aside yearly a Sinking Fund of 2 per cent, to redeem the debentures at maturity. It was thought that the money could be borrowed at 1 per cent, less than the rate at which it was to be lent to the local bodies, and that a contribution of 1 per cent, from the Consolidated Fund would make up the Sinking Fund of 2 per cent. As, however, the rate of interest being paid by the Government is 5 per cent., it is probable that with respect to future loans the amount payable by local bodies may have to be increased, and I shall during the present session make a proposal to the House upon the subject. BEDUCTIONS EFFECTED IN PUBLIC EXPENDITUBE. Mr. Hamlin, before going further I will ask the attention of the Committee to the important subject of the reductions proposed last year to be made in the public expenditure. It was proposed in the Financial Statement of November, 1887, to reduce the public expenditure by £300,000, particulars of which were given in Table No. 10 attached to that Statement. But the House disallowed the proposal to raise the school-age to six years, which was estimated to effect a saving of £30,000. So that the proposed total reductions, according to Table No. 10 as amended by the House, was £270,000. But, besides the sum I have named, there was an error in the item of Public Buildings of £8,000, that amount having been deducted twice from the estimated expenditure for the year. This item further reduces the possible saving under Table No. 10 to £262,000. The actual saving so far' made is £233,097, or £28,903 less than we had hoped to accomplish. Honourable members will recollect that in Table No. 10 the

8.—6

proposed reductions in the several departments were shown, and that there was an undistributed amount of £74,050 to be saved from those departments on which no reductions were shown, from travelling allowances, and from reductions in the number of persons in the public service who are receiving salaries of £150 and under, or are paid at daily rates. The total salaries and pay of this class amounts to £638,519. The salaries of all other persons in the service of the colony, except police, military forces, and country postmasters, amounts to £365,754. I have had a table prepared showing the saving thus far made; and also, for the sake of easy comparison, I have had Table No. 10 reprinted, These tables will be attached to this Statement when published, and by a glance at them honourable members will see that in every department under the annual appropriations, except Defence, more than the promised reductions have been made; and that, of the £74,050 undistributed, £53,730 has also been saved. This saving of £233,097, although not so much as the Government had hoped to make, will, I trust, be considered by the Committee as a not unreasonable approximation to our undertaking of last session, as modified and approved by the House. The saving upon the Defence expenditure is £42,434. We had estimated to save £46,000, but my colleague found, upon going very carefully into the question, that it would not be prudent for the present to make further reductions than have been made. It is not desirable that I should here go at any length into an explanation of the principles which have guided us in reducing the numbers or salaries of the Civil servants. That will be more conveniently done when the Civil Service Bill, which the Government have prepared and propose bringing in shortly, is before the House. I may, however, here state that we propose to classify the whole of the Civil Service, and strictly limit the numbers of each class by Act, from which no deviation will be allowed without the approval of Parliament. I may also briefly mention other important changes in the direction of simplicity and economy, without the sacrifice of efficiency, and therefore such as will, I am sure, meet with the approval of the Committee. We propose to amalgamate the Native Department with that of the Colonial Secretary, making it a branch of that department. Our intention is, before the end of the year, to abolish the Public Works Department. We shall propose to continue the construction of such of the railways as are to be proceeded with under the staff of the Constructed Railways; and to hand over the whole of the road-works to the Survey Department, vdiich is already charged with a large part of that work ; employing local bodies, where possible, in carrying them out. A large saving will be effected by this arrangement. And it will no doubt be strong and satisfactory evidence to the people of the colony and the outside world that we are really bringing our large borrowing policy to an end when the department which has been, if I may say so, its organ and symbol, finally disappears. I may say that the reducing of the Native Department to a subordinate position, and its amalgamation with the department of the Colonial Secretary, has been made possible and desirable by the fact that the Natives are desirous of taking a larger share in the management of their own affairs, so as to reduce greatly the work of the Native Office, and that this desire the Government think it right to encourage and assist. Bills wuth that object in view are now before the House. FUTUBE PENSIONS AND BETIBING ALLOWANCES. We propose to bring in a separate Bill, supplementary to the Civil Service Bill, providing for the payment of all future pensions and retiring allowances to Civil servants not now entitled to a retiring allowance, out of a fund which will be kept up by monthly contributions from all the members of the Service who are not now entitled to the privileges of the Civil Service Acts at present in force, with, perhaps, a small contribution from the State. The principle, we have no doubt, is a sound one, and its operation beneficial to all concerned.

VII

8.—6

ESTIMATED EXPENDITUBE FOB THE YEAE 1888-89. Ordinary Bevenue Account. This brings me to the proposed expenditure for the year 1888-89. The estimated ordinary expenditure is £3,953,593, full particulars of which appear in the Estimates, which will be in the hands of honourable members at the earliest possible moment. The estimated amount of interest which will be paid during the year is £1,838,539, being £72,872 more than the interest paid during the year 1887-88. The chief items comprised in this increase of £72,872 are £13,500 for about six months' interest paid at the beginning of this year on the £500,000 borrowed temporarily by the late Government in October last; £20,000 interest on the £400,000 issued to cover in part the deficits of the past two years, and about six months' interest on the £2,000,000 about to be raised. With regard to the latter I may state that while the full amount estimated to be payable appears in the estimates of expenditure, a large saving will be effected by investing in our own or other securities the balances of the loans not immediately required for expenditure. Land Fund. The estimated expenditure chargeable against the Land Fund is £107,245, made up of £18,800 for payments to local bodies under permanent Acts; £2,400 Rates on Crown Lands; and £86,045 for Crown Lands and Surveys. Last year the total expenditure was £158,474; £16,501 being for payments under permanent Acts; £40,724 for Rates, and £101,249 for Crown Lands and Surveys, on which latter item there is for this year a reduction of £15,403. Rates on Crown lands it is not intended to continue this year, except in special cases where rights have arisen. Total Estimated Expenditure. The total estimated expenditure is therefore £4,060,838, being £3,953,593 against ordinary revenue, and £107,245 against the Land Fund. But no provision is made in these Estimates for school or other public buildings, and for subsidies to local bodies, our proposals for these I will submit presently. ESTIMATED BEVENUE FOB THE YEAB 1888-89. The estimated ordinary revenue for the year 1888-89, on the basis of the present taxation, including the sum of £263,200 to be received as proceeds of the sale of what are known as the Sinking Fund debentures, is £3,897,400. Particulars of the sources whence this revenue is expected to be derived will be found in a table appended to this Statement. The estimated revenue from land is £119,000. ESTIMATED BESULTS OF THE YEAB 1888-89. Our total estimated revenue is therefore from all sources £4,016,400, and the estimated expenditure being £4,060,838 leaves a deficit of £44,438 on the whole revenue. But as the Land Fund is estimated to give a small surplus of £11,755, and as we do not now use any surplus Land Fund as ordinary revenue, we have to provide a sum of £56,193 to make our ordinary expenditure and revenue balance, in addition to the amount required for school and other public buildings, and for subsidies to local bodies. The amount which the Government estimate will be required for expenditure on public buildings from revenue for the year is £60,000, being £30,000 for school buildings, £17,000 for the General Post Office, and £13^000 for other buildings, particulars of which will be given by my colleague, the Minister for Public Works, in his annual Statement. This, added to the estimated deficit of the ordinary revenue, and including £30,000 subsidies to local bodies, to be

VIII

8.—6

referred to presently, makes the total amount to be provided £146,193, if no further reductions are thought prudent. Upon that supposition we have now to consider how the large sum I have named is to be raised, for we are all agreed that sufficient revenue must be raised to meet our expenditure. But, before I show how the Government think this amount should be raised, I must bring under the notice of the Committee the question of subsidies to local bodies. SUBSIDIES TO LOCAL BODIES. I last year expressed the opinion of the Government that, if subsidies to local bodies were to continue, one-half of the amount should no longer be paid from loan, as is the case at present, but that the whole amount, whatever it might be, should be provided for from revenue —that is to say, by taxation. The Government, after careful consideration, have come to the conclusion that the payment of subsidies must be continued, or the work of the local bodies will be practically paralysed, causing serious inconvenience throughout the country districts; but they think that the colony should clearly understand that continued payment means additional taxation. The Government are also of opinion that, if the payment is to be continued, a special tax, or portion of a tax, should be set apart for subsidies, and that the amount raised should be divided amongst the local bodies on the same plan as is now in force. It is also desirable that the tax set apart should be one which will increase with the increase of population. They, therefore, propose that the tax on tea should be increased by two pence per pound, and that one-half of the whole duty received from tea shall be set aside and devoted to the payment of these subsidies. Through speculative clearances, and two months of the year having already past, the estimated produce of the tax for this year with the additional duty added, will only be £114,000, one-half of this will be £57,000. This amount will not be enough to pay a subsidy of five shillings in the pound for the current year, I shall therefore ask authority to provide the amount, if deficient, from general revenue for the year 1888-89 ; but next year and afterwards, when there will be no disturbing cause in the collection of the tax, I propose that one-half the tea duty should be set apart for the subsidies, and that that amount, whatever it may be, and whether more or less than the proportional payment now made of five shillings in the pound, should be all the aid that will be given from the general revenue, that is by the colony at large, to the local bodies. This, if adopted, will cause a loss for the present year to the general revenue of about £30,000, which it will be necessary to make good from general Customs duties. PEOPEBTY-TAX It is not proposed to make any alteration in the rate of the Property-tax this year. But I shall ask the House to agree to remissions to a certain amount on some classes of machinery. The loss to the revenue, if these remissions are agreed to, will probably be about £4,000. TABIFF. I now come to the question as to how_the £146,193, which I have shown to be wanting, can best be raised. After much careful deliberation the Government have determined to ask authority to raise the amount required by an increase in the Customs duties, as being on the whole the best course in the general interest of the community. But then arises the further important question, whether the increase should be general over a large number of articles included in the tariff, or whether the amount required should be raised from the two articles tea and sugar ? With regard to the first of these, I have already expressed the opinion of the Government that, to furnish the subsidies to local bodies, an additional duty of twopence a pound should be put upon tea, which is as much as we think it should bear. There remains the question of additional duty on sugar, and the ii—B. 6.

8.—6

Government are fully alive to all that can be said in favour of this ; nevertheless, the Government do not propose to put any additional duty on sugar. The reasons which led them to this determination are briefly these: Sugar may fairly be called a necessary article of food, the more widely and largely used of any food imported : it is extensively used in our manufactures, and it will always be available if at some future time, and upon some unforeseen contingency, a need for some additional revenue should arise ; and it will moreover be available with the least possible distnrbance of trade. We therefore think that the sum required should be raised by an increase of a general character. I have given the subject of the tariff much anxious thought during the recess. The very numerous suggestions received from manufacturers, and the many conflicting interests concerned, of both producers and consumers, have received careful consideration. The Government have endeavoured in the duties proposed to adjust fairly between these conflicting interests the burdens to be borne-. Recognising the fact that a free-trade tariff and a prohibitive tariff are equally incompatible with the amount which we must raise, and admitting, what must be admitted, that the imposition of heavy Customs duties necessarily affects the course of trade and industry, we have endeavoured, while making revenue our first object, so to adjust the proposed duties as to assist our local manufactures, without any more pressure, as we believe, upon the consumer than is inevitable, if we are to raise by Customs duties a yearly sum of not less than £1,450,000 for the purposes of ordinary revenue. And it does not seem to me that we can prudently reckon to do with less than that sum from the Customs, for some years to come, when we look at the total amount of revenue which must be raised, and at the other sources of revenue open to us. I have said that careful attention has been given to the details of our proposals ; but I can hardly hope in so complicated a matter as a complete revision of the tariff, where so many conflicting interests have to be dealt with and as far as possible reconciled, and where it is imperative, as in this case, to raise a large revenue, —I say I can scarcely hope that errors and anomalies will not be found. I trust, however, that if any such there are they will, with the assistance of the Committee, be amended or removed. I will ask honourable members, —both Freetraders and Protectionists, —in approaching the consideration of the question of the particular duties proposed, to keep very prominently before their minds the one inexorable condition of the problem —the necessity we are under of raising a large revenue by means of these duties. If this essential point is given its due weight, a great deal of the difficulty which would otherwise attend the detailed discussion upon the tariff will, I am sure, be removed. I will not here give honourable members details of the proposed, increases and alterations, because in a few minutes they will have to be read out in the form of a resolution for the approval of the Committee. I may, however, say that it, is proposed to raise a large number of articles from 15 per cent, to 20 per cent, ad valorem, and some to 25 per cent., and to increase specific duties in many cases proportionately, due regard being given in both classes to the requirements of the colony and the conflicting interests involved. Some articles have been added to the free list, and some removed which experience has taught should not be free. The total amount which these duties will raise is estimated at £173,000; but I can only give this as approximate, as, under the circumstances, for reasons which will be obvious to honourable members, it is impossible to estimate with anything like accuracy the results of the considerable changes we are proposing. I may here point out that £25,000 of this taxation would not be necessary if Parliament saw fit to raise the school age at which capitation is payable to six years instead of five, as at present, and to abolish the Education Boards. The Government do not intend to propose the alteration this year in deference to what they believe to be the wish of Parliament as expressed in the last session ; but I feel it my duty to point out to the Committee where another £25,000 a year could be saved without any injury whatever to our educational system ; and I would ask honourable members again to consider whether the colony can at present afford so large a sum to provide what is little more than nursery accommodation.

8.—6

BEDEMPTION OF DEBENTUBES ISSUED TO PAY OFF DEFICIENCY. It will be in the recollection of the Committee, that last session I pointed out that the Consolidated Fund was actually benefitting to the extent of about £40,000 a year by the creation of debentures for the full amount of the accretions of the Sinking Fund, and that I proposed to set this sum aside yearly to pay off the £400,000 4 per cent, debentures issued last year to pay off the deficiency. From the facts I have already stated, I think honourable members will agree that to do so this year would be putting too great a strain upon the taxpayers. But there is a sum of £70,000 known as the Assurance Fund under the Land Transfer Act which the Government think may wisely be applied to the payment of a part of the £400,000 just referred to. The real Guarantee Fund under the Land Transfer Act is the Consolidated Fund, which is responsible for the errors of the Land Transfer office. The public using the office pay an insurance fee for such guarantee, and the Government are of opinion that these fees should be paid in as revenue, that any claims arising should be paid as they arise, and then come before Parliament as unauthorised expenditure. It is practically useless to set aside a fund which may be too large or too small for its nominal purpose, which requires investment, and all the annual labour and expenditure which that entails, and which, wdien invested, as it always has been, gives those, with a right upon it, only the same security they would have without it—the liability of the colony. UNBAISED LOANS. The error which occurred in the nineteenth section of the Loan Act of last session rendered it impossible to float that loan in London until the Act was amended, and it also raised some doubt of the wisdom of placing the North Island Trunk Loan upon that market, until after the amendment had been made. The Government had therefore to consider whether sufficient funds were available for carrying on the public works, and for other necessary purposes, without floating these loans until Parliament should meet at the usual time. If funds had not been available Parliament must have been called together about the end of February. I found, however, that satisfactory arrangements could be made, and so avoided the great public inconvenience of holding a session before the Government had had time to prepare any of the work they had undertaken to submit to Parliament at its next meeting. The arrangements made were, firstly, an agreement with the Colonial Bank of New Zealand for an advance of £400,000 at 5 per cent, for three years upon the security of the £400,000 of 4 per cent, debentures issued under the Public Revenues Act No. 3 of last session to cover the estimated deficit. Of this sum £300,000 was paid into our public account in London, and £100,000 was taken in the form of a draft at 90 days' sight also payable in London. No commission of any kind or exchange was paid. Secondly, the advance obtained by the late Government from the Bank of New Zealand of £500,000 upon the security of £500,000 of the North Island Trunk Loan short-dated debentures, which fell due in April last, was renewed till the 31st July next at the same rate of interest as was charged on the original advance—namely, 5 per cent, for £400,000, and 6 per cent, for £100,000. We have received no other advances except advances obtained by the Agent-General on the Imperial guaranteed debentures, and the usual ones upon deficiency bills in anticipation of revenue, The only large payments we have to meet in London shortly are £200,000, repayment of deficiency bills due in July, and the £500-,000 short-dated debentures of the North Island Trunk Loan due on the 31st July next. My reasons for asking Parliament to correct the error which had occurred in the Loan Act of last year before the delivery of the Financial Statement were that the error to be corrected was an admitted oversight, hardly more than a clerical error; that the policy involved in the Act had been very fully discussed last session, and carried by large majorities ; that by the advice of our Agent it was important to have the loan ready for floating in this present month now just ending ; that in the event of any great disturbance of the London market, as by a European war

8.—6

occurring before the loan was raised, serious loss would result to the colony in raising it; that delay in passing the Act would have caused embarrassment and loss in making necessary further temporary arrangements for meeting engagements, these temporary expedients being the very thing I had with much trouble been arranging to avoid; and that serious delay must have resulted if the amended Act which has been passed had been postponed until after the delivery of this Statement. And now let me say a few words as to the expenditure of loan money for the year. We think that no further contracts should be let on the North Island Trunk Railway, and very little, if any, work be done on the other lines named in the Schedule of the Loan Acts, for the present year. But, it may naturally be objected, if we are going to spend so little, why should we not have borrowed less ? I think, Mr. Hamlin, the reply to that is sufficient. We are now about to go upon the London market for the last time for three years at least. Whatever, therefore, may be wanted within that period must be provided now; and, having to look forward so far, and, considering the large works unfinished, some of which must be continued as our means and the other circumstances of the colony will allow, whilst others of little comparative magnitude, but of immediate necessity, have to be undertaken, it would be eminently unwise not to allow ourselves some reasonable margin. But I certainly need not, recapitulate here the arguments which last session induced the Legislature, whilst insisting on great retrenchment, to sanction this loan as. involving true economy. • And, though we are now proposing to expend the loan even more slowly than was then contemplated, the colony will not be put to the least additional expense by reason of the whole of the loan being immediately raised. Such part of the proceeds of the loan as require investment can be at once invested in redeeming the Imperial guaranteed debentures, and others if those should not prove enough. POST OFFICE SAVINGS BANK. The Committee will remember that last year I promised that I would, as soon as possible, invest some of the Post Office Savings Bank deposits in Imperial guaranteed debentures. This has been done to the extent of £200,000. The Government are desirous of increasing the amount invested on easily saleable securities, but the difficulties are great if the present rate of interest which is payable to the depositors is continued, and this seems desirable as long as it can be done without loss to the colony. It is very gratifying to find that the deposits and number of depositors continue to increase, and that even during the first three months of this year the increase in the deposits has been £67,000 over the withdrawals, and the increase of the depositors 1,781. The amount of deposits on credit in the Post Office Savings Bank on the 31st March, 1888, was £1,861,337, and in the other Savings Banks, which are also guaranteed by the colony, was £600,967, making a grand total of not less than £2,462,304, amongst 99,277 depositors. These figures and the fact they disclose—that a large part at least of our industrial classes are able to put by and invest such very considerable sums from their earnings—afford satisfactory evidence of the substantial prosperity of this most important class of our community. PBOVISION FOB THE DEFICIT OF 1887-88. I have now, Mr. Hamlin, to state how it is proposed to meet the £128,603 standing to our debit on the 31st March last. We are, I assume, all agreed that it must be paid off, and not made part of the permanent debt. This being so, and there being nothing in hand to pay it with, the question arises as to what form the necessary taxation shall take. It is clear to the Government that we must not let the paying off this debt depend upon the occasion of a sufficient surplus at some future time, and we think a special tax should be imposed and set apart for the purpose. Our proposal, if somewhat novel, will, I

XII

B.—o

hope, meet with the approval of the Committee. It is that a primage duty of one per cent, be levied upon all goods imported into the Colony, whether free or dutiable, for two years, and that the proceeds be applied to the payment of the £128,000. This duty it is estimated will yield about £58,000 a year, and the small balance over may be safely left to be met from the ordinary revenue. THE CBOWN AND NATIVE LANDS BATING ACT. This Act, as I stated last year, it is the intention of the Government to ask Parliament to repeal, reserving any rights that have been created under it; and the local bodies interested have received notice not to expect any further payments under the Act. I much regret the necessity for repealing this Act, for there is no doubt that the repeal wall severely affect some of the local bodies. GENEEAL SUMMAEY. To summarise, then, for the convenience of honourable members, the result of my proposals, we find that, after the reduction of our ordinary expenditure by £233,000, the expenditure which we deem necessary is some £70,000 for the year more than our income from our present sources of revenue; that, to provide school and public buildings from revenue, an additional £60,000 is required ; that, to continue the subsidies to Local Bodies, and to pay them all from revenue, as must be done if they are to be paid at all, another £64,000 is necessary ; and that, to pay the balance of last year's deficit of £128,000, a sum of £58,000 must be provided this year and the balance in the succeeding year. Adding, then, these several amounts together, we find there is required— To balance Revenue and Expenditure .... .... i'56,000 To provide for School and Public Buildings .... 60,000 To provide for the Subsidies .... .... .... £64,000 £180,000 And £58,000 for two years on account of last year's deficit of £128,000. To provide this sum of .£lBO,OOO, I have proposed additional Customs duties, estimated to yield £207,000. If the estimate should prove correct, we shall have a surplus of £27,000; so that the margin allowed is none too much. The Committee will remember that last year the Property-tax was increased byi:65,000, but no alterations were made in the Customs duties. I would desire here to call particular attention to the fact that of this £180,000 now proposed to be raised by additional taxation, £107,000 has hitherto been provided from loan—namely, £60,000 tor buildings, £32,000 for subsidies, and £15,000 for defence. Honourable members will no doubt feel with the Government that the proposed additions to our taxation are large ; but if, after consideration, it is found necessary to continue the services named, it is clear the money must be found. My endeavour has been to place clearly before the Committee what our real wants are —to point out what services are rendering the increased taxation necessary, and to show bow the required funds can, in our opinion, be best provided. The matter is now in the hands of the Committee. I have laid before it the material facts relating to the financial position of (lie colony as clearly, as fully, and as fairly as I could. If the task has not been the pleasant one it would have been if, instead of providing for a deficit we had had to dispose of a. handsome surplus, we have the satisfaction of knowing that a searching examination of the colony's accounts reveals nothing to make us doubt for a moment its financial soundness; just as, I believe, a similar examination of the material circumstances of the colony would, in spite of adverse facts, show beyond doubt its substantial prosperity. And lam sure the Committee will agree in the opinion which I hold strongly, that one of the surest means, or at least the necessary condition of increasing that prosperity, is by ad tiering firmly, at whatever present inconvenience, to the sober financial policy of last session. iii.—B. 6.

XIII

8.—6

TABLES TO ACCOMPANY THE FOREGOING STATEMENT.

PAGE Table No. I.—Abstbact Of Receipts and Expenditure of the Financial Yeab ended 31st Maeoh, 1888 2 Table No. 2.—Statement showing the Total Ways and Means of the Public Woeks Fund and the Total Net Expenditure to 31st Mabch, 1888 .. .. .. .. .. 15 Table-No.-3.—The Pcbi.ic Debt ox 31st JlAiicn, 1888 .. .. .. .. .. ~16 Table No. 4.—Statement of the Estimated- Liabilities oe the Consolidated Fond outstanding on 31st Mabch, 1881, 1882, 1883, 1884, 1885, 188G, 1887, and 1888 .. .. .. 18 Table No. 5. —Statement- of the Estimated Liabilities of the Public Woeks Fund outstanding on 31si- Mabch, 1881, 1882, 1883, 1884, 1885, 1886, 1887, and 1888 .. .. .. 19 Table No. 6.—Pboposed Reductions in Estimated Expenditure oe the Consolidated Fund amounting to £300,000 (bepbinted) .. .. .. .. .. .. .. 20 Table No. 7. —Table showing the Extent to which the Govebnment have given effect to the Pboposals set out in table 6 . . . . . . . . . . . , . . 21 Table No. 8. —Table showing the Amount oe Nox-eecubbent Chabges on the Annual Appboteiations fob 1888-89 .. .. .. .. .. .. .. .. .. 22 Table No. 9.—Estimated Revenue and Expenditure of the Consolidated Fond fob the Financial Yeab ending 31st Mabch, 1889 (exclusive of the additional taxation pboposed) .. 23

iv—B. 6.

8.—6.

Table STATEMENT of the RECEIPTS and EXPENDITURE of the CONSOLIDATED FUND ORDINARY REVENUE

LAND FUND

RECEIPTS. .1887-88. 1886-87. £ s. d. £ s. d. Balances to begin the Year with, — Cash .. Advances in the hands of Officers of the Government, — In the Colony In London .. .. .. .. 158,176 6 9 8,502 13 7 20,126 17 4 66,633 9 2 9,914 2 2 36,310 18 10 Ordinary Revenue, — Customs Stamps, including Postal and Telegraph Cash Receipts Property-tax Beer Duty Railways Registration and other Fees Marino Miscellaneous 186,805 17 8 112,858 10 2 1,251,651 8 0 587,318 12 0 370,576 12 10 52,000 12 2 981,826 4 0 35,596 5 1 16,899 2 1 35,860 10 1 1,285,764 13 0 601,162 12 8 310,897 2 3 53,493 19 4 992,186 17 4 37,034 11 7 13,070 11 5 145,231 12 3 Territorial Revenue, — Depasturing Licenses, Rents, and Miscellaneous 3,337,729 6 3 183,761 0 10 3,438,841 19 10 192,585 11 1 Receipts in aid, — Debentures issued under " The Consolidated Stock -let, 1884," for increases of Sinking Fund Debentures issued under "The Public Revenues Act, 1886," to redeem Deficiency Bills Debentures issued under " Tho Public Revenues Act, 1887 (No. 3)," to provide for estimated deficit on 31st March, 1888 Sinking Funds set free, — " Consolidated Loan Act, 1867 " " Wellington Loan Act, 1886 " " New Zealand Loan Act, 1863 " Deficiency Bills outstanding 3,521,490 7 1 258,184 0 0 400,000 0 0 3,631,427 10 11 251,000 0 0 150,000 0 0 123,300 0 0 2,190 0 0 38,627 11 8 279,100 0 0 778,000 0 0 Totals £5,144.4S0 4 9 £4,588,503 12 9

Land Sales, — For Cash On Deferred Payments Recovery from Public Works Fund in respect of Rates paid on Native Lands from this account Recovery on account of expenditure of previous years 32,516 1 6 46,039 0 11 832 5 5 48,728 10 1 48,818 0 6 22,508 15 0 79,387 7 10 120,055 5 7 Balance at end of Year, — Cash overdrawn Less Advances in the hands of Officers of the Government 135,115 9 1 1,765 7 0 56,239 14 10 1,976 11 9 133,350 2 1 54,263 3 1 Totals £212,737 9 11 £174,318 8 8

8.-6

No. 1. for the Year ended 31st March, 1888, compared with the Financial Year ended 31st March, 1887. ACCOUNT.

ACCOUNT.

EXPENDITURE. 1887-88. 1886-87. £ s. d. £ s. d. Permanent Appropriations,— Civil List Interest and Sinking Fund Under Special Acts of the Legislature Moiety of Subsidies payable under the Local Bodies' Finance and Powers Acts Amounts paid over to Local Bodies in respect of Rents under the Land Acts, 1884, 1885 Endowments, — Now Plymouth Harbour Board Greymouth Harbour Board Westport Harbour Board 27,833 14 4 1,765,667 11 10 191,913 10 4 46,071 12 10 3,103 0 10 31,015 2 6 1,642,876 2 1 161,134 15 5 49,806 9 2 284 19 3 254 11 5 11,585 4 7 8,864 0 1 206 4 1 10,328 11 8 10,427 18 3 2,055,893 6 3 1,906,080 2 5 Annual Appropriations, — Class I. —Legislative ,, II.—Colonial Secretary ,, III. —Colonial Treasurer ,, IV. —Minister of Justice ,, V. —Postmaster-General ,, VI.—Commissioner of Trade and Customs .. ,, VII. —Commissioner of Stamps .. ,, VIII. —Minister of Education ' ,, ' IX. —Minister of Native Affairs ,, X.—Minister of Mines ,, XL —Working Railways ,, XII.—Minister for Public Works ,, XIII.—Minister of Defence Services not provided for .. 10,269 18 5 151,838 8 10 35,131 4 6 114,608 0 8 268,282 14 3 69,217 8 8 24,996 0 11 368,798 0 5 16,801 16 10 20,030 4 4 699,750 8 5 23,248 14 6 209,998 11 8 7,170 4 8 17,626 3 3 162,727 6 9 54,690 17 3 118,570 19 7 290,046 2 7 80,751 4 0 30,120 2 11 371,602 11 11 26,836 0 6 32,693 7 4 695,771 5 8 28,174 13 11 182,568 17 5 14,337 19 7 2,026,741 17 1 2,106,517 12 8 Debentures redeemed, — Consolidated Stock, 1884 (Colonial issue) Deficiency Bills redeemed 164,100 225,000 279,100 0 0 279,100 0 0 389,100 0 0 Balance at end of Year, — Cash in the Public Account Advances in the hands of Officers of the Government, — In the Colony In London 758,292 16 0 158,176 6 9 9,137 19 5 15,314 5 6 8,502 13 7 20,126 17 4 Totals 782,745 1 5 186,805 17 8 £5,144,480 4 9 £4,588,503 12 9

Balance to begin the Year with, — Cash overdrawn Less Advances in the hands of Officers of the Government 56,239 14 10 1,970 11 9 25,457 3 2 5,073 2 6 Permanent Appropriations,— One-third of Proceeds of Land sold on Deferred Payments paid over to Local Bodies Amount paid under section 7 of " The Local Bodies' Finance and Powers Act, 1885" Amount paid under clause 40 of " The Special Powers and Contracts Act, 1886" New Plymouth Harbour Board Endowment 54,263 3 1 20,384 0 8 11,586 13 2 14,568 4 2 122 1 3 4,914 10 7 394 17 11 3,852 7 9 Annual Appropriations,— Class XIV. —Minister of Lands ,, XV. —Rates on Crown Lands Services not provided for .. 101,247 6 9 40,723 10 4 2 6 0 97,836 13 4 36,156 0 6 1,004 3 1 158,474 6 10 153,934 8 0 Totals £212,737 9 11 £174,318 8 8

8.—6

Table STATEMENT of the RECEIPTS and EXPENDITURE of the CONSOLIDATED FUND STATE FORESTS

ACCOUNTS OF

RECEIPTS. 1887-88. 1886-87. Balance to begin the Year with, — Cash in the Public Account Advances in the hands of Officers of the Government £ s. d. £ s. d. 379 6 1 108 6 7 487 12 8 Debentures created under "The New Zealand State Forests Act, 1885 " Rents from Lands set apart Miscellaneous 5,500 0 0 3,772 12 11 109 10 4 3,764 5 1 Balance at end of Year, — Cash overdrawn Less advances in the hands of Officers of the Government, — In the Colony9,272 12 11 3,873 15 5 117 4 2 1,478 11 2 42 15 3 74 8 11 1,478 11 2 Totals £9,347 1 10 £5,839 19 3

Balance to begin the Year with, — Cash in the Public Account Aavances in the hands of Officers of the Government, — In the Colony 5,516 4 11 7,357 18 2 9 4 3 5,510 4 11 7,367 2 5 Revenue appropriated to Local Bodies, — Fees, Finos, &c. Endowments of Land, &c. Goldfields Revenue Gold Duty .. .. .. .. .. 2,152 3 4 7,629 7 6 15,151 1 4 20,038 13 11 2,375 16 11 8,438 9 5 14,319 19 3 22,583 1 8 Counties Separate Accounts, — Revenue of Counties in which "Tho Counties Act, 1886," is not in full operation 325 0 6 80 4 0 Advance Account, — Amount received from Local Bodies 1,224 2 11 Balance at end of Year, — Cash overdrawn Less advances in the hands of Officers of the Government, — In the Colony 46,520 9 6 47,797 11 3 17,044 17 7 470 19 11 10,567 17 8 Totals £68,604 12 1 £55,104 13 8

8.—6

No. 1—continued. for the Year ended 31st March, 1888, compared with the Financial Year ended 31st March, 1887. ACCOUNT.

LOCAL BODIES.

v—B. 6.

EXPENDITURE. 1887-88. 1386-87. Balance to begin the Year with, — Cash overdrawn £ s. d. 1,478 11 2 £ s. d. Annual Appropriations,— Class XVI.—Minister of Lands 7,671 13 0 5,769 19 11 Permanent Appropriations,— Interest on Debentures 196 17 8 69 19 4 Totals £9,347 1 10 £5,839 19 3

Revenue paid over to Local Bodies, — Fees, Fines, &c. Endowments of Land, &c. Goldfields Revenue Gold Duty .. .. .. .. .. 2,130 3 6 7,234 8 4 13,958 10 6 20,306 2 9 2,363 1 0 8,303 18 4 15,118 9 2 28,104 6 1 Counties Separate Accounts, — Amount distributed amongst Road Boards where " The Counties Act, 1886," is not in full operation 43,629 5 1 48,889 14 7 336 18 11 240 1 9 Advance Account, — Amount paid on behalf of Local Bodies Unauthorised 24,638 8 1 512 12 5 49,648 8 9 Balance at end of Year, — Cash in the Public Account .. .. .. .. 5,516 4 11 Totals £68,604 12 1 £55,164 13 8

8.—6

Table STATEMENT of the RECEIPTS and EXPENDITURE of the CONSOLIDATED FUND DEPOSIT

Treasury, Wellington, 13th April, 1888. Examined and found correct as regards the Railway Receipts. J. P. MAXWELL, General Manager, New Zealand Railways.

RECEIPTS-1887-88. 1886-87. Balance to begin the Year with, — Cash in the Public Account Advances in the hands of Officers of the Government, — In the Colony In London £ s. A. 02,657 13 8 3 2 3 14,022 15 5 £ s. a. 41,965 6 2 100 0 0 16,022 15 5 70,083 11 4 58,088 1 7 Lodgments,— Auckland Museum Endowment Armed Constabulary Reward Fund Armed Constabulary Reward Fund Investment Emigrants' Deposits General Assembly Library Fund Hospitals and Charitable Institutions Act, 1885 Indian and Colonial Exhibition Account Miscellaneous Moeraki Harbour Board Fund Moeraki Harbour Fund Investment Account Native Land Act, 1878 (No. 2) Native Land Purchases Nelson Rifle Prize Fund New Zealand University Endowment, Canterbury New Zealand University Endowment, Westland North Island Main Trunk Railway Loan Application Act, 1886 .. Thermal-springs Districts Act, 1881 Trustees Act, 1883 Westland Loan Act 1873 Redemption 373 10 0 6,792 13 6 120 0 0 360 3 0 67 0 8 46,140 14 2 525 0 0 162 10 0 1,449 3 2 66 0 0 75 0 0 15 5 0 1,165 19 8 175 11 2 143 8 0 75 4 0 . 80 11 0 2,000 0 0 8,800 0 0 110 0 0 40,675 19 7 1,725 0 0 1,200 0 0 162 10 0 1,778 9 0 66 0 0 150 0 0 15 5 0 266 5 3 133 11 3 57,707 2 10 57,163 11 1 Totals £134,390 14 2 £115,251 12 8

8.—6

No. 1—continued. for the Year ended 31st March, 1888, compared with the Financial Year ended 31st March, 1887. ACCOUNTS.

JAMES C GAVIN, Secretary to the Treasury. JAMES B. HEYWOOD, Assistant-Secretary and Accountant. Examined and found correct, except as regards the Railway Receipts, which are not audited by the Audit Office. JAMES EDWARD FITZGERALD, Controller and Auditor-General.

EXPENDITURE. 1887-88. 1886-87. Withdrawals, — Armed Constabulary Reward Fund Auckland Museum Endowment Emigrants' Deposits General Assembly Library Fund Hospitals and Charitable Institutions Act, 1885 Miscellaneous Moeraki Harbour Board Fund Moeraki Harbour Board Fund Investment Native Land Act, 1878 (No. 2) Native Land Purchases Nelson Rifle Prize Fund North Island Main Trunk Railway Loan Application Act, 1886 Receiver-General's Account Thermal-springs Districts Act, 1881 Trustees Act, 1883 Westland Loan Act 1873 Redemption Working Railways Account £ s. d. 336 18 6 6,542 13 6 120 0 0 344 7 11 51,826 15 3 1,500 0 0 202 10 0 1,898 5 3 66 0 0 312 16 2 10,000 0 0 7 0 4 49 18 0 35 7 6 5 0 0 £ s. a. 2,351 15 8 23 6 8 8,800 0 0 110 0 0 23,397 4 2 225 0 0 1,725 0 0 112 10 0 1,281 18 9 06 0 0 327 7 9 147 18 9 73,247 12 5 38,568 1 4 Balance at end of Year, — Gash in the Public Account Advances in the hands of Officers of the Government, — In the Colony In London 59,121 2 1 463 7 0 1,558 12 8 62,657 13 8 3 2 3 14,022 15 5 61,143 1 9 76,683 11 4 Totals £134,390 14 2 £115,251 12 8

8.—6

Table STATEMENT of the RECEIPTS and EXPENDITURE of the PUBLIC WORKS FUND

Part I. RECEIPTS. 1887-88. 1886-87. Balance to begin the Year with, — Cash in the Public Account Advances in the hands of Officers of the Government, — In the Colony In London Temporary advances to Part II. Investments £ s. d. 4,727 1 9 44,298 3 4 331,383 15 10 587,643 12 3 £ s. d. 174,075 7 9 16,602 15 9 60,853 11 4 517,247 19 5 Less cash drawn against Investments 968,052 13 2 476,807 0 8 491,245 12 6 768,779 14 3 Debentures created for purchase of District Railways,— Duntroon and Hakateramca Railway .. , Thames Valley and Rotorua Railway Waimate Railway Waimate Plains Railway (proceeds of £34,000) 01,100 0 0 40,187 7 11 33,900 0 0 31,000 0 0 166,187 7 11 Sinking Fund released under " The Consolidated Stock Act, 1884," — - In .respect of " The Wellington Loin Act, 1866 " 8..311 17 9 Amounts transferred in respect of Expenditure of previous Years, — From Part II., for Construction and Permanent-way Material From Part III., for Permanent-way Material 137,779 15 1 213,000 0 0 350,779 15 1 Temporary advance from Part III. 150,000 0 0 • Totals .. .. .. . i £641,245 12 6 £1,294,058 15 0 Part II. Balance to begin the Year with, — Advances in the hands of Officers of the Government, — In the Colony Temporary advances from Part I. .. Temporary advances on short-dated Debentures 5,698 13 0 500,000 0 0 331,383 15 10 Totals £505,698 13 0 £331,383 15 10

8.—6

No. 1—continued. for the Year ended 31st March, 1888, compared with the Financial Year ended 31st March, 1887.

vi—B. 6.

Part I. EXPENDITURE. 1887-88. 1886-87. Annual Appropriations-,— Class I, —Immigration , II.—Public Works, Departmental „ III. —Railways IV.—Roads .. „ V. —Waterworks on Goldfields „ VI. —Purchase of Native Lands, North Island .. „ VII. —Telegraph Extension „ VIII.—Public Buildings .. .. .. „ IX. —Lighthouses, Harbour Works, and Defences „ X.—Rates on Native Lands XI. —Thermal Springs Contingent Defence £ s. d. 15,597 14 10 6,006 5 2 1,408 5 4 198,347 15 8 1,015 11 5 1,514 9 0 22,984 6 1 90,328 15 0 76,825 5 5 8,196 8 1 2,999 3 6 £ s. d. 12,453 17 11 12,895 12 3 10,728 14 7 264,716 19 10 7,665 7 8 18,457 5 10 18,951 14 8 89,498 5 1 143,705 4 3 25,138 18 1 7,813 14 5 12,500 0 0 425,223 19 6 630,525 14 7 Services not provided for 15,630 9 0 6,100 0 0 Purchase of District Railways,— Duntroon and Hakateramea Railway Thames Valley and Rotorua Railway (balance) Waimate Railway .. .. ... Waimea Plains Railway 61,100 0 0 40,187 7 11 33,900 0 0 31,000 0 0 166,187 7 11 Balance at end of Year, — - Cash in the Public Account Advances in the hands of Officers of tho Government, — In the Colony In London Investments Temporary advances to Part II. 177,208 13 8 1,575 3 0 16,607 7 4 5,000 0 0 4,727 1 0 44,298 3 4 587,643 12 3 331,383 15 10 200,391 4 0 968,052 13 2 Less cash drawn against Investments 476,807 0 8 200,391 4 0 491,245 12 6 Totals £641,245 12 6 £1,294,058 15 0 Part II. Temporary advances from Part I. repaid 331,383 15 10 Annual Appropriations, — Class I.—Public Works, Departmental „ II.—Railways III.—Roads „ IV.—Purchase of Native Lands 5,000 0 0 102,776 5 1 20,410 1 0 24,128 14 8 2,772 14 4 252,533 10 2 70,378 12 4 152,315 0 9 325,085 2 10 Balance at end of Year, — Cash in the Public Account Advances in the hands of Officers of tho Government, — In the Colony .. .. . > • In London 9,710 10 9 2,043 5 8 10,240 0 0 0,698 13 0 21,999 16 5 5,698 13 0 Totals £505,698 13 0 £331,383 15 10

13.—0.

Table STATEMENT of the RECEIPTS and EXPENDITURE of the PUBLIC WORKS FUND

CONVERSION

•art RECEIPTS. 1887-88. 1880-87. Balance to begin the Year with, — Cash in the Public Account Advances in the hands of Officers of the Government, — In the Colony In London Investments £, s. d. 463,546 17 5 £ s. a. 4,541 8 7 22,587 7 2 130,058 10 11 " New Zealand Loan Act, 1886," — Proceeds of Loan in 4-per-cent. Inscribed Stock Temporary advances 620,734 4 1 391,300 0 0 300,000 0 0 1,176,500 0 0 691,300 0 0 Totals £1,312,034 4 1 £1,176,500 0 0

Balance to begin the Year with, — Cash in the Public Account Advances in the hands of— . Stock Agents Crown Agents 89,874 15 6 15,239 18 11 86,300 0 0 11,439 10 0 254,761 16 5 55,300 0 0 191,414 14 5 321,501 6 5 Proceeds of Sale of 4-per-cent Inscribed Stock Debentures issued under " The Consolidated Stock Act, 1884 " (Colonial issue).. 45,000 0 0 1,034,775 0 0 13,500 0 0 45,000 0 0 1,078,275 0 0 Balance at end of the Year 1887-88,— Cash overdrawn Less advances in the hands of — Stock Agents .. .. .. .. .. £1,006 5 10 Crown Agents .. .. .. .. .. 300 0 0 12,125 4 6 1,306 5 10 10,818 18 8 Totals £247,233 13 1 £1,-399,776 6 5

8.—6.

No. 1—continued. for the Year ended 31st March, 1888, compared with the Financial Year ended 31st March, 1887.

ACCOUNT.

'ar EXPENDITURE. 1887-88. 1886-87. Annual Appropriations,— Glass I.—Public Works, Departmental „ II. —Railways .. , III.—Charges and Expenses of raising Loan, and Contingencies £ s. d. 14,000 0 0 299,542 8 5 59,447 14 10 £ s. d. 543,495 4 3 12,270 11 8 372,990 3 3 555,765 15 11 Proceeds of District Railway Debentures for £242,800 converted into 4-per-cent. Inscribed Stock, and sold with Loan of £1,325,000, now paid over Temporary advance to Part I. .. ■ 242,800 0 0 150,000 0 0 392,800 0 0 Balance at end of Year, — Cash in the Public Account Advances in the hands of Officers of the Government, — In the Colony In London Investments 221,790 4 6 4,282 15 5 20,171 0 11 300,000 0 0 463,546 17 5 4,541 8 7 22,587 7 2 130,058 10 11 Totals 546,244 0 10 620,734 4 1 £1,312,034 4 1 £1,176,500 0 0

£ s. d. £ s. d. Four-and-a-half-per cent. 5-30 Debentures called in for payment on 1st August, 1886 Five-per-cent. 5-30 Debentures called in for payment on 15th January, 1885 .. Debentures issued under " The Wellington Loan Act, 1886," redeemed 235,000 0 0 819,400 0 0 300,800 0 0 13,500 0 0 235,000 0 0 1,133,700 0 0 Expenses Account, — Discount Commission Brokerage Stamp Duty Interest Office expenses 518 15 0 3,496 6 8 1,752 0 4 1,482 10 6 3,958 11 5 1,025 9 2 26,500 0 0 14,322 6 2 1,520 1 7 24,509 17 6 7,749 6 9 12,233 13 1 74,661 12 0 Balance at end of the Year 1886-87 — Cash in the Public Account Advances in the hands of— Stock Agents Crown Agents 89,874 15 6 15,239 18 11 86,300 0 0 £247,233 13 1 191,414 14 5 Totals £1,399,776 6 5

8.—6.

Table STATEMENT of the RECEIPTS and EXPENDITURE of the PUBLIC WORKS FUND LOANS TO LOCAL

RECEIPTS. 1887-88. 1886-87. £ s. <r. £ s. d. Balance to begin tho Year with, — Cash in the Public Account 34,730 0 0 " The Government Loans to Local Bodies Act, 1886," — Debentures created 75,000 0 0 50,000 0 0 Tota 109,730 0 0 50,000 0 0

B.—S

No. 1—continued. for the Year ended 31st March, 1888, compared with the Financial Year ended 31st March, 1887. BODIES' ACCOUNT.

EXPENDITURE. 1887-88. 1886-87. Payments to, — Counties, — Amuri Ashburton Bruce Clutha Geraldine Grey .. Hawke's Bay Inangahua Kaikoura Manawatu Patangata Piako Rangitikei Selwyn Southland Thames Waihemo Waipawa Wairarapa North .. Wairarapa South .. Wallace £ s. d. £ s. a. 2,300 0 0 3,500 0 0 3,050 0 0 3,345 0 0 3,000 0 0 1,250 0 0 6,000 0 0 5,890 0 0 3,000 0 0 2,000 0 0 5,000 0 0 1,650 0 0 400 0 0 6,000 0 0 2,380 0 0 5,400 0 0 1,500 0 0 6,000 0 0 3,500 0 0 4,170 0 0 1,250 0 0 300 0 0 Road Boards, — Alfredton Clivo Eden Terrace Egmont Featherston Howick Township .. Kiwi tea Le Bon's Bay Manawatu Mangaatua Manganui.. Mangawhero Mangorei Masterton Moa Mount Eden Taratahi-Carterton Upper Taueru Upper Wangaehu .. Waipipi Waipukurau Waiuku Waiwakaiho Whaingaroa 56,215 0 0 14,670 0 0 340 0 0 3,000 0 0 2,500 0 0 740 0 0 1,500 0 0 48 0 0 1,908 0 0 1,000 0 0 3,000 0 0 1,500 0 0 300 0 0 1,700 0 0 600 0 0 1,110 0 0 3,000 0 0 3,000 0 0 800 0 0 1,400 0 0 350 0 0 3,000 0 0 300 0 0 800 0 0 500 0 0 600 0 Boroughs,— Akaroa 32,456 0 0 800 0 0 600 0 Town Boards, — Inglewood Waipawa 300 0 0 300 0 0 River Boards, — Henley Waipawa Winton 600 0 0 1,000 0 0 1,000 0 0 1,000 0 0 3,000 0 0 Unauthorised, — County of Selwyn 500 0 0 Balance at end of Year, — I Cash in tho Public Account 34,730 0 0 £50,000 0 0 16,159 0 0 Totals £109,730 0 0

8.—6

Table No. 1.— continued. SUMMARY OF BALANCES ON THE 31st MARCH, 1888.

Treasury, Wellington. 13th April, 1888. JAMES C. GAVIN, Secretary to the Treasury. JAMES B. HEYWOOD, Examined and found correct. Assistant Secretary and Accountant. JAMES EDWARD FITZGERALD, Controller and Auditor-General.

! Balances. Consolidated ' Public Works Fund. Fund. Funds. Suspense Account. Total. Consolidated Fund :— £ s. d. £ s. d. £ s. d. £ s. d. £ s. d. £ s. d. Ordinary Revenue Account .. 7S2,745 1 5 Cash 665,136 7 9 412,749 4 5 30.3 8 3 1,078,189 0 5 Land Fund Account Dr. 133,350 2 1 Advances 28,759 6 9 56,225 18 2 84,985 4 11 State Forests Account Dr. 74 8 11 ,895 14 6 Investments 305,000 0 0 305,000 0 0 Accounts of Local Bodies Dr. 16,567 17 8 Remittances to London .. Dr. 200,000 0 0 Deposit Accounts 61,143 1 9 Public Works Fund :— Part I. .. 200,391 4 0 , II. .. 21,999 16 5 „ III. .. 546,244 0 10 Conversion Account Dr. 10,818 18 8 Loans to Local Bodies Account 16,159 0 0 Suspense Account 773,975 2 7 303 8 3 Remittances to London Account " Dr. 200,000 0 0 Total £1,268,174 5 4 Total 693,895 14 6 773,975 2 7 303 8 3 1,268,174 5 4

8.—6

Table No. 2. STATEMENT showing the Total Ways and Means of the Public Works Fund and the Total Net Expenditure to the 31st March, 1888.

WAYS AND MEANS. NET EXPENDITURE. £ s. d. £ s. d. £ s. d. £ s. d. Loans :— Immigration and Public Works Loan, 1870 Immigration and Public Works Loan, 1873 Immigration and Public Works Loan, 1874 General Purposes Loan Act, 1873 Now Zealand. Loan Act, 1876 New Zealand Loan Act, 1877 New Zealand Loan Act, 1879 New Zealand Loan Act, 1882 New Zealand Colonial Inscribed Stock Loan Act, 1882 North Island Main Trunk Railway Loan Act, 1882*.. New Zealand Loan Act, 1884 New Zealand Loan Act, 1886 District Railways Purchasing Acts, 1885-80 4,009,000 0 0 2,000,000 0 0 4,000,000 0 0 750,000 0 0 750,000 0 0 2,200,000 0 0 5,000,000 0 0 3,000,000 0 0 250,000 0 0 500,000 0 0 1,500,000 0 0 1,325,000 0 0 354,487 7 11 Expenditure on — Immigration Public Works, Departmental Railways, including Surveys of New Lines Roads Land Purchases Waterworks on Goldfields Telegraph Extension Public Buildings Lighthouses, Harbour Works, and Defences Contingent Defence Rates on Native Lands Thermal Springs Charges and Expenses of raising Loans Coal Mines Interest and Sinking Fund 2,133,668 17 0 308,153 1 6 13,362,423 15 3 3,363,551 6 7 1,141,287 18 7 559,941 10 11 561,963 1 9 1,687,900 13 9 822,124 16 5 429,718 19 3 33,585 6 2 10,812 17 11 910,561 5 11 10,835 8 0 218,500 0 0 5,629,487 7 11 Receipts in Aid :— Contributions of Canterbury Province for Railways .. Stamp Duties to 31st December, 1876 Transfer from Confiscated Lands Liabilities Account Proceeds of Railway Material handed over to Cook County Council Special Receipts under section 9 of "The Railways Construction Act, 1878 " Sinking Funds released .. 56,000 0 0 264,657 16 4 19,963 1 3 Advances made to Westport Harbour Board Balance on 31st March, 1888, — Cash in the Public Account Advances in the hands of officers of the Government Investments ! 1 408,715 8 11 54,919 12 4 5,000 0 0 25,561,028 19 0 14,335 13 4 25,575,364 12 4 4,963 7 4 60,616 3 0 8,311 17 9 468,635 1 3 .12 5 8 £20,043,999 13 7 £26,043,999 13 7 iris*

B.—(J

Table No. 3. The PUBLIC DEBT of NEW ZEALAND on 31st March, 1888.

Amount outstanding. Due Date. Sinking Funds Net accrued, indebtedpahtiallt ness. appboxqiate. Annual Chabge. .Rate. Eemabks. Int. [ S.F. Amount. When payable. £ £ £ £ % % £ New Zealand Loan Act, 1856 .. -i I 25,000 25,000 50,000 50,000 50,000 : [ 200,000 1 Oct., 1888 1 Jan., 1889 1 July, 1889 1 Oct., 1889 1 July, 1894 I 225,800 Cr. 25,800 Cr. 1,242 4,446 1 Jan. and 1 July /The accumulations of the j sinking fund of this loan 1 now enable the Trustees -i not only to dispense with I further contributions from J the Treasury, but to pay V the interest of the loan. New Zealand Loan Act, 1860 74,100 1 July, 1891 75,342 6 f New Zealand Loan Act, 1863 .. •] 378,800 500,000 154,800 188,400 73,800 | I 1,295,800 15 July, 1914 1 Nov., 1915 15 Mar., 1891 15 June, 1891 15 Dec, 1891 80,240 195,446 j- 337,069 298,560 304,554 79,931 5 4 6 0 6 1 2 2 2 22,728 20,000 12,384 15,072 5,904 15 Jan. „ 15 July 1 May „ 1 Nov. 15 Mar. „ 15 Sept. 15 June „ 15 Dec. 15 June „ 15 Dec. Sinking Fund payable 13 Mar. and 13 Sept. Consolidated Loan Act, 1867 Immigration and Public Works Loan Act, 1870.. 1,351,300 1,000,000 Ann. drawing 1 June, 1907 1,577 168,749 1,349,723 831,251 5 4 1 2-4 +239,501 64,000 Quarterly, 15 Jan., &c. 1 June and 1 Dec. Auckland Loan Act, 1863 Lyttelton and Christchurch Railway Loan, 1860 Canterbury Loan Ordinance, 1862 .. Otago Loan Ordinance, 1862 .. 31,600 77,700 22,800 116,700 1 June, 1896 30 years 50 years 1 July, 1898 18,498 58,816 4,980 55,539 13,102 18,884 17,820 61,161 6 6 6 0 2 2 1 1 2,528 6,216 1,596 8,169 1 April „ 1 Oct. 30 June „ 31 Dec. 30 June ,, 31 Dec. 1 Jan. „ 1 July +6% on £7,283,100 = £436,986 Less Interest at 5 % on £3,949,700, representing bonds converted .. 197,485 £239,501 Ordinance of Legislative Council Consolidated Loan Act, 1867 .. .. -! G4 * 000 13,000 311 I 77,000 Presentation 1 Jan., 1893 15 April, 1913 311 64,000 13,000 5 4 '3,200 520 1 Jan. „ 1 July 15 April „ 15 Oct. Immigration and Public Works Loan Act, 1870 j 372,100 27,900 I 400,000 I 15 April, 1913 15 April, 1913 372,100 27,900 4 14,884 1,255 15 April „ 15 Oct. 15 April „ 15 Oct. Defence and Other Purposes Loan Act, 1870 25,000 75,000 I 100,000 1 July, 1910 15 April, 1913 25,000 75,000 4 1,125 3,000 30 June „ 31 Deo. 15 April , 15 Oct. Carried forward 4,747,311 1,222,056 3,525,255 426,528

8.—6

Table No. 3 — continued. The PUBLIC DEBT of NEW ZEALAND on 31st March, 1888— continued.

The whole of the Imperial Guaranteed Loan of 1870 is included herein, although only £200,000 has actually been raised; the unsold debentures are used for the purpose of obtaining temporary advances from time to time. Deficiency bills are not included.

vii—B. 6.

Amount outstanding. Due Date. Sinking Funds Net acceued, Indebtedpabtially ness. approximate. Kate. Int. I S.F. Amount. Annual Chabge. When payable. Eemabks. £ £ 4,747,311 £ 1,222,056 £ 3,525,255 12,300 49,500 18,500 54,700 % % £ 426,528 492 2,475 740 2,735 Brought forward General Purposes Loan Act, 1873 12,300 I 49,500 | 18,500 I 54,700 j j- 135,000 15 May, 1914 15 Dec, 1888 15 Oct., 1913 28 Nov., 1914 4 5 4 5 15 May and 15 Nov. 15 June „ 15 Dec. 15 April „ 15 Oct. 15 May , 15 Nov. Westland Loan Act, 1873 Nelson Loan Act, 1874 New Zealand Loan Acts, 1876-77 New Zealand Loan Act, 1879 North Island Main Trunk Railway Loan Act, 1882 Colonial Inscribed Stock Act, 1882 District Railways Purchasing Act, 1885 New Z°aland State Forests Act, 1885 .. Government Loans to Local Bodies Act, 1886 .. Public Revenues Act, 1886 .. .. ■! " - 50,000 15,000 2,207,300 388,000 500,000 250,000 114,687 7,000 125,000 15 April, 1894 23 Mar., 1896 1 Mar., 1918 1 Nov., 1889 31 July, 1888 1 Nov., 1888 1 April, 1905 1 Mar., 1898 1 Mar., 1892 10 Oct., 1891 10 Oct., 1891 1 Mar., 1893 50,000 15,000 2,207,300 388,000 500,000 250,000 114,687 7,000 125,000 100,000 50,000 400,000 5 7 5 5 4 5 4 5 5 5 4 2,500 1,050 110,365 19,400 20,000 12,500 4,587 350 6,250 4,500 2,500 16,000 15 April „ 15 Oct. 1 Mar. „ 1 Sept. 1 Mar. „ 1 Sept. 1 May „ 1 Nov. __ •-.._ 1 May „ 1 Nov. 1 April . 1 Oct. 1 Mar. „ 1 Sept. 1 Mar. „ 1 Sept. 10 April „ 10 Oct. 10 April , 10 Oct. 1 Mar. , 1 Sept. Known as the 10-40s. Balance of Five-million Loan. - - 100,000 50,000 j 150,000 Convertible into stock at 107. Convertible into stock at 110. Public Revenues Act 1887 (No. 3) - 400,000 Consolidated Stock Act, 1877 Consolidated Stock Act, 1884 — 22,564,255 1 Nov., 1929 22,564,255 4 902,570 1 May „ 1 Nov. English Issue .. .. .. \ 4,214,100 43,600 1 4,257,700 1892 15 Jan., 1892 4,214,100 43,600 5 5 210,705 2,180 Quarterly, 15 Jan., &c 15 Jan. „ 15 July Colonial Issue .. .. .. i 313,100 534,084 | 847,184 28 Nov., 1891 28 Nov., 1891 313,100 534,084 5 14,089 26,704 28 May , 28 Nov. 28 May „ 28 Nov. Totals 36,758,437 1,789,220 1,222,056 35,536,381

8.—6

Table No. 4. STATEMENT of the Estimated Liabilities chargeable on the Consolidated Fund outstanding on the 31st March, 1881, 1882, 1883, 1884, 1885, 1886, 1887, and 1888.

31st March, 1881. 31st March, 1882. 31st March, 1883. 31st March; 1884. 31st March, 1885. 31st March, 1886. 31st March, 1887. 31st March, 1888. Ordinary Revenue Account. Permanent Appropriations, — Civil List Interest and Sinking Fund Under Special Acts of the Legislature Moiety of Subsidies Endowments Land Act, 1885 £ s. d. £ s. d. £ s. d. £ s.- d. £ s. d. £ s. d. £ s. d. £ s. d. 300 0 0 225 0 0 168 0 0 24,000 0 0 165 0 0 4,470 0 0 957 0 0 421 0' 0 584 0- 0 350 0 0 684 0 0 383 0 0 490 6 10 25,868 0 0 4,049 7 0 1,311 13 6 430 0 0 2,719 12 11 9,069 13 6 34,695 0 0 448 9 9 7,072 1 10 3,221 9 3 4,365 7 3 5,592 0 0 1,005 0 0 1,034 0 0 32,102 7 4 46,914 6 5 15,107 8 1 525 0 0 24,168 0 0 Annual Appropriations, — Class I.—Legislative „ II. —Colonial Secretary „ III. —Colonial Treasurer IV. —Minister of Justice „ V.—Postmaster-General „ VI. —Commissioner of Customs „ VII. —Commissioner of Stamps .. „ VIII. —Minister of Education _ IX. —Minister of Native Affairs „ X. —Minister of Mines . XL —Working Railways „ XII.— Public Buildings „ XIII. —Minister of Defence 22,490 0 0 2,164 0 0 5,110 0 0 8,166 0 0 4,3-34 0 0 521 0 0 3,550 0 0 1,267 0 0 7,820 0 0 86,596 0 0 25 0 0 14,881 0 0 767 0 0 3,305 0 0 12,939 0 0 1,849 0 0 1,150 0 0 2,340 0 0 2,737 0 0 8,550 0 0 71,754 0 0 719 0 0 16,604 0 0 0,480 0 0 3,016 0 0 9,920 0 0 3,394 0 0 1,326 0 0 2,500 0 0 1,939 0 0 6,805 0 0 82,735 0 0 19,802 0 0 1,765 0 0 2,610 0 0 3,856 0 0 4,310 0 0 1,871 0 0 4,686 0 0 1,415 0 0 2,437 0 0 103,169 0 0 17,174 0 0 1,295 0 0 3,111 0 0 5,862 0 0 2,689 0 0 2,122 0 0 3,578 0 0 700 0 0 3,270 0 0 106,244 0 0 16,314 18 1 12,461 10 6 2,686 6 6 10,134 8 2 3,925 17 4 2,307 6 7 2,251 0 0 1,000 0 0 6,284 0 0 87,797 10 5 112 15 8 9,160 16 0 971 13 8 3,172 12 5 5,352 10 1 4,043 3 4 540 6 7 5,780 0 0 657 0 0 5,977 5 10 86,294 19 1 106 15 6 6,158 6 5 467 19 2 2,440 1 11 6,546 14 4 2,215 6 3 1,218 4 8 3,646 0 0 729 3 4 3,081 18 0 51,293 14 0 21,107 4 1 12,066 3 8 22,971 0 0 19,578 0 0 35,500 0 0 19,831 0 0 14,888 0 0 13,013 5 10 12,474 18 8 164,989 0 0 139,875 0 0 170,938 0 0 165,752 0 0 160,933 0 0 158,176 3 5 134,538 1 4 111,077 11 4 Services not provided for 351 0 0 5 7 10 Totals, Ordinary Revenue Account 165,514 0 0 164,394 0 0 176,530 0 0 166,757 0 0 161,967 0 0 190, 2S3 18 7 181,452 7 9 126,184 19 5

Land Fund Account. Annual Appropriations, — Class XIV. —Minister of Lands . XV. —Colonial Treasurer 8,956 0 0 11,805 0 0 13,331 0 0 16,072 0 0 7,610 0 0 12,362 0 0 23,258 0 0 11,937 8 3 18,700 0 0 3,454 5 3 8,556 19 0 3,634 0 0 2,400 0 0 8,956 0 0 11,805 0 0 13,331 0 0 23,682 0 0 35,620 0 0 30,637 8 3 12,011 4 3 6,034 0 0 Special Appropriations, — Subsidies paid to Local Bodies, 1880-81 One-third of Land Sales on Deferred Payments New Plymouth Harbour Board Ellesmere and Forsyth Reclamation and Akaroa Railway Trust .. Local Bodies' Finance and Powers Act, 1885, section 7 100 0 0 12,620 0 0 15,619 0 0 13,384 0 0 14,109 0 0 9,895 0 0 10,495 0 0 2,054 0 0 12,129 16 9 1,582 19 7 10,527 16 5 1,498 13 9 12,254 16 11 483 11 11 267 0 0 1,830 0 0 244 14 3 122 1 3 •• 28,606 0 0 13,384 0 0 14,109 0 0 9,895 0 0 14,379 0 0 14,079 11 10 12,026 10 2 12,738 8 10 Totals, Land Fund Account 18,772 8 10 37,562 0 0 25,189 0 0 27,440 0 0 33,577 0 0 49,999 0 0 44,717 0 1 24,037 14 5 State Forests Account. Annual Appropriations, — Class XV.— State Forests 850 0 0 370 0 0

8.—6

Table No. 5. STATEMENT of the Estimated Liabilities chargeable on the Public Works Fund outstanding on the 31st March, 1881, 1882, 1883, 1884, 1885, 1886, 1887, and 1888.

31st March, 1881. 31st March, 1882. 31st March, 1883. 31st March, 1884. 31st March, 1885. 31st March, 1886. 31st March, 1887. 31st March, 1888. Annual Appropriations. £ s. a. £ s. a. £ s. d. £ s. a. £ s. a. £ s. a. £ s. a. £ s. a. PART I. 664 1 6 647 18 3 428,687 1 8 406 6 8 74,411 2 5 997,725 0 0 11,029 17 8 110 8 3 255 11 1 320,019 11 10 234 15 0 117,840 15 2 3-38,876 10 3 6,665 16 9 3,500 0 0 84,457 9 1 7,554 11 8 20,565 0 0 902 7 5 533,243 16 7 1,600 14 6 186,365 15 8 309,299 0 0 16,659 14 2 9,000 0 0 82,862 2 3 10,661 17 2 51,000 0 0 619 6 9 728,955 12 5 8,197 10 9 144,397 8 7 285,400 0 0 7,382 13 0 8,000 0 0 778 14 3 496,593 3 11 931 15 11 214,124 3 2 173,200 0 0 7,369 0 0 6.000 0 0 10,424 1 7 119,220 6 11 5,000 0 0 56 8 2 1,364 17 11 3,800 0 0 Class I.—Immigration II. —Public Works, Departmental III. —Railways IV. —Surveys of New Lines of Railway „ V.—Roads VI. —Land Purchases .. .. .. „ VII. —Waterworks on Goldfields .. „ VIII. —Telegraph Extension IX.—Public Buildings X. —Lighthouses, Harbour Works, and Defences .. „ XI. —Rates on Native Lands „ XII. —Thermal Springs Contingent Defence Miscellaneous Public Works 7,000 0 0 718 16 11 386,345 8 9 1,246 12 9 254,350 0 11 238,600 0 0 14,963 0 0 3,700 0 0 23,255 5 9 164,410 10 3 173,680 12 6 120,144 0 0 1,485 10 1 3,983 0 0 55,161 2 9 80,724 0 0 10,668 0 0 2,500 0 0 1,033' 9 2 119,120 10 2 1,068 2 6 54 10 6 3,004 0 0 29,610 19 7 36,431 12 1 11,000 0 0 200 0 0 33,249 18 5 100 0 0 41,752 10 10 15,138 2 4 761 0 9 38,591 8 10 •• Totals 1,585,512 15 5 880,276 9 10 1,171,160 7 9 1,282,843 4 8 1,036,641 5 9 1,094,589 15 4 454,767 11 5 |205,323 4 0 PART II. Class I.—Railways II.—Roads III. —Land Purchases 158,360 5 9 29,621 0 0 70,075 12 6 1,549 1 1 4,279 15 11 Totals 187,981 5 9 75,904 9 6 PART III. Class I.—Railways II. —Costs and Contingencies 326,290 6 0 360 13 6 190,467 12 •- Totals 326,650 19 6 190,467 12

8.—6

Table No. 6. TABLE showing Proposed Reductions in Estimated Expenditure of the Consolidated Fund, amounting to £300,000. (Reprint of Table No. 10, appended to Financial Statement made 1st November, 1887.)

Bevised Departmental Estimates for 1887-88. Deduct for non-recurrent services. Net amount. Expenditure under proposals of the present Government. Seductions for a year. Amount. ORDINARY REVENUE ACCOUNT. Permanent Charges, — Civil List Interest and Sinking Fund Under Special Acts .. .. .. .. .. '. Subsidies £ 29,750 1,770,800 205,900 55,000 £ £ 29,750 1,770,800 177,900 32,000 £ 26,300 ♦1,790,800 167,900 32,000 3,450 '28,000 23,000 'io.000 Annual Appropriations,— Legislative Department Colonial Secretary Colonial Treasurer Stamps and Deeds Postal and Telegraph Customs and Marine Justice Education Native Affairs Mines Working Railways Public Domains and Buildings Defence 20,000 151,000 33,900 26,450 274,400 71,200 110,900 379,600 16,900 22,900 730,000 28,100 185,100 9,000 12,100 7,600 17,000 138,900 26,300 26,450 274,400 71,200 110,900 379,600 16,900 22,900 730,000 28,100 185,100 15,500 138,900 26,300 26,450 274,400 65,200 106,900 319,600 14,900 20,900 710,000 15,100 139,100 1,500 6,000 4,000 60,000 2,000 2,000 20,000 13,000 46,000 Reductions not allocated 3,890,250 74,050 74,050 LAND FUND ACCOUNT. +4,117,900 79,700 4,038,200 3,816,200 242,000 Permanent Charges, — Payment to Local Bodies 13,000 13,000 13,000 Annual Appropriations, — Land and Surveys Rates on Crown Lands 113,300 42,000 "8,000 113,300 34,000 89,300 24,000 34,000 168,300 8,000 160,300 102,300 58,000 Total Consolidated Fund 4,286,200 87,700 4,198,500 3,918,500 300,000 * Incluaes aaditional interest being for half-year on North Island Main Trunk Ri ilway Loan. + Round numbers ,re given in this ta able.

Table No. 7. TABLE showing the extent to which the Government have given effect to the Proposals set out in the Preceding Table to reduce the Expenditure of the Consolidated Fund by £300,000.

Amount of proposed reductions .. .. .. .. .. £300,000 Amount of column No. 1 .. .. .. .. £2,397,700 No. 3...... .. 2,164,603 Reductions not allocated, column No. 2.. .. .. £74,050 233,097 Reductions more than proposed .. .. ..£53,730 ■ Reductions less than proposed .. .. .. 8,583 Deduct— 66,903 45,147 Education reduction disallowed .. .. .. 30,000 Error in estimate, Public Buildings.. .. .. 8,000 38,000 £28,903 t~]"l O £•-*-* Net reductions less than proposed .. .. .. .. £28, 903 >-i^t-i-i^c__, J * (r~>-^ * This amount would have been £30,000 more had not the House disallowed the proposal to raise the school-age. t This amount should have been £8,000 more, owing to error in preparation ef^ u .-»-<___ * n~v~v Estimates. J £185,100 out of Revenue, and £15,000 out of Loan. " ~

8.—6.

1. Estimates for 1887-88 on which the Reductions were based. 2. Estimates showing Reductions proposed last Year to be effected in 1888-89. now submitted to the House (less nonrecurrent Charges). 3. Columns 2 and 3 compared. Reductions less than proposed. Reductions more than proposed. ORDINARY REVENUE ACCOUNT. Permanent Charges, — Civil List Interest and Sinking Fund .. .. .. .. .. .. ' .. Under Special Acts Subsidies Annual Appropriations, — Legislative Department Colonial Secretary's Department Colonial Treasurer's „ .. .. .. .'. Justice „ Postal and Telegraph Customs and Marine „ Stamps and Deeds „ Education „ Native Affairs „ Minister of Lands „ Working Railways „ Public Buildings and Domains Department Defence Department £ | 29,750 J 1,770,800 177,900 j 32,000 17,000 114,000 26,300 110,900 274,400 71,200 26,450 379,600 16,900 47,800 730,000 28,100 __-- 200,100{ £ 26,300 1,790,800 167,900 32,000 15,500 114,000 26,300 106,900 274,400 65,200 26,450 319,600 14,900 45,800 710,000 15,100+ 154,100 £ 26,300 1,838,539 171,917 14,955 104,519 22,527 105,645 209,251 62,548 24,911 348,974 13,347 43,083 690,000 22,950 158,666 £ 4J017 £ 545 9,481 3,773 1,255 5,149 2,652 1,539 626* 1,553 2,717 20,000 150 4 [566 Reductions not allocated 3,905,250 74,050 49,440 LAND FUND ACCOUNT. 4,053,200 3,831,200 3,918,132 8,583 Permanent Charges, — Payments to Local Bodies 13,000 13,000 18,800 Annual Appropriations, — Crown Lands and Surveys Departments Rates on Crown Lands 113,300 34,000 89,300 85,010 4,290 Deduct Interest and Sinking Fund, Subsidies, and Permanent Charges on the Land Fund 4,213,500 1,815,800 3,933,500 1,835,800 4,021,942 1,857,339 ■• Totals .. 2,397,700 2,097,700 2,164,603 8,583 53,730

8.—6

Table No. 8. TABLE showing the Amounts for Non-recurrent Charges taken off the Estimated Expenditure on Annual Appropriations, 1888-89.

Estimates of 1888-89. Net Estimates, Non-recurrent as shown in Charges. Column 3, Table No. 7. Legislative Colonial Secretary's Department Colonial Treasurer's Department Justice Department Postal and Telegraph Department .. Customs and Marine Department Stamps and Deeds Department Education Department Native Affairs Department Minister of Lands Department Working Railways Department Public Buildings and Domains Department Defence Department .... £ . 14,955 106,130 48,727 105,645 269,251 02,998 24,911 348,974 13,347 46,183 690,000 27,050 158,666 £ i .611 26,200 450 £ 14,955 104,519 22,527 105,645 269,251 62,548 24,911 348,974 13,347 43,083 090,000 22,950 158,666 31100 M00 Crown Lands and Survey Department Rates on Crown Lands 1,916,837 35,461 . 1,881,376 86,045 2,400 1,035 2,400 85,010 Add Permanent Charges of Ordinary Revenue and Land Fund Accounts 2,005,282 38,896 1,966,386 2,055,556 2,055,556 4,000 838 38,890 021 942

8.—6

Table No. 9. ESTIMATED Revenue and Expenditure of the Consolidated Fund for the Financial Year ending the 31st March, 1889 (exclusive of the additional taxation proposed).

REVENUE. £ EXPENDITURE. £ Ordinary Revenue Account :— Customs Stamps Property-tax Beer Duty .. Railways Registration and other Fees Marine Miscellaneous Depasturing Licenses, Rents, &o. 1,250,000 614,700 375,000 51,000 1,040,000 47,500 17,000 46,000 193,000 Ordinary Revenue Account :— Civil List Interest and Sinking Fund Under Special Acts Legislative Colonial Secretary's Departments Colonial Treasurer's Departments Minister of Justice Departments Postmaster-General's Departments Commissioner of Customs' Departments _j)£3 £ .. Commissioner of Stamps' Departments Minister of Education Departments Minister of Native Affairs Minister of Lands Working Railways Public Buildings and Domains Minister of Defence .. .. ■ • 0;'. 51 • • 26,300 1,838,539 171,917 14,955 106,130 48,727 105,645 269,251 62,998 24,911 348,974 13,347 46,183 690,000 27,050 158,666 Debentures for Sinking Fund increases 3,634,200 263,200 Land Fund Account :— Land Sales, — For Cash On Deferred Payments 3,897,400 47,000 72,000 119,000 Land Fund Account :— Payments to Local Bodies Crown Lands and Survey Departments Rates on Crown Lands O , UeJO , a JO Deficiency of Revenue to meet Expenditure 4,016,400 44,438 18,800 86,045 2,400 107,245 £4,060,838 £4,060,838

8.—6

Besolved, That in lieu of the duties of Customs now charged on the undermentioned articles on importation into New Zealand, or on being cleared from any warehouse for home consumption, the following duties of Customs shall, on and after the thirtieth day of May, one thousand eight hundred and eightyeight, be charged thereon and be paid at the time of making entry therefor, namely:—

Articles. Rai ;e of Duty. Ale, Porter, Beer of all sorts, Cider and Perry, in bulk Aerated and Mineral Waters Bitters, Cordials, and Liqueurs Spirits and Strong Waters of every kind, of any strength not exceeding the strength of proof by Sykes's hydrometer, and so on in proportion for any greater strength than the strength of proof of such hydrometer (Provided, however, that until the 30th November, 1888, an allowance shall be made for any less strength than the strength of proof as aforesaid.) Spirits and strong waters mixed with any ingredient in any proportion exceeding 33 per cent, of proof spirit, and although therehy Coming under the designation of patent or proprietary medicines, or under any other designation Spirits and strong waters sweetened or mixed so that the degree of strength cannot be ascertained as aforesaid when not exceeding the strength of proof Spirits, methylated Spirits in cases shall be charged as follows, on and after the 1st December, 1888, namely : — Two gallons and under, as two gallons; over two gallons and not exceeding three, as three gallons; over three gallons and not exceeding four, as four gallons; and so on for any greater quantity contained in any case. Lime and lemon juice sweetened or aerated Syrups Tea Wine, sparkling „ Australian, containing not more than 35 per cent, of proof spirit verified by Sykes's hydrometer, the gallon, or for 6 reputed quart bottles, or for 12 reputed pint bottles „ other than sparkling and Australian, containing less than 40 per cent of proof spirit, verified by Sykes's hydrometer, the gallon, or for 6 reputed quart bottles, or for 12 reputed pint bottles ... Beef and pork, salted Biscuits, ships' plain and unsweetened „ other kinds Butter Chocolate confectionery, and all preparations of chocolate or £ s. d. 0 16 20 0 0 0 15 0 the gallon. per cent, ad valorem. the gallon. 0 15 0 the gallon. it 0 15 0 0 15 0 1 0 0 et it per cent, ad valorem. 20 0 20 0 0 0 0 8 0 0 6 0 the lb. the gallon. 0 5 0 0 6 20 0 0 3 0 0 20 0 0 0 0 2 0 per cent, ad valorem. the cwt. the lb. per cent, ad valorem. cocoa ... 0 0 20 0 20 0 20 0 20 0 0 0 20 0 0 0 0 10 0 0 3 0 0 0 0 2 0 3 0 2 the lb. per cent, ad valorem. Capers Catsup Cheese Chutney Confectionery, not otherwise enumerated Curry powder and paste Drained peel Fish, dried, pickled, or salted „ (inducting sardines), potted or preserved et et the lb. per cent, ad valorem. the lb. the cwt. the lb. or reputed package of that weight. per cent, ad valorem. the lb. Fruits, preserved Fruit pulp and partially preserved fruit... Fruit, fresh, namely, apples, pears, plums, cherries, peaches, nectarines, apricots, quinces, tomatoes 20 0 0 0 0 0 0 0 0 0i l If Glucose rr ,-,-,-,- 13 a vm—n. h.

8.—6

Articles. Rale of Duty. Jams, jellies, marmalade, and preserves Meats, potted or preserved ... Milk, preserved... Mustard Olives Oysters, preserved Peas, split Pepper and pimento, unground Pickles £ 0 20 20 0 20 20 0 0 0 s. d. 0 2 0 0 0 0 0 2 0 0 0 0 2 0 0 2 2 0 the lb. percent, ad valorem. the" lb. per cent, ad valorem. n the cwt. the lb. the dozen pints or reputed pints, and in the same proportion for larger or smaller sizes, per cent, ad valorem. Provisions, preserved, not otherwise enumerated ... Baspberry vinegar Eice and rice flour „ undressed and dressed in bond „ manufactured into starch in bond Salt, except rock Sauces Vegetables, fresh, dried, or preserved ... Opium Cigars, cigarettes, and snuff Tobacc6, un'manufactured, entered to be manufactured in the colony, at the time of removal from a bonded warehouse, or from any importing ship, to any licensed tobacco manufactory, for manufacturing purposes only into tobacco, cigars, cigarettes, or snuff 20 20 0 0 0 1 20 20 2 0 0 0 0 0 6 0 4 0 2 0 0 0 0 0 0 0 0 0 7 0 the 1001b. the ton. per cent, ad valorem. the lb. M 0 2 6 the lb. from the 31st December, 1888, to the 31st December, 1890. per cent, ad valorem. Blacking and boot gloss Black lead Blue Candles 20 20 0 0 0 0 0 0 0 2 0 2 the" lb. the lb. or reputed package of that weight. per cent, ad valorem. the lb. Furniture, knife and plate powder and polish Glue and size ... Matches— Wooden, in boxes containing 100 matches or fraction thereof For every additional 50 matches or fraction thereof Wax, in boxes containing 100 matches or fraction thereof For every additional 50 matches or fraction thereof Olive oil, in bulk Paints and Colours mixed ready for use Paints and Colours ground in oil Sausage Skins ... Soap, common ... Soap Powder, Extract of Soap, Dry Soap, and Soft Soap Starch Stearine Varnish Washing Powder Wax, Paraffin, Mineral, Vegetable, and Japanese ... Brooms and Brushes not otherwise described Brushware not otherwise described Bellows, except forge Buckets and tubs of wood ... Cabinetware Furniture Mantelpieces Upholstery, not otherwise enumerated Wire mattresses and webbing Desks and dressing-cases ... Fancy goods and toys Fireworks Magic lanterns and dissolving-view apparatus and slides 15 0 0 0 0 11 0 0 0 0 0 0 0 20 0 20 0 0 0 20 0 20 20 15 20 25 25 20 25 20 20 20 20 20 1 0 0 6 2 0 1 0 0 6 4 0 2 0 0 0 5 0 0 0 0 2 0 li 1 6 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 the gross of boxes. ./ it the gallon. the cwt. it per cent, ad valorem. the cwt. per cent, ad valorem. the lb. It the gallon, per cent, ad valorem. the lb. per cent, ad valorem. tr tr tr it it it it it it it

8.—6

Articles. ite of Duty. £ s. d. Musical instruments, namely, organs, harmoniums, and pianofortes, and parts of either (except action-work not made up) Organs, harmoniums, bells, and furniture imported for places of public worship Statues, statuettes, casts, and bronzes Walkingsticks .... Baskets and wickerware Hair brushes and combs Oil, perfumed ... Boots, shoes, slippers, goloshes, clogs, and pattens, not otherwise enumerated Boot and shoe vamps and uppers Harness and saddlery Harness oil and composition and leather-dressing Leather— Belting and belt, harness, bridle, legging, and bag leather Kip (other than East India kip), cordovan, buff, split, kangaroo (tanned), levant cow and horse hides Eoans, persians, sheepskins or basils, lambskins and goatskins (dressed) Not otherwise enumerated, including sole leather Portmanteaus, trunks, and travelling bags Filters Fish paste Chaff Acetic acid Cod-liver oil, refined Glycerine, refined Patent and proprietary medicines, and medicinal and other preparations or compounds not otherwise enumerated, recommended to the public under any general name or title as specifics for any disease or affection whatever affecting the human or animal bodies Pearl ash, potash, and caustic potash ... Sarsaparilla Soda ash „ carbonate... Stationery, manufactured, namely, account books, billheads, cheques, labels, and other printed and ruled paper, blank and head-line copy-books, drawing-books, blotting-pads, sketch-books, manifold writers, albums, diaries, plain and faint-lined ruled books, and other printed and lithographed stationery ... Ink, writing Paper bags Paper, wrapping, brown „ „ other kinds Pictorial calendars, show cards, and other pictorial lithographs and prints, on and after the 1st December, 1888 Cordage, viz., coir rope „ „ white lines ... „ „ not otherwise enumerated Twine, for fishing-nets „ sailmakers', seaming and roping Drainage pipes and tiles Earthen flooring-and garden-tiles „ gas-retorts Earthenware, stoneware, and brownware Firebricks and fireclay goods China- and parianware and porcelain ... Apparel and ready-made clothing, and all articles made up wholly or in part from silk, cotton, linen, or wool, or of other or of mixed materials Bonnets, trimmed Collars and cuffs Drapery, made up „ not otherwise enumerated Furs Feathers (including ostrich) Haberdashery, not otherwise enumerated Hats and caps ... 20 0 0 20 0 0 20 0 0 20 0 0 20 0 0 20 0 0 25 0 0 20 0 0 20 0 0 20 0 0 15 0 0 0 0 6 0 0 3 0 0 2 0 0 1 20 0 0 20 0 0 20 0 0 10 0 0 0 3 15 0 0 15 0 0 25 0 0 15 0 0 25 0 0 0 10 0 10 per cent, ad valorem. a et et et tt the lb. // if per cent, ad valorem. tr the ton. the lb. per cent, ad valorem. et It It It the cwt. // 25 0 0 20 0 0 0 7 6 0 4 0 0 5 0 per cent, ad valorem. the cwt. it tr 25 0 0 0 5 0 0 10 0 0 7 6 15 0 0 15 0 0 20 0 0 20 0 0 20 0 0 20 0 0 20 0 0 20 0 0 per cent, ad valorem. the cwt. per cent, ad valorem. tt it it tr it it 25 00 25 0 0 25 0 0 25 0 0 20 0 0 20 0 0 20 0 0 20 0 0 20 0 0 ir ir rr ir it ir tt tt

8.—6

Articles. ,te of Duty. Millinery, viz., trimmed hats, caps, and bonnets ... „ not otherwise enumerated ... Shirts of all kinds Trowsers of all kinds Umbrellas, parasols and sunshades Blankets, rugs, and shawls... Hosiery, woollen and mixed with wool Woollen piece goods, and piece goods containing wool Cotton, linen, silk, and other textile piece goods, not otherwise enumerated Cotton counterpanes Cotton, linen, silk, and other textile manufactures, not otherwise enumerated Holland, rough brown, not otherwise enumerated ... Machinery for boring, brick and tile making, planing, punching, sawing, shearing, turning, mills and looms, steam vessels, wool and hay pressing ... Machinery, not otherwise enumerated ... Metal manufactures, namely, air-gratings, ash-pans, barrowwheels, bill-files, brackets, bolts and nuts of £in. and over (except blank nuts and boltends), blacksmiths' tongs, boathooks, copper boilers and furnaces, bolt-rings, lifting bottlejacks, wrought-iron braces, copper and brass branch-pipes, ' brazed' copper pipes, cake rollers, camp ovens and three-legged-pots, cast iron of all sorts moulded (not otherwise enumerated), castings of steel (not otherwise enumerated), cast-iron cylinders, wrought-iron cisterns, coal scoops and scuttles, contractors' forgings, condensers for salt-water and steam engines, wire and steel cork-drawers, crowbars, blacklead crucibles, dampers and frames, doorknockers, porters and scrapers, drain grates and frames, drain gratings, dumbbells, engine castings (not otherwise enumerated), engineers' forgings (not otherwise enumerated), fenders, fire-dogs, fire-guards, flower-stands, fittings for pumps engines and machinery (not otherwise enumerated), garden reels rollers seats and syringes, grates, gridirons, grindstone fittings, gun-metal engine fittings, napping quartz and spalling hammers, hasps and staples, hat stands, holdfasts, hook-and-eye hinges, horseshoes, hay rakes and horse-rakes, horse-power gear, hydraulic mains, ktichen-ranges and colonial ovens, lamp-posts, leaden ware, wrought-iron or steel letters and figures, forged levers, connecting or split links, hydraulic lifts, manger rings, mangles, marine engine-cranks and pillars, maul rings, meat hooks, monkeys for pile-driving, ornamental gratings, painted and brass casings for engines, pepper malt bean and oat mills, picks and mattocks, pullyblocks, quarry mauls and picks, quoits, railway chairs, bolts, fastenings, and rail-dogs, connecting-rods, roller skates, sack-trucks, iron safes and boxes, sash-weights, bright wrought-iron shafting, iron sluice valves, soldering-irons, iron-stands, stamped ironware not otherwise enumerated, stench-traps, troughs, truck wheels, cast tue irons, wedges, wrought-iron wheelbarrows and wheels Bolts and nuts of fin. diameter and over Brass cocks, valves, unions, lubricators, and whistles Boilers, land and marine ... Chaff-cutters, corn-crushers, and corn-shellers Crab-winches, cranes, capstans, and windlasses Fire-engines and hose, not otherwise enumerated ... Gas-pipes Galvanised-iron manufactures Tin stamped into shapes Tinware Japanned and lacquered metalware Zincware ... ... ■■• ••• Iron and zinc tiles, ridging, guttering, and spouting Iron bridges, and iron material for the construction of bridges, wharves, jetties, or patent slips £ s. d. 25 0 0 20 0 0 25 0 0 25 0 0 20 0 0 20 0 0 20 0 0 20 0 0 per cent, ad valorem. it a a n it 20 0 0 20 0 0 a n 20 0 0 20 0 0 it it 20 0 0 20 0 0 n * 20 20 20 20 20 20 20 5 25 25 25 25 25 20 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 tt tt it tt tt tt it 20 0 0 tt

8.—6

"Resolved, That, in the event of any of the duties hereby imposed not being confirmed, or of reductions being made in the rates specified above, the amounts levied, collected, and paid in excess of the duties that may be imposed by the Customs Act, based on these resolutions, shall be refunded to the persons who paid the same.

ix—B. 6.

Articles. ,te of Duty. iron gates and gate-posts, staples, standards, straining-posts and apparatus iron, plain galvanised sheet iron tanks iron tanks of and under 200 gallons ... iron weighbridges iron barbed fencing wire iron pipes, wrought iron columns for buildings, and other structural ironwork iron doors for safes and vaults iron and wire-work, ornamental £ s. d. 20 0 0 1 10 0 0 10 0 0 5 0 20 0 0 0 2 0 5 0 0 20 0 0 20 0 0 20 0 0 20 0 0 20 0 0 per cent, ad valorem, the ton. each. per cent, ad valorem. the cwt. per cent, ad valorem. ft n tt jawn-mowers ... r'umps and other apparatus for raising water Railway and tramway plant and materials, not otherwise enumerated Sad irons steam-engines and parts of steam-engines, not otherwise enumerated Waterworks pipes Cement - ... Carriages, carts, drays, wagons, and perambulators, and wheels for the same Bicycles, tricycles, and the like vehicles 3uggy-shafts, bent wheel-rims, and other bent carriage timber not otherwise enumerated ... ... ..'. Carriage-shafts, spokes, felloes, and naves not otherwise enumerated ... ... ... ... Completed parts of carriages, carts, drays, wagons, perambulators, bicycles, and tricycles, and the like vehicles Sags, flour „ calico, Forfar, Hessian, and linen „ carpet Cartridges and cartridge-cases Greenstone, cut and polished Garble, granite, and other stone, sawn on not more than two sides, and not dressed or polished ... Garble, granite, and other stone dressed or polished, and articles made therefrom Photographic chemicals ... ... ... „ goods not otherwise enumerated Carpaulins, tents, rick- and wagon-covers; aprons and elevators for reaping and binding machines ... Wooden tackle-blocks tr 20 0 0 20 0 0 rt rt 20 0 0 5 0 0 0 2 0 tt the barrel 20 0 0 20 0 0 per cent, ad valorem. tt 15 0 0 tt 15 0 0 it 20 0 0 20 0 0 20 0 0 20 0 0 15 0 0 20 0 0 tr it tr If it 5 0 0 tj 20 0 0 15 0 0 20 0 0 tt tt 15 0 0 20 0 0 it

8.—6

Besolved, That the duties of Customs now charged on the under-mentioned articles shall cease and determine, namely:—

Aetists' canvas, colours, brushes, and pallet- Machinery for mining purposes knives „ refrigerating and preserving meat Ash timber, unwrought Metal fittings for portmanteaus, travelling-bags, and leggings Bbass tubes Metallic capsules - Blind tape Bolts and nuts under fin. diameter Passengees' baggage and effects, including only Bags, seamless calico wearing apparel, jewellery, and other perButtons, braids, tapes, wadding, pins, needles, sonal effects that have been worn or are and such minor articles required in the in use as personal ornaments by persons making-up of apparel, boots, shoes, hats, arriving in the colony; also implements, caps, saddlery, umbrellas, parasols and sun- instruments, and tools of trade, occupation, shades, as may be enumerated in any Order or employment of such persons; and houseof the Commissioner of Trade and Customs hold effects not exceeding £100 in value and published in the Gazette used abroad for more than a year by the persons or families bringing them to the Candlenuts and candlenut kernels colony, and not intended for any other perCandlewick son or persons or for sale; also cabin fur-Cardboard-boxes, Materials for — namely, gold nishings belonging to such persons and silver paper plain and embossed, gelatine Perambulators, bicycles, tricycles, and the like and coloured papers, known as box papers vehicles (fittings for), not otherwise enumeCarriage- and cart-shafts, spokes and felloes in rated the rough, elm hubs and poles if unbent and Photographic cameras unplaned Portable engines 'Children's boots, shoes, and slippers, Nos. oto 3 Precious stones unset Cochineal Coil-springs Bails for railways and tramways Cocoa beans Bivets and washers of all kinds Cotton piece-goods and linen hollands invoiced at or under sd. the yard Steam-engines, non-condensing, the area of whose cylinder or cylinders exceeds 1,000 Dye-stuffs, and dyeing materials, crude circular inches; and condensing engines, the area of whose cylinders exceeds 2,500 cirEngineees' machine tools cular inches Steam boiler-tubes, corrugated and welded flues, Glassmakebs' moulds and Bowling's expansion rings Gum arabic and tragacanth Steam fire-engines Gum-boots Shale waste or unrefined mineral oil Strychnine leon and steel cordage Stones, mill, grind, oil, and whet „ boiler-plate and end plates for boilers Ships' rockets, blue lights, and danger signals , rolled girders Tacks of all kinds Kangaeoo skins, undressed Tanning materials—crude Locomotives Umbbella silk and other fabrics, when cut into pieces not larger than the size required for Machineet for agricultural purposes, also mate- covering umbrellas, parasols, and sunshades, rials for manufacturing the same, viz. : and to be specially used for such purposes reaper-knife sections, fingers, brass and Upholsterers' imitation hair-seating steel springs and tilt-rakes, chaff-cutting knives, set screws, malleable castings, fit- Wiee, brass, copper, and lead tings for threshing-mills, discs for harrows, Waterproof material in the piece forgings for ploughs, mouldboard-plates and Wax, bottling steel share-plates cut to pattern, and skeithplates Yaen, flax and hemp Machinery for dairying purposes Besolved, That, on all goods, wares, and merchandise imported into the colony, there shall be levied and paid at the time of making import entry therefor a primage duty of one pound per centum on the fair market value thereof in the country whence the same were exported, as such value is defined in " The Customs Laws Consolidation Act, 1882." Besolved, That, in lieu of the duties of exise now charged on the undermentioned goods, there shall, on and after the first day of January, 1889, and until the thirty-first day of December, 1890, be charged thereon, and be paid at the time of making entry therefor, the following duty, namely :—■ On all cigars, cigarettes, and snuff manufactured within the Colony ... ... One shilling and sixpence the pound.

Authority: George Didsbubt, Government Printer, Wellington.—lBBB,

This report text was automatically generated and may include errors. View the full page to see report in its original form.

Permanent link to this item

https://paperspast.natlib.govt.nz/parliamentary/AJHR1888-I.2.1.3.6/2

Bibliographic details

FINANCIAL STATEMENT (In Committee of Ways and Means, Tuesday, 29th May, 1888.) BY THE COLONIAL TREASURER, THE HONOURABLE SIR H. ATKINSON., Appendix to the Journals of the House of Representatives, 1888 Session I, B-06

Word Count

19,236

FINANCIAL STATEMENT (In Committee of Ways and Means, Tuesday, 29th May, 1888.) BY THE COLONIAL TREASURER, THE HONOURABLE SIR H. ATKINSON. Appendix to the Journals of the House of Representatives, 1888 Session I, B-06

Using This Item

No known copyright (New Zealand)

To the best of the National Library of New Zealand’s knowledge, under New Zealand law, there is no copyright in this item in New Zealand.

You can copy this item, share it, and post it on a blog or website. It can be modified, remixed and built upon. It can be used commercially. If reproducing this item, it is helpful to include the source.

For further information please refer to the Copyright guide.

FINANCIAL STATEMENT (In Committee of Ways and Means, Tuesday, 29th May, 1888.) BY THE COLONIAL TREASURER, THE HONOURABLE SIR H. ATKINSON. Appendix to the Journals of the House of Representatives, 1888 Session I, B-06

Using This Item

No known copyright (New Zealand)

To the best of the National Library of New Zealand’s knowledge, under New Zealand law, there is no copyright in this item in New Zealand.

Permanent link to this item

Bibliographic details

Word Count

FINANCIAL STATEMENT (In Committee of Ways and Means, Tuesday, 29th May, 1888.) BY THE COLONIAL TREASURER, THE HONOURABLE SIR H. ATKINSON. Appendix to the Journals of the House of Representatives, 1888 Session I, B-06

Using This Item

No known copyright (New Zealand)

FINANCIAL STATEMENT (In Committee of Ways and Means, Tuesday, 29th May, 1888.) BY THE COLONIAL TREASURER, THE HONOURABLE SIR H. ATKINSON. Appendix to the Journals of the House of Representatives, 1888 Session I, B-06

Using This Item

No known copyright (New Zealand)

Log in or create a Papers Past website account

Log in with RealMe®

Log in again to continue your work

Log in again with RealMe®

Alert

	1 January 1888
0:000:050:100:150:200:250:300:350:400:450:500:55
Today

	1 January 1888
0:001:002:003:004:005:006:007:008:009:0010:0011:0012:0013:0014:0015:0016:0017:0018:0019:0020:0021:0022:0023:00
Today

	1888
JanFebMarAprMayJunJulAugSepOctNovDec
Today

	1880-1889
187918801881188218831884188518861887188818891890
Today

Pages 41-42 of 42

Pages 41-42 of 42

Pages 41-42 of 42

Pages 41-42 of 42

FINANCIAL STATEMENT (In Committee of Ways and Means, Tuesday, 29th May, 1888.) BY THE COLONIAL TREASURER, THE HONOURABLE SIR H. ATKINSON. Appendix to the Journals of the House of Representatives, 1888 Session I, B-06

Using This Item

No known copyright (New Zealand)