FINANCIAL STATEMENT (In Committee of Supply, 25th June, 1890) BY THE COLONIAL TREASURER, THE HONOURABLE SIR H. A. ATKINSON.

Appendix to the Journals of the House of Representatives, 1890 Session I, B-06

B.—b\

1890. NEW ZEALAND.

FINANCIAL STATEMENT (In Committee of Supply, 25th June, 1890) BY THE COLONIAL TREASURER, THE HONOURABLE SIR H. A. ATKINSON.

Me. Hamlin,— The Committee will be pleased to learn that my anticipation last session, of ending the financial year with a small surplus, has been more than realised. And I am sure that this feeling of gratification will be increased when I have shown, as I propose to do before I sit down, that this surplus has arisen no less from the steady improvement in the condition of the colony than from the large economies and careful administration which the present Parliament inaugurated and has always insisted upon, and which the Government has, to the best of its ability, carried out. As signs of real and very satisfactory progress, I may note particularly, on the one hand, that our Crown lands are being rapidly taken up for settlement in small areas, so that our agricultural holdings are increasing at as rapid a rate as they have at any time during our greatest prosperity; while, on the other hand, there has been an increase in the productiveness of most of our main industries, which has been very marked even in the short space of the year just closed. It is evident that, with continued prudence, our financial difficulties are now well under control; that if our burden, in proportion to our numbers, may seem great, our strength and resources are far greater still, and capable of indefinite increase. And although we must not in any way relax the care and vigilance with which we have watched our expenditure for the last three years, and have striven to extend settlement and promote industry, yet we have reason to feel sure that prosperous times have again dawned upon us, and that, humanly speaking, it rests with ourselves to make this prosperity permanent. And indeed this dawn of prosperity would now be seen to expand into broad daylight if we would only look fairly at the bright side of things, and dwell as much upon the blessings and advantages which we have in this grand country as upon the temporary difficulties and troubles which beset us from time to time, and upon which some are too fond of dwelling. It is no doubt a plain duty to keep the latter in view so far as is needed to insure their removal; but it is suicidal to ignore the countervailing facts, the great and manifold advantages we enjoy. lam induced to make these remarks because, during the last few months, I have been much impressed, in talking to travellers both from Australia and England, with the extraordinarily false impression which has been created in those countries as to our condition. This was shown by the unfeigned astonishment of the gentlemen with whom I spoke at finding us not, as they had expected, out at elbows in every sense, but in possession of every comfort and convenience of modern life, and at seeing; that this comfort and plenty w rere shared in by all classes. They found the people well educated, well fed, well clothed and housed, working, by long-establishred custom, art eight hours' day (which workmen in older countries are striving to attain by law), and ready and able to enjoy very frequent holidays. That we, as a colony, have been I—B. 6. "

Anticipated surplus more than realised.

Financial difficulties now well under control.

8.—6.

greatly damaged by this false impression that is abroad about our state, I think is certain, and every effort should be made to dispel it. Parliament can, I fear, do little; but the people and the press might do much to correct it. In preportion as it is corrected and the truth made known, we may expect to see again a steady inflow of the best class of settlers from Home and elsewhere— a class of competent settlers who come to stay, the very class which, has made New Zealand what it is. CONSOLIDATED FUND. I will now ask the attention of the Committee while I place before it the transactions of the past year. ExPENDITUBE OP THE YEAR 1889-90 (OKDINAEY BeVENUE). The estimated expenditure for the year 1889-90, including charges under special Acts and the supplementary estimates, amounted to £4,150,703. The actual expenditure was £4,121,842: there was therefore an unexpended balance of the amount authorised of ,£28,861. Full particulars of the unexpended appropriations will be found in the Appropriation Account, and in the tables attached to this Statement. There are no items in this expenditure of so exceptional a nature as to require my calling the attention of the Committee specially to them. Eevenue of the Yeak 1889-90 (Oedinaey Eevenue). I estimated (and my estimate, of course, included the primage duty) to receive during the year a total ordinary revenue of £4,187,800; the actual amount received was £4,209,247 ; the total revenue therefore exceeded the estimate by £21,447. The Customs were less than the estimate by £49,126. The Stamps exceeded the estimate by £24,755, and the Railways by £63,340. Full particulars will be found in the table appended to this Statement. No exceptional items have come to credit during the year, but I may mention that the profit for the year of the Public Trust Office, amounting to £5,182, has not been brought to credit. Land Fond Expenditube and Eevenue. The estimated expenditure of the Land Fund, including supplementary estimates, was £128,149. The actual expenditure was £121,919. The expenditure was therefore less than the estimate by £6,230. Of this expenditure there was paid to local bodies for rates on Crown lands £11,684, and £18,159 in respect of receipts from deferred-payment lands. The actual receipts were £87,692, as against £136,100 estimated. The expenditure having been £121,919, and the receipts £87,692, there was a deficiency of £34,227 for the year 1889-90. The deficiency, I may say, would have been less by £14,000 if land to that value which was sold had been paid for in cash instead of, as it was, in scrip issued for military service and under the Forest Trees Planting Encouragement Acts. The significance of this deficiency must not be misunderstood : it means only that our anticipations regarding cash sales of land have not been realised, the preference being given by settlers to the system either of deferred payment or perpetual lease. It will be apparent that the shortcoming of the revenue of the Land Fund, to meet the costs of administration and survey, must under such a system be only temporary ; and, if we are to continue the perpetual-lease tenure, as we certainly shall, further financial provision must be made for some years to come. I shall presently return to this question. FINANCIAL EESDLTS OF THE YEAE. Ordinary Eevenue. The surplus with which we began the year was £27,768 ; after paying off £50,000 of the deficit at the 31st March, 1888; and I have just said that the ordinary revenue received was £4 r 209,247. The amount available to meet expenditure was therefore £4,237,015, and, the total expenditure having been £4,121,841, there was a surplus for the year of £115,174. This surplus, of

Deprecates false impressions abroad regarding state of colony.

Consolidated Fund.

Table No. 2. Expenditure out of ordinary revenue, 1889-90, less than estimate by £28,861.

Ordinary Revenue, 1889-90, more, than esti-mate-by £21,447.

Land Fund Expenditure, 1889-90, exceeded receipts by £34,227.

Financial results 1889-90. Table No. 2. Surplus of £115,174 in ordinary revenue account, 1889-90.

2

8.—6.

course, includes the primage duty, amounting to £55,826. It will be in the recollection of honourable members that I expressed a hope when the primage ditty was imposed, notwithstanding the fact that it was only estimated to produce about £116,000 in two years, that I should be able within that period to pay off the whole balance of the deficit of £128,605 which stood at the end of the year 1887-88 unprovided for. At the end of last financial year, the results of which we are now considering, the primage duty had only been in force twenty-two months, and the amount it had reached was only £101,958; yet I have found myself in a position to pay off the whole of the £128,605, to which I have alluded, some months within the period originally anticipated. This fact will, lam sure, be a cause of much satisfaction to the Committee. The primage duty, as honourable members will recollect, was only imposed for two years, and expires on the 30th instant; whether or not it will be desirable to continue this duty for some time longer is a question upon which I shall have something to say presently. The final result for the year, after paying what was left unpaid of the deficit of £128,605 — namely, £78.605—is a balance of £36,569 with which to begin the current year. This result I feel sure the Committee will not think unsatisfactory; but honourable members will naturally ask, What about the liabilities ? A table which will be attached to this Statement when published gives full particulars of the liabilities outstanding at the end of each year since 1881. The Committee will be glad to learn that the outstanding liabilities at the end of 1889-90 were less than those of the previous year by £15,186 ; they were also less than the average liabilities of the last nine years by £36,783, and less than in 1881, when the present system was begun, by £38,362. These facts are a complete answer to those persons who, professing to be well-informed, are either so ignorant or so disingenuous as to talk of the surplus of last year as being manufactured by holding over liabilities at the end of the financial year. There seems to be an impression in some quarters that our book-keeping" is faulty, in that it is possible for a Treasurer, with the view of obtaining a nominal surplus, to delay paying accounts at the end of the year, and so appearing to possess a surplus, when in reality, if the accounts which were due had been paid, there would have been none. This fear, however, is clearly groundless; in the first place, as shown by our ten years of actual experience; and, secondly, because detection and exposure for such a proceeding would follow upon the publication of the estimates of liabilities certified by the several heads of departments, which by law must be placed upon the table of the House within ten days of the meeting of Parliament. The present system of keeping our accounts was introduced by me in 1881. The principle is this : All moneys that come into the Treasury between the Ist April in one year and the 31st March in the next (including, of course, the proceeds of any deficiency bills) constitute the receipts of that financial year, and the expenditure for the year is the total amount of all the payments actually made during the same period, whether or not such receipts became due or expenditure was incurred within the year in which the cash came into, or was paid out of, the Public Account. This system enables the Treasury to close its books immediately after the termination of the financial year; and the simplicity of it will commend itself to any one who may find himself puzzled over the intricacies of the old method of Assets and Liabilities at the end of the year which prevailed prior to 1881. Land Fund. I have said that there is a deficiency in the Land Fund this year of £34,227, which, added to the deficiency on this account at the begining of the year, amounts to a total of £45,716. With this debit balance Ido not propose to deal this year. It will be in the recollection of the Committee that my honourable colleague the Minister of Lands estimated he would be able to sell sufficient land to make this account -sself-supporting; but he found that, unless he made it compulsory on the part of the purchasers to take particular blocks for cash— that is, practically restricting them to a particular class of tenure —it would be impossible to obtain the amount of cash which he had estimated to receive. Such restriction would not have been in accordance with the policy of the

Enabled to pay off, earlier than anticipated, whole of the deficit of £128,605, at 31st March, 1888, unprovided for.

Balance thereafter of £36,569, with which to begin 1890-91.

Outstanding liabilities less than previous year by £15,186. Table No. 3.

Debit balance of Land Fund Account explained. Do not propose to deal this year with balance at 31st March, 1890.

3

B.—ft

Government, or have met with the approval of the House. It was therefore thought better to leave intending settlers as free as possible to compete on equal terms, selecting for themselves the tenure which would best suit their circumstances, —cash purchase, deferred payments, or perpetual lease,- —and not to make any attempt to balance the account by forcing the sale of land for cash. It is clear, however, that if w re are to continue this system of free choice of tenure we must face the fact that it will be impossible to carry on the settlement of the country without large extraneous aid to the Land Fund. During the three years the late Government were in office the receipts from sales of land fell short of the charges fixed by law, and the costs of surve}', administration, &c, by £147,200, without counting the amount expended from other funds in the purchase of the land, on roads to open it up for settlement, or in settlement itself. For the two years and a half to the 31st March last, during which the present Government have been in office, the receipts proved inadequate to meet the ordinary charges by £90,354. THE PUBLIC DEBT. On the 31st March, 1890, the gross estimated public debt of the colony amounted to .£38,607,950, and the accrued' sinking funds to £1,383,432 ; the net public debt was therefore £37,284,518. Of this sum there remained unexpended about £961,300. Before proceeding to refer to the transactions of the year affecting the amount of the public debt at the 31st March last, it is necessary to explain that, as the recent conversion of 5-per-cent. debentures into 3^-per-eent. inscribed stock, to which I shall presently refer, had not been completed bj r the end of the year, I have, for the sake of simplicity, deemed it desirable, in stating the public debt, to add, to the £2,700,000 of stock issued last year, an estimate of the further stock required to cover the w Thole operation, and to exclude the debentures called in and in course of payment, which I have assumed have all been sent in and redeemed by the 31st March. During the year debentures of the New Zealand loan of 1856—namely, £50,000 due Ist July, 1889, and £50,000 due Ist October, 1889 —were redeemed out of accrued sinking funds; debentures of "The Consolidated Stock Act, 1884," for £133,400 were redeemed out of sinking fund of the consolidated loan of 1867 set free by conversion; debentures for £48,600 of the loan last named, drawn for redemption in 1889, were redeemed out of the sinking fund of that loan ; and there were redeemed and in course of redemption out of the proceeds of the new issue of 3J-per-cent. inscribed stock, debentures of the New Zealand loan of 1889, £388,000, clue the Ist November, 1889, and debentures of the New Zealand loans of 1876 and 1.877 for £2,207,300 (known as the 5-per-cent. ten-forties), called in for redemption on the Ist March last. On the other hand, debentures were issued for £275,200 under "The Consolidated Stock Act, 1884," equivalent to the estimated amount of increases of the sinking funds for 1888-89 ; and a further amount of £50,000 for loans to local bodies under " The Government Loans to Local Bodies Act, 1886." Then we issued the £2,700,000 of 3j-per-cent. inscribed stock already referred to, created for the purpose of paying off the debentures remaining unconverted of the loan of 1879 and of the 5-per-cent. ten-forties; and to this I have added the estimated further amount of £70,000 3J-per-cent. inscribed stock required to complete the conversion operation. Although by this operation the public debt has been enlarged, honourable members will, of course, bear in mind that a considerable saving in the annual charge has been effected by the reduction of the rate of interest in respect of the bonds converted from 5 to 3| per cent. I have also included £75,000 for mortgage debt taken over by the Government w 7hen the Waimea Plains Eailway was purchased, but which has not hitherto appeared in the annual statement of the public debt. Interest upon it is paid out of the Consolidated Fund, and eventually the Treasury will be called upon to redeem the mortgages by the issue of debentures under the District Railways Purchasing Act. For these reasons, I think the- amount should be included in the debt, and I have included it accordingly. The usual table of particulars will be appended to this Statement when printed for circulation. It will be seen on referring to it

With free choice of land tenure, (and preference given to perpetual lease), temporary extraneous aid to Land Fund necessary.

The Public Debt. Table No. 4. Net public debt, £37,284,518, of which there is unexpended, £961,300. Transactions of 1889-90 stated.

4

8.—6,

that there are several loans falling due in the course of the next two or three years. In §.ome cases the accrued sinking funds will probably suffice for their redemption ; in others the debentures are convertible, under agreement with the holders, into 4-per-cent. inscribed stock. With regard to the remainder, there is authority to renew some of them for a short term ; but in preference to doing so it may be found desirable, in making provision for those which are not renewable, to deal at the same time with those which are, and so make one operation do for all. There is, however, no necessity for legislation on the subject this session. Before concluding my remarks on the public debt, I desire to remove any impression that may have arisen that we have from year to year been increasing our funded debt by the full amount of debentures authorised by law to be created for the annual increase of the sinking funds. It should be borne in mind that, while the amount of such debentures is being year by year added to the debt, an annually-increasing amount is at the same time being deducted from it, by applying to the redemption of debentures so created the sinking funds of loans set free by conversion. For instance, it will be seen, from the accounts and from my previous remarks under this head, that we last year issued ,£275,200 and redeemed .£138,400. The total amount issued since the Acb came into operation is .£1,547,484, and we have redeemed .£608,400, leaving ,£939,084 oiitstanding on the 31st March last. Issue op £2,700,000 3-J-peb-Cent. Inscribed Stock. Last year the Government, having in view the necessity of borrowing in London for the purpose of taking up the ,£388,000 unconverted balance of the five-million loan of 1879, which fell due on the Ist November, 1889, determined, on the advice of the Loan and Stock Agents—to whose foresight and judgment in the management of our loans I have much j)leasurein stating the colony is greatly indebted —to exercise the option of paying off at six months' notice the balance of the loans of 1876 and 1877, known as the 5-per-cent. ten-forties, amounting to £2,207,300, and to combine in one operation the calling-in of these debentures and paying off the balance of the loan of 1879. Notice to pay off the ten-forties on the Ist March, 1890, was accordingly given to the holders of the bonds on the 16th July; and on the 18th October the Bank of England invited tenders for .£2,700,000 New Zealand Government 3^-per-cent. stock, repayable at par on the Ist January, 1940. The minimum price of issue was fixed at 95 per cent., and the first six months' interest was made payable on the Ist July, 1890. This was the first occasion on which' New Zealand had entered the market with a 3^-per-cent, loan, and the result was looked forward to with considerable interest. Early in October, when the time for issuing the loan was rapidly nearing, circumstances did not seem to the Agents favourable to success, and it seemed not unlikely that it would be prudent to postpone the issue for a few months, and make temporary provision for taking up the debentures due on the Ist November ; but later on such an improvement took place in the money-market as to warrant the Agents in proceeding with the loan. The average price realised proved to be ,£95 16s. B£d., being rather less than 1 per cent, over the minimum —a result which will yield a saving of about .£30,000 in the annual charge for interest, and is, on the whole, fairly satisfactory. It is gratifying to note, as indicating a growing confidence in the credit of the colony, that since the loan was issued it has risen in price to 99. Papers relating to the negotiation of the loan will at once be laid before Parliament. PUBLIC WOEKS FUND. It may be as well to remind honourable members that since the year 1885-86 tlie Public "Works Fund has been divided into three parts. Part I. consists of the balance left of the loans existing prior to the 31st March, 1886, supplemented by one-half of the loan of one million authorised in 1888 for roads, purchase of Native lands, telegraph extension, and harbour defences ;" Part H. is the account of the million loan authorised in 1882 for the North Island Main Trunk Eailway ; and Part 111. is the account .of the loan of £1,325,000 authorised in 1886 for the construction of certain railways, supplemented by one-half of the loan of one million authorised in 1888.

Loans falling , due. i i i

1 Explanation , regarding debentures 1 issued for increases of ! Sinking Fund. . I

. L I L Three-and-a- , half-per-cent. Inscribed Stock i issued for conversion purposes, 1 £2,700,000. : I . j I

I j ! Minimum price , of issue, 95.

Price realised, £95 lCs. BJd.

Saving of interest by conversion, , £30,000 per annum.

Public Works Fund. Table No. 1,

5

G^J£ 8,—6,

Part I. On the 31st March, 1889, the balance at credit of this account was .£303,801; in addition to which there was an asset of ,£87,974 under " The Government Lo_ans to Local Bodies Act, 1886," to which I referred in my last Financial Statement, making a total of £391,775 in this account available for expenditure. During the year receipts to the amount of .£8,142 came in under " The Ellesmere Lake Lands Act, 1888," and certain recoveries amounting to .£1,271. These, with the balance of £391,775 at the beginning of the year, make a total of £401,188. The expenditure during the year amounted to £167,513, the principal items of which were —roads, £84,031; and public buildings, £35,472. The unexpended balance at the close of the year was £233,675, including the asset of £87,974 just mentioned; and the liabilities were £114,308. In this account there appears on both sides an item of £75,000 in connection with the purchase of the Waimea Plains Eailway. The reference to this item which I have made in my remarks upon the public debt explains why it has been deemed desirable to pass the amount through this account. Part 11. The unexpended balance of this account, which is an account of the North Island Main Trunk Eailway Loan of £1,000,000, was .£435,817 on the 31st March, 1889. The expenditure in 1889-90 was £48,832, including £24,049 for purchase of Native lands, leaving a balance of ,£386,985 at credit of the account on the 31st March last, subject to liabilities amounting to £9,694. Part 111. We began the year with a credit balance in this account of £618,078, augmented to £621,191 by £3,113 recoveries. The year's expenditure was £194,385, and we had in hand at the 31st March last £426,806, with outstanding liabilities amounting to £190,929. Summary. I have not considered it necessary to enter into any particulars regarding the expenditure out of the Public Works Fund during the past year, as full information on the subject will be given to the House when the Public Works Statement is made. Summarising the transactions of the year, we find that we began with a balance of £1,445,670, increased to £1,458,195 by certain receipts, £12,525 ; that we expended £410,729, including over £28,000 for the purchase of Native lands; and that we had a balance in hand on the 31st March last of £1,047,466, against which there were liabilities outstanding amounting to £314,932. The following are the particulars of the unexpended balance :— Cash in the Public Account .... .... .... £322,978 Cash on fixed deposit in London .... .... 30,000 Temporary Investments, — Debentures of the Loan of 1870 guaranteed by the Imperial Government.... .... 476,000 Westport Harbour Loan debentures .... 56,000 Greymouth Harbour Loan debentures .... 5,000 Consolidated Stock debentures .... .... 15,500 In the hands of officers of the Government .... 54,014 959,492 Available under section 31 of " The Government Loans to Local Bodies Act, 1886 " .... 87,974 Total £1,047,466 It will be observed that included in the balance are debentures of the Westport Harbour Board for £56,000, and of the Greymouth Harbour Board for £5,000. It was deemed expedient to take up these debentures temporarily out of moneys at credit of the Public Works Fund, and other debentures of the same Boards out of the Post Office Account, to enable works urgently required and in

Pabt I.

Unexpended balance at 31st March, 1890, £288,675, and liabilities, £114,308.

Part 11. Unexpended balance, £380,985, and liabilities, £9,094.

Past 111. Unexpended balance, £420,806, and liabilities, £190,929. Summary,

Total expenditure, £410,729; unexpended balance, £1,047,466; and liabilities, £314,932, at 31st March, 1890.

Westport and Greymouth Harbour Boards' debentures.

6

8.—6.

progress to be carried on pending full consideration of the whole question of dealing with the requirements of the respective harbours and the best means of obtaining the funds which might be deemed necessary, rather than that the Boards should attempt to float their loans either in London or in the colony. The Westport Board was authorised in 1884 to borrow to the extent of £500,000, and has borrowed £250,000, of which £150,000 is guaranteed, and was raised as a 4-per-cent. loan in London ; and £100,000, of which the £56,000 referred to is a part, has been temporarily advanced upon security of the like amount by the Post Office and Public Works Fund. The whole of these moneys are exhausted, and it will be necessary for the present to continue to make small advances from the Public Works Fund, upon security of a further issue of debentures. The Greymouth Harbour Board has exhausted its borrowing-powers. The authority was for £150,000, of which £100,000 was guaranteed, and raised in London along with the Westport £150,000. The amount borrowed has been all expended, and in the meantime it has been found necessary to make advances to the extent of about £5,000. The Government have now under consideration certain proposals with regard to these two Harbour Boards, and an early opportunity of discussing them fully will be afforded to the House. . GOVEENMENT LOANS TO LOCAL BODIES. Up to the 31st March, 1889, the Treasury had borrowed £200,000 for the purpose of making loans under " The Government Loans to Local Bodies Act, 1883;" and last year further sums were from time to time borrowed to the amount of £50,000, making in all £250,000 at the 31st March, 1890. The debentures issued for this amount bear interest at the rate of 5 per cent, per annum, and mature on the Ist March, 1892. At the 31st March, 1889, the total amount advanced to local bodies was £192,316, and last year the sums so paid amounted to £59,763, making a total of £252,079, reducible, however, by £3,880 for refunds, &c, to £248,199, leaving a balance in hand at the end of the year of £1,800. At the 31st March, 1890, the engagements of the Treasury in respect of these loans amounted to £14,928, and applications had been received for £39,530 more, which had been granted on the usual understanding that all the steps necessary to complete the security for the loans would be taken before any payments were made. At the Ist February, 1890, the amount of debt standing inscribed in the Treasury register, including the equivalent of the converted debentures issued by local bodies under " The Eoads and Bridges Construction Act, 1882," was £328,980 ; and between the Ist February and the 31st March, 1890, further payments to the amount of £14,782 had been made, which carry interest at 4 per cent, until the Ist February, 1891, when, with interest added, the amounts so paid will, in accordance with the provisions of the Act, be also inscribed in the Treasury register. Having thus laid before the Committee a brief summary of the operations under " The Government Loans to Local Bodies Act, 1886," to the 31st March last, I shall now refer shortly to the provisions of the Act which relate to the creation of a sinking fund for the redemption of the debentures issued by the Treasury to provide the money to make the loans. In section 45 of the Act it is provided that the sinking fund shall consist of such amount as may be annually appropriated from time to time by the General: Assembly, not exceeding 2 per cent, on the amount of the original debt of the \ local bodies : the payments to continue for a period of twenty-six years. It was assumed that the money required to make the loans could be' borrowed by the Treasury at 4 per cent., and that, with a contribution of 1 per cent, from the Consolidated Fund and 1 per cent, from the 5 per cent, paid by local bodies, a sinking fund of 2 per cent, per annum would be created, which, invested at* 5 per cent., would at the end of twenty-six years accumulate, to such an amount as would enable the Treasury to repay the money borrowed. When the scheme was brought into operation in 1886-87 the time was no doubt found inopportune to borrow at 4 per cent., and short-dated debentures

Government Loans to Local Bodies. Total amount borrowed to make loans from beginning, ' £250,000; loans made, £248,199.

Engagements at 81st March, 1890, for further loans, £14,928 absolute, £39,530 contingent.

As to provision for a sinking fund to redeem debentures issued by Government.

7

8.—6.

were issued at the higher rate of 5 per cent., the creation of a sinking fund being for a time postponed. The present Government has continued the issue of short-dated debentures until a fitting time arrives for their redemption by the issue of a 4-per-cent. or 3J-per-cent. loan, when it is proposed to ask Parliament to make provision for the sinking fund prescribed by the Act. CONSOLIDATED FUND. EXPENDITUBE (OIIDINABY BEVENUE ACCOUNT) YOU THE YbAB 1890-91. I now come, Mr. Hamlin, to the consideration of the expenditure and revenue for the current year. The estimated ordinary expenditure is £4,127,417, full particulars of which will be found in the estimates, which will be in the hands of honourable members this evening. With the exception of the Postal and Telegraph Department, salaries have been increased in very few cases, of which explanations will be given by Ministers when the estimates are considered in Committee. The aggregate increase which has taken place in the Post and Telegraph Department amounts to £5,271. The Government have thought it desirable to classify the Post and Telegraph officials under a system which it is proposed to apply to the whole service, should the Civil Service Bill pass, which the Government will introduce shortly. The increase caused by the classification of the Post and Telegraph officials amounts, as I have just said, to =£5,271 for the current year; and before the several classes have obtained their maximum salary the total increase will be £19,569. This will take between five or six years to accomplish. That the maximum amount, however, will be reached by the time named rests of course on the assumption that no vacancies will occur either through death, resignation, or otherwise. But this is not at all likely to be the case, and it may be anticipated that the total increase will be considerably less than the sum named. This department, considering the responsibility devolving upon its officers, has, as honourable members know, been for a long time underpaid in all its branches. The total proposed increase for the year in salaries is £5,271, of which £4,471 goes to officers whose salary is £200 a year or under. In most of the classes of expenditure little or no increase has been made over the estimates of last year. I shall briefly explain the chief items of increase in the remaining classes. In Education there is an increase of £6,000. Tins is less than the amount which the annual increase of scholars for capitation would give. In the Native Department the increase of £4,400 is entirely owing to the appointment of additional Judges in the Land Court, and expenses of the Commission under the Act of last session. In Working Eailways there is additional expenditure proposed of £18,000. This arises from additional mileage opened for traffic, and the increased cost of iron. In public buildings there is an increase of £27,400, mainly for schoolbuildings and a building for deaf-mutes. In Defence there is a small increase; but the Government are of opinion that the provision made is not sufficient for such a force as our defence works require, and it is the intention of my colleague the Defence Minister to bring the matter before the House, and, if his proposals are approved, further provision will have to be made. In connection with this matter is the question of our contribution under the Imperial Act. It is possible that a payment may during the year have to be made on this account; but, as it is uncertain, Ido not propose to ask a vote. The amount can only be small this year, and if anything has to be paid I propose to make the payment out of " Unauthorised." Members will observe that there is a large reduction in the Postal and Telegraph Department. This arises from no provision being made for the San Francisco mail service after the expiration of the present contract, and from other items, full explanation of which will be given by the Postmaster-General when the estimates come before the Committee. I much regret that the San Francisco service is likely to fall through for a time, as the New South Wales Government have positively refused to join in the subsidy, and I fear that there is small hope of the Imperial Government agreeing to pay for the conveyance of the mails to and from London

Estimated Expenditure 1890-91. Table No. 9Ordinary Revenue Account, £4,127,417. Salaries increased in tew cases, except underpaid .Post and Telegraph officials.

In most classes no increase overestimates, 1889-90.

8

8.—6.

and San Francisco. I cannot, however, believe that we are likely to be long without a good steam service between Auckland and San Francisco. With reference to Mr. Goschen's proposals for the reduction of the postage to 2|d., the Postmaster-General when making his statement with reference to the mail services will explain fully as to how the proposal can be given effect to without loss of revenue to the colony. Honourable members will be pleased to observe that the amount of the proposed appropriations for the current year is slightly less than the amount voted last year—the respective totals being .£1,983,334 and £1,987,237 —notwithstanding the fact that the Eailway Commissioners require .£lB,OOO more than they did last year, and that we propose an extra expenditure of £15,000 for school-build-ings and £8,000 for an institution for deaf-mutes. Land Fund. The total estimated expenditure chargeable against the Land Fund is £116,557. This is less than the provision made last year by over £11,000. The reduction is caused through rates on Crown and Native lands being no : longer payable except in certain cases, the Act having expired on the 31st March last. OEDINAEY EBVBNUB FOR THE YEAR 1890-91. This brings us to the question of the ways and means for the year. Before I go into this, however, I wish to call the attention of the Committee to two subjects about Avhich there is much difficulty. I refer first to the question: of providing the necessary means for school-buildings; this expenditure, as • honourable members know, has been charged to the Consolidated Fund for' the last two years : secondly, to the provision required for lunatic-asylum \ buildings, which have hitherto been charged against the balance of the loanmoney originally set apart for the purpose. The question of locally charging, if not the whole, at any rate a part of the cost of school-buildings has been mooted from time to time, and the matter has been carefully considered by the Government. We have come to the conclusion, however, that it would be very difficult with fairness to the several localities to make such a charge, and that it might seriously injure our system of education in the country districts to do so. Yet we do not see our way at the present time to charge the Consolidated Fund with the school-building vote as a permanent thing. We think the whole matter wants further consideration, and are of opinion that it would be wise for the House to make extra provision for school-buildings, and also for lunatic-asylum buildings, which I regret to inform the Committee are not nearly equal to the present requirements. This extra provision should be made for a limited time only, during which period, I trust, the growth of our ordinary. consolidated revenue will render it possible to charge these buildings against it,! if Parliament shall determine that it is a charge which ought permanently to be ' borne by the ordinary revenue. The Government, therefore, propose to continue the primage duty for another two years for the purpose of providing funds for school-buildings and lunatic-asylum buildings. The Government think that the time has arrived when the Minister ofi Education should have more direct control over the vote for school buildings than J has hitherto been the case, and we shall ask Parliament to amend the law so as i to enable the Minister to have an effective voice in determining what buildings are unnecessary. We think also that, wherever possible, future buildings should be of stone or brick, in preference to wood. My colleague the Minister of Education will shortly go fully into this matter, for the information of the House. The Government have had under their careful consideration during the c recess the question of the incidence of the property-tax. The strong antagonism \ which seems to be felt against the tax in some important districts of the colony a would alone have demanded an exhaustive reconsideration of the subject, and * such a reconsideration the Government have given the matter, but, I regret to say, without seeing their way to reduce, much less to abandon, the tax in the present state of our finance; our present necessities making it 2—B. 6.

r ! I I Total proposed appropriations slightly less than voted for 1889-90.

Land Fund: Estimated expenditure, £11,000 leas than voted for 1889-90.

Ordinary Revenue, 1890-91. Necessity for providing for school-buildings and lunatic asylum buildings.

Proposal to continue primage duty for above purpose.

More ministerial control over vote for school-build-ings required.

Cannot at present reduce, much less abandon, pro-perty-tax.

9

8.—6.

impossible for us to forego any appreciable part of the sum now raised. That sum, it must be remembered, is estimated at no less than £355,000 for the present year; and the practical impossibility of obtaining anything like that amount from property in anything like as equitable a way, and the great diversity of opinion amongst the members of the present Parliament, as shown in the discussion upon the amendments of the Act proposed by the Government, render it unlikely that it can be satisfactorily dealt with during the present session. The question of a change in the form of our direct taxation must be left to another Parliament. But it has to be remembered that, in one form or another, substantially the sum I have named must be found. In my last year's Financial Statement I submited certain proposals to raise the necessary funds to extend the Otago Central Eailway to Eweburn, and to construct the Puhipuhi Forest Tramway. Unfortunately the House rejected those proposals when they assumed the form of Bills. The Government have had the question of these works again under their consideration —they still think them of great importance, and. that they should be executed—but, after the action taken by the House, they do not think it their duty this session to again propose their execution. The Government would have been pleased if they could have seen their way to make any proposal to reduce taxation. We are, however, convinced that it is impossible to make any further appreciable reduction in the public expenditure unless we are prepared to largely curtail the public conveniences which are now enjoyed, and. the absence of which would be felt as hardships. I feel sure the inhabitants of the towns will not give up their conveniences, and I fear, if the country people are deprived of theirs, it will be another obstacle to the settlement of the country lands. It must also be remembered in reference to the reduction of taxation that there are services still chargeable upon the balance of the old loans for which provision must be made upon the consolidated revenue in the near future, if we are to keep a sound finance. But, although we do not find ourselves in a position to propose any reduction of taxation generally, the Government will make proposals with a view to give effect to the recommendations of the Mining Conference as regards abolition of the gold duty, and substitution of other revenue in its place. Incidental to taxation, I have a word to say about the £400,000 shortdated debentures issued for a portion of the deficit at the 31st March, 1888. It will be remembered that in November, 1887, the Government proposed that the proceeds, amounting to about £40,000 a year, of the debentures issued for interest received on investments of the sinking funds should be applied to redeem yearly a like amount of the deficit (in respect of which the £400,000 debentures were issued) until the debt became extinguished. In the following year, however, I had to tell the Committee that, looking" at the additional taxation then found necessary to meet the ordinary services of the colony, it would be putting too great a strain upon the taxpayers to give effect to the proposal of 1887. Nor do we this year see our way to set aside a portion of the revenue for this purpose, though I am glad to say that the sound principle on which that proposal was based has been acted on in charging to revenue services of a necessary character formerly paid from loan, and in paying out of the surplus of the last two years the £128,600 deficit left unprovided for at the end of 1887-88. I estimate that the total ordinary revenue of the year will be £4,159,000 upon the present basis of taxation. From Customs I expect to obtain £1,480,000, from stamps £612,000, from railways £1,080,000; the latter is the estimate of the Eailway Commissioners, and seems to me to be probably under the amount that will be realised. There is nothing special about the other items of estimated revenue; I need not,,therefore, trouble the Committee with any further remarks upon the subject. LAND FUND. The estimated revenue of the Land Fund is £96,600, being slightly over the amount received last year.

Change in form of direct taxation must be left to another Parliament.

Impossible to further reduce expenditure without public inconvenience.

Abolition of duty on gold exported, proposed.

Redemption of £400,000 debentures issued under " The Public Revenues Act, 1887," No. 3.

Estimated ordinary revenue, , 1890-91, 1 £4,159,000. j ]

Estimated Land Fund receipts, £96,600.

10

8.—6.

ESTIMATED EESULTS OF THE YEAE 1890-91. I have said that the estimated total ordinary expenditure for the current year amounts to £4,127,417; the estimated revenue to £'4,159,000, to which I add the surplus of £36,569 with which I have shown we began the year after paying off the balance of the deficit of £128,605. We shall therefore, if our estimates are realised, have a surplus of £68,152, subject however to a deduction of £20,000 to which I shall refer presently, leaving an estimated surplus of £48,152, which, honourable members will agree, is not too large a margin to work upon, especially when it is remembered that supplementary estimates have yet to be provided for. SETTLEMENT OF THE CEOWN LANDS. The question as to how the Crown lands of the colony are to be successfully settled is one of the greatest importance, but, as honourable members will see from what I have already said, the present financial provision made for this important object is not satisfactory. I have shown that, from the amount of cash received for land, without forcing cash sales, both the late and present Government have found it quite impossible to do the necessary roading to render such land possible for settlement. We have therefore to consider how sufficient funds are to be obtained —leaving on one side, for the present, the question of the cost of buying the lands from the Native owners —(1) for providing the necessary amount for carrying on the Survey and Crown Lands Department; (2) for making the necessary roads to render the lands fit for the occupation of small settlers. It is estimated that, even with only the present amount spent upon roads, in the next two years a million acres will be taken up on settlement conditions, and that probably considerably more would be occupied if greater facilities in the way of roads were given. How, then, is sufficient money to be obtained for surveys and administration without unduly forcing the sale of Crown lands for cash, finding, as we do, that the people prefer the perpetual-leasehold tenure ? It seems to me that, for a time at least, it must be borne by the consolidated revenue, and I shall therefore ask authority for £20,000 as a grant-in-aid for this year, that being the estimated amount required. I think it best to take the required assistance in this way as a distinct vote, because it is most desirable not to run the risk of bringing the' proceeds of land sales into the ordinary revenue; and it will naturally be inclined to drift there if we once charge the cost of surveys as ordinary departmental expenditure. This brings me to the second question, How are we to get the funds to make the necessary roads to render our Crown lands acceptable for settlement ? Now, it is clear that money for this purpose can only be obtained in one of three ways —from loan, from the Consolidated Fund, or from the land itself. The Government are not prepared to recommend a resumption of ordinary borrowing for this or any other purpose. It is clear from what I have already said that we cannot spare the necessary amount from the Consolidated Fund. We must therefore fall back upon the land itself, if this can be done without a deterrent effect upon settlement in consequence of the apparently enhanced price which our proposals involve. Parliament has already determined that intending settlers shall have the choice of one of three titles under which to hold their land —namely, by cash purchase, deferred payment, or perpetual lease with right of purchasing in fee. The perpetual leasehold seems to be the title which the public prefer. It is growing in public favour, and will, I have no doubt, practically supersede the other two titles. All the costs, therefore, of placing a settler upon the land —namely, the purchase of the land from, the Natives, the survey charges, the cost of making the necessary roads—have to be provided in cash before any return even in the shape of rent comes back 5 to the Crown. Since, therefore, the perpetual lease is the form of tenure for which we have mainly to provide, it is clear that provision must be made for the purchase of land, for the surveys, and for the roading; and the sooner we determine how this is to be done the

Estimated Restilt, 1889-90. Table No 9.

Surplus of £68,152.

Settlement of the Crown Lands.

Question of how funds to bej obtained.

Granfc-in-aid £20,000 from ordinary revenue proposed for surveys and administration.

11

8.-~0.

better it will be, in the interests of the colony. The Government have given this matter careful consideration, and, as I have just said, are of opinion that the-land must be made to bear the cost. We think that the necessary amount can be obtained from the land in such a way as not only not to retard, but really to" promote, settlement. Ido not propose now to enter into details : that will be done later on by my colleague the Minister of Lands. I may, however, say that the general outline of the scheme will be something like the following: A block of land, for instance, say, of 10,000 acres, is to be opened for settlement; the roads would be laid out, and the sections surveyed; the cost of forming and metalling the main road through the block would be estimated and added to the cost of clearing and forming the district roads. The total amount thus ascertained we will suppose is £5,000; a rate under the Rating Act would then be struck over the block to cover that amount, less the present value of the thirds, as though it were a district raising a loan under the Government Loans to Local Bodies Act, and the County Council in which the land was situated would be asked to superintend the execution of the work under regulations approved by the House. We should propose that in bush districts all road-making, excepting the first clearing of the main roads, should be offered to the settlers in the first instance, so as to give employment to them for the first year or two, when work is most required near his home by the small bush-settler. If this system is carried out we think it will give great satisfaction and confidence to intending settlers by insuring the making of the necessary roads as they are required—the money being at call and depending upon no contingency —and enabling the small settler to earn a fair amount of cash at a time when he most needs such help. No fresh borrowing powers will be required if this plan meet with the approval of Parliament, as there is ample provision under the Government Loans to Local Bodies Act; a slight amendment of that useful Act extending its provisions to land about to be opened for sale being all that is required, the purpose for which the advances are proposed to be made being identical with the purpose for which the Act was passed. Honourable members will perhaps say that this is only another form of borrowing, and that is true; but it is a form of borrowing for a purpose already approved by Parliament and within the limit now fixed, the only difference being that the money will be provided at a more suitable time, and consequently will be more useful to the settlers. Provision will, of course, have to be made, as I have just said, to give the purchasers of the land credit for the present value of the thirds, which would, in fact, instead of being' doled out as they came in half-yearly, be available as a whole at once, to the great advantage of all concerned. I submit that, if we are to dispose of our land xipon perpetual lease or deferred payment, it is clear we must make provision for roads, and it seems to the Government that this proposal is by far the simplest and safest way of raising the necessary funds. No fresh strain will be put upon the colonial revenue. The settlement of the land will be made self-supporting, and, if Parliament thinks it better to render any direct assistance by charging a lower rate of interest than will have to be paid by the colony for the money, the public will know definitely what that amount is. I want the Committee to clearly understand that it will be impossible after this year to continue the present arrangement, which is to find money out of loan in aid of settlement. As a matter of fact, we have during the last five years found no less than £262,600 for this purpose, and the loan balance which is yet available will be completely exhausted by the end of this year. The Government have had under consideration the question of any possible amendment of the land laws, with a view of still further increasing their efficiency in promoting boml fide settlement. They think an amendment desirable, increasing the power of the Boards and the Minister to prevent dummyism, although, as far as can be ascertained, there is, in fact, little now practised; but, however little, it must be stopped. We are also of opinion that in bush districts, and where drainage is needed, it would be of material assistance to the settler of small means if the rent for the first two years could be postponed and distributed over the rest of the term, both in the case of perpetual leaseholders and deferred-

Amendment of Government Loans to Local Bodies Act proposed to provide funds for roading.

12

8.—6.

payment selectors. A Bill to give effect to these proposals will be introduced shortly. PUECHASE OF NATIVE LAND. If the settlement of the North Island is to be pushed forward, provision must be made for considerable sums from time to time as opportunity offers for acquiring Native lands. Authority has been granted by Parliament to temporarily apply a portion of the loan for the North Island Main Trunk Eailway to the purchase of Native land within the prescribed railway area, and about 759,431 acres of land have already been acquired, and much larger areas are now under negotiation. The Government propose to ask for £125,000 more this year for this purpose from the same source ; and, as honourable members know, it is proposed by the sale of the land so purchased to recoup to the loan the amount lent, and a separate account is kept of all sales made within the prescribed area. But there is a large quantity of Native land outside the railway area which, in the public interests, ought to be acquired by the Crown, and settled. Hitherto funds have been provided for this purpose by ordinary loan, but no attempt has been made by setting aside a portion of the proceeds to create a fund for further purchases. We propose to ask the House to create such a fund by setting apart a block of, say, 250,000 acres in the North Island, and by paying in future into a separate account a certain percentage of the proceeds of all such lands sold for cash or deferred payment, and also of the rent of such lands let on perpetual lease. This land has, in part, been handed over to the Crown Lands Department, and the balance of it has only lately been acquired. In the meantime, pending the disposal of the land set apart, it will be necessary, for three or four years certainly, to have cash available at the rate of about £30,000 a year for buying Native land. This money will, of course, have to be raised. The Government will ask Parliament to authorise the Treasurer to advance it from the fund authorised to be raised under the authority given by the Government Loans to Local Bodies Act, the limit set by that Act being sufficient to cover all our requirements. Some honourable members will no doubt think it would be better to ask for separate authority to raise this money; but the Government will not ask for more borrowing-power than they already possess, which they do not think it would be wise or prudent to extend. There is, as no doubt the Committee is aware, power given to the Government under the Loans to Local Bodies Act to raise money either in London or the colonies. Up to the present time no debentures under this Act have been issued to the public, it having been found more convenient to invest our own funds in such debentures as have been issued; and, although they bear nominally 5 per cent, interest, the money does not really cost us more than slightly over 4 per cent. We should also have had some difficulty in finding a better investment for our funds. Should, however, the proposal I now submit be acceptable to Parliament, and as our Public Works Fund becomes exhausted, it may be advisable to make an issue to the public, and we think this can be done with prudence and success in the colony. I think that we shall find no difficulty in disposing of locally such an amount as may be required from time to time at 4 per cent, at par, if Parliament will, as we propose, allow an issue not subject to the property-tax. And if we can issue it at that price it will really be as profitable a transaction for the colony as an ordinary short-dated loan raised in London. THE STATE AND PEOSPECTS OF THE COLONY. I would now ask the attention of the Committee for a short time while I place before it some important facts in justification of the assertion which I made in the beginning of this Statement that the colony was steadily progressing, and that our production in all branches of industry was rapidly increasing, and in some cases in an astonishing degree. I entered into this question somewhat fully in 1883, and made a shorter reference to it last year. I propose to-night to go over a slightly shorter period than I examined in 1883,

Purchase of Native Land. Proposal to ask for £125,000 out of loan for the North Island Main Trunk Railway for further purchases.

As to creation of a fund for other purchases in North Island.

Proposal to advance £30,000 per annum by borrowing under the Government Loans to Local Bodies Act.

The State and Prospects of the Colony.

13

8.—6.,

beginning in 1875, and in some cases in 1876. The importance of the subject cannot be overrated, and the facts that I am about to state ought to be reiterated by every lover of New Zealand until they have taken a real hold upon the public mind and become a part of the faith of the people, in place of the false ideas which are now current as to the non-progressive state of the colony. But I will first say a word about an adverse fact which has been unduly magnified, to our great disadvantage. I refer to the loss to our population two years a g o an excegs o f emigration over immigration: not that in any year our total population was less at the end than at the beginning; taking births and immigration on one side and deaths and emigration on the other, the former have always largely exceeded the latter. But in the year 1888 there was an excess of emigration over immigration of 9,175. I spoke of this at length in my Statement last year, and showed what, in my opinion, was its real significance, and I should not have again referred to it but for the exaggerated importance which has been attached to it, and the serious misrepresentations to which it has given rise. It has in particular been frequently represented that this loss has been going on indefinitely; but this is quite untrue. Taking the last three quinquennial periods from 1875 to 1889, in one year only—lBBB—did our loss by emigration from New Zealand exceed our gain by immigration. And if we take the quinquennial period in which that loss occurs—that is, the period from 1885 to 1889—our net loss by emigration amounts to 2,416, this number, curiously enough, being composed of women and children, but children mostly, in the proportion of 18 to 1; while in " bone and sinew," or adult males—as the term is used in these returns—there was a net gain to us of 432. I have said "curiously enough;" but the anomaly is easily seen to be only apparent. If a married couple and five children leave, and another couple without children come, we say our loss of population has been in children only. It is obvious, then, as I have pointed out, that there is and will be a considerable part of the population of all these colonies which, though highly useful, does not readily root itself in the soil, and for this and other reasons is easily movable, and which therefore will, at any given time, be found in greatest numbers where for the time public money is being most freely spent. And considering the fact that during the last three financial years, 1887-90, our own expenditure on public works was ,£1,640,300, while during the preceding three years, 1884-87, it was £3,477,500, and that in neighbouring colonies there then was an(^ s^ *s a very arge public expenditure going on, the surprise is, not that we should have lost those we did lose, but that we should not have lost more— a ac^ which, alone, I think, speaks volumes for the inherent attractiveness of this colony to those who really know it. And this remark suggests at once the real difficulty, and its solution. We want the men and women of the Old Country and elsewhere looking for a new home for themselves and their children after them tQ j^^ j^jy country }g . fl^ J nrm ly believe, Would c^raw them here; and then we want to put them on the land. We may be certain there will always be a considerable outflow of population from this as from each other colony; and this will be increased under any monetary depression. In the year I have named, 1888, the departures by sea from New South Wales were in round numbers twice as many, and from Victoria nearly three times as many, as from New Zealand; while, of course, the departures by land from those two colonies would also be very numerous. It is on the other side of the account—the arrivals—that the unfavourable difference appears. We could well afford to let as many of our population go as New South Wales or Victoria if we could only attract as many as they do. In other words, we are again facing the great problem which has so often engaged the attention of the Committee and of Parliament, how, as I have said, to get those who would be glad enough to make a home here settled upon our land. Now, let us see what statistics will show us. I have had a table prepared by the Registrar-General from the agricultural statistics, showing the agricultural holdings of one acre and over in extent for the last fifteen years, beginning with February, 1876. It will be published with this Statement. A study of it will, I am sure, reassure any persons who have doubts as to our very substantial and

immigration and emigration. ... „ ln and 11.

surprising that t?onsosma?i ra" considering vast exdenditureUiii lc New Zealand, onarge expeaX ture in neighbouring colonies. Table No 12

Large increase agricultural hoidinga. Table No. 13.

14

8.-6.

remarkably steady progress to February of the present year. In 1876 the estimated number of adult males was 115,883, and the number of agricultural holdings was 17,250 for that number. With, on the whole, a remarkably steady progress, year by year, we find the number of holdings increased in February, 1890, to 38,178, and the estimated number of male adults then amounted to 164,392, so that the proportion of agricultural holdings to every 100 male adults had increased from 14-88 in 1876 to 23-22 in 1890 : in other words, out of every 100 men in 1876, w Then the colony was considered most prosperous, there were only 14-88 men cultivating land, whereas in 1890 there were 23£ so employed. Then, as to the nature of the holdings year by year, or, at any rate, period by period, we see a gradual diminution in the average size of the holdings, and the experience of the last year has shown us that the perpetual-lease tenure, as we now have it, is the tenure which gives most satisfaction to the public, enabling a settler to reserve the whole of any capital he may have for the purpose of establishing himself upon his farm, instead of having to pay it away in buying his land. Let us see what our industries of all kinds have been doing for the last fifteen years. I have had tables prepared by the Kegistrar-Greneral, showing the progress of the exports of these in such a way that the fluctuations in the several industries can be traced, and they are very interesting. These tables also bear out my contention of the very substantial advancement of the colony. They will repay the most careful study and consideration. From them also it will be seen that our agricultural productions show a steady advance, with only such fluctuations as can be accounted for by the variation in market price, excepting •during the last two years, when the increased value of our exported agricultural produce shows an extraordinary increase from £588,022 in 1887 to £1,424,297 in 1889. Turning to our manufactures for the last five years, we find that in 1885 the total value of our manufactures exported was £104,223, excluding flax, and including flax £120,539. By what may be called steady advances year by year, we find they have risen in 1889 to £208,698, and including flax from £120,539 to £569,880. In other words, our exported manufactures, excluding flax, had more than doubled themselves, and inclusive of flax they had increased four and three-quarters fold. Let us now see what is the total result in exports of the work of our manufacturing population in the several quinquennial periods from 1875 to the present date in proportion to our number of adult males. I have had tables prepared by the Registrar-General upon this subject. These tables, too, will well repay careful study. They show that the total exports of New Zealand produce in 1875 amounted to £5,475,844, and to £669,919 excluding wool and gold. This gives £49 9s. per head of male adults on the whole export, and exclusive of wool and gold £6 Is. In 1889 the total exports were £9,042,008, amounting to £55 11s. 6d. per head of the male adults, and exclusive of wool and gold £4,280,143, or £26 6s. Id. per head of male adults. This, it wil be admitted, shows most satisfactory progress. A large part of this progress is, no doubt, fairly attributable to the public-works policy in facilitating communication and transport, and so enabling us to profitably increase our surplus products for export. I say " surplus," for what we send away is what is left after deducting a substantial and well-earned share for our own needs. It is one of the great blessings of this country that, notwithstanding the large amount which has to be remitted to England for interest on public and private debts, there is no sign, speaking generally, of our people having to stint themselves of any of the necessaries of life or even of a fair proportion of its luxuries. There is not, I think, in any country in the world a more hard-working or a more successful population of our race, or one which, upon the whole, is enabled to and does take life more pleasantly. Attached to this Statement honourable members will find a table showing, from the year 1881 inclusive, the steady growth in number of small flock-owners. It will be seen also that, notwithstanding the ravages of the rabbits, the large flockowners—that is, those owning over 20,000 sheep—have increased in number from

Tables Nos. 14 to 19.

Growth of agricultural products exported.

Growth of manufactures exported.

Increase in number of flockowners. Table No. 20.

15

8.—6.

139 to 152, or about 10 per cent. ; the intermediate owners—those holding between 10,000 and 20,000 —have increased from 201 to 239, or nearly 19 per cent.; while the small owners — those holding under 10,000 sheep — have increased from 6,517 to 10,146, or 55 per cent. The frozen-meat trade has assumed very large proportions, and is now a settled and important industry of the country. It has grown in value from £19,339 in 1882 to £783,374 in 1889, and is, undoubtedly, capable of practically unlimited expansion. As one of the indications of the improving condition of the people it is gratifying to find, from the returns, a continued increase in the number of depositors and in the total amount deposited in our savings-banks. On the 31st December last there was in all the savings-banks in the colony ..2,858,644 at credit of 110,480 persons, as against £2,691,692 at credit of 103,046 on the 31st December, 1888, being an increase of £166,952 in amount and of 7,434 in the number of depositors. Of the total amount deposited, £2,191,451 was in the Post Office Savings-Bank, and £667,193 in the banks established under the Act of 1858. Since 1886, when the total amount was £2,133,780, the deposits have increased thus : £273,995 in 1887, £283,917 in 1888, and £166,952, as already stated, in 1889. In total number of depositors the increase from 91,296 in 1886 has been as follows: 6,200 in 1887, 5,550 in 1888, and 7,434 in 1889. Appended to my last Financial Statement was an interesting table showing a remarkably steady increase since 1886 both in the number of depositors and in the amount deposited. I have had that table reprinted with the further information now obtained respecting the year 1889. I may state that it includes only the deposits in the Post Office SavingsBank ; but probably similar comparative results would be found on an examination of the accounts of the other savings-banks. It will be observed that the total number of depositors has increased from 84,488 in 1888 to 90,669 in 1889. The increase in 1887 was 4,853, in 1888 4,764, and last year it was 6,181. So that since 1886 the total number has increased by 15,798 depositors. It is interesting to note that in each of the four years comprised in the table the number of depositors having sums not exceeding £20 at their credit is as nearly as may be three-fourths of the whole number; and that there has been throughout the four years a steady percentage of increase relatively in the number of depositors in each of the eight divisions in which they have been classed in the table. The average amount at credit of depositors in all the savings-banks in the colony on the 31st December last was £25 17s. 5d., as against £26 2s. 5d. on the 31st December, 1888. The Government Insurance Department also continues steadily to grow and to maintain its popularity amongst a people a large percentage of whom have been educated, so to speak, to make provision for the future welfare of themselves and those depending on them. The department in the last year issued policies for a total amount of insurance of £781,255, which almost equals the amount of new business done in 1888. The sum of £7,573 was received as the price of annuities sold during the year; this is nearly three times the sum received for annuities sold in the immediately-preceding year, when the receipts were only £2,795. The total income of the department last year was £298,710, being £16,509 in excess of the income of the previous year. The amount of the accumulated fund at the credit of the office at the end of the year was £1,582,447, showing an increase of £129,969. The number of policies in force at the end of the year was 27,218, including 100 annuity policies, insuring £7,326,129. The mortality has been considerably below the expectation, and the interest accrued from investments of the funds exceeded by nearly £10,000 the amount paid for death-claims during the year. This diminished mortality is a proof of the healthy character of New Zealand's climate, to which the latest statistics of this and the other colonies of the Australasian group still continue to testify, as is shown by the following figures for the year 1889: —

Growth of frozen-meat industry.

Growth of accumulations in the savingsbanks.

Tables Nos. 23 and 24.

Expansion of Government Life Insurance business.

16

8.—6.

Death-rate per 1,000 of Population. Victoria ... ••■ ••• ■■• ••• •■• ■■• 17-54 Queensland ... ... ••• ■•• ••■ ■•• ■•• 1544 Western Australia ... ... ... ... ... •■• 14-24 Tasmania ... ... ... ••• •■• ■•■ ••• 14-13 New South Wales ... ... ... ... ••• ••• 13-43 South Australia ... ... ■•• ■■■ ■•• 10-98 New Zealand ... ... ... ... ■■■ ••• •■■ 940 Although considerable numbers of persons who are in weak health come to New Zealand from the Old Country for the benefit of our unsurpassed climate often I am sorry to say, too late —we nevertheless enjoy this very low rate of mortality, which is the lowest in the world. With regard to registered friendly societies, the assets as at the end of 1888 were returned as of the value of nearly ,€410,000. An increase of .£30,000 may be reasonably assumed for the year, making, as at the end of 1889, a total of £440,000, of which £17,000 was deposited in the Post Office Sayings-Bank. The funds of other societies organized for purposes of thrift and registered under the Friendly Societies Act amounted, at the same date, approximately to .£lO,OOO, and the funds of registered trade unions to £6,500. Notwithstanding these signs of substantial progress, which are of a most satisfactory nature, it is an undeniable fact that what is known as trade in its more limited sense has for a considerable time been suffering great dulness, and this, of course, is felt chiefly in the centres of population —that is, in the distributing centres of the colony —and this fact is most suggestive. T have considered the matter carefully, and, though I do not profess to give a complete ■explanation, I have no doubt as to the main cause. I believe it is the practical abandonment of our long-continued practice ■ of borrowing very large sums of money in the London market by the: Government and by private individuals that is at the bottom of our trade dim-1 culty. We have long recognised in a vague sort of way that the difficulty is', connected with the cessation of public borrowing, but few of us have recognised the potent factor which the borrowing by private persons of outside capital has been, and still is, in our financial condition. It may seem a curious and startling 'thing to say, but 1 believe it to be true, that the cessation of private borrowing in the various forms of credit given in London to our settlers has as much to do with the present trade difficulty as the cessation of our public loans. The subject is a difficult one, and requires close attention to master it. 1 would therefore ask the special attention of the Committee for a short time while 1 place before honourable members the facts relating to our public and private borrowings; premising, however, that here I shall use round numbers only. And, as my present object is only to ascertain the gross and mean annual sum derived from English lenders which has been available for spending in the colony the average balance of the cash account, so to speak, from year to year between England and New Zealand on loan account, public and private —I must of course treat the two sides of the account as pro tanto cancelling each other. For instance, if in a given year we receive £1,000,000 of borrowed money and pay £500,000 in interest, then, though the receipt w Tas on capital account and the payment on account of income, for my present purpose I say the sum available for spending for that year —the free balance —was £500,000. I say this so that I can state the matter more shortly without being liable to misconception. I regret to say that we have no returns of mortgages, either local or. British, before 1878. We find from the land-tax returns of that year that the > British' mortgages then amounted to £10,123,000 ; in 1882 we see by the property-tax returns that they had increased to £15,018,000; and that in 1885 they had reached their maximum of £16,832,000, because in 1888 —the year of the last return made—they had fallen to £16,205,000. I think it very doubtful if in 1870 the British mortgages reached more than £3,000,000, but we will assume that they did reach that sum. If this was so, then British capital was pouring into'the colony during the fifteen years from 1871 to 1885 at the rate of nearly one million a year to assist private enterprise: But against this has to be set the interest paid upon this amount during the same period. I 3—B. 6.

Friendly, societies.

Cessation of private as well as public borrowing in London, cause of dulness in trade.

As to British mortgages.

17

8.—6.

estimate that the interest paid upon these mortgages from 1871 to 1885 was rather over .£10,500,000, leaving a free balance during that period for expenditure' within the colony of about ,£3,300,000, besides leaving our whole produce free ; but it will be seen that towards the latter end of the period the amount of increased debt was less than the interest 'which had to be paid in London : for instance, the additional debt on mortgage incurred between 1882 and 1885 was only £1,800,000, and the interest paid was probably slightly over .£3,000,000. The large trade which had been carried on with the aid given by this borrowed money began now rapidly to contract, and nothing could stop that contraction unless private borrowing was to continue from the outside. But not only did no further borrowing outside take place, but since 1885 our outside mortgages have decreased by .£627,000, while the interest on them paid outside the colony since 1885 to the end of last year was about .£4,000,000. This striking change in our monetary relations with London must of itself be still producing a large disturbance in our trade. I have made no mention here of our other private outside debts, amounting to, at the outside, £8,000,000, but they, lof course, are also being contracted, and tending to produce the same result. Leaving now the question of private borrowing, let us see what the Government have been doing in the way of loans on the London market for the last twenty years. Of the net proceeds of these loans during that period the Government has received and expended £27,000,000, and the total interest and sinking fund paid has been £20,500,000. We have therefore received of borrowed money about .£6,500,000 more than we have paid for interest and sinking fund during the period. The expenditure by Government from loan during the last three calendar years has been greatly reduced, and only amounted to £2,570,000, while the interest paid was £4,250,000; so that we find that at the termination of the three years ending 31st December, 1889, the Government had arrived at a very similar point in its financial history to that reached by the outside private borrowers in 1885 —the interest, in the case of the Government, exceeding the borrowed money during the three years by no less than ,£1,680,000, and for the last year exceeding it by £1,000,000. We find, then, that the Government have remitted to pay interest for the last three years £1,680,000, or at the rate of, say, £560,000 annually; the remittance last year being about £1,000,000, owing to the reduction in the public-works expenditure: and the amount remitted, it must be remembered, is estimated —as in the case of private borrowers — after deducting all the incoming borrowed money brought to credit. But, besides the Government borrowing and the private borrowing, we must also take into account the borrowings of the Boroughs and Harbour Boards. These amount to about £4,500,000. These bodies have paid in interest about £2,200,000 ; so that they have had, after providing the whole of their interest and sinking fund, say £2,300,000 to spend upon their works. Summarising then what 1 have said, we find that the total amount borrowed under these three heads from 1871 to 1889 may be taken as £45,300,000 : while, against this, about £33,200,000 has been paid away in interest and sinking fund, leaving about £12,100,000 free, money. The net result has therefore been that, from 1871 to 1890, the colony has been able to use as it liked the whole of the proceeds of its exported j)roduce, and has had besides to spend £12,100,000 of borrowed money, or on the average £600,000 per year, the average gradually tapering off until for the last, two or three years we have not had any free money coming in, but have had still, of course, to bear our full burden of interest. We have now reached a stage when Government and private borrowing in London has ceased, and we find ourselves in this position : that, instead of having the whole of the proceeds of our exported produce, and, say, £600,000 to spend as we please per annum, we have no loanmoney coming in, but we have to find from our exported produce £3,250,000 to pay our London interest. That this is the process which is going on we see.from our table of exports, which shows that for the last three years our exports have exceeded our imports, at first by a small amount, and last year by so large a sum as to show, I think, that we have af last reached the full limit of the difference of exports over imports which our indebtedness to the mother-country requires,

As to private debts other than British mortgages.

As to Government loans.

As to loans of local bodies.

Net results of borrowing— public and private—from 1871 to 1890 as regards expenditure in the colony.

18

8.—6.

unless we make up our minds to pay off* the capital of our debts and art able to do so. It seems to me that we have now practically borne the crucial test, the heaviest strain that can be put upon us, if we refrain from furthei borrowings and that we have shown our strength is ample to carry us through. From what I have said it is clear that, owing to the determination of the people to cease borrowing, our distributing trade must be brought down to normal limits. Another contributing cause is the disinclination of ■ many capitalists at present to invest in new enterprises. This disinclination is, of course, nothing new, nor is it in any way peculiar to the colony. It always appears when a flush of trade has been followed by a period of dulness, and thus tends materially to prolong the undesirable state of things which caused it. At the present time it is emphasized by the transitional state of the relation between capital and labour. There is another thing which is in part an effect and in part a cause of the dulness. For some years past our banks have been steadily, and for the last three years rapidly, contracting at least that part of their business which is represented by discounts; so much so that, while in actual amount these discounts were less in 1889 than in 1874 or any intermediate year, they were in 1889, reckoned in proportion to population, barely one-half of the average for the previous nineteen years. I will mention one other subsidiary cause. The savings-banks show, as I have mentioned, a steady increase in the number and amount of- deposits. From this and other facts we may infer what, I believe, is generally admitted, — an increasing tendency to greater thrift, to save more and spend less, on the part .of a very large section of the community. The meaning of all this, as I take it, is obvious, — that, with a greatly diminished trade, we have practically the same numbers employed. Under the stimulation of a profuse and long-continued expenditure from loan on public works our trade had enormously increased, and the number of our traders proportionately multiplied. We have in our present circumstances too many middle-men, too many distributors in proportion to the producers of the colony. This, again, means keen and unreasonable competition, bad debts and losses, small and doubtful profits ; in other words, dulness of trade. Two men are in fact competing for one man's work. And the remedy is equally obvious. Our towns have grown too large for the country yet occupied; and a considerable proportion of our townsmen, if others cannot be got to occupy more of the land, will have to take to the land themselves, or to some other form of productive industry, before our commercial equilibrium will be restored. If these remedies cannot be at once and sufficiently applied, it is quite possible, I believe even probable, that we may yet lose some more of those who are being forced out of their old employments as distributors, and are unwilling to take to new ones; but this, I am satisfied, will be temporary, and not to any large extent; and, in view of the great and increasing productiveness of our industries, the restoration of this important branch of our trade to a sound and satisfactory condition may be anticipated at no distant date. Our prosperity as a colony undoubtedly mainly rests upon the effective occupation of the land, and this again, in an important degree, upon our land law rs. I have carefully considered these, and it seems to me, speaking generally, that, with the amendments I have proposed, it would be very difficult to devise law 7s of a more liberal spirit or more likely to promote settlement. Our difficulty in this matter arises not from our laws, but from the nature of our country, which, in many parts, requires so much expenditure on roads before the land can be brought into profitable use. Although we have in the country many millions of acres of unoccupied land, owned by the Government and Natives, much of it of first-class quality, practically all of it requires a large expenditure in roads and clearing before it can be made available. To give away our lands would not produce settlement of the kind that the country desires unless we first make passable roads ; . and this, as honourable members know, means a large expenditure. Where is that to come from ? I do not believe that we can so alter our system of disposing of our Crown lands except in matters of detail, upon which my honour-

Another cause; disinclination of capitalists at present to invest.

Contraction of banking business as to discounts and other advances. Tables Nos- 26 to 28.

Increased Savings-Bank deposits.

Distributors too many in proportion to producers.

Town population too large in proportion to country population.

Colony's prosperity dependent upon effective occupation of the land.

19

8.—6.

able friend the Minister of Lands will have something to say presently, unless we are prepared to assist settlement by a large expenditure of the consolidated revelrue, which means extra taxation. No doubt settlement may be stimulated to a certain extent if Parliament is prepared to give material assistance and facilities for settlement to persons of the small-farmer class possessed of limited means, but, as far as I can judge, this class could not be obtained in any large numbers. It is worth the attention of Parliament to consider whether special settlements, such in'some sort as originally founded this colony, might not be introduced at certain places ; but the work would be one of some difficulty and would require great care. The Government have had under careful consideration the fact that in parts of the colony where no Crown land remains there are blocks in private hands suitable for any subdivision required to make settlement closer. They think the provisions of " The Land Act, 1885," for the acquisition of land for village settlements ought to be extended so as to cover the case of providing small holdings suitable as well for agriculture in its ordinary sense as for fruitgrowing and spade industry. The Government intend to bring in a Bill to make the necessary alteration; but the principle of the Act—that no land shall be acquired without the owner's consent, and no purchase valid until approved by Parliament—will lie kept intact. Another point in this connection is also well worth the attention of Parliament. There seems to be a tendency in our educational system, excellent as it is, to give our young people a taste for town life as opposed to country life. It ought to be considered whether this tendency cannot, in part at least, be counteracted by a modification in our school course. It seems probable that we might do something towards inducing and developing an inclination for country life and pursuits by following the example of other countries —Scotland, for instance —in making elementary agriculture a part of the teaching given in our national schools. Probably also we should be helping in the same direction, as well as doing what in itself is good, if we could encourage among our scholars a taste for natural history. EBTEOSPECT AND COMPAEISON. I propose now, with the leave of the Committee, seeing that this is the fourth and last session of the present Parliament, to review shortly the financial operations which this Parliament has from time to time directed or sanctioned since it first met in 1887, and which have been carried out in accordance with its will. And, in the first place, I will compare the expenditure of 1886-87 with the expenditure of 1889-90, in order that we may see what, so far, has been the result of our efforts at reduction of expenditure. It will be necessary, in order to understand the position, that we should see first what was our expenditure in the financial year 1886-87. We find that the total expenditure for that year chargeable on the Consolidated Fund, including the Land Fund, but excluding the amount paid for interest and sinking fund, was .£2,523,656; but, in order to make the comparison with, the expenditure for 1889-90 fair, there must be added to this sum ,£113,912, which in 1886-87 was charged against loan, and spent upon schoolbuildings, subsidies to local bodies, and a contribution to the permanent defence force ; whereas in 1889-90 the same services were wholly charged upon the ordinary revenue. The addition of this sum makes a total expenditure of £2,637,568 for 1886-87. Now, the expenditure for 1889-90, exclusive of interest and sinking fund, was £2,346,158, showing a reduction in favour of 1889-90 of £291,410. Table No. 24, appended to the Statement, gives particulars of the reductions effected in the various classes, resulting in this large saving. It will be remembered that the Government submitted in 1887 certain proposals for reductions which they thought would lessen the public expenditure by about £300,000. The House did not approve of some of the reductions suggested which were estimated to -save £45,000. The estimated rediictions, therefore, which met with the approval of the House were £255,000. The Government, however, pledged themselves to make further reductions as far as

Tendency of educational system to give taste for town life.

Retrospect and Comparison.

Expenditure of three years ended"the 31st March, 1890, less by £291,410 than expenditure of three years ended the 31st March, 1887. Table No- 29-

20

8.—6.

was possible, and that they have succeeded honourable members will see by the table to wljjch I have already referred, which, as I have just said, shows a total reduction of £291,410. But some honourable members may say, How is it, if such large reductions have been made in the expenditure of 1889-90 as compared with that of 1886-87, that the total expenditure for last year was £4,243,761,. while the total expenditure for the year 1886-87 was £4,280,444, a difference of only £36,683 in favour of last year ? The increase of interest and sinking fund from £1,642,876 paid in 1886-87 to £1,897,603 paid in 1889-90 is the main reason; but the comparison is not quite fair, as the amount paid in 1886-87 would have been £1,676,320 instead of £1,642,876, had not £33,444 been thrown forward into the next year by conversion operations. The increased amount for interest and sinking fund is £254,727, full particulars of which, and of the £33,444 thrown forward, constituting a portion of it, will be found in Table No. 31. In respect of this increase, however, the present Government are only directly responsible for £40,000, being the interest on the loan of £1,000,000 authorised by this Parliament in 1888. The balance of the increased charge arises from the issue of the whole of the loan for the North Island Main Trunk Kailway ; from further debentures issued for the increase of the sinking funds—of which there are now outstanding £939,084; from further debentures issued to provide loans to local bodies; and from debentures for the amount of deficit, outstanding on the 31st March, 1888, which was funded, and sundry other .small amounts. For these increases the Government are only so far responsible that we continued and have carried on cautiously the policy approved by more than one Parliament. But another question arises here, the answer to which seems to puzzle many people : it is, why so large an increase in taxation was required if such large reductions in expenditure were being made. The increase in taxation, notwithstanding the large reductions in our public expenditure, was rendered necessary, in the first place, because the recurrent revenue of 1886-87 (that is, the ordinary revenue, excluding certain items which would not recur) was insufficient to cover the expenditure of that year by £405,219, leaving out of the computation the interest, £33,444, thrown forward, to which I have referred. These figures can be verified by any one who will take the trouble to look into the published accounts, and the Financial Statement of the late Treasurer. The non-recurrent items in the revenue of 1886-87 were, first the aid received from loan, £113,912; then the released sinking funds, £104,767 ; the difference—viz., £17,475 — between £37,859, the surplus in the Ordinary Kevenue Account, with which the year 1886-87 began, and £20,384, the deficit in the Land Fund Account; and certain recoveries in the Land Fund, £22,509; and to these had to be added the deficiencies with which the year 1886-87 ended —£92,293 in the Ordinary Revenue Account, and £54,263 in the Land Fund Account. These sums amount to £405,219 ; and, excising the transactions of the years 1887-88 and 1888-89, that is the amount which in 1889-90 we should have found deficient had the revenue and expenditure of 1886-87 as above revised been continued without alteration in 1889-90: that is to say, the expenditure of the year, exclusive of the deficit at the beginning, would have exceeded the revenue by £405,219. Next we have to take into account £254,727, the increased amount for interest and sinking fund paid in 1889-90 over that paid in 1886-87, which I have already explained. Further, we paid off £50,000 of the deficit of £128,605 at the 31st March, 1888, unprovided for. So that the total amount which would have had to be made up in last year was £709,946; but allowing for the growth of certain branches of the revenue, which is now found to have been about £137,000, the amount required to balance the account was £572,946. And the necessary equilibrium has been established in the first place, as I have shown, by rer duction of expenditure to the extent of £291,410, while, had the House approved of some other proposals the Government made, the reduction would have been increased by £45,000 more; and, secondly, by additional taxation, estimated to yield £300,000, but actually yielding a little less, or about £260,000; and, thirdly, by the ordinary growth of certain branches of revenue. By these means —that is, by economy, and additional taxation to about an equal

Explanation o£ reduction i

Explanation why notwithstanding retrenchment additional taxation was rendered necessary.

21

8.—6.

amount, and by the ordinary growth of certain branches of our revenue—we have been enabled to turn what I have shown would have been a deficit on the 31st March, 1890, of i' 572,946, supposing the Land Fund was balanced by cash sales, into a surplus of £115,174, after providing for all services chargeable against the Ordinary Eevenue Account and paying off ±'50,000 of the deficit outstanding on the 31st March, 1888. This is a result of which I think the country, Parliament, and, I hope I may be allowed to say, the Government have reason to be proud. I think, Mr. Hamlin, it will not be out of place here to call the attention of the Committee to the three things which the Government undertook as their first duty in 1888. In my Financial Statement of that year I said that we had— ■ ' Firstly: To see that our ordinary expenditure is reduced to the lowest practical 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." With reference to the first point I need say no more, as I have shown above what has been accomplished. With regard to the second point, we have, it will be admitted, in the tariff devised a means of raising a sufficient revenue to meet our requirements. It was a most difficult matter, in making so large a change in the tariff in the then condition of the colony, to estimate what would be the financial results. We had, of course, to consider the stagnant state of trade through the seriously-disturbing causes of which I have already spoken. Trade was also in a transitional state, as it still is, apparently tending to pass from more to fewer hands. We had to consider not only how far the revenue might be affected by these causes, but how 7 far also by the evident change which was coming over the spending habits of the people generally. I say all these things had to be taken into account in estimating the results of the amended tariff; and considering all these uncertainties I think it must be admitted—at any rate I am bound to admit—that the estimate made by the permanent officers of the department as to the probable results was exceedingly accurate. And I venture further to assert that the tariff has certainly not in any respect injured our local industries. It has on the contrary, I believe, assisted them considerably. I have already shown that our local manufactures exported, exclusive of flax, have doubled in amount since 1887, and I know of no industry which is not now in as sound a condition as it was then, and in most cases the condition has been greatly improved. Take the woollen industry, which we are told confidently is languishing : let us see what are the facts. We find that in 1886 there were five mills at work, and they purchased wool that year to the extent of 1,879,9991b. In 1889 there were seven mills at work, and they purchased 3,556,0041b. of wool. This shows, I think, conclusively, that the industry is making real and rapid progress. The whole of the mills are fairly prosperous and are working full time. On reference to Table No. 22, honourable members will see the amount of wool purchased by the mills every year since 1882. I claim, therefore, that our second undertaking has so far been satisfactorily fulfilled. With regard to the third proposition, I have already shown that we have reduced the public-works expenditure from £966,159 in 1887-88 to £410.729 111 the year just closed. We have therefore accomplished what we said was necessary under the third heading also. And, lastly, I will speak of what is certainly not least in importance, the settlement of our lands. What has been done on this vital subject during the last two years and i half as compared with the previous three years ? The acreage per annum of all lands not pastoral disposed of has been practically doubled, that of lands disposed of on settlement conditions more than doubled: while the total cost of administration lias been diminished by 27 per cent., so

What was undertaken by the Government in 1888.

How they have fulfilled their intentions.

22

8.—6.

that this cost now stands at 4s. per acre for each acre disposed of, instead of 10s. per acre as formerly. I may add that the total settlement-land disposed of during the^'previous three years was 700,000 acres; during the last two and a half years it was 1,150,000. There are now about 1,000,000 acres in the market, and more is being rapidly brought in. Even at the very satisfactory rate at which it is at present being taken up—about 450,000 acres a year—we have fully two years' supply on hand. The increased number of agricultural holdings for the past year is, as shown in the returns of the Registrar-General, 1,000 in excess of the annual average increase of such holdings for the past six years. It is most important to note that the proportion of selections voluntarily made under settlement conditions as against cash sales has increased from 4 to 1, at which it stood under the administration of the late Government, to 7 to 1 under that of the present Government; and it is very satisfactory that the present measure of occupation, the average area under all tenures, including small grazing-runs (but excepting pastoral leases), is just 200 acres per selector. Let me add that it behoves us on all accounts to see to the utmost of our ability that settlement is not anywhere stopped or starved for want of roads. It concerns the colony no less than the settlers themselves that settlement should be not only possible, but prosperous. In conclusion, Mr. Hamlin, I will say that I have endeavoured, and, I hope, not unsuccessfully, to place before the Committee a true picture of the financial and general condition of the colony. I claim to have shown that our finance is well under control; that, although we have borrowed largely outside the colony, we have—not of course in every case but on the whole—publicly and privately, invested our borrowed money so as to produce satisfactory results, as witness the material advantages enjoyed by the population generally, and the very large and increasing amount of our exported products, which for last year were valued at ,£9,042,008, or at the rate of c£l4 14s. 7d. for every European man, woman, and child in the colony. I have shown that the so-called exodus of our population is no exodus at all in the sense in which it has been used ; that the reduction of our public expenditure would account for a much larger number than have gone ; that the real cause of emigration being more than immigration has been not the increase of the former, but the decrease of the latter, which no doubt is largely due to our unfortunate habit of self-depreciation creating at Home the false impression, to which I have referred, as to our real condition. I repeat that the number of people leaving our shores during the year 1888 was in round numbers only one-third of those who left Victoria; the numbers leaving the respective Australian Colonies during that year being—New South Wales, 43,681; Victoria, 60,229 ; South Australia, 12,750 ; Queensland, 23.059 ; Tasmania, 17,936 ; New Zealand, 22,781. The problem therefore for our solution is not so much how to keep our settlers, but how to induce others to come. I have shown the large increase since 1876 in the actual and proportionate number to the male adults, of agricultural holdings. I have shown that our Crown lands are being settled in small areas at the rate of 450,000 acres a year. I have shown that the stagnation in our trade arises partly from general causes, and partly from the contraction of expenditure in consequence of the cessation of outside borrowing, and that it will no doubt disappear as soon as, by reason of the great and increasing productiveness of our industries, our trade has assumed its normal condition. I have shown that our population, as a whole, is well and profitably employed. It is clear, therefore, that no heroic policy is required to set us right. All we require is a steady pursuit of our present policy, of careful economy in the administration of our affairs, a steady refusal to again resort to borrowing to make matters more pleasant, and a determination to get our waste land settled as rapidly and as well as possible, by offering every facility to those now among us who, dissatisfied with the prospects in their present employments, are capable and desirous of settling on the land, and by inducing the immigration of a desirable class of persons to supplement those already here. Put in a few last words, I would say: Sober finance, extended settlement, increased industries—these, with never-failing confidence in our future, will carry us prosperously on, and leave this land as a noble inheritance for our children.

Conclusion.

23

CABLES TO ACCOMPANY THE FOEEGOTNG STATEMENT.

PAGE Table No. 1. —Abstract of Receipts and Expenditure op the Financial Year ended 31st March, 1890 26 Table No. 2.— Comparative Statement of the Estimated and Actual Receipts and Expenditure of the Consolidated Fund for the Financial Year ended 31st March, 1890 .. 41 Table No. 8. —Statement of the Estimated Liabilities of the Consolidated Fund outstanding on 31st Mabch, from 1881 to 1890, inclusive .. .. .. .. .. .. 42 Table No. 4.—The Public Debt on 31st March, 1890 .. .. .. .. .. .. 43 Table No. s.—Statement showing the Total Ways and Means of the Public Works Fund and the Total Net Expenditure to 31st March, 1890 .. .. .. .. .. 45 Table No. 6. —Statement of the Estimated Liabilities of the Public Works Fund outstanding on 31st March, from 1881 to 1890, inclusive .. .. .. .. .. .. 46 Table No. 7. —Estimated Expenditure of 1890-91 compared with the Actual Expenditure of 1889-90 47 Table No. B.—Estimated Revenue of 1890-91 compared with the Actual Revenue of 1889-91 .. 47 Table No. 9.—Estimated Revenue and Expenditure of the Consolidated Fund fob the Financial Year ending 31st March, 1891 .. .. .. .. .. .. .. 48 Table No. 10.—Increases of Population during the Periods 1875-79, 1880-84, 1885-89 .. .. 49 Table No. 11.—Immigration and Emigration (New Zealand) .. .. .. .. ~ 49 Table No. 12.— Immigration to and Emigration from the several Australasian Colonies during this Years 1875-89, inclusive .. .. .. .. .. .. .. .. 50 Table No. 13.—Table showing the Number of Occupied Holdings over One Acre in extent in respect of which agricultural statistics were collected in each of the fifteen Years, 1876 to 1890, and the Proportion in each Year to the Number op Adult Males .. .. .. .. .. .. .. .. .. .. 51 Table No. 14.—Exports of New Zealand Produce .. .. .. .. ~ .. .. 51 Table No. 15.—Exports of Colonial Produce and Manufactures per Head of Adult Male Population, INCLUDING AND EXCLUDING VALUE OF WOOL AND GOLD.. .. .. .. 51 Table No. lfi.—Summary of Exports of New Zealand Produce for Quinquennial Periods .. .. 52 Table No. 17.—Total Exports, also Exports of New Zealand Produce, per Head of Population and per Head of Adult Males .. .. .. .. .. .. 52 Table No. 18. —New Zealand Produce exported, per Head of Population and per Head of Adult Males .. .. .. .. .. .. .. .. .. .. 52 Table No. 19.—Exports of Home Produce per Head of Adult Males, for New Zealand, Victoria, and New South Wales .. .. .. .. .. .. .. 53 Table No. 20. —Flockowners in the Colony, 1881-89 .. .. .. .. 53 Table No. 21.—Number of Sheep in the Colony, 1880-89 .. .. .. .. .. .. 53 Table No. 22. —Wool purchased by Local Woollen Mills .. .. .. .. .. .. 54 Table No. 23. —Classified Balances at Credit of Depositors on 31st December, 1889, in the Post Office Savings-bank .. .. .. .. .. .. .. .. 54 Table No. 24.—Australasian Savings-banks Returns at 31st December, 1888 .. .. ~ 54 Table No. 25.— Railway Revenue and Expenditure compared for Five Years ended 31st March, 1890 54 Table No. 26.—New Zealand Banking 1870-1889, Notes and Bills discounted .. .. .. 55 Table No. 27.—Bank Advances in Australasian Colonies, 1870-1889 .. .. .. .. 55 Table No. 28.—Bank Advances in Australasian Colonies, 1870-1889 in detail .. .. .. 56 Table No. 29.—Expenditure of 1886-87 compared with that of 1889-90 .. .. .. ... 57 Table No. 30.—Ordinary Revenue of 1886-87 compared with that of 1889-90 .. .. .. 57 Table No. 31. —Analysis of the Interest and Sinking Fund paid in 1889-90 in excess of that paid in 1886-87.. .. .. .. .. .. .. .. .. .. 58 Table No 32.—Table showing Area of Land disposed of, and Expenditure incurred, during the Period from the Ist October, 1884, to the 30th September, 1887; and from the Ist October, 1887, to 31st March, 1890 .. .. .. .. .. .. ci

4—B. 6.

8.—6.

Table

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

LAND FUND

26

RECEIPTS. 1889-90. 1883-89. Balances to begin the Year with, — Cash Advances in the hands of Officers of the Government, — In the Colony In London On account of Imperial Pensions £ s. d. 411,833 8 5 13,045 11 9 27,710 16 0 9,473 6 7 £ s. d. 758,292 16 6 9,073 5 3 15,314 5 6 64 14 2 462,063 2 9 782,745 1 5 Ordinary Revenue, — Customs, including Primage Duty, £55,826 18s. lOd. Stamps, including Postal and Telegrapla Cash Eeceipts Property-tax Beer Duty Railways Registration and other Fees Marine Miscellaneous .. .. .. .. 1,500,873 19 10 629,755 7 7 355,460 7 10 56,010 1 4 1,093,340 18 9 38,770 16 5 21,001 13 8 38,994 18 4 1,459,608 0 8 600,370 16 6 373,830 19 4 51,050 17 6 1,001,134 5 10 39,226 2 8 17,557 11 9 64,338 7 0 Territorial Revenue, — Depasturing Licenses, Rents, and Miscellaneous 3,734,208 3 9 199,839 4 6 3,607,117 1 3 184,716 16 3 Other Receipts,— Debentures issued under " The Consolidated Stock Act, 1884"— For increases of Sinking Fund Sinking Funds set free, — " Consolidated Loan Act, 1867 " Deficiency Bills outstanding 3,934,047 8 3 275,200 0 0 133,400 0 0 519,900 0 0 928,500 0 0 3,791,833 17 6 263,200 0 0 131,600 0 0 512,900 0 0 907,700 0 0 Totals £5,324,610 11 0 £5,482,278 18 11

iand Sales, — For Cash On Deferred Payments 36,656 11 0 51,035 13 2 58,007 18 2 411,998 14 11 87,692 4 2 108,006 13 1 'art proceeds of Deficiency Bills transferred from the Ordinary Revenue Account to cover deficit at 31st March, 1888 133,350 2 1 ialance at end of Year, — Cash overdrawn Less Advances in the hands of Officers of the Government, — In the. Colony .. .. .. .. .. £1,740 0 0 In London 47,456 15 5 14,016 6 9 1,740 0 0 2,520 10 0 % 11,489 16 3 45,710 15 5 Totals 133,408 19 7 £252,846 11 5

8.—6

27

No. 1.

for the Year ended 31st March, 1890, compared with the Financial Year ended 31st Mabch, 1889.

ACCOUNT.

ACCOUNT.

EXPENDITURE. 1889-90. 1888-89. Permanent Appropriations,— Civil List Interest and Sinking Fund Under Special Acts of the Legislature Subsidies paid to Local Bodies Amounts paid over to Local Bodies and to Deposit Accounts in respect of Rents under the Land Acts Endowments, — New Plymouth Harbour Board Greymouth Harbour Board Westport Harbour Board £ s. d. 25,971 19 8 1,897,602 12 10 148,876 13 9 57,235 12 6 9,958 0 4 £ s. d. 24,265 0 3 1,833,494 0 6 162,654 13 0 28,630 4 6 7,875 5 1 424 13 10 6,494 17 7 11,510 4 6 376 11 4 14,590 7 0 13,370 19 11 2,158,074 15 0 2,085,257 1 7 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 Lands and Mines ,, XI.—Working Railways ,, XII. —Minister for Public Works ,, XIII.—Minister of Defence .. Services not provided for .. 14,474 0 7 111,940 0 11 38,275 1 11 118,701 8 7 273,103 4 10 70,066 7 6 22,338 16 1 365,641 11 6 19,431 1 2 49,248 1 6 656,698 6 11 56,615 19 1 162,820 10 10 4,412 5 3 14,899 11 0 100,598 17 2 41,573 11 2 107,777 9 1 260,230 15 7 62,454 6 0 22,567 9 0 377,858 8 1 15,970 14 6 56,179 7 3 641,118 3 2 29,340 12 9 157,855 1 8 3,496 18 2 Debentures redeemed, — Consolidated Stock Act, 1884 (Colonial issue) District Railways Purchasing Act, 1885 Deficiency Bills redeemed, part of £128,600 outstanding in respect of the deficit of the Consolidated Fund at 31st March, 1888 Other Deficiency Bills redeemed 1,963,766 16 8 133,400 0 0 1,891,921 4 7 131,600 0 0 87 7 11 50,000 0 0 462,900 0 0 778,000 0 0 646,300 0 0 909,687 7 11 Part proceeds of Deficiency Bills transferred to Land Fund Account to cover deficit therein at 31st March, 1888 133,350 2 1 Balance at end of Year, — Cash in the Public Account Advances in the hands of Officers of the Government, — In the Colony In London On account of Imperial Pensions 497,257 10 3 10,198 19 1 40,025 1 7 8,987 8 5 411,833 8 5 13,045 1.1 9 27,710 16 0 9,473 6 7 556,468 19 4 462,063 2 9 Totals £5,324,610 11 0 £5,482,278 18 11

Balance to begin the Year with, — Cash overdrawn .. .. .. .. .. •• •■ 14,01(3 0 9 Less Advances in the hands of Officers o£ the Government, — In the Colony ., .. .. .. .. £2,099 7 6 In London " .. .. .. .. .. 427 3 0 2,526 10 6 135,115 9 1 1,705 7 0 11,489 10 3 11,489 10 3 133,350 2 1 Permanent Appropriations, — One-third of Proceeds of Land sold on Deferred Payments paid over to Local Bodies and to Deposit Accounts .. .. .. . .. 18,159 11 6 New Plymouth Harbour Board Endowment .. .. .. .. 2,137 12 0 Annual Appropriations,— Class XIV.—Minister of Lands .. .. .. .. ..--I 89,92014 4 ,, XV.—Bates on Crown 1'jands .. .. .. •• •• 11,684 10 £ Services not provided for .. .. .. .. .. • • ■ • 10 15 0 23,330 9 2 2,953 4 11 77,708 13 7 15,496 10 8 6 5 0 131.919 3 4 121,919 3 4 119,490 9 4 ji^i,yiv o Totals .. .. .. .. .. •• i £133,408 19 7 £252,846 11 5

8.-.6.

Table

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

ACCOUNTS OF

28

RECEIPTS. 1889-9O. 1888-89. £ s. d. £ s. d. Balance to begin the Year with,— Gash in the Public Account Advances in the handa of Officers of the Government, — In the Colony B6 14 11 133 13 3 189 8 2 Debentures created under " The New Zealand State Forests Act, 1885 " Rents from Lands set apart Miscellaneous 48 18 2 3,705 10 11 1,000 0 0 93 17 6 2,344 15 G 3,754 9 1 3,438 13 0 Totals £3,943 17 3 £3,438 13 0

Eevenue received for Local Bodies, — Fees, Fines, &c. Endowments of Land, &c. Goldfields Revenue Gold Duty 2,314 18 9 7,546 5 2 18,081 10 1 20,760 6 9 2,087 3 9 9,986 14 1 20,202 1 6 20,869 6 9 I Counties Separate Accounts, — Eevenue of Counties in which " The Counties Act, 1886," is not in full operation 48,703 0 9 1,251 18 4 53,095 6 1 ! I 1,541 14 7 Advance Account, — Amount repaid by Local Bodies .. .. .. £12,536 7 5 Ditto on account of unauthorised expenditure of previous years .. .. .. .. .. .. 3,705 8 7 16,241 IS 0 186,235 17 6 Balance at end of Year, — Cash overdrawn Less advances in the hands of Officers of the Government, — In the Colony .. .. .. .. .. ■ .. 66,196 15 1 21,764 7 5 240,872 18 2 5,717 1 4 18 10 4 109 4 2 21,745 17 1 5,607 17 2 Totals £87,942 12 2 £246,480 15 4

8.—6.

No. I—continued.1 — continued.

for the Year ended 31st March, 1890, compared with the Financial Year ended 31 March, 1889.

ACCOUNT.

LOCAL BODIES.

29

EXPENDITURE. 1889-90. 1888-89. Balance to begin the Year with, — Gash overdrawn Less advances in the hands of officers of the Government, — In the colony i • * I £ s. d. £ s. d. 117 4 2 42 IS 3 ! 74 8 11 Annual Appropriations, — Glass XVI. —Minister of Lands 2,783 15 4 Permanent Appropriations, — Interest on Debentures I 400 0 0 391 0 7 Balance at end of Year, — Cash in the Public Account Advances in the hands of Officers of the Government, — In the Colony I ' ' i I 400 0 0 3,543 17 3 3.543 17 3 3,543 17 3 400 0 0 3,174 15 11 55 14 11 133 13 3 J.l/L' -l-^» 3,543 17 3 189 8 2 Totals l_ a, o'±o J. t a £3,943 17 3 £3,943 17 3 £3,438 13 0

Balance to begin the Year with, — Cash overdrawn Less advances in the hands of Officers of the Government, — In the Colony 5,717 1 4 17,044 17 7 109 4 2 476 19 11 5,607 17 2 ; 16,567 17 8 Revenue paid over to Local Bodies, — Fees, Fines, &c. Endowments of Land, &c. Goldfields Revenue Gold Duty 2,31.7 13 9 11,127 8 5 17,934 4 5 20,336 5 4 2,074 5 11 9,309 14 8 20,218 9 8 21,092 10 1 Counties Separate Accounts, — Amount distributed amongst Koad Boa,rds whers " The Counties Act, 1886," is not in full operation 51,715 11 11 52,694 19 11 1,155 14 11 1,241 11 1 Advance Account, — Payments on behalf of Local Bodies .. .. .. £13,998 7 3 Unauthorised .. .. .. .. .. 15,465 Oil 29,463 8 2 ; 175,976 6 8 82,334 15 0 I 229,912 17 8 Totals £87,942 12 2 j £246,480 15 4

8.—6.

Table

STATEMENT of the RECEIPTS and EXPENDITURE of the CONSOLIDATED FUND DEPOSIT

Treasury, Wellington, 15th April, 1890. Examined and found correct as regards the Railway receipts. W M HANNAY 'ew ea'an<^ Railway Commissioners. Examined and found to agree with the Collectors' Cash-books. H. S. McKELLAR. Secretary and Inspector of Customs.

30

RECEIPTS. 1889-9O. 1888-89. 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. d. 85,350 18 11 83 4 2 15,900 0 0 £ s. d. 59,121 2 1 463 7 0 1,558 12 8 Lodgments,— Auckland Museum Endowment Emigrants' Deposits General Assembly Library Fund Hospitals and Charitable Institutions Act, 1885 Miscellaneous Money Order settlement Native Land Act, 1878 (No. 2) Native Land Purchases Nelson Rifle Prize Fund New Zealand University Endowment, Taranaki New Zealand University Endowment, Westland North Island Main Trunk Railway Loan Application Act, 1889 .. Permanent-Way Material for Open Lines of Railway Post Office suspense Thermal-springs Districts Act, 1881 Trustees Act, 1883 Westland Loan Act 1873 Redemption 101,284 3 1 61,143 1 9 30 0 0 120 0 0 236 3 4 41,946 4 1 1,550 0 0 225 0 0 698 17 5 66 0 0 24 13 3 17 15 0 2,711 4 7 24,584 8 10 255 i 8 81,289 1 3 21,247 18 1 227 10 0 751 14 6 65 2 9 23 18 6 15 5 0 1,338 11 7 38,854 16 7 19,133 5 10 31 1 5 833 6 i 6 19 2 52 4 3 1,702 1 11 72,414 12 8 165,623 12 8 Totals £173,698 15 9 £226,766 14 5

8.—6.

No. I—continued.1 — continued.

for the Year ended 31st March, 1890, compared with the Financial Year ended 31st March, 1889.

ACCOUNTS.

JAMES G. GAVIN, Secretary to the Treasury, JAMBS B. HEYWOOD, Assistant Secretary and Accountant. Examined and found correct, except as regards the " Customs " and " Railway " receipts, which are not now examined by the Audit Office. JAMES EDWARD FITZGERALD, Controller and Auditor-General.

31

EXPENDITURE. 1889-90. 1888-89. Withdrawals, — Auckland Museum Endowment Canterbury Surplus Land Fund Emigrants' Deposits General Assembly Library Fund Hospitals and Charitable Institutions Act, 1885 Miscellaneous Money Order settlement Native Land Act, 1878 (No. 2) Native Land Purchases Nelson Rifle Prize Fund New Zealand University Endowment, Taranaki Permanent-way material for open lines of Railway Post Office Suspense Receiver-General's Account Thermal-springs Districts Act, 1881 Trustees Act, 1883 .. Waimaka,riri Bridge .. Westlaind Loa,n Act 1873 Redemption £ s. a. 42 4 0 120 0 0 13 6 10 51,108 11 6 1,000 0 0 195 0 0 692 10 1 66 0 0 £ a. d. 463 7 3 1,800 0 0 265 16 0 94,577 1 1 4,500 0 0 185 0 0 767 3 6 66 0 0 23 18 6 20,979 17 5 22,124 0 2 19,133 5 10 135 18 10 910 10 0 1,000 0 0 130 5 11 677 6 0 46 15 8 95,541 7 3 125,482 11 4 Balance at end of Year, — Cash in the Public Account Advances in the hands of Officers of the Government, — In the Colony .. • .. In London 65,056 2 4 85,350 18 11 18,101 6 2 33 4 2 15,900 0 0 Totals 78,157 8 6 101,284 3 1 £173,698 15 9 £226,766 14 5

8.—6.

Table

STATEMENT of the RECEIPTS and EXPENDITURE of the PUBLIC WORKS FUND Part I.

Part II.

32

19. 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. 140,467 18 0 8,100 15 2 30,232 14 8 125,000 0 0 £ s. d. 177,208 13 8 1,575 3 0 16,607 7 4 5,000 0 0 303,801 7 10 j " New Zealand Loan Act, 1888,"— Moiety of One Million Loan in 4-per-cent. Inscribed Stock " District Railways Purchasing Act, 1885,"— Balance of Debentures issued for purchase of Waimea Plains Railway Receipts under " The Ellesmere Lake Lands Act, 1888 " Recoveries, — In respect of expenditure charged to " Services not provided for" in previous years (on account of advance to Ohinemuri County) In respect of Debentures issued under "The Roads and Bridges Construction Act, 1882 " 200,391 4 0 500,000 0 0 75,000 0 0 8,142 7 10 3,000 0 0 152 11 8 19,420 11 6 1,117 19 9 84,412 19 3 522,426 11 6 Totals £388,214 7 1 £722,817 15 6

Balance to begin the Year with, — Cash in the Public Account Advances in the hands of Offioers of the Government, — In the Colony In London Investments.. 258,633 16 6 1,183 4 11 9,716 10 9 2,043 5 8 10,240 0 0 176,000 0 0 " North Island Main Trunk Railway Loan Aot, 1882,"— Proceeds of Loan in 4-per-eent. Inscribed Stock 435,817 1 5 21,999 16 5 1,000,000 0 0 Totals £435,817 1 5 1,021,999 16 5

8.—6.

No. I—continued.1 — continued.

for the Year ended 31st March, 1890, compared with the Financial Year ended 31st Mabch, 1889.

Part I.

Part II.

s—B. 6.

33

EXPENDITURE. 1889-9O. 1888-89. Annual Appropriations, — Class I.—Immigration , II.—Railways III.—Roads .. „ IV.—Waterworks on G-oldfields V.-—Purchase of Native Lands, North Island „ VI.—Telegraph Extension , VII.—Public Buildings „ VIII.—Lighthouses, Harbour Works, and Defences „ IX.—Rates on Native Lands X.—Thermal Springs .. .. ... „ XI. —Charges and Expenses of raising Loan Public Works, Departmental .. £ s. d. 866 17 7 7,976 3 4 84,031 1 4 284 6 1 4,144 5 11 16,345 15 7 35,472 9 2 8,844 18 2 5,874 9 3 £ s. d. 8,791 4 4 4,761 14 11 104,631 15 3 54 10 6 5,088 11 8 12,047 4 5 34.592 6 7 52.593 5 4 10,304 0 0 935 8 0 28,758 0 0 6,458 0 8 3,084 0 0 166,924 6 5 269,016 7 8 Services not provided for Balance of purchase of Waimea Plains Railway Advances from Part III. in 1887-88, repaid 588 10 1 75,000 0 0 150,000 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 75,588 10 1 28,898 0 6 5,135 1 1 26,868 9 0 85,000 0 0 150,000 0 0 140,467 18 0 8,100 15 2 30,232 14 8 125,000 0 0 145,701 10 7 303,801 7 10 Totals £388,214 7 1 £722,817 15 6

Temporary advances repaid 500,000 0 0 Annual Appropriations, — Class I. —Public Workrf, Departmental „ II.—Bailways • • • • III.—Roads „ IV.—Purchase of Native Lands .. V. —Charges and Expenses of raising Loan 1,000 0 0 23,533 11 4 248 5 11 24,049 15 2 3,000 0 0 25,513 16 1 1,897 13 1 3,983 4 8 51,788 1 2 48,831 12 5 86,182 15 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 162,943 6 1 1,042 2 11 258,633 16 6 1,183 4 11 223,000 0 0 176,000 0 0 386,985 9 0 435,817 1 5 Totals £435,817 1 5 £1,021,999 16 5

8.—6.

Table

STATEMENT of the RECEIPTS and EXPENDITURE of the PUBLIC WORKS FUND Part III.

CONVERSION

34

RECEIPTS. 1889-90. 1889-90. 18S8-89. Balance to begin the Year with, — £ s. d. Cash in the Public Account .. .. .. .. .. j 115,987 10 2 Advances in the hands of Officers of the Government, — In the Colony .. .. .. .. .. .. .. 9,114 9 2 In London .. .. .. .. .. .. .. 7,975 15 9 Investments .. .. .. .. .. .. .. 485,000 0 0 618,077 15 1 " New Zealand Loan Act, 1888,"— Moiety of the One Million Loan in 4-per-cent. Inscribed Stock .. ■ Temporary advance made in 1887-88 to Part I. repaid .. .. .. Eeeoveries in respect of expenditure charged during previous year (Railways, £29; Charges and Expenses of raising Loan, £3,084) .. .. .. 3,113 0 0 j £ s. d. 221,790 4 6 4,282 15 5 20,171 0 11 300,000 0 0 546,244 0 10 500,000 0 0 150,000 0 0 3,113 0 0 | 650,000 0 0 ■ ' ; Totals .. .. .. .. .. .. £621,190 15 1 £1,196,444 0 10

Balance to begin the Year with,-— Cash in the Public Account Advances in the hands of— Stock Agents .. I 1,654 15 (j .. ! 952 4 4 2,606 19 10 ! Proceeds of Sale of 4-per-cent Inscribed Stock Part proceeds of Sale of 3J-per-cent. Inscribed Stock Debentures issued under " The Consolidated Stock Act, 1884 " — Colonial issue 645,000 0 0 24,900 0 0 " 299,500 0 0 645,000 0 0 ; I 324,400 0 0 : i i Totals .. ! £647,606 19 10 .. i £647,606 19 10 £324,-100 0 0

B.—B.

No. I—continued.1 — continued.

for the Year ended 31st "March, 1890. compared with the Financial Year ended 81st Map.eh, 18R9.

Part III.

ACCOUNT.

35

iooo-oa. Annual Appropriations,— Glass I.—Public Works, Departmental „ II.—Railways .. „ III.—Charges ana Expenses of raising Loan £ p. a. 11,294 4 6 183,090 15 3 194,384 19 9 £ g. a. 11,294 4 6 183,090 15 3 £ s. a. 12,000 0 0 241,801 12 1 24,364 13 8 194,384 19 9 278,160 5 9 ii3i,ooa J.;? zr Temporary advance made in 1887-88 repaid 300,000 0 0 300,000 0 0 Balance at end of Year, — Cash in the Public Account Advances in the hands of Officers of the Government, — In tho Colony In London Investments i 131,136 19 9 2,525 9 9 18,643 5 10 274,500 0 0 115,987 10 2 9,1U !) 2 7,975 15 9 485,000 0 0 426,805 15 4 618,077 15 1 Totals .. i . .. j £621,190 15 I £621,190 15 I £1,196,244 0 10

Balance to begin the Year with,— 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 Four-and-a-half-per cent. 5-30 Debentures called in for payment on 1st August, 1886 .. .. .. .. .. .. .. .. i Five-per-cent. 5-30 Debentures called in for payment on 15th January, 1885 .. : 1879 Loan Act Debentures, due 1st November, 1888, paid off.. .. Stock created under "The New Zealand Colonial Inscribed Stock Loan Act, | 1882," due 1st November, 1888, redeemed Debentures issued under " The General Purposes Loan Act, 1873," due 15th December, redeemed.. 200 0 0 383,600 0 0 300 0 0 100 0 0 250,000 0 0 49,500 0 0 Expenses Account, — Brokerage Stamp Duty Interest Office expenses 383,800 0 0 299,900 0 0 60 0 0 150 0 0 10,600 0 0 264 1 6 362 14 10 362 14 10 11,074 1 6 Balance at end of Year,— Gash in the Public Account ' .. .. .. .. .. .. I Advances in the hands of— ; Stock Agents .. .. .. .. .. .. .. 263,054 15 6 1,654 15 6 389 9 6 952 4 4 j" 263,444 5 0 2,606 19 10 Totals £647,606 19 10 £324,400 0 0

8.—6.

Table

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

36

RECEIPTS, 1889-9O. 1888-89. £ s. d. £ s. d. Balance to begin the Year with, — Cash in the Public Account 8,623 14 4 16,159 0 0 " The Government Loans to Local Bodies Act, 1886," — Debentures created 50,000 0 0 75,000 0 0 Refunds under Section 15 of " The Government Loans to Local Bodies Act, 1886,"— Inangahua County .. .. .. .. .. £690 0 0 Patangata County .. .. .. .. .. ISO 7 0 Inglewood Town Board .. .. .. .. .. 8 15 7 Moa Road Board .. .. .. .. .. 90 8 3 939 10 10 939 14 4 Manawatu County— Adjustment of amount charged in error on 31st March, 1887.. 2,000 0 0 i i i I ■ i % Carried forward 61,8 61,563 5 2 92,098 14 4

8.—6.

No. I—continued.1 — continued.

for the Year ended 31st March, 1890, compared with the Financial Year ended 31st Mabch, 1889.

BODIES ACCOUNT.

37

EXPENDITURE. 1889-9O. 1888-89. Payments to, — Counties, — Bruce Geraldine Grey Hawera Hobson Horowhenua Inangahua Manawatu Pahiatua .. .. Patangata Piako Rangitikei Selwyn Thames Waimea Waipawa Wairarapa North Wallace Wanganui £ s. d. £ s. d. 900 0 0 2,550 0 0 300 0 0 2,750 0 0 2,075 0 0 1,500 0 0 2,000 0 0 6,000 0 0 700 0 0 1,000 0 0 6,700 0 0 3,000 0 0 3,000 0 0 2,000 0 0 1,300 0 0 4,410 0 0 300 0 0 3,000 0 0 1,050 0 0 4,460 0 0 8,650 0 0 6,000 0 0 1,300 0 0 2,500 0 0 3,800 0 0 300 0 0 1,000 0 0 1,500 0 0 300 0 0 30,860 0 0 39,085 0 0 Road Boards, — Alf redton Castlepoint Danevirke.. Rden Terrace Egmont Bketahuna Featherston Kiwitca Le Bon's Bay Maharahara Manawatu Manchester Mangaatua Matamata Masterton Moa Mount Eden Okain's Bay Orrnondville . Pahiatua .. Taratahi-Carterton Town of Raglan Upper Waugaehu Waipukurau Waiuku Whakatane Whareama Whataupoko Wirokino 730 0 0 730 0 0 3,000 0 0 200 0 0 2,300 0 0 3,000 0 0 1,413 10 0 3,000 0 0 850 0 0 600 0 0 650 0 0 150 0 0 250 0 0 3,000 0 0 700 0 0 3,000 0 0 500 0 0 1,000 0 0 3,000 0 0 3,000 0 0 500 0 0 960 0 0 3,000 0 0 3,000 0 0 1,500 0 0 500 0 0 1,000 0 0 1,600 0 0 1,400 0 0 1,700 0 0 350 0 0 600 0 0 3,000 0 0 200 0 0 2,000 0 0 1,000 0 0 2,300 0 0 3,000 0 0 230 0 0 1,500 0 0 22,153 10 0 38,260 0 0 Boroughs,— Akaroa Brunner Kaitangata Pioton 800 0 0 250 0 0 2,000 0 0 800 0 0 Town Boards, — Inglewood Richmond.. Taradale .. 3,050 0 0 800 0 0 300 0 0 300 0 0 306 0 0 300 0 0 600 0 6 600 0 0 Carried forward •_• 56,663 10 0 78,745 0 0

8.—6.

Table

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

Treasury, Wellington, 15th April, 1890. Examined and found correct. JAMES EDWARD FITZGERALD, Controller and Auditor-General.

38

RECEIPTS. 1889-90. 1888-89. £ a. d. 61,563 5 2 £ 9. d. 92,098 14 4 Brought forward Totals £61,563 5 2 £92,098 14 i

8.—6.

No. I—continued.1 — continued.

for the Year ended Slat March, 1890, compared with the Financial Year ended 31st March, 1889.

BODIES ACCOUNT-continued.

JAMES C. GAVIN, Secretary to the Treasury. JAMES B. HEYWOOD, Assistant Secretary and Accountant.

39

EXPENDITURE. 1889-90. 1888-89. Brought forward & s. a. 50,063 10 0 £ s. d. 78,745 0 0 Payments to, — River Boards, — Benmore-Liinehills Dipton Henley Makarewa-Hedgehope Mangaone Upper Dipton West Taieri Winton 125 0 0 1,000 0 0 1,000 0 0 775 0 0 200 0 0 1,250 0 0 730 0 0 1/000 0 0 750 0 0 500 0 0 500 0 0 3,100 0 0 4,730 0 0 Balance at end of Year, — Cash in the Public Account 1,799 15 2 8,023 14 4 Totals £61,563 5 2 £92,098 14 4

8.—6.

40

Table No. 1— -continued. SUMMARY OF BALANCES ON 31st MARCH, 1890.

Funds. ■ Balances. Consolidated Public Works Fund. Fund. Suspense. Account. Total. * I I j j Consolidated Fund :— j Ordinary Revenue Account j Land Fund Account State Forests Account Accounts of Local Bodies Deposit Accounts £ s. a. 556,408 19 4 Dr. 45.716 15 5 3,543 17 3 Dr. 21,745 17 1 78,157 8 G £ s. a. Cash Advances Investments Remittances to London £ s. a. £ s. d. £ s. a. 43 3 11 £ s. a. 1,084,512 7 11 128,475 3 8 582,500 0 0 r. 800,000 0 0 496,636 7 0 587,832 17 0 74,071 5 7 54,403 18 1 582,500 0 0 570,707 12 7 I •• O Public Works Fund: — Part I. „ II. „ III. Conversion Account Loans to Local Bodies Account 145,701 10 7 386,985 9 0 426,805 15 4 263,444 5 0 1,799 15 2 1,224,736 15 1 I Suspense Account 43 3 11 Remittances to London Account Dr. 800,000 0 0 Totals Totals 995,487 11 7 570,707 12 7 1,224,736 15 1 43 3 11 995,487 11 7

8.—6.

Table No. 2. COMPARATIVE STATEMENT of the Estimated and Actual Receipts and Expenditure of the Consolidated Fund for the Financial Year ended 31st March, 1890.

Obdinaby Revenue Account :— Surplus at 81st March, 188<J £lHnn n n Applied in reduction of deficit of previous year .. fto,ooo U U , Actual receipts, 1889-90 £4,209,247 8 3 \ctual expenditure, 1889-90 .. 4,121,841 11 8 87 ,40j 16 7 Surplus at SlsfcMarcli, 1890 .. £115,174 0 0 Laxd Fusd Account :— i ~.*,. „ Defloit at 31st March, 1889 •■ •■ •■ •■ £U,M9-16 8 Actual expenditure, 1889-90 £IS'rqq 2 v Actual receipts, 1889-90 ■■ 87,692 42 Deficit at Blsc March, 1890 '• £45,710 lo '»

6—B. (5.

41

Differences. .-;*■ Estimated, Actual. More Less than Estimate, i than Estimate. I RECEIPTS. Ordinary Revenue Account :- Customs Stamps Property-tax Beer Duty Railways Registration.. Marine Miscellaneous Depasturing Licenses, &c. £ s. d. 1,550,000 0 0 605,000 0 0 353,000 0 0 50,000 0 0 1,030,000 0 0 40,000 0 0 19,200 0 0 44,000 0 0 221,400 0 0 a s. a. 1,500,873 19 10 529,755 7 7 355,400 7 10 56,010 1 4 1,093,340 18 9 38,770 16 5 21,001 18 8 38,994 18 4 i 199,839 4 G a s. a. 24,755 7 7 2,460 7 10 6,010 1 4 63,340 18 9 £ s. d. 49,126 0 2 1,229 3 7 1,801 13 8 5,005 1 8 21,560 15 6 Sinking Fund increases 3,912,600 0 0 275,200 0 0 3,934,047 8 8 ■ 275,200 0 0 98,308 9 2 70,921 0 11 Totals 4,187,800 0 0 _J i 14,209,247 8 8 i , 98,308 9 2 76,921 0 11 21,447 8 3 Land Fund Account :— Land Sales, — For Cash On Deferred Payments 06,000 0 0 70,100 0 0 30,056 11 0 51,035 13 2 29,343 9 0 19,064 6 10 Totals 136,100 0 0 87,092 4 2 48,407 15 10 EXPENDITURE Ordinary Revenue Account :— Permanent Appropriations, — Civil List Interest and Sinking Fund Under Special Acts Subsidies Territorial Bevenue paid over to Local Bodies and Deposit Accounts Endowments Annual Appropriations, — Legislative Colonial Secretary Colonial Treasurer Minister of Justice Postmaster-General Commissioner of Trade and Customs Commissioner o£ Stamps Minister of Education Minister of Native Affairs Minister of Mines Working Railways Public Buildings Minister of Defence Services not provided for 26,300 0 0 1,888,405 0 0 149,961 0 0 66,000 0 0 8,000 0 0 24,800 0 0 14,487 0 0 117,550 0 0 38,079 0 0 118,828 0 0 283,153 0 0 71,314 0 0 22,777 0 0 369,331 0 0 17,733 0 0 51 ,269 0 0 000,050 0 0 59,075 0 0 103.585 0 0 25,971 19 S 1,897,602 12 10 148,876 13 9 57,235 12 0 9,958 0 i 18,429 15 11 14,474 0 7 111,940 0 1.1 38,275 1 11 118,701 8 7 273,103 4 10 70,066 7 6 22,338 16 1 305,641 11 6 19,431 1 2 49,248 1 6 656,098 0 11 56,015 19 1 162,820 10 10 4,412 5 8 9,197 12 10 1,958 0 i 196 1 11 328 0 4 1,084 6 3 8,764 7 6 6,370 4 1 12 19 5 5,615 19 1 126 11 5 10,049 15 2 1,247 12 G 438 3 11 3,689 8 G 1,698 1 2 2,020 18 6 3,351 13 1 2,459 0 11 764 9 2 4,412 5 8 Totals 4,150,703 0 0 4,121,841 11 8 17,402 1 6 46,323 9 10 17,402 1 G Land Fund Account :— Under Special Acts Crown Lands and Survey Departments.. Rates on Crown Lands Services not provided for 20,800 0 0 91,751 0 0 15,598 0 0 « 20,297 a 8 89,920 14 4 11,684 10 6 16 15 0 28,861 8 4 502 16 6 1,830 5 8 3,913 9 G 16 15 0 Totals 128,149 0 0 121,919 8 4 16 15 0 6,246 11 8 16 15 0 6,229 16 8

8.—6.

Table No. 3. STATEMENT of the Estimated Liabilities chargeable on the Consolidated Fund outstanding on the 31st March, 1881, 1882, 1883, 1884, 1885, 1886, 1887, 1888, 1889, and 1890.

42

31st March, 1881. Slst March, 1882. 31st March, 1883. 31st March, 1884. I 31st March, 1885. 31st March, 1886. j Slst March, 1887.! 31st March, 1888. Slst March, 1889. 31st March, 1890. Ordinary Revenue Account. Permanent Appropriations, — Civil List Interest and Sinking Fund Under Special Acts of the Legislature Subsidies payable to Local Authorities Kndowments .. ! tents under the Land Acts, payable to Local Authorities .. .. .. | £ s. oL 300 0 0 225 0 0 525 0 0 & s. d. 1G8 0 0 24,000 0 0 & s. d. 165 0 0 4,470 0 0 957 0 0 £ s. d. 421 0 0 584 0 0 & s. d. i k s. d. k. s. d. 350 0 0 • 383 0 0 430 0 0 | 2,719 12 11 684 0 0 j 490 6 10 j 9,069 13 6 I 25,868 0 0 ! 34,695 0 0 | 4,049 7 0: ! 1,311 13 6 £ B. d. 448 9 9 7,072 1 10 3.221 9 3 k s. d. 491 18 8 4,220 3 0 24,677 4 8 £ s. d. 240 0 0 550 0 0 442 4 9 24.563 0 0 4,305 7 3 2,462 18 6 1,463 5 8 27,324 11 8 Annual Appropriations, — Class I.—Legislative II. —Colonial Secretary .. .. 2! „ III. —Colonial Treasurer .. .. ! IV. —Minister of Justice .. .. I „ V.—Postmaster-General .. .. I VI. —Commissioner of Customs „ VII. —Commissioner of Stamps ,. VIII. —Minister of Education .. i IX. —Minister of Native Affairs .. : „ X. —Minister of Lands and Mines .. I ' XI. —Working Railways .. .. I 81 „ XII.— Public Buildings , XIII.—Minister of Defence .. .. 2: "525 6 0 !2,490 0 0 2,164 0 0 5,110 0 0 8,160 0 0 4,334 0 0 521 0 0 3,550 0 0 1,267 0 0 7,820 0 0 56,596 0 0 82,971 0 0 24,168- 0 0 5,592 0 0 j 1,005 J) 0 1,034 0 0 32,102 7 4 | 46,914 0 5 15,107 31,852 4 10 22,490 0 0 2,164 0 0 5,110 0 0 8,1GG 0 0 4,334 0 0 521 0 0 3,550 0 0 1,267 0 0 7,820 0 0 80,596 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 ! ; 6,480 0 0 • : 3.01G 0 0 ! i 9,920 0 0 j j 3,394 0 0 i i 1,326 0 0 2.500 0 0 j 3,939 0 0 I 6,805 0 0 : 82,735 0 0 j 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 j 1,295 0 0 i 3,111 0 0 5,862 0 0 2,689 0 0 2,122 0 0 I 3,578 0 0 700 0 0 i 3,270 0 0 106,244 0 0 10,314 13 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 9,100 10 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 10G 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 59 4 1 7,160 0 11 1,573 11 3 3,836 13 1 22,574 18 6 5,474 12 7 402 13 3 2,500 0 0 800 0 0 4,528 0 0 47,831 18 8 10,452 8 6 2,948 2 9 37 10 0 0,759 9 2 50 0 0 5,178 12 11 14.829 0 0 2,637 0 0 300 17 3 3 0 0 920 0 0 5,821 18 9 57,800 12 9 5,007 14 9 481 10 7 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 I 16164,989 0 0 54,989' 0 0 139/875 0 01 170,938 0 0 165,752 0 0 160,933 0 0 158,176 3 5 134,538 1 4 111,077 11 110,142 3 i 99,827 6 2 Services not provided for i 5 7 10 06 1 3 : - 351 0 0 S43 14 1 •• Totals, Ordinary Revenue Account .. |l61 165,514 0 0 I >5,514 0 0 |l64,394 0 0 I 176,530 0 0 I 166,757 0 0 161,967 0 0 190,283 18 7 181,452 7 9 |126,184 19 5 142,338 2 6 [127,151 17 10 i 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 8 18,700 0 0 3,454 5 3 ' 8,556 19 0 3,634 0 0 2,400 0 0 3,082 15 2 1,350 0 0 3,107 19 7 1,750 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 - .. 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 4,432 15 2 4,857 19 I 100 0 0 ; 12,620 0 0 [ 15,019 0 0 13,384 0 0 14,109 0 0 9,895 0 0 10,495 0 0 2,054 0 0 12,12916 9 1,582 19 7 I 10,527 16 5 1,498 13 9 12,254 16 11 483 11 11 ; 5,780 19 9 . . 4,150 7 7 ! 207 0 0 1,830 0 0 244 14 3 ! I 122 1 3 i 28,606 0 0 13,384 0 0 14,109 0 0 9,895 0 0 14,379 0 0 14,079 11 10 I" 12,026 10 2 12,738 8 10 5,780 19 9 4,150 7 7 Totals, Land Fund Account .. 18,772 8 10 I 10,213 14 11 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 9,008 7 2 State Forests Account. Annual Appropriations, — Class XV. —State Forests | I 370 0 0 850 0 0

8.—6.

Table No. 4. The PUBLIC DEBT of NEW ZEALAND on 31st March, 1890.

43

Amount outstanding. ! 1 j Due Date. Sinking i n i Funds j Tvr ,' I .i Tr ,, ; (ESTIMATED). NE&&- ! Int. I s.P. Annual < Amount. ANNTTAIj CRAltGK. Chai When payable. i Kemaeks. * 1 I £ ; i i \ • " £ £ ! £ Cr. 24,940 % I j % £ i/The accumulations of tbc sinking fund of this loan I now enable the Trustees !-' not only to dispense with I further contributions from ] the Treasury, but to pay , V the interest of the loan. . ■ New Zealand Loan Act, 1856 .. 50,000 ■ 1 July, 1894 74,940 I 1 i '■ \ Cr. 10,754 6 6 ! : New Zealand Loan Act, 1860 .. 378,800 j 500,000 | New Zealand Loan Act, 1868 .. - 154,800 j 188,400 1. 73,800 Consolidated Loan Act, 1867 Immigration and Public Works Loan Act, 1870 74,100 j July, 1891 | 84,854 \ : (15 July, 1914 j 94,541 ! 1 Nov., 1915 218,902 y 1,295,800 ! J15 Mar., 1891 ) j 15 June, 1891 1!- 380,932 .) ! 1,15 Dec, 1891') 284,259 ! 281,098 I t\ I 5 I 1 (6 ! '2 ■ 0 j 2 (6 ! 2 1 4,446 1 Jan. and 1 July i 22,728 i 15 Jan. „ 15 July 20,000 1 May „ 1 Nov. 12,384 15 Mai;. „ 15 Sept. 15.072 15 June „ 15 Dec. | 5.904 IS June „ 15 Deo. j 36,068 ! -; "I0 ' 2 I (6 I 2 I I 1,261,800 773,056 5 i 4 i 1 2 *252,751 j Quarterly,15'Jan.,&c. 04.000 : 1 June and 1 Dec. Sinking Fund payable 13 Mar and 13 Sept. Auckland Loan Act, 1863 ; Lyttelton and Christchurch Railway Loan, 1860 : Canterbury Loan Ordinance, 1862 i Otago Loan Ordinance, 1862 .. I 1,261,800 , Ann. drawing i I 1,000,000 I 1 June, 1907 ! 226,944 31,600 i 1 June, 1896; 21,401 77,700 I Various! .. (57,822 22,800 i Various{ •• i 5>934 116,700 ! 1 July, 1898J 63,162 10,199 i 9,878 I 16,866 I 53,538 I I 5 i 1 4 ! 2-4 i 6 \ 6 ! 6 i 6 6 '■ 2 6 ! 2 6 ; 1 6 i 1 2 2 1 1 2,528 1 April „ 1 Oct. 0,216 i 30 June „ 31 Dee. *6% on £7,283,100 = £436,986 1,596 \ 30 June „ 31 Dec. Less Interest at 5 % 8,169 j 1 Jan. „ 1 July on £3,684,700, representing bonds converted .. 184,235 I ! i ! i ! £252,751 i I ! I i •." Ordinance of Legislative Council Consolidated Loan Act, 1867 .. .. 13'oOO ' 311 i Presentation j 1 >-7 nnn > ' 1 Jan., 1893 } "'°°° I 115 April, 1913 I 311 I 64,000 i 13,000 I 5 i 4 j 31^15WH " 15Oct y +£28,700 duel July, 1893. 520 15 April „ 15 Oct. due 1 18g4 18,500 due 1 Jan., 1890. 14,884 ; 15 April „ 15 Oct. i 9,200 due 1 Jan., 1897. 1,255; 15 April I 15 Oct. ! —- ! : I Immigration and Public Works Loan Act, 1870 j 900 I ) <nn nrui f 15 April, 1913 I *oo r ooo H UA^a; 191 3 372,100 I 27,900 j 4 i 4J I I 1 1 25 000 Defence and Other Purposes Loan Act, 1870 - | „'«/,« ! 1 ion 000 I 1Jul y- 1910^ j) iw'ouu { 15 April, 1913 25,000 I 75,000 j 4 o'nnn ' ?? " ?J n^' ' due 2 Jan., 1915. 3,000 15 April . 15 Oct. * uOaOO dne2 July! IMA j I I 4,507,811 i .. i 1,239,432 I [ 3,268,379 1 439,778 £! 2!800 Carried forward .. .. j

B.—o.

Table No. 4— continued. The PUBLIC DEBT of NEW ZEALAND on 31st March, 1890— continued.

44

• Amount ou JTSTANDTNG. Due Date. SinkingFunds accrued. Indebtedness. Annual Chaege. t Kemabks. •j? I ,te. S.F. Amount. When payable. Int. Brought forward £, £ 4,507,811 1,239,432 £ 3,268,379 of £ 439,778 General Purposes Loan Act, 1873 12,300 18,500 54,700 85,500 ) (15 May, 1914 \ 15 Oct., 191.3 (28 Nov., 1914 12,300 18,500 54,700 4 4 5 492 740 2,735 15 May and 15 Nov. 15 April „ 35 Oct. 15 May „ 15 Nov. Westland Loan Act, 1873 Nelson Loan Act, 1874 District Railways Purchasing Acts, 1885-86 •] " •• ! 35,000 40,000 114,600 50,000 15,000 189,600 1 I 15 April, 1894 23 Mar., 1896 ( 1 Oct., 1896 - 1 July, 1909 ( 1 April, 1905 50,000 15,000 [ 189,600 i 2,500 1,050 2,188 2,400 4,584 15 April „ 15 Oct. 1 Mar. „ 1 Sept. j- 1 April „ 1 Oct. New Zealand State Forests Act, 1885 Government Loans to Local Bodies Act, 1886 .. Public/ Revenues Act, 1886 .. .. I i 100' 000 50,000 8,000 250,000 1 Mar., 1898 1 Mar., 1892 (10 Oct., 1891 \ 10 Oct., 1891 8,000 250,000 100,000 50,000 5 5 4i 5 400 12,500 4,500 2,500 1 Mar. „ 1 Sept. 1 Mar. „ 1 Sept. 10 April „ 10 Oct. 10 April „ 10 Oct. | 150,000 Public Revenues Act 1887 (No. 3) Consolidated Stock Act, 1877 .. 2,700,000 70,000 400,000 24,564,255 I 2,770,000 1 Mar., 1893 1 Nov., 1929 400,000 24,564,255 5* 4 20,000 982,570 1 Mar. „ 1 Sept. 1 May „ 1 Nov. 1 Jan., 1940 2,770,000 34 96,950 1 Jan. „ 1 July To pay off the balances of the i loans of 1876, 1877, and j 1879, together with ex- ! penses of conversion. Consolidated Stock Act, 1884 — 4,214,100 43,600 | 4,257,700 j 15 April,1892 (15 Jan., 1892 4,214,100 43,600 Quarterly, 15 Jan., &c. 15 Jan. and 15 July English Issue 5 5 210,705 2,180 Convertible into stock at 107. j Convertible into stock at 110. j Colonial Issue 231,000 939,084 250,000 [ 1,420,084 (28 Nov., 1891 -! 28 Nov., 1891 ( 1 Nov., 1895 144,0001 231,000 795,084 250,000 4J 5 5 10,395 39,754 12,500 28 May „ 28 Nov. 28 May „ 28 Nov. 28 Mav „ 28 Nov. •• I Totals 38,667,950 1,851,421 1,383,432 37,284,518 * The debentures carry a faee-interest of 4 per cent., but, under arrangement, the Treasury is paying at the rate of 5 per cent, per annum on the temporary advai ! Representing Sinking Funds of the Loan of 1867 set free, applicable for redemption of this stock. The whole of the Imperial-guaranteed Lean of 1870 is included herein, although only £200,000 has actually been raised; the unsold debentures are used for the purpo advances from time to time. Deficiency bills amounting to £519,900 are not included. nee. ise of obtaining temporary

8.—6.

Table No. 5. STATEMENT showing the Total Ways and Means of the Public Works Fund and the Total Net Expenditure to the 31st March, 1890.

45

WAYS AND MEANS. Loans :— . Immigration and Public Works Loan, 1870 Immigration and Public Works Loan, 1873 Immigration and Public Works Loan, 1874 General Purposes Loan Act, 1873 New 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 Loan Act, 1884 New Zealand Loan Act, 1886 District Railways Purchasing Acts, 1885-80 New Zealand Loan Act, 1888 £ s. a. 4,000,000 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 1,000,000 0 0 1,500,000 0 0 1,325,000 0 0 432,487 7 11 1,000,000 0 0 £ s. a. NET EXPENDITURE. Expenditure on — Immigration Public Works, Departmental Railways, including Surveys of New Lines Roads Land Purchases Waterworks on Goldficlds Telegraph Extension Public Buildings Lighthouses, Harbour Works, and Defences Contingent Defence Rates on Native Lands Thermal Springs Charges and Expenses of raising Loans Coal Jlines Interest and Sinking Fund & s. d. 2,143,326 18 11 341,905 6 8 13,924,072 8 3 3,552,998 12 7 1,178,553 10 0 560,280 7 6 590,356 1 9 1,757,965 9 6 879,151 10 0 429,718 19 3 49,763 15 5 11,748 5 11 1,021,472 6 9 10,835 8 0 218,500 0 0 £ s. d. 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 " Special Receipts under " The Ellesmere Lake Lands Act, 1888 " Sinking Funds released 27,207,487 7 11 56,000 0 0 264,657 1G 4 19,963 1 3 20,670,649 6 6 4,963 7 4 60,616 3 0 Balance on 31st March, 1890,— Cash in the Public Account Advances in the hands of officers of the Government Investments 322,978 G 4 54,014 8 7 582,500 0 0 8,142 7 10 8,311 17 9 422,654 13 6 : 959,492 14 11 i £27,030,142 1 5 £27,630,142 1 5

8.—4.

Table No. 6. STATEMENT of the Estimated Liabilities chargeable on the Public Works Fund outstanding on the 31st March, 1881, 1882, 1883, 1884, 1885, 1886, 1887, 1888, 1889, and 1890.

46

31st March, 1881. 31st March, 1882. 31st March, ! 1883. 31st March, 1884. 31st March, 1885. 31st March, 1880. 31sfc March, ! 1887. 31st March, 1888. 31st March, 1889. 31st March, 1890. * AufSUAli APPBOPBIATIONS. PART I. j Glass I.—Immigration II. —Public Works, Departmental „ III. —Railways .. .. .. I IV. —Surveys of New Lines of Rail- j ..'way .. .. .. V. —Roads .. .. .. i VI. —Land Purchases .. .. ; „ VII. —Waterworks on Goldfields .. j „ VIII. —Telegraph Extension .. IX.—Public Buildings .. .. i „ X.—Lighthouses, Harbour Works, and Defences XI. —Rates on Native Lands .. j „ XII.—Thermal Springs Contingent Defence Miscellaneous Public Works 1 Services not provided for Totals £ s. a. 664 1 6 647 18 3 428,687 1 8 406 6 8 74,411 2 5 997,725 0 OJ 11,029 17 8! £ s. d.l 110 8 3 255 11 1 320,019 11 10 234 15 0 117,840 15 2 338,876 10 3 6,665 16 9 3,500 0 0 84,457 9 1 £ s. a. j I 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 1 9,000 0 a 82,862 2 3 £ s. 51,000 0 619 6 728,955 12 8,197 10 144,397 8 285,400 0 7,382 13 41,752 10 £ s. d. 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 £ s. a. 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 £ s. a. 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 £ s. a. 5,000 0 0 56 8 2 1,364 17 11 173,680 12 6 120,144 0 0 1,485 10 1 | 3,983 0 0 I 55,161 2 9 £ s. d.l 3,800 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 £ s. d. 1,200 0 0 5,793 4 3 120,857 10 3 3,911 8 4 3,591 0 0 23,453 18 10 £ s. d.! 2,200 0 0 506 5 9 93,859 3 5' 236 6 10^ 240 12 8i 5,107 0 a 10,086 9 8 33,249 18 5 41,752 10 10 100 0 0 7,554 11 Sj 10,661 17 2! 15,138 2 15,138 2 i: 119,220 6 11 164,410 10 3 80,724 0 0 10,668 0 0 2,500 0 0 36,431 12 1 11,000 0 0 200 0 0 6,466 2 3 1,850 4 7 i •• 30 0 0 38,591 8 10 761 0 9 •■ •• | •• • • •• I •• •■ 192 12 d " .. ■ ■ I •• • • 1,585,512 15 5 114,308 15 71 880,276 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 a 1165,273 3 11 I I PART II. j Class I. — Eailways II.—Roads" .. „ III. —Land Purchases 158,360 5 9 29,621 0 0 i 70,075 12 6 1,549 1 1 i 4,279 15 11 27,296 4 1 87 14 0 1,587 15 4 9,02S 4 5 665 14 9 Totals 187,981 5 9 75,904 9 6 28,971 13 5 9,693 19 2 t * 1326,290 6 o!l9O,467 12 9 360^13 6 PART III. Class I.—Eailways .. „ II. —Costs and Contingencies Services not provided for •■ .. 1174,394 2 10 189,327 15 5 1,601 15 3J -. Totals • • 326,650 19 6190,467 12 9! I 174,394 2 10 190,929 10 8

-L-' • \J •

Table No. 7. ESTIMATED Expenditure of the Consolidated Fund for 1890-91, compared with Actual Expenditure of 1889-90.

Table No. 8. STATEMENT of the Estimated Revenue of the Consolidated Fund for 1890-91, compared with the Actual Revenue of 1889-90.

47

- Estimate for 1S9(1-O1 Estimate for 1890-91. j Actual of 1889-90. Diffe: 'ences. is»u-ui. Increase. Decrease. I I Obdinaey Revenue Account. £ ' £ ■ 26,300 1,875,622 242,161 £ 25,972 1,897,002 234,501 I & 328 I £ Civil List .. .. .. .. .. .. 26,300 Interest and Sinking Fund .. .. .. .. 1,875,622 Under special Acts .. .. .. .. .. 242,161 2.144.083 7,660 21|980 2,144,083 2,158,075 7,988 21,980 Annual Appropriations,— Legislative Departments .. .. .. .. 14,635 Colonial Secretary's Department .. .. .. 67,767 Colonial Treasurer's Department .. .. .. 22,060 Justice Department .. .. .. .. .. 118,703 Postal and Telegraph Department .. .. .. 251,477 Customs and Marine Department .. ".. .. j 71,464 Stamps and Deeds Department .. .. .. j 21,185 Minister of Education, — Education Department .. .. .. .. 375,414 Lunacy and Charitable Department .. .. .. 41,813 Native Affairs Department .. .. .. ■ .. 22,188 Mines and Lands Department .. .. .. .. 46,287 Working Railways Department .. .. .. j 678,000 Public Buildings and Domains Department .. .. 86,515 Defence Department .. .. .. .. .. 165,826 '. 1,983,334 14,635 j 67,767 22,060 I 118,703 | 251,477 71,464 21,185 14,474 73,771 38,275 | 118,701 273,103 70,066 22,339 161 ! 2 1,398 6,004 16,215 21j 626 1,154 375,414 41,813 22,188 46,287 678,000 86,515 165,826 365,642 38,169 19,431 49,248 056,698 56,616 162,821 9,772 3,644 2,757 I ■ ■ I •• 2,961 21,302 29,899 3,005 \ 1,983,334 1,959,354 71,940 47,960 Services not provided for .. .. .. Deficiency Bills paid off (part of deficit at 31st March, 1888) j 4,412 50,000 4,412 '■ 50,000 Total expenditure .. .. .. ..! 4,127,417 I 4,127,417 4,171,841 79,928 124,352 I Land Fund Account. Under special Acts .. .. .. .. .. ; 20,300 Crown Lands and Survey Departments .. .. .. j 93,857 Rates on Crown lands .. .. .. .. .. I 2,400 Services not provided for .. .. .. .. j 20,300 93,857 2,400 20,297 89,921 11,685 16 8 3,936 9,285 16 I 116,557 121,919 3,939 9,301 . . Total Consolidated Fund .. .. .. 4,243,974 4,293,760 83,867 133,653

Estimate for 1800-01. Actual of 1889-90. Differences. Increase. Decrease. Obdinaey Revenue Account. Customs Stamps Property-tax Beer Duty Railways Registration and other Pees Marine Miscellaneous Depasturing Licenses, Rents, &o. £ 1,480,000 612,000 355,000 54,000 1,080,000 39,300 19,700 40,000 191,000 £ 1,500,874 629,755 355,460 56,010 1,093,341 38,771 21,002 38,995 199,839 "529 1,005 £ 20,874 17,755 460 2,010 13,341 1,302 8 i 839 Debentures for Sinking Fund increases.. 3,871,000 288,000 3,934,047 275,200 1,534 12,800 ; 64,581 14,334 4 4,159,000 4,209,247 50,247 Land Fund Account. Cash Sales Deferred-payment Sales 42,400 5-1,200 36,656 51,036 5,744 3,164 90,600 87,692. 8,908 Total Consolidated Fund.. 1,255,600 4,296,939 8,908 50,247

8.—6.

Table No. 9. ESTIMATED Revenue and Expenditure of the Consolidated Fund for the Financial Year ending the 31st March, 1891.

Ordinary Revenue Account:— Surplus of the year 1889-90.. .. .. .. .. ±115,174 To be applied to paying off balance of deficit at 31st March, 1888 78,605 30,569 Revenue in excess of expenditure, as above .. .. .. 31,583 Estimated surplus, 31sfc March, 1891.. .. .. .. £G8,152

48

REVENUE. Ordinary Revenue Account :— Customs Stamps (including postal cash receipts) Property-tax Beer Duty Railways Registration and other Fees Marine Miscellaneous Depasturing Licenses, Bents, &c. £ 1,480,000 612,000 355,000 54,000 1,080,000 39,300 19,700 40,000 191,000 EXPENDITURE. £ | Obdikahy Bevenue 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 Commissioner of Stamps Departments Minister of Education Departments — Education Department 4,159,000 Lunacy and Charitable Department.. Minister of Native Affairs Department Minister of Mines and Lands Departments Working Railways Public Buildings and Domains Department Minister of Defence Departments £ 20,800 1,875,022 242,101 14,635 67,767 22,060 118,703 251,477 71.464 21,185 £ i Debentures for Sinking Pond increases 3,871,000 288,000 375,414 41,813 22,188 46,287 678,000 86,515 165,826 Land Fund Account :— Land Sales, — For Cash On Deferred Payments 42,400 54,200 ; i ■ . 90,000 4,127,417 I I Land Fund Account :— Payments to Local Bodies Crown Lands and Surrey Departments Bates on Crown Lands 20,300 93,857 2,400 116,557 I i Balance :— Excess of Revenue, — In Ordinary Revenue Account Less excess of expenditure in the Land Fund Account £4,255,600 - j 3.1,583 19,957 11,626 L £4,255,600

8.—6.

Table No. 10. NEW ZEALAND. Increases of Population during the Periods 1875-79, 1880-84, 1885-89.

Table No. 11. Immigration and Emigration.

7—B. 6.

49

Increase during the Year by Year. Total Populatioi at End of Year. Decrease by excess of Emigration over Immigration. Excess of Births over Deaths. Excess of Immigration over Emigration. Total Increase. 1875 1876 1877 1878 1879 375,856 399,075 417,622 432,519 463,729 8,726 11,264 12,171 13,125 12,487 25,270 11,955 6,376 10,502 18,723 33,996 23,219 18,547 23,627 31,210 Increase for five years, 1875-79 57,773 72,826 130,599 1880 1881 1882 1883 1884 484,864 500,910 517,707 540,877 504,304 13,904 13,241 .13,308 13,141 14,106 7,231 1,616 3,489 10,029 9,321 21,135 14,857 16,797 23,170 23,427 Increase for five years, 1880-84 67,700 31,686 99,386 1885 1886 1887 1888 1889 582,420 589,386 603,361 607,380 020,279 13,612 13,164 12,998 13,194 12,685 4,504 1,064 977 9,175 18,116 14,228 13,975 4,019 12,899 214 Increase for five years, 1885-89 65,653 2,416 63,237

Adult Males, i.e., over 12 years. Adult Females, i.e., over VI years. Children, i.e., under 12 years. 1885 Arrivals .. Departures .. 9,461 .. 7,047 4,273 3,043 2,465 1,605 Gain .. 2,414 Gain, 1,230 Gain, 860 1886 Arrivals .. Departures .. 9,966 .. 9,287 3,998 3,5C6 2,137 2,184 Gain 679 Gain, 432 Loss, 47 1887 Arrivals .. Departures .. 8,380 .. 7,412 3,607 3,358 1,702 1,942 Gain 968 Gain, 249 Loss, 240 1888 Arrivals .. Departures .. 8,363 .. 13,018 Loss, 4,655 3,782 5,858 1,461 3,905 Loss, 2,076 Loss, 2,444 1889 Arrivals .. Departures Gain .. 9,230 .. 8,204 .. 1,026 4,386 4,371 Gain, 15 1,776 2,603 Loss, 827 1885 Gain 1886 „ 1887 „ 1888 .. 188<J „ .. 2,414 679 968 .\ Loss, 4,655 .. 1,026 SUMMAKY. Gain, 1,230 432 249 Gain, 860 Loss, 47 240 .. „ 2,444 827 ',.' 'is Loss, 2,076 Net gain .. 432 Net loss 150 Net loss .. 2,698

8.-6.

Table No. 12. Immigration to and Emigration from the several Australasian Colonies during the Years 1875-89, inclusive.

* Includes passengers by rail as well as by sea. Note.—For all the colonies, except New Zealand in the last three years, the apparent emigration is less than the real emigration on account of a want of check upon the numbers who left by sea without having previously booked their passages.

50

New Zealand. QUEENSLAND. New South Wales. VlCTOIUA. South Austbalia. Western Australia. Tasmania. Year. Departures. Gain or XiOS3. Departures. 32E-| Gai»Arrivals, ; Gain Arrivals Depar- Gain or Amvals. tureg Loss Aril- Depar-! Gain or vals. tures. Loss. Arrivals De Pa1'- Gain or Arrivals, tures. j Loss. Arrivals. Arrivals. Gain. Arrivals. I ! 6.5GG i 4,019 | +2,547 _„_ ! 1875 31,737 6,467 + 25,270 24,809 9,010 15,169 30,967 20,350 10,017 32,744 29,342 3,402 733 1 I 523 + 210 6,535 | 8,075 -1,540 1876 6,459 9,695 21,923 11,019 35,797 31,977 3,820 j 409 050 + 402 18,414 + 11,955 21,831 12,156 32,942 13,841 j 4,995 I +8,846 -241 8,571 | 8,169 1877 12,987 6,611 + 6.370 22,596 10,408 12,188 38,628 20,174 18,454 41,196 33,943 7,253 14,061 j 8,367 +5,694 613 OiO + 38 9,717 ; 9,270 + 447 1S7S 10,263 5,761 + 10,502 16,139 11,890 4,249 39,879 22,913 10,966 42,208 37,492 4,776 14,572 8,174 j +6,398 322 471 -149 9,524 i 8,483 + 1,041 1879 23,957 5,234 + 18,723 13,828 11,150 2,678 44,501 20,695 23,806 44,384 39,212 5,172 13,480 9,137 +4,343 214 278 -64 I 10,578 | 9,932 + 646 1880 • 10,411 10,025 15,154 7,923 + 7,231 13,390 10,349 3,047 45,870 26,559 19,311 50,955 45,294 11,661 14,705 13,002 +1,763 577 777 -200 + 380 1881 9,688 8,072 + 1,610 10,223 9,209 7,014 47,723 24,825 22,898 59,006 51,744 7,322 19,552 16,800 +2,752 757 690 + G7 12,579 11,103 + 1,416 1882 10,945 7,456 + 3,489 27,000 9,957 17,043 47,289 27,972 19,317 59,404 48,524 10,880 14,870 I 14,136 +734 932 838 + 94 12,822 11,403 + 1,419 1883 19,215 9,186 + 10,029 46,330 11,959 34,371 67,206 34,396 32,810 06,592 55,562 10,030 19,830 15,562 +4.268 1,507 : 1,071 + 436 14,240 12,636 14,257 12,524 + 1,604 1884 20,021 10,700 + 9,321 36,883 18,263 18,620 72,486 40,254 32 232 72,202 58,061 13,141 17,290 16,082 j +1,208 2,434 : 1,563 + 871 + 1,733 1885 16,199 11,695 + 4,504 34,334 22,768 11,566 78,138 38,455 39,683 76,976 61,994 14,982 14,500 j 20,590 -6,096 3,047 : 1,419 + 1,628 14,822 I 14,173 +649 1886 16,101 15,037 + 1,064 34,101 28,911 13,190 70,388 41,896 28,492 93,404 68,102 25,302 17,023 j 25,231 -7,608 bi5 : 1,877 + 3,738 15,399 I 14,630 + 769 1887 13,689 12,712 + 977 32,393 16,414 15,979 67,605 44,089 23,516 90,147 68,121 22,020 15,468 17,667 -2,199 1,450 i 2,400 + 2,050 14,980 I 12,288 + 2,692 1888 13,609 22,781 -9,175 ♦34,804 1*23,059 11,805 65,226 43,681 21,545 102,032 60,229 41,803 12,637 12,750 -113 1,598 I 2,794 -1,196 18,806 17,936 + 930 1889 15,392 15,178 + 214 *35,C06 *24,G80 10,926 64,197 43,557 20,640 84,582 68,418 16,164 9,230 8,736 +494 2,850 i 2,272 + 578 23,443 20,771 + 2,072

8.—6.

Table No. 13. Table showing the Number of Occupied Holdings over One Acre in extent in respect of which Agricultural Statistics were collected in each of the Fifteen Years, 1876 to 1890, and the Proportion in each Year to the Number of Adult Males.

Table No. 14. Exports of New Zealand Produce.

Table No. 15. Exports of Colonial Produce and Manufactures, per Head of Adult Male Population, including and excluding Value of Wool and Gold.

51

Year. Percentage of Adult Males to Total Male Population. Total Male Population. Estimated Number of Adult Males. Estimated Nu of Adult Ma Number of Occupied and Cultivated Holdings over One Acre in extent. Number of Holdings to every 100 Adult Males. February. 1876 1877 1878 1879 1880 1881 1882 1883 1884 1885 1886 1887 1888 1889 1890 54-33 53-66 52-81 52-51 52-10 51-59 5.1-41 51-18 50-95 50-62 50-42 50-24 50-01 49-78 49-55 218 ,294 225,580 230,998 240,627 257,894 269,005 274,986 283,303 294,665 306,667 312,221 317,646 324,558 324,948 331,771 115,883 121,045 122,640 126,354 134,3.13 139,564 141,370 144,983 150,131 155,235 ' 157,503 159,584 162,311 161,759 164,392 17,250 18,750 20,519 21,048 23,129 24,147 26,298 27,352 28,587 29,814 31,763 33,332 34,743 35,747 38,178 14.88 15-49 16-73 16-66 17-22 17-30 18-60 18-86 19-04 19-20 20-17 20-88 21-41 22-10 23-22 !

Wool. Gold. Frozen Meat. Butter and Cheese. Agricultural Produce. Manufactures. | Other N. Zealand Produce. Total. Manufactures, excluding Phorniium. 1875 1876 1877 1878 1879 & 3,898,155 3,395,810 3,658,938 3,292,807 3,126,439 £ 1,4.07,770 1,268,599 1,476,312 1,244,190 1,134,641 £ £ 2,522 7,398 40,171 21,479 2,259 £ 253,719 374,401 339,393 617,980 708,475 £ 40,272 48,177 55,789 44,530 . 56,954 £ 373,406 394,510 507,881 559,522 534,687 & 5,475,844 5,488,901 6,078,484 5,780,508 5,563,455 £ 28,530 29,892 36,963 33,864 49,080 1880 1881 1882 1883 1884 3,169,300 2,909,760 3,118,554 3,014,211 3,267,527 1,220,263 996,867 921,664 892,445 988,953 19,339 118,328 345,090 10,333 14,608 62,218 48,912 91,667 973,008 1,089,739 1,169,020 1,537,015 968,517 61,751 87,321 121,447 121,446 104,425 667,745 663,955 841,108 1,122,887 1,176,307 6,102,400 5,762,250 6,253,350 6,855,244 6,942,486 46,134 60,224 79,492 84,635 80,950 1885 1886 1887 1888 1889 3,205,275 3,072,971 3,321,074 3,115,098 3,976,375 890,056 939,648 747,878 914,309 785,490 373,857 427,193 455,870 628,800 783,374 138,129 151,194 109,483 197,170 213,945 688,415 688,804 588,022 905,907 1,424,297 120,539 109,656 124,382 233,383 569,880 1,175,640 997,216 1,204,372 1,260,461 1,288,647 6,591,911 6,386,682 6,551,081 7,255,128 9,042,008 104,223 93,634 99,288 158,114 208,698

Year. Total Exports of New Zealand Produce. ,. Per Head of Adult x a ue- Male Population. Total Exports of Ne1 excluding "SYoi v r Zealand Produce, il and Gold. Value. Per Head of Adult Male Population. 1875 .. 1876 .. 1877 .. 1878 .. 1879 .. 1880 .. 18RL .. 1882 .. 1883 .. 1884 .. 1885 .. 1886 .. 1887 .. 1888 .. 1889 .. " i £ 5,475,844 5,488,901 6,078,484 5,780,508 5,563,455 6,102,400 5,762,250 6,253,350 6,855,244 6,942,486 fi,-891,911 6,386,682 6,551,081 7,255,128 9,042,008 £ s. a. 49 9 0 47 14 0 50 15 9 47 0 S 42 16 10 44 19 1 41 5 1 48 15 5 46 11 2 45 9 3 42 6 1 40 7 5 40 ID 11 4<T17 7 55 11 6 S 669,919 824,486 943,234 1,243,511 1,302,375 1,711,837 1,855,623 2,213,132 2,948,588 2,686,000 2,496,580 2,374,063 2,482,139 3,225,721 4,280,143 £ s. a. 6 1 0 7 3 8 7 17 8 10 2 3 10 0 7 12 12 2 13 5 8 15 9 9' 20 0 6 17 11 9 16 0 1 15 0 1 15 9 2 19 19 1 26 6 1

8.—6.

Table No. 16. Summary of Exports of New Zealand Produce for Quinquennial Periods.

Per Adult Male. Exports for quinquennial period 1885-89 (excluding wool and gold) amounted to an average of .. £18 11 10 For the quinquennial period 1868-72 it was .. .. .. .. .. .. .. 810 2 For the quinquennial period 1873-77 it was .. .. .. .. .. .. .. 957 For the quinquennial period 1878-82 it was .. .. .. .. .. .. 14 6 8

Table No. 17. Total Exports, also Exports of New Zealand Produce per Head of Population and per Head of Adult Males.

Table No. 18. New Zealand Produce exported, per Head of Population and per Head of Adult Males.

52

Total Exports of all New Zealand Produce. Exports of New Zealand Produce, excluding Wool and Gold. New Zealand Exports, excluding Wool and Gold, per Head of Adult Male Population, 1875-79 .. 1880-84 .. 1885-89 .. £ 28,387,192 31,915,730 35,826,810 £ 4,996,565 11,410,186 14,858,640 £ s. a. 8 7 0 15 17 11 18 11 10

1878-79. 1880-84. 1885-89. Total Exports „ per head of population „ „ adult males Value £29,588,390 £14 12s. Id. £49 9s. Id. £33,259,232 £12 19s. lid. £46 Gs. Id. £37,465,489 £12 12s. 2d. £46 17s. 8d. N.Z. Produce exported .. „ per head of population „ adult males Value £28,387,192 £14 Os. 2d. £47 8s. lid. £31,915,730 £12 9s. 5d. £44 8s. 9d. £35,826,810 £12 Is. 2d. £44 16s. 8d. N.Z. Produce exported, less wool and gold.. „ per head of population „ „ adult males .. Value £4,996,565 £2 9s. 3d. £8 7s. £11,410,186 £4 9s. 3d. £15 17s. lid. £14,858,646 £5. £18 11s. lOd. N.Z. Produce exported, less wool, gold, and wheat .. per head of population „ „ adult males Value £3,587,270 £1 15s. 6d. £5 39s. lid, £7,797,243 £3 0s. lid. £10 17s. Id. £13,485,763 £4 10s. 9d. £16 17s. 6d. Wool and Gold exported .. „ per head of population „ „ adult males .. Value £23,390,027 £11 10s. lid. £39 Is. lid. £20,499,544 £8 Os. 3d. £28 10s. lOd. £20,968,164 £7 Is. 2d. £26 4s. lOd. Re-exports „ excluding specie Value £1,201,198 £564,098 £1,343,502 £719,473 £1,638,679 £721,799

1875-79. 1980-84. ] 1885-89. Exports of N.Z. produce, less wool, gold, wheat, and oats Value per head of population .. „ „ „ adult males .. „ £3,134,272 £1 10s. lid. £5 4s. 9d. ! £6,909,029 I £2 14s. Od. £9 12s. 5a. I £12,126,512 £4 Is. 7d. i £15 3s. 6d. Wheat exported .. .. .. .. Value „ per head of population .. .. „ „ „ adult males .. .. „ £1,396,255 18s. 9d. £2 6s. 8d. £3,618,943 £1 8s. 3d. £5 Os. 9d. : £1,372,883 9s. 3d. £1 14s. 4d. Oats exported .. .. .. .. .. Value per head of population „ „ adult males .. .. „ £452,998 4s. 6d. 15s. 2d. £888,214 6s. lid. £1 4s. 8d. 17,674,657 6-91 24-61 > £1,359,251 1 9s. 2d. I £1 14s. Od. 1 8,243,069 2-77 10-31 Wheat exported .. .. .. .. Bushels „ per head of population .. .. „ „ adult males .. .. „ 6,313,417 3-12 10-55 Oats exported .. .. .. .. .. Bushels per head of population „ „ adult males .. .. „ 3,394,401 1-68 5-67 8,481,471 3-31 11-81 13,266,442 I 4-47 16-60 Wool exported .. .. .._ .. .. 1b. „ pel' head of populatioVi .. .. „ „ „ adult males .. .. „ 300,227,384 148-16 501-79 540,887,255 133-21 474-62 451,638,644 -153.-01 i 565-16 Wool exported .. .. .. .. .. Value per head of population „ „ adult males £16,872,155 £8 6s. fkl. £28 4s. £15,479,352 £6 Is. £21 Us. £16,690,703 £5 12s. 4d. £20 17s. 9d,

J3. —6.

Table No. 19. Exports of Home Produce per Head of Adult Males for New Zealand, Victoria, and New South Wales.

Table No. 20. Flockowners in the Colony, 1881-89.

Table No. 21. Numbee of Sheep in the Colony, 1880-89 (according to returns made to Stock Department). 1880 .. .. .. 11,530,623 j; 1885 .. .. .. 14,546,801 1881 .. .. .. 12,190,215 1886 .. .. .. 15,174,263 1882 .. .. .. 12,408,100 1887 .. .. .. 15,155,626 1883 .. .. % 13,306,329 1888 .. .. .. 15,042,198 1884 .. .. ~ 13,978,520 1889 .. .. .. 15,423,328

53

Exports. Now Zealand. Victoria. New Soutli WaloB. 1875-79. Value home prepuce per head, mean population „ „ adult males £ a. a. 14 0 2 47 8 11 £ s. a. 12 10 8 46 1 9 £ s. a. 16 14 4 58 12 4 Value home produce, less wool and gold, per head, mean population .. „ „ „ adult males 2 9 3 8 7 0 4 17 9 17 19 4 7 17 4 27 11 8 Value home produce, less wool, gold, wheat, and oats, per head, mean population adult males 1 10 11 5 4 9 4 16 4 17 14 3 7 17 1 27 10 11 1880-84. 12 9 5 44 8 9 14 0 5 53 6 3 16 9 5 57 14 11 Value home produce per head, mean population „ adult males Value home produce, less wool and gold, per head, mean population adult males 4 9 3 15 17 11 7 5 4 27 12 9 G 3 8 21 IS 9 Value home produce, less wool, gold, wheat, and oats, per head, mean population adult males 2 14 0 9 12 5 6 S 10 24 9 11 G 3 4 21 12 6 Value home produce per head, mean population „ „ adult males 1885-89. 12 1 2 44 1G 8 1885-88. 10 7 0 39 7 3 1885-89. 13 10 G 48 9 G Value home produce, less wool and gold, per head, mean population .. „ adult males 5 0 0 18 11 10 5 14 3 21 14 3 5 8 1 18 18 10 Value home produce, leas wool, gold, wheat, and oats, per head, mean population adult males 4 17 .15 3 G 5 G 6 20 5 0 5 7 8 18 17 8

Numbe: of Flocki owners. Sizes of Flocks. I I 1881. 18S2. I 1883. 1884. 1885. | 1886. 1887. 1888. I 1889. Under 500 .. 500 and under 1,000 1,000 „ 2,000 2,000 „ 5,000 5,000 „ 10,000 10,000 „ 20,000 i 20,000 and upwards .. 4,727 704 500 350 23G 201 139 4,685 5,039 844 970 552 C09 416 | 407 225 I 244 209 | 200 133 ( 149 5,422 1,033 672 473 256 211 154 5,622 1,146 718 505 270 213 157 6,024 1,189 747 532 263 228 166 G,247 1, 189 723 531 289 221 166 6,579 1,182 794 524 287 213 166 7,063 1,381 826 597 279 239 152 Totals .. 0,857 6,857 7,064 7,678 8,221 8,631 9,149 9,316 9,745 10,537

8.—6.

Table No. 22. Wool purchased by Local Woollen Mills.

Table No. 23. Classified Balances at Credit of Depositors on 31st December, 1889, in the Post Office Savings-Bank.

Table No. 24. Australasian Savings-banks Returns at 31st December, 1888.

Table No. 25. Railway Revenue and Expenditure compared for Five Years ended 31st March, 1890.

54

Year. lb. No. of Mills. 1S82 2,200,000 3 1883 1,900,000 3 1884 1,580,000 3 1885 1,922,932 5 1886 1,879,999 5 1887 2,001,155 7 1888 4,079,503 7 1889 3,550,004 7

Year. Not exceedi us £20. Between £20 and £50. Between £50 and £100. I Between Between Between £100 £200 £300 and £200. and £300. and £400. Between Total Num£400 Over £500. ber all and £500. Accounts. 1886 57,368 8,243 4,852 3,112 883 I 219 117 140 194 219 I 77 74,871 102 79,724 122 84,488 135 90,669 1887 60,043 ■ 9,140 5,381 3,031 1,021 I 266 1888 62,831 9,918 5,690 4,082 4,402 I 1,279 i 1,319 ! 372 403 1889 67,167 10,880 6,084

New South Wales Victoria Queensland South Australia Western Australia Tasmania New Zealand Number Amount .Depositors. of Deposits. & 128,297 i 4,037,075 247,425 '. 4,881,198 43,003 i 1,011,870 62,365 ! 1,759,592 3,090 30,808 23,090 I 469,928 103,046 j 2,691,693 |_ Average Amount per Depositor. £ s. a. 31 9 5 19 14 7 37 9 8 28 4 8 9 19 0 20 7 0 26 2 5 Average Amount per Head of Population. £ s. a. 8 14 4 4 9 6 4 3 2 5 12 5 0 14 1 3 4 4 4 8 7 Depositors per Cent. o( Population. 11-82 22-68 11-10 19-59 7-35 15-80 10-96 Total Australasia 610,322 ; 15,482,770 I 25 7 i 4 4 4 10-90

Revenue. Expenditure. Excess of Revenue over Expenditure. 1885-86 1886-87 1887-88 1888-89 1889-90 i '' £ 1,044,305 992,187 981,826 1,001,134 1,093,840 5,112,792 £ 693,775 695,771 699,750 641,118 656,698 3,387,112 £ - 350,530 296,416 . 282,076 360,016 436,642 Total 1,725,680

8.-6.

Table No. 26. New Zealand Banking, 1870-1889. —Notes and Bills discounted

Table No. 27. Bank Advances in Australasian Colonies, 1870-1889.

55

Year. £ 1870 .. .. 2,236,672 Average per Head o: Population. = 9-00 1371 .. .. 1,879,060 = 7-04 1872 .. .. 1,584,358 -5-67 1873 .. .. 2,116,664 = 7-15 1871 .. .. 3,739,501 -10-94 1875 .. .. 4,382,582 = 11-66 1876 .. .. 4,744,845' = 11'89 1877 .. .. 4,911,715 = 11-78 1878 .. .. 5,980,798 = 18'88 Average pur head of population, I 1Q n a ,■ nRi om 1870-70-£10-72 ., ..} 18'J " " t>>Ool,JoJ -=13-07 1880 .. .. 4,627,098 =9-54 1881 .. .. 4,218,559 =-8-42 1882 .. .. 4,520,316 =8-78 1883 .. .. 4,673,895 -8-64 1884 .. .. 4,365,216 = 7-84 1885 .. .. 4,419,107 1886 .. .. 4,406,395 = 7-48 1887 .. .. 3,604,937 = 5-97 1888 .. .. 3,171,896 = 5-22 Average per head of population,) 1R oq 9 ar, n qaa 1880-89 = £7-30 .. .. j 8BJ " V '|MV|lfti Average per head of population, 20 years = £8 p62.

Sum of Advances for Twenty Advances per Head of Sum of Years, 1870-1889. Populations, 1870-1889. & 497,380,397 2S'25 Victoria .. STew South Wales • i 402,033,388 26-79 Jueensland 133,953,354 27-9-1 south Australia 130,264,337 25-12 Fasmania 38,947,706 16-39 Slew Zealand 225,400,643 24-74

8.—6.

Table No. 28. BANK ADVANCES IN AUSTRALASIAN COLONIES, 1870-1889, IN DETAIL.

56

1870. 1871. 1872. 1873. 1874. 1875. i 1870. 1877. 1878. I 1879. i £, £ £ £ £ £ £ £ 17,852,348 19,138,461 22,493,201 11,770,185 i 12,801,716 15,334,507 3,451,646 i 3,400,046 i 4,017,554 4,317,378 ! 4,724,442 I 5,444,007 1,245,215 ! 1,357,198 1,516,175 8,473,103 ! 9,537,975 11,059.589 £ £ j Advances (amount of) — Victoria New South Wales Queensland South Australia Tasmania New Zealand 13,474,908 7,814,116 1,306,769 2,781,445 1,089,857 4,196,271 13,240,460 7,593,538 1,203,938 2,857,284 1,038,933 3,622,537 13,600,293 7,993,223 1,489,515 2,764,067 894,132 I 3,565,010 15,883,870 9,116,831 2,153,698 3,503,828 986,186 5.905,078 16,518,244 10,074,712 2,680,091 4,024,684 1,197,751 8,130.939 22,430,329 ; 16,702,111 ' 4,004,874 I 6,126,501 1,648,980 13,853,925 I 20,717,750 17,098,052 4,207,071 6,154,705 1,740,576 12,350,467 Advances pel Head of Sun of Population Ten Years — 1870-70. Advances (per head of population) — Victoria New South Wales Queensland South Australia Tasmania Ncvf Zealand 18-55 15-81 11-31 15-13 10-82 16-89 17-46 14-86 9-62 15-39 10-21 13-57 17-65 15-10 11-15 14-38 8-69 ! 12-75 ! 20-57 ' 16-58 j 14-68 i 17-69 ; 9-46 -! 19-95 21-09 17-60 16-39 19-67 11-50 23-78 i 22-56 ; 23-87 i 27-58 19-77 20-42 : 23-61 19-04 ■ 18-17 '■ 19-78 20-52 : 20-93 22-98 12-01 12-87 14-16 22-55 23-90 ; 26-48 27-11 24-72 21-87 24-62 ! 15-00 32-04 24-05 23-95 19-31 23-72 15-48 20-05 £ 22-24 19-69 16-93 19-90 12-08 22-97 Advances (amount of) — Victoria New South Wales Queensland South Australia Tasmania New Zealand 1880. 1881. 1882. | 1883. 1884. 1885. 1886. 1887. 1888. 1889. £ 18,039,020 16,661,815 4,053,923 5,573,358 1,608,484 10,907,942 £ 22,783,420 19,038,386 5,244,429 6,741,687 1,798,101 12,781,767 £ 26,562,427 23,517,046 7,289,114 9,180,493 2,213,394 14,835,999 £ 20,994,137 25,894,669 8,353,127 10.475,891 2,645,078 14,918,867 £ 29,487,969 27,479,142 9,338,716 9,772,020 2,717,754 14,949,862 £ £ 33,212,694 : 34,625,144 30,556,628 i 32,527,431 11,448,199 i 12,281,400 10,400,713 ! 9,612,830 2,782,299 I 2,885,190 I 16,014,651 i 15,848,866 j £ 38,034,062 33,352,179 12,992,132 8,502,382 3,025,400 15,509.107 £ 45,325,559 35.870,485 16,926,020 8,548,050 2,998,441 14,569,625 £ 46,960,041 40,756,616 17,511,086 8,758,552 3,558,502 14,369,063 Advances pea Head of Sun: of Population Ten Years — iaso-89. i £ 33-11 31-40 33-90 28-80 19-81 25-85 Advances (per head of population) — Victoria New South Wales Queensland South Australia .. Tasmania ■ New Zealand 20-97 22-96 17-93 20-82 14-02 22-50 25-88 25-04 2311 23-55 15-12 25-52 29-51 29-59 29-36 31-28 1807 28-60 29-29 31-04 29-06 34-40 20-96 27-58 31-17 31-20 30-91 31-24 20-82 26-83 34-20 : 34-52 ! 32-82 3319 : 36-29 35-85 i 33-18 30-73 20-78 21-03 27-84 26-89 36-71 32-62 35-41 27-21 21-23 25-70 4154 33-70 43-68 26-85 20-52 23-99 42-01 3692 43-06 27-44 23-49 23-17

8.—6.

Table No. 29. Expenditure of 1886-87 compared with that of 1889-90.

* Moiety of subsidies at one-half the scale In the Schedule to the Act. In 1889-90 one-fourth the Hcale was authorised, aud it was charged wholly on revenue. i This includes for purposes of comparison £.!4,542, expenditure on the Stock Branch, which in 1886-87 was included In Class 11., Colonial Secretary's Department. 1 This was for school-buildings only. In 1889-90 ,£26,044 was paid for school-buildings, and it was charged wholly on revenue. §No such aid received in 1889-1)0 from Examined and found correct. JAMES EDWARD FIZGERALD, Wellington, 17tli June, 1890. Controller and Auditor-General.

Table No. 30. Revenue of 1886-87, compared with that of 1889-90.

8—B. 6.

57

.-:• 1880-87. 1889-90. Out of Revenue. Out of Loan. Total. Out of llevonue. Increase. Decrease. Ordinary Revenue Account. Civil List Interest and Sinking Fund Under Acts of the General Assembly,— Subsidies to Local Bodies Parliamentary Honorarium Other Services Annual Appropriations, — Glass I. —Legislative II.—Colonial Secretary's Department III. —Colonial Treasurer's Department IV. —Justice Department V. —Postal and Telegraph Department .. VI.—Customs and Marine Department „ VII. —Stamps and Deeds Department VIII. —Education Department IX.—Native Department X.—Minos and Land Department XI. —Working Railways Department XII. —Public and School Buildings „ XIII.—Defence Department Services not provided for £ 31,015 1,642,876 £ £ 31,015 1,642,876 £ 25,972 1,897,603 £ 5,043 .. 49,806 25,646 156,737 *49,806 99,612 25,646 156,737 57,235 15,416 161,849 42,377 10,280 5,112 17,626 128,185 54,691 118,571 290,046 80,751 30,120 371,603 26,836 f67,235 695,771 28,175 182,569 14,338 • ■ 17,626 128,185 54,691 118,571 290,046 80,751 30,120 371,603 26,836 67,235 695,771 79,781 195,069 14,338 14,474 111,940 38,275 118,701 273,103 70,066 22,339 365,642 19,431 49,248 056,698 56,616 162,821 4,412 3,152 16,245 16,416 130 16,943 10,685 7,781 5,961 7,405 17,987 39,073 23,165 32,248 9,926 151|606 §12,500 Land Fund Account. Permanent Charges Annual Appropriations, — Class XIV.—Crown Lands and Surveys .. „ XV.—Rates on Crown Lands Services not provided for 4,012,597 113,912 4,126,509 4,121,841 18,938 18,938 20,297 1,359 97,837 36,156 1,004 97,837 36,156 1,004 89,921 11,685 17 7,916 24,471 987 Total 4,106,532 113 912 4,280,444 4,243,701 6,601 298,011 6,601 Deduct Interest and Sinking Fund 1,642,876 1,642,876 1,897,603 Expenditure exclusive of Interest and Sinking Fund 2,523,656 113,912 2,637,508 2,340,158 291,410

1880-87. 1889-90. Increase, 1889-90. Deci-ease, 1889-90. Ordinary Bevenue :— Customs Stamps (including Postal and Telegraph cash receipts) Property-tax Beer duty Bailways Begistration and other foes Marino Miscellaneous Territorial £ 1,285,765 £ 1,500,874 £ 215,109 £ 601,162 310,897 53,494 992,187 37,035 13,071 145,232* 192,585 029,755 355,400 50,010 1,093,341 38,771 21,002 38,995 199,839 28,593 44,503 2,516 101,154 1,730 7,931 106,237 *7,254 Debentures issued under "The Consolidated Stock Act, 1884," for increases of Sinking Fund 3,031,428 3,934,047 408,856 100,237 251,000 275,200 24,200 Land Fund: — Land Sales, — For cash On deferred payment 3,882,428 4,209,247 433,056 100,237 48,091 48,850 36,050 51,030 *2,180 12,035 _ 97,547 87,692 2,180 12,035 Total .. 3.979,975 4,296,939 435,236 118,272 * Includes £104,' -49 Sinking Fund f set free. i

8.—6.

Table No. 31. Analysis of the Interest and Sinking Fund paid in 1889-90 in excess of that paid in 1886-87.

58

CONSOLIDATED LOAN ACT, 1867 :— £ s. d. '' Interest on Bonds drawn at the Annual Drawings which had previously been converted into 4-per-cenfe. Inscribed Stock or Short-dated Debentures under " The Consolidated Stock Act, 1884 " £ s. a. & s. a. £ s. A. 19,005 0 0 IMMIGRATION AND PUBLIC WORKS LOAN ACT, 1870:— Additional Sinking Fund agreed to be paid in respect of £1,000,000 Imperial-guaranteed Debentures 4,000 0 0 CONSOLIDATED STOCK ACT, 1877 :— "Four-per-cent. Inscribed Stock, — New Loans, — Issued 1 November, 1886, one year .. .. .. .. .. £1,325,000 „ 1 May, 1888, one year .. .. .. .. .. .. 1,000,000 1 May, 1888, one year .. .. .. .. .. .. 1,000,000 j 53,000 0 0 40,000 0 0 40,000 0 0 i * Fractions of Interest returned by Bank of England in 1880-87 in excess of 1889-90 Conversion Expenses, — Issued 1 May, 1887, one year .. .. .. .. .. .. 45,000 1 November, 1888, one year .. .. .. .. .. 24,000 1,800 0 0 960 0 0 133,000 0 0 18 5 2 Conversions, — Issued 1 November, 1886, one year .. .. .. .. .. 242,800 In 1886-87 Interest was paid on the same amount for various periods under " The District Railways Purchasing Act, 1885," at the same rate.. Issued 1 February, 3 886, one year .. .. .. .. .. 1,910,112 76,404 9 7 In 1886-87 Interest was paid from 1 February, 1886, to 1 November, 1886, only .. 56,824 5 9 Issued 1 May, 1886, one year .. .. .. .. .. .. 1,718,332 68,733 5 7 In 1886-87 Interest was paid from 1 May, 1886, to 1 November, 1886, only ,. .. 34,366 12 9 Issued 1 May, 1886, one year .. .. .. .. .. .. 1,060,000 42,400 0 0 In 1886-87 Interest was paid from 1 May, 1886, to 1 November, 1886, only .. .. 21,200 0 0 9,712 0 0 5,057 9 7 19,580 3 10 34,366 12 10 21,200 0 0 2,760 0 0 4,654 10 5 . I But Interest paid on the following Loans in 1886-87, now converted, did not recur in 1889-90: — 75,146 16 8 New Zealand Loan Act, 1860, — On £19,000 at 6 per cent., 1 January to 30 April, 1886 .. .. .. .. ..I 374 9 2 , New Zealand Loan Act, 1863, — On £67,700 at 6 per cent., 15 December, 1885, to 30 April, 1886 .. .. 1,524 6 7 On £46,700 at 6 „ 15 March, 1886, to 30 April, 1886 .. .. 360 13 11 On £65,600 at 5 „ 15 January, 1886, to 30 April, 1886 .. .. 952 7 1 2,837 7 7 Consolidated Loan Act, 1867, — On £38,200 at 5 per cent., 15 January to 30 April, 188G .. .. .. .. 560 19 10 i Four-and-a-luilf per-cent. Five-thirties, — On £1,054,900, half-year to 1 August, 1886 .. .. .. .. .. .. 23,735 5 0 Five-per-cent. Ten-forties ,— On £1,292,700, 1 March to 30 April, 1886 .. .. .. .. .. .. 10,794 9 1 ■ New Zealand Loan Act, 1879, — On £136,000 at 5 per cent., half-year to 1 May, 1886 .. .. .. .. .. 3,400 0 0 \ 41,702 10 8 I 33,444 6 0 33,444 C 0 Carried forward .. r 173,877 1 7 196,942 1 7

8.—6.

Table No. 31—continued. Analysis of the Interest and Sinking Fund paid in 1889-90 in excess of that paid in 1886-87— continued.

59

_ Brought forward .. £ s. a. £ . 3. d. £ s. a. £ s. d. 186,942 1 7 £ s. d. 1U6,942 1 7 CONSOLIDATED STOCK ACT, 1884:— Interest on Short-dated Debentures issued in the Colony in exchange for Debentures of other Loans But Interest, &c, paid on the following Loans in 1886-87 now converted, did not recur in 1889-90:— Wellington Loan Act, 1886, — On £13,500 at 2 per cent., for Sinking Fund, half-year General Purposes Loan Act, 1873, — On £49,500 at 5 per cent., 1 year to 15 December, 1886 New Zealand Colonial-inscribed Stock Loan Act, 1882, — On £250,000 at 5 per cent., 1 year to 1 November, 188G Interest on Short-dated Debentures issued in England in exchange for Debentures of Consolidated Loan of 1867,— On £562,400 at 5 per cent., 1 year .. .. In 1886-87 Interest was paid from 15 April, 1886, to 15 January, 1887, only 135 0 0 2,475 0 0 12,500 0 0 28,120 0 0 21,090 0 0 15,289 11 11 15,110 0 0 7,030 0 0 179 11 11 But Interest paid on the same amount under " The Consolidated Loan Act, 1867," for the Quarter corresponding to that ended 15 April, 1886, did not recur in 1889-90 .. .. .. •• 7,030 0 0 i •• Interest on Short-dated Debentures issued for Increases of the Sinking Funds, in excess of amount paid in 1886-87 I 19,782 13 9 19,962 5 8 PUBLIC REVENUES ACT, 1886;— On £100,000 at 4J per cent., 1 year On £50,000 at 5 „ 1 „ 4,500 0 0 2,500 0 0 In 1886-87 there was paid only 7,000 0 0 18 1 7 i . 6,981 18 5 PUBLIC REVENUES ACT, 1887 (No. 3) :— On £400,000 at 5 per cent., 1 year 20,000 0 0 DISTRICT RAILWAYS PURCHASING ACTS, 1885-86 :— On £114,600 at 4 per cent., 1 year In 1886-87 the amount paid was On £40,000 at 6 per cent., 1 year .. .. .. .. .. . •• On £35,000 at 6J „ 1 „ In 1SE6-87 a Half-year's Interest only was paid In re?pect of the Guaranteed Debentures of the Kaihu Valley Railway Company 2,400 0 0 2,187 10 0 1,584 0 0 4,016 1 3 4,587 10 0 2,293 15 0 567 18 9 2,293 15 0 1,810 0 0 A ATI 1 ii n 1,O1U U ; GOVERNMENT LOANS TO LOCAL BODIES ACT, 1886:— On £250,000 at 5 per cent, for various periods • 4,671 13 9 10,506 17 0 4,671 13 9 10,506 17 0 DEFICIENCY BILLS :— Interest paid in excess of amount paid in 1880-87 I 5,963 16 7 5,963 16 7 Total, carried forward 265,028 13 0 205,028 13 0

8.—6.

Table No. 31— continued. Analysis of the Interest and Sinking Fund paid in 1889-90 in excess of that paid in 1886-87— continued.

SUMMARY.

60

Brought forward .. .. .. .. ,, • .. I £ s. d. I 11 £ s. d. I £ s. d. £ s. d. 265,028 13 0 Deduct Interest and Sinking Fund paid in 1886-87. New Zealand Loan Act, 1860: — Sinking Fund on £74,100 at 2 per cent., half-year .. Sinking Fund on £19, 000 I. 741 0 0 190 0 0 931 0 0 570 0 0 < Less in adjustment of Interest New Zealand Loan Act, 1863 :— Sinking Fund on £500,000 at 1 per cent., half-year ! 361 0 0 " 2,500 0 0 I Immigration and Public Woeks Loan Act, 1870: — Amount paid on Temporary Advances on Imperial-guaranteed Debentures, &c, in 1886-87 in excess of Interest paid in 1889-90 .. .. .. * ., North Island Main Trunk Railway Loan Act, 1882 :— Interest paid on Temporary Advances in 1886-87 .. [ .. 4,290 8 10 3,150 13 5 10,302 2 3 Net total £254,726 10 9 £254,726 10 9 I

Consolidated Loan Act, 1867 :— Interest on Converted Bonds drawn £ s. a. £ s. d. ; £ s. d. 19,065 0 0 ( Immigration and Public Works Loan Act, 1870: — Additional Sinking Fund " .33,000 0 0 4,000 0 0 I Consolidated Stock Act, 1877 :— New Loans Fractions of Interest, &c. Expenses of Conversions Difference between a full year's Interest on £242,800 District Railway Debentures converted, and amount paid in 1886-87 Interest thrown forward from 1886-87 by conversion operations 133,000 0 0 18 5 2 2,760 0 0 18 5 2 2,760 0 0 4,654 10 5 4,654 10 5 33,444 6 0 Consolidated Stock Act, 1884: — Loans for increases of the Sinking Funds Conversions oo , *<*^ d u 173,877 1 7 19,782 13 9 179 11 11 * Public Revenues Act, 1886 :— On £150,000 Deficit 19,962 5 8 6,981 18 5 Public Revenues Act, 1887 (No. 3) :— On £400,000 Deficit 20,000 0 0 I Distbict Railways Purchasing Acts, 1885-86 govebnment loans to local bodies act, 1886 Deficiency Bills 4,671 13 9 10,506 17 0 5,963 16 7 Deduct Interest and Sinking Fund paid in 1886-87: — New Zealand Loan Act, 1860 New Zealand Loan Act, 1863 Immigration and Public Works Loan Act, 1870 North Island Main Trunk Railway Loan Act, 1882 361 0 0 2,500 0 0 4,290 8 10 3,150 13 5 265,028 13 0 « Net total £254,726 10 9 10,302 2 3 * ■ \ \

8.—6.

Table No. 32. Table showing Area of Land disposed of, and Expenditure incurred, during the Period from the 1st October, 1884, to the 30th September, 1887; and from the 1st October, 1887, to the 31st March, 1890.

EXPENDITURE INCURRED.

The amount of surveyed land open for selection on the Ist October, 1887, was 480,000 acres, of which a large proportion had not been back-pegged. The amount of surveyed land open for selection on the 31st March, 1890, was 530,000 acres, the greater portion of which had been back-pegged. The total amount open for selection on the 31st March, 1890, including surveyed and partially surveyed— the socalled unsectionised lands —amounted to 970,000 acres. The unsectionised lands have had, inmost cases, the roadlines laid out.

By Authority : Geobgb Didsbuby, Government Printer, Wellington.—lB9o.

61

Areaof Land disposed of for Period 1st October, 1884, to 30th September, 1887. Area of Land disposed of for Period 1st October, 1887, to 81st March, 1890. Area. Selectors. Cash received. Area. Selectors. Cash received. Cash lands Ordinary settlement conditions.. Village homestead Acres. 143,617 578,191 31,722 2,094 3,551 1,050 £ 147,119 254,283 369 Acres. 129,534 945,820 5,337 1,383 3,507 198 £ 117,326 219,088 3,921 340,935 Total 753,530 6,695 401,771 1,080,691 5,088 Pastoral lands Other revenue 1,991,608 267 584,504 50,802 5,882,466 476 380,603 60,050 Grand total 2,745,138 6,962 1,037,077 6,963,157 5,564 781 ,588

Expenditure for Period 1st October, 1884, to 30th September, 1887. Expenditure for Period 1st October, 1887, to 31st March, 1890. i — Consolidated Fund. Consolidated Fund. Crown lands .. Survey Total I £ 84,162 269,355 353,517 £, 47,290 165,210 212,500