FINANCIAL STATEMENT (In Committee of Supply, 16th June, 1891) BY THE COLONIAL TREASURER, THE HONOURABLE MR. BALLANCE.

Appendix to the Journals of the House of Representatives, 1891 Session II, B-06

I—B. 6.

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Sess. 11.—1891. NEW ZEALAND.

FINANCIAL STATEMENT (In Committee of Supply, 16th June, 1891) BY THE COLONIAL TREASURER, THE HONOURABLE MR. BALLANCE.

Me. Peegeval,— In asking the attention of the Committee while I place before it a plain unvarnished statement of the finances of the colony, I hope to be as brief as the nature of the subject will permit, and not to weary honourable members by unnecessary detail. CONSOLIDATED FUND. EXPENDITURE FOE THE YeAB 1890-91 (OkDINAKY EIi!VENUE ACCOUNT). The estimated expenditure for the year 1890-91, including the Civil List and other Permanent Charges, amounted to ,64,125,502. The actual expenditure was £4,175,108. There were savings in some classes of expenditure and excesses in others, but the net result shows an excess of expenditure over the estimate of .£49,606. Details will be found in the annual Appropriation Account, and in the tables attached to this Statement. It is unnecessary for me to analyse and explain in detail these savings and excesses, but the Committee will expect me to at least indicate the larger items comprised in the excess, and to briefly explain their causes. "Under Special Acts" there is an excess of £19,140, arising out of the cost of two meetings of the General Assembly, and the extra amount of compensation paid in carrying out the retrenchment proposals of the present Government; there was also an excess of £14,659 in the amount paid to local bodies by way of subsidy on rates, the explanation in this case being that claims were more promptly sent in before the close of the year than were anticipated. In the Colonial Treasurer's Department there is an excess of £11,167, chiefly for discount on drafts, which was not provided for in the appropriations of the year : this large item was, no doubt, partly caused by the high average rate of interest ruling in London. In the " Working Kailways," the excess of £27,892 is explained by the Commissioners in a memorandum attached to their estimates, and which they state arose from the necessity of employing additional hands, from the rise in the cost of fuel and stocks at the time of the recent strike, and by increased traffic. Under the head of " Minister of Defence" the expenditure exceeded the votes by £14,712: the Committee will remember that £7,000 was taken off these votes in Supply, but no saving was effected'; of the excess, £3,000 was incurred through the labour troubles of last year. The other increases principally arise from the payment for arms and ammunition not sufficiently provided for in the votes. " Services not provided for" amounted to £10,410: a large amount of this represents compensation and compassionate allowances granted to officers and widows of men of the Defence and Police Departments which could not be paid under the provisions of the Civil Service Act.

Table No. 2. Expenditure 1890-91 out of ordinary revenue exceeds estimate by £49,606.

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Eevenue fob the Yeae 1890-91 (Ordinaby Eevenue Account). Thelate Government estimated the revenue to be received at £4,159,000, which included £55,000 for primage duty for the whole year. It will, however, be in [ the recollection of the Committee that it was determined to discontinue the collection of the primage duty at the end of last September. The revised revenue to be received was accordingly £4,131,500, instead of £4,159,000 as before stated. The actual amount received was £4,282,504, or £151,004 in excess of the revised estimate. With the exception of revenue derived from the depasturing licenses and rents all the heads of revenue have been exceeded. Full particulars will be found in the table attached. The Expenditure and Eevenue of the Land Fund Account. The estimated expenditure was £115,680. The actual figures are £116,108, or £428 in excess of the estimate. The estimated revenue was £96,600, while the actual receipts came to £164,270, or £67,670 in excess of the estimate. Large quantities of land in the Canterbury District were sold for cash; but the lands available for disposal in this way have been nearly exhausted, and even were the policy of wholesale disposal for cash justifiable it would be impossible to obtain the same amount of revenue from this district again. As an illustration of what I mean, the value of land sold for cash in Canterbury last year was £65,929, while the estimate for this year is only £4,000. The large access of cash receipts during the year provided a balance sufficient to pay off the deficit of £45,716 at the commencement of the year, and to leave a surplus of £2,445 at the close of the year. EBSULTS OF THE YEAE 1890 -91. s At the beginning of the year a surplus was shown of £36,568 19s. 4d., after 3 paying off the balance of the deficit at the 31st March, 1888 (£78,605 os. Bd.). .As I before stated, the receipts amounted to £4,282,504 9s. 7d., making a total of £4,319,073 Bs. lid. available for expenditure during the year. The total expenditure amounted to £4,175,107 13s. 5d., thus leaving a surplus of £143,965 15s. 6d. on the 31st March last, a result which must be very gratifying to the Committee. THE PUBLIC DEBT. t The gross public debt on the 31st March, 1890, was £38,667,950, and the sinking funds accrued amounted to £1,386,186 (as revised after receipt of the i English accounts); the net public debt was therefore £37,281,764. t On the 31st March last the gross public debt was £38,832,350, showing an .increase of £164,400 during the past year. The sinking funds accrued are estimated at £1,473,193, and the net debt therefore stands at £37,359,157. During the year the following transactions have taken place, irrespective of the conversion operations, to which I shall presently refer: — Debentures for £144,000 of "The Consolidated Stock Act, 1884," were B redeemed out of sinking fund of the Consolidated Loan 1867 set free, and £47,600 ■. of debentures of the last-named loan were drawn in 1890, and were redeemed out of the sinking funds of the same loan. £7,000 of debentures issued under " The New Zealand State Forests Act, 1885," have been paid off out of revenue accrued, leaving only £1,000 of these debentures outstanding. On the other hand, debentures were issued for £288,000 under " The Consolidated Stock Act, 1884," representing the estimated equivalent of the increases of the sinking fund for the year. There has also been an additional issue of £75,000 under " The Government Loans to Local Bodies Act, 1886." It will be noticed that I have made no mention of the £154,800 debentures under "The New Zealand Loan Act, 1863," which became due on the 15th March last. I have left the amount in the Public Debt Table because a complete account of the operations connected with the conversion, including these debentures, has not yet been received from the Stock Agents. If they were struck off their equivalent in 3j-per-cent. stock would require to be shown; therefore, as full information has not yet reached me, I have judged it best to let the old debentures remain; but, of course, the Committee will understand that all the unconverted portion of the loan due on the 15th March was duly provided for at the time.

Ordinary Revenue of 1890-91 more than estimate by £151,004

Land Fund expenditure of 1890-91 exceeds estimate by £428, and revenue by £67,670.

Financial results of 189C-91 shows surplus of £143,C65 15s. 6d.

Table No. 3. Net Public Debt on 31st March, 1890, £37,281,764

Net Public Debt on 31st March, 1891, £37,359,157

Particulars showing increase of £164,400 during past year.

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Honourable members will have noticed that large parcels of debentures are falling due during the current year. Those of the loans of 1860 and 18(33 are included in the conversion operations, and will be duly provided for by conversion of such debentures as are sent in, and by creation of Sj-per-cent. stock to pay off the balance. As to the debentures issued under " The Public Kevenues Act, 1886," amounting to £150,000, falling due on the 10th October next, the Government propose to ask Parliament to amend the Schedule to " The Consolidated Stock Act, 1884," so as to include these debentures in its provisions. As regards the short-dated debentures issued under that Act, due on the 28th November next, amounting to £1,314,084, the sum of £146,600 has since the close of the financial year been written off the public debt by the application of sinking funds set free at the last drawing of "Consols" in London; the balance unredeemed will be renewed for a brief term within the provisions of the Act. The Pkesent Conveesion Operations. Papers will be laid before honourable members showing what has been done and what is contemplated with respect to the conversion of the remaining portion of our high-interest-bearing loans, amounting to £868,900. Debentures surrendered for conversion of the loan of 1863 due on the 15th March last had to be deposited at the Bank of England not later than the 14th March, and all other debentures on or before the 15th June instant. The Government have reserved the right to convert into 3j-per-cent. Inscribed Stock (with the assent of holders) any debentures not brought in for conversion, on terms to be notified from time to time at the Bank of England. The_ Stock Agents have been able to make exceedingly satisfactory arrangements with the Bank of England, whereby the success of the conversion will be assured, and I need scarcely point out the saving which will be effected. I take this opportunity of recognising the eminent services of the Stock Agents, particularly in the difficult negotiations respecting this conversion business, for which, I think, they deserve the thanks of the colony. I am indebted to the Assistant Controller and Auditor for an interesting and exceedingly valuable statement of our conversion operations since the passing of " The New Zealand Consolidated Act, 1877," which I append to this Statement. PUBLIC WOEKS FUND. Pact I. The balance at credit of this account on the 31st March, 1890, including an asset of £87,974 Is. 3d. under " The Government Loans to Local Bodies Act, 1886," was £233,675 11s. 10d. During the year it became necessary to issue £25,000 of debentures on account of the asset above mentioned. Some miscellaneous recoveries were also received, amounting to £5,781 4s. Bd. The expenditure during the year amounted to £128,810 18s. 9d., thus leaving at the close of the year an available balance of £110,645 17s. 9d. The outstanding liabilities are returned at £96,608 3s. 10d. Pact 11. Noeth Island Main Tkunk Bailway Loan. The balance to commence the year was £386,985 9s. The expenditure during the year amounted to £30,878 95., thus leaving an unexpended balance of £356,107, subject to £44,902 19s. for outstanding liabilities. The allocations of this balance are as follows : For railway purposes, £232,424; for roads to give access to railway, £34,652; purchase of Native land, £83,831. The liabilities against the railway amount to £26,103, and against roads, £18,799. Pact 111. At the beginning of the year the balance was £426,805 15s. 4d. During the year the expenditure amounted to £175,462 7s. 6d. The balance at the close of the year was £251,343 7s. 10d., and the outstanding liabilities £98,875 19s. 3d.

) Loans falling ( due during ' current year. I I i

Contemplated conversion of loans amounting to £868,900. Loans to be converted into 3J-per-cent. Inscribed Stock.

Services of Stock Agents acknowledged. Table No. 4.

Table No. 1. Available balance on 31st March, 1891, £110,645 17s. Sd.

Table No. 6. Liabilities, £96,608 3s. 10d.

Table No. 1. Available balance on 31st March, 1891, £356,107.

Table No. 6. Liabilities, £44,902 19s.

Table No. 1. Available balance on 31st March, 1891, £251,343 7s. 10d. Table No. 6. Liabilities, £98,875 19s. 3d,

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Summary. Taking the three parts together, the available balance at the beginning of the year was £1,047,466 16s. 2d., which was increased to £1,053,248 os. 10d. 'by some small receipts. The expenditure during the year amounted to £335,151 15s. 3d., and the available balance at the close of the year £718,096 ss. 7d. The outstanding liabilities on the 31st March last are stated at £240,387 2s. Id. The following are the particulars of the unexpended balance : — £ s. a. Cash in the Public Account ... ... ... ... 72,91.1 10 9 Cash on fixed deposit in London ... ... ... ... 30,000 0 0 In the hands of Officers of the Government ... ... 33,590 13 7 Temporary Investments— Guaranteed Debentures of the Loan of 1870 ... ... 246,000 0 0 Westport Harbour Board Debentures ... ... ... 127,000 0 0 Greymouth Harbour Board Debentures ... ... 5,000 0 0 Government Loans to Local Bodies Act Debentures ... 75,000 0 0 Three-and-a-half per cent. Inscribed Stock ... ... 65,620 0 0 655,122 4 4 Available under section 31 of " The Government Loans to Local Bodies Act, 1886" ... ... ... ... ... 62,974 1 3 Total £718,096 5 7 I may inform the Committee that the available cash of the Public Works Fund has during the past financial year been used to purchase further debentures issued by the Westport Harbour Board to the amount of £71,000. This Board has Parliamentary powers to issue debentures to the amount of £500,000, and has availed itself of the law to the extent of £150,000 raised in London (guaranteed by the colony), and £171,000 raised in New Zealand. The revenue derived by the Board, after paying working-expenses and providing for interest and sinking fund on the borrowed money, yields a fair margin, which is expended on improvements. It is the opinion of the Government that the works for which the money is being found are of a substantial, urgent, and valuable character; and so long as the Government consider the expenditure is being prudently conducted, and the limit allowed by law is not exceeded, they deem it their duty to assist as far as possible by providing temporary advances pending the sale of the debentures in the open market. With reference to the Greymouth Harbour Board, I may remark that when the present Government took office they found unauthorised expenditure amounting to £1.1,953 for advances made to this Board. The Board, having exercised the limit of its borrowing-powers, amounting to £150,000, under " The Greymouth Harbour Board Act, 1884," has represented to the Government from time to time its urgent necessity to carry on works of considerable importance for the improvement of the harbour. The proposed works having been favourably reported on by our Engineer, Government have continued to advance the necessary funds, retaining the Board's revenues derived from the mineral traffic and land endowments in reduction of the sums advanced. The net amount now outstanding against the Greymouth Harbour Board is £10,354. As it will be absolutely necessary to carry on the works already begun to a successful completion, further borrowing-powers will require to be obtained by the Board. A Bill for this purpose will be introduced to raise an additional sum for the prosecution of necessary and urgent improvements in the harbour. Under section 9 of " The Consolidated Loan Act, 1884," it is enacted that, after redeeming such debentures as may have been issued on account of increases of sinking fund, of the loan in respect of which sinking fund has been set free, the balance of such sinking fund shall be paid into the Public Account, and shall form part of the Public Works Fund. Until the loans of 1860 and 1863, falling due this 3 7 ear, have been fully converted or paid off (the last parcel of the loan of 1863 is not due until the 15th December next), it is impossible to estimate with any certainty the amount of sinking fund accretions which will be payable into the Public Works Fund. I may, however, state that the loans having sinking funds which mature during this year amount to £491,100,

Available balance on 31st March, 1891, £718,096 ss. 7d. Liabilities, £240,387 2s. Id.

Table No. 7.

Temporary advances to the Westport Harbour Board.

£11,953 unauthorised advances to the Greymouth Harbour Board.

£300,000 will become payable to Public Works Fund out of released sinking funds.

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and that debentures amounting to £178,925, issued in respect of the accretions of the sinking funds of these loans, are now outstanding. It is fair to assume that the accumulated sinking funds will at least equal in amount the loans for which they were created; we may therefore safely calculate upon receiving more than ,£300,000 into the Public Works Fund, without taking into consideration the profit derived from the sale above par of the sinking fund securities which have been mainly invested in our 4-per-cent. Inscribed Stock. I propose later on to show how £100,000 of this amount may be specially applied to discharge an obligation, thus leaving a balance of £200,000 this year available for public works, the appropriation of which will be fully explained by my colleague in his Statement. It will be seen that we have not estimated for receiving a larger amount of released sinking fund from the conversion operations than will be actually available in the present year; but, if the operations extend to loans falling due in future years, the sum receivable will be proportionately increased. Of course, in stating these figures honourable members will understand that the conversion scheme embraces the substitution of Inscribed Stock for the unconverted portions of the loans as they fall due, whereby the whole of the accumulations of sinking fund are set free, and become available under the provisions of " The Consolidated Stock Act, 1884." GOVBENMENT LOANS TO LOCAL BODIES. There has been £300,000 borrowed up to the 31st March last for the purpose of making loans under " The Government Loans to Local Bodies Act, 1886," and'£2s,ooo for the purpose of transfer to the Public Works Fund, in part realisation of the asset of £87,974 Is. 3d. of the fund payable under section 31 of the Act in respect of converted debentures originally issued under " The Eoads and Bridges Construction Act, 1882." Up to the 31st March, 1890, £248,200 had been paid over to local bodies, and during the past year £47,164 had been further advanced, making a total of £295,364 paid over to the 31st March last, leaving a balance of £4,636 available. The engagements of the Treasury in respect of these loans amounted on the 31st March last to £41,018, and further applications had been received for £36,588 which had been granted provisionally. At the Ist February, 1891, the amount of debt standing inscribed in the Treasury register, including the equivalent of the converted debentures of " The Eoads and Bridges Construction Act, 1882," was £380,463. Between the Ist February and the 31st March last further payments to the amount of £10,235 had been made. These, with interest thereon, will be added to the registered debt on the Ist February next. The Act provides (section 45) that an annual appropriation for a sinking fond shall be made, but nothing has been done up to the present in this direction. I have, however, determined that 1 per cent, per annum, including arrears from Ist February, 1888, shall be set aside for the purpose of providing a sinkingfund, to comply with the terms of the Act, and I have accordingly placed upon the Estimates a sum sufficient to cover arrears and for the current year. CONSOLIDATED FUND. Ordinary Bevenue Account.—Expenditure of 1891-92. For the year ending 31st March, 1892, I have had very careful Estimates prepared, and they will be presently laid before you. The expenditure as proposed will be found to amount to £4,155,105. Under the head of Interest and Sinking Fund there is an increase of £34,687, mainly arising from an abatement last year of £15,750 from the amount payable on the new 3j-per-cent. Inscribed Stock on account of overlap of interest on the ten-forty debentures paid off. A new item of £8,856 has been provided for sinking fund at 1 per cent, on the amount borrowed under " The Government Loans to Local Bodies Act, 1886," in order to carry out the provisions of the Act. The appropriations are increased also under the head of " Special Acts." For 'the first time we have had to provide a sum of £21,000 for payment of our contribution towards the maintenance of the Australian naval squadron. An increased sum of £8,000 has been

£100,000 to be applied in reduction of debt.

Sinking fund accumulations set free.

£300,000 borrowed under the Act to make loans, and £25,000 for transfer to Public Works Fund.

£295,304 paid over to local bodies; balance available, £4,636.

Engagements, 31st March, 1891 £41,018 absolute, and £36,588 provisional.

Provision made for sinking fund at 1 per cent.

Table No. 8.. Estimates for 1891-92. Ordinary Revenue Account, £4,155,105.

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provided for compensation under the Civil Service Act; while £8,000 has also been added for payment of subsidies, based upon the actual payments made last year. Coming to the annual appropriations it will be found that, excluding Working Railways, very substantial reductions have been effected in the ordinary departmental expenditure. Provision, however, has had to be made for exceptional services, such as the Census, .£12,500; for the triennial property-tax assessment, £13,000; and for discount on our remittances to London, £3,500, the want of provision for which last year caused the Treasury vote to be overdrawn. Notwithstanding these extraordinary votes, the estimate of expenditure for 1891-92 is £45,393 less than the expenditure of 1890-91. It is necessary to refer specially to the small amount estimated for the cost of remitting money to London—£3,soo —compared with the amount spent last year on the same item—namely, £12,435. I have entered into an arrangement with the bank under which bills at 90 days, instead of 120, will be issued at par on London. The effect of this arrangement, if it had been in operation on our finance last year, would have been a saving, the Treasury has calculated, of upwards of £4,000; and, if other things are equal, of course there will be a similar saving this year. Expenditure and Eevenue op the Land Fund Account. The estimated expenditure for the current year amounts to £116,965, whereas last year provision was made for £115,680. Although the present estimated expenditure slightly exceeds the amount voted last year (arising out of the necessity for employing additional surveyors, and the charging of salaries heretofore paid out of loan), very considerable saving has been effected by the amalgamation of the separate departments of Crown Lands and Survey. I have not thought it prudent to estimate the revenue for the current year at more than £92,700; last year it was estimated at £96,600. The excess of expenditure over revenue for the current year, according to the above figures, results in a deficiency of £24,265, reduced to £21,820 by the surplus of £2,445 at the beginning of the year. This deficit I shall deal with further on. OEDINAEY EEVENUE OF THE YEAE 1891-92. After careful consideration I estimate our ordinary revenue receipts will 3 amount to £3,986,500, or £8,004 less than the actual receipts of last year. In addition to the above there will be issued in aid of revenue £282,300 for sinking fund increases, as against £288,000 issued during the past year. Adding these together our total receipts are estimated to fall short of last year's actual receipts by the sum of £13,704. The revenue derived from " Stamps" is set down at £21,191 less than last year's receipts ; of this amount, £15,700, which has heretofore been credited as revenue, will now be treated as a recovery in reduction of expenditure in connection with the San Francisco and Direct Mail-services. Owing to the light grain-crops I have not deemed it prudent to estimate more than £1,114,000 Railway revenue, which is £9,322 less than was received last year. Some exceptional amounts swelled the Miscellaneous receipts of the past year, and, as I do not expect their recurrence, I have set down this item at £43,000 instead of £49,004. On the other hand, I see no reason why there should not be an increase under the heads of Customs and Beer Duty; I have therefore made a slight addition over last year's receipts to both these items. I expect the general acceptance of our land-settlement proposals will cause an augmentation of £22,918 over the receipts of last year derived from Depasturing Licenses, Rents, &c, usually designated our " Territorial Revenue." ESTIMATED EESULTS OF THE YEAE 1891-92. As I have before stated, a surplus was brought forward of £143,965 15s. 6d. to commence the present year with, to which I add the estimated revenue for 'the year, amounting to £4,26B,Boo—together £4,412,765 15s. 6d. From this I deduct the anticipated expenditure of £4,155,105, leaving a surplus of £257,660 15s, 6d. at the end of the present financial year.

Table No. 9. Substantial reductions effected in departmental expenditure.

Table No. 8, Estimated expenditure, £116,965.

Estimated revenue, £92,700.

Deficit, £21,820.

Table No. 10. Estimated ordinary revenue 1891-92, £3,986,500.

Table No. 8. Surplus at end of 1891-92, £257,660 15s. 6d.

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FINANCIAL AEEANGEMBNTS. The question will now suggest itself to the Committee, In what way can this surplus be best disposed of ? It must have been recognised that the tendency of the age is to increase the postal facilities of the world, and to reduce the cost of carrying letters. The time is not far distant, we believe, when there will be an Imperial penny postage—probably within the next three years. The loss estimated by the English authorities is not expected to exceed £75,000 a year. Of this amount a number of persons in England have offered to guarantee ,£50,000 a year, and public opinion is rapidly growing in the direction of adopting a minimum rate of postage as a means of consolidating or federating the various parts of the Empire. The postage at present with Australia is twopence a letter, and that to Great Britain twopence halfpenny; while to the suburbs of our cities and other parts of the colony the charge is twopence. So manifest an anomaly suggests a change in the direction of our proposals. The time has therefore arrived, the Government believe, when the penny post should be established in New Zealand. The cost of the reduction in the present year is estimated at not more than £40,000; and, from careful calculations and comparisons with the Colony of Victoria, where the penny post is already an accomplished fact, it is estimated that within three years from the present time, through an increase in the number of letters sent, the loss in the revenue will be more than covered. It is also intended to ask for power to: establish the penny post with the Australian Colonies, and negotiations to this '■ end are now being conducted by my colleague the Postmaster-General. If this ] extension of the penny post be adopted, the immediate loss to the colony in revenue will be about £1,200 a year. The Committee will agree that this is not a formidable sum to secure so great an advantage as an intercolonial penny post. The postage on newspapers to the other colonies, now a penny, it is: proposed shall in future be one-halfpenny, and it is anticipated the increased 1 number posted will prevent any material loss of revenue. It is also proposed to ] reduce the telephone charges to a uniform rate of £5 a year, which we believe will r not entail any material loss to the revenue, as the increase in the number of con- ( nections in consequence will probably be large. The details of these and other, reforms in the Post and Telegraph Office will be explained by the PostmasterGeneral. The question of settling the land, and carrying on the work of colonisation j in the making of roads to open up lands for settlement, will have, we think, to be ' borne in future, to some extent, by the Consolidated Fund. Whether this can be c done will depend of course on the progress of the colony in the way of yielding an increasing revenue, but it will be recognised that the connection is intimate between a growing revenue and the extension of settlement. We propose, therefore, in the present year to apply the sum of £30,000 out of revenue for the work of opening up land for settlement. This amount will probably have to be supplemented by a vote from the Public Works Fund. We propose to remit the Native lands duty on leases, amounting on the j average to about £6,000 a year. There appears to the Government to be \ no justification for imposing an exceptional duty upon the alienation of Native lands for settlement—a work that ought to be encouraged rather than restricted by the imposition of a duty which is irritating and at the same time difficult to collect. I have not disturbed the distinction which has been made between Territorial ] Revenue and the Land Fund, though I can hardly see any reason for its con- \ tinuance. It is true the Land Fund in the past has been subject to strange and i serious perturbations, throwing out all the calculations of the department; but l the elements of uncertainty have in recent years been reduced to moderate dimensions, and the Consolidated Fund, to which both descriptions of revenue legally belong, must soon receive back its erratic and wandering child. The Land Department has made a calculation of the sum it will cost in surveys and administration to obtain the territorial revenue in the present year, and the estimate is £40,000. In the past the Land Fund has improperly borne the corresponding charge, and this has tended very often to produce a deficit in the

Proposals to establish the penny post in New Zealand.

Intercolonial penny post proposed.

Intercolonial halfpenny newspaper postage proposed. Telephone charges to be reduced to £5 a year.

£30,000 out of revenue for opening up land.

£6,000, Native lands duty, to be remitted.

Proposal to amalgamate the Ordinary and Land Fund Accounts.

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fund. There is an estimated deficit in the present year in the Land Fund, through the probable decline in cash sales, of .£21,820, which I propose to meet by transferring a similar amount from the Ordinary Eevenue Account, which will come out of the estimated surplus. The simple and direct plan of dealing with the matter is to amalgamate the Ordinary and Land Fund Accounts, instead of maintaining the distinction which has been made for many years ; and this would have been done in the present year but that I desired to preserve the usual comparisons. The Committee may remember that my predecessor made a proposal in 1887 to pay out of the sinking fund accretions, under " The Consolidated Stock Act, 1884," to the amount of ,£40,000 a year, the deficit of the year 1888 amounting to ,£400,000. It was also proposed that " any credit balance of ordinary revenue, from year to year, shall be devoted to the same purpose, instead of being carried forward to the next account." Short-dated debentures were issued to cover the deficiency. The debt still remains, the arrangement to extinguish it not having been put in force. We now propose to apply £100,000 of the surplus of the year to the reduction of this debt. We propose to place a tax of 2J per cent, on the money passing through the totalisator, which will amount to about £10,000 a year, and for the remainder of the present year to about £5,000. SUMMAEY. These various proposals I shall now bring together to show the financial result: Cost of penny postage, .£40,000 (I do not include the intercolonial postage, as the negotiations are not completed); .£30,000 for opening up land for settlement; £6,000, duty on Native leases ; £21,820 to meet estimated deficit in Land Fund ; and an appropriation of £100,000 to pay off debt incurred in 1888 to meet the deficit of that year. The total of these various amounts is £197,820. Deducting this from the estimated surplus of £257,660, we have a net surplus available to carry forward of £59,840. To this has to be added the tax on the totalisator amounting to £5,000, bringing up the surplus for the current year to £64,840, which will be an ample margin to provide for supplementary estimates and possible contingencies. EEVENDB EBSOUECES. i A table attached to this Statement shows the revenue per head of population derived from some of the main items of the tariff, and points to the fact that it will be impossible to depend in the future on the increased consumption of alcoholic liquor to strengthen the Consolidated Fund. This fact is gratifying from a temperance point of view, and I only point it out in order that we may guard against an undue reliance on what is termed the elasticity of the Customs revenue. A time of great prosperity, high wages, and constant employment for the labour-classes will bring with it, no doubt, an enlarged consumption of luxuries, and on the whole the Customs revenue under such circumstances will continue to increase, but not rapidly nor to a great extent, more especially as the colony will continue to manufacture more and more of those articles which fall within the limits of protection under the tariff. Stamps will, as greater wealth is diffused among the community, continue to give a yearly increase, and must be considered as one of the pillars of our financial system. The railways can never, I think, be relied on for revenue purposes. If they pay interest on the cost of construction, they will do all that need be expected, as any excess ought to go in the way of reducing the cost of production in lower rates of carriage. Direct taxation in the way of a land- and income-tax must remain, with the development of our industries, a fruitful source of income, and an equivalent of the amount obtained from the present property-tax may for some time be a necessity. When the nature of our obligations will permit it, we are of opinion that relief should be given on the necessaries of life now paying duties through the Customs; but we must be certain, while the great object is being reached, that we shall have sufficient revenue to meet the growing demands on the Consolidated Fund, arising through

Land Fund deficit of £21,820 to be made good by transfer from Ordinary Revenue Account.

£100,000 of surplus to be applied in reduction of funded debt of £400,000.

Proposed tax of 2J per cent, on totalisator receipts.

Summary of present financial proposals.

Revised surplus, £64,840.

Table No. 11. Indirect taxation cannot be depended on. Direct taxation must remain.

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the cessation of borrowing large amounts of money in the English market. For, if we are to maintain our credit and financial independence, borrowing in that market must cease; while any local borrowing is likely to be confined to the absolute necessity of carrying on those essential works of colonisation, such as the settlement of the people on the land, on which depend so directly the prosperity of the community. On the other hand, if the machinery of government could be simplified, and judicious retrenchment carried to its proper limit, the expenditure side of the account might still be considerably reduced. But we are strongly of opinion that any material reduction must come from a more direct and simple form of administration, directed to the attainment of practical ends ; and it will be necessary to see that our measures of legislation do not include liabilities which will render this form of economy an impossibility. THE FLOATING DEBT. The amount of the floating debt incurred to meet past deficits is £550,000. This will be reduced to £450,000 by the appropriation of £100,000 out of the surplus of the year, as already explained. Can this floating debt be further reduced ? The Government thinks that, though by law the released sinking funds in connection with the loans undergoing conversion pass into the Public Works Fund, a portion of them should be used to pay off debt which was incurred to aid the revenue ; and I propose to transfer from the Public Works : Account £100,000 of the sinking funds set free, thus in the present year [ reducing the floating debt by the sum of £200,000, and leaving outstanding £350,000 to be dealt with in future according to the state of our finance. I have also to add £128,605 paid off mainly by the primage duty to the £200,000 now proposed to be extinguished, and we shall then have effected a reduction : in this species of debt amounting to £328,605. The aid to revenue in debentures issued against the sinking-fund increases i belongs to a different category from what I have been explaining. These deben- j tures must nearly all be paid off by a self-acting system according to law. As 11 have shown, about £179,000 will be available through the conversion operations [ to redeem debentures in the present year, in addition to the sinking fund released : from the drawing loan of 1867, amounting to £146,600. The nature of the complicated and ingenious operations under " The Consolidated Stock Act, 1884," is such that, while we are issuing debentures in aid of revenue in anticipation of the sinking fund falling in, we are at the same time paying off debentures already issued. In the present year we issue £282,300, and shall pay off about £325,500. THE CIVIL SEEVICE. The Government recognise that vigorous measures are required to place the ' Civil Service of the colony on a satisfactory footing. They have discovered that \ departments have been overmanned and do their work imperfectly, and they have * had to apply the pruning-knife of retrenchment. The operation is always to be regretted, for very often hardships result; the task of reducing the Service at the risk of depriving families of their means of subsistence is one from which most men shrink; but it has to be done. The justification is that the welfare of the whole community demands the most rigid economy in the administration of affairs. It is a fact that the Civil Service has been disorganized and quite powerless to do anything to help itself. To be economically administered, the Service must be under one administrative body, and, at least in the lower grades, the officers must be interchangeable in the different departments. Eetrenchment, to be effective, must go on continually; thus, when an officer dies or retires, the question should always be asked, Has an opportunity occurred for promoting greater economy and efficiency ? Every promotion should mean both, for true economy does not mean cheeseparing in salaries, but getting the right man into the right place. Is it possible to have a Civil Service in which the country shall have confidence ? The Government believe that the Civil Service Bill which will shortly be introduced has in it such elements of sound reform as will enable this question to be answered in the affirmative. It asks the heads of 2—B. 6

, Borrowing in l the English J market must 3 cease.

[ With judicious retrenchment ' expenditure might be . reduced.

Can floating debt be further reduced ?

Proposal to pay... off further surd of £100,000.

Floating debt reduced by £328,605. Operation of sinking funds released under the provisions of " The Consolidated Stock Act, 1884."

Gradual and systematic retrenchment still to be made.

10

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the Service to accept the responsibility of advising the Ministry, and it infuses the principle of unity by placing" the Service under the charge directly of a particular Minister, whose special duty it will be to promote its true interests, which cannot be considered apart from the interests of the country. We believe great reductions can still be made in the cost of the Service, but they ought to be made in the way I have mentioned—gradually and with system. It is hardly necessary to add that the welfare of the country demands a highly-organized, intelligent, and patriotic Civil Service. To attain this end it is the duty of all parties to combine. THE GOVEENMENT INSUEANCE DEPARTMENT. During the recess I have made inquiry into the management of the Government Insurance Department; and I have come to the conclusion that the institution is conducted with skill and success. Economies have been effected during the year which represent a total of between .£4,000 and £5,000 on the annual expenditure, and the work of judicious retrenchment is still proceeding. During the last few months an agreement has been entered into between the different life-insurance companies doing business in the colony not to interfere with each other's operations, and I anticipate that, in consequence, a higher standard will be observed in the carrying-on of that particular class of insurance work known as canvassing. The quinquennial accounts have been completed and submitted to the actuaries in London, and the policyholders may expect to be in possession at no distant date of the most gratifying and convincing assurance of the vitality of the institution. In order to cover any unsound investments, a reserve of £25,000 has been set aside. This amount is not included in the accounts forming the basis of the actuarial investigation. And here I may observe that there seems no reason to conceal the fact that during the period when the Government Insurance business was under the management of the Board some bad investments were made, from which losses are likely to accrue. The probable extent of these losses, however, is amply covered by the reserve mentioned, and the institution remains sound and prosperous. THE PUBLIC TRUST OFFICE. The Eoyal Commission appointed to inquire into the working of the Public Trust Department has made a thorough investigation, and many reforms in its administration will no doubt be suggested. It would be nothing short of a national calamity were public confidence destroyed in the institution; but publicity, even to the extent of exposing grave defects, is rather calculated to reassure the timid than to permanently weaken public faith. There is no reason why the Public Trust Office should not be as well administered as, for instance, the Post Office. It is purely a matter of organizing power and capacity, without which qualities neither laws nor regulations nor checks will achieve solid results. It is probably a mistake to have an officer at the head who in some indefinite way is responsible only to Parliament, which virtually means no responsibility at all; for the saying here is peculiarly applicable, that what is everybody's business is nobody's business—whereas the responsibility of a Minister is direct and immediate. Whatever is done, the Public Trust Office must be placed in a position to regain, if it has lost, and. to maintain, when won, the confidence of the people of New Zealand. SETTLEMENT ON THE LAND. My colleague the Minister of Lands will ask the Legislature to consolidate and amend the law relating to the disposal of the Crown lands. The limited quantity of the public estate still available for settlement suggests the necessity of providing that in future the bond fide settler shall be considered before the speculator and the monopolist. That the country may know the actual state of affairs, I submit an estimate by the Surveyor-General of the agricultural land still available in the hands of the Crown. "The remainder," he says, "of the agricultural land in New Zealand is so interspersed with country fit only for grazing stock that it seems most fair to class both as one, for the low grazing bush lands of the North Island especially can be most profitably occupied in con-

£1,000 to £5,000 on annual expenditure saved.

Eoyal Commission will suggest reforms.

Bond fide settler to be considered before speculator and monopolist.

8.—6.

junction with the small areas of purely agricultural land within them. On this basis, the low-lying pastoral and agricultural land fit for settlement amounts to about 2,850,000 acres." In a table accompanying this Statement will be found the figures showing the distribution of this land throughout the several provincial districts. The Committee will probably agree with me that, when we consider that upwards of sixteen million acres of the best land have already been alienated in fee-simple from the Crown, there is some reason why the remaining available estate of less than three million acres should be administered in the interests of the whole people of the colony. The time, it is believed, has arrived when suitable areas will have to be purchased by the Crown for small-farm settlement. In many parts of the colony the Crown lands available for this purpose have already disappeared, and if the population is to be retained the wants of intending settlers will have to be met. A Bill will be introduced, hedged round with the necessary safeguards, to establish a satisfactory system of purchase. If borrowing in the English market is to be discontinued, the means will have to be provided for carrying on the work of settling the waste lands of the colony. Recognising this fact, the late Government proposed to amend the Government Loans to Local Bodies Act to enable money to be advanced on the security of a special rate to be levied on the settlers. While there is merit in the proposal so far as it relates to the means of providing the money, the present Government are not inclined to favour a system which entails the payment of another special rate; but we think that, if money advanced under the Act for opening up lands for sale were made a first charge on the proceeds of the land, there would be ample security without entailing a liability on the taxpayer. Instead of complications arising from assessing the rates to be borne by the land, we propose the simple plan of procuring an estimate by the Surveyor-General of the value of a block of land when surveyed and placed in the market, with an estimate of the cost of roads to open it up, whereupon the Minister of Lands would be placed in possession of the funds to the limit of one-half the estimated value of the land when it was ready for disposal, the funds borrowed for this purpose to be repaid out of the proceeds of the land. The Government think an amendment of the Act in this direction will give a fresh impulse to colonisation. NATIVE LANDS. The necessity of providing for the extension of settlement by the purchase of, Native lands will be seen from the limited quantity of Crown land still available,' and a vote will be submitted in the Public Works Estimates for the purpose. But, * while reserving to the Crown the right of purchase, the Government are of j opinion that the time has arrived for an amendment of the law to enable the < Natives to lease their land either direct to the Crown in perpetuity, or, through a; Board in which they will have confidence, under the land laws of the colony, to the settlers who are to occupy. Whatever is done the rights of the Natives under treaty, in accordance with the principles of justice, must be strictly maintained. It will remain to reconcile by law the interests of the Native race and of the colony, so that the beneficial occupation of Native territory may be hastened and finally secured. The Eoyal Commission appointed to inquire into this subject have drawn up a comprehensive report, after conference with the tribes, in which are explained and elucidated the conditions under which, in their opinion, this end may be attained. My colleague the Native Minister has given the subject much attention, and will introduce a Bill for the consideration of the Legislature, with the object of consolidating the numerous and complex Nativeland laws into one concise and intelligible measure, and also of simplifying and reducing the cost of the ascertainment of title and other procedure of the Native Land Court. The effect of this will, it is hoped, enable more rapid and satisfactory settlement of the surplus lands now lying unproductive in the possession of the Natives. INCIDENCE OF TAXATION. I have now to ask the Committee to grant me its attention while I bring 1 before it the question of the incidence of taxation, more especially in its'

> L Table No. 12.

L i ; ■ Suitable areas ( to be purchased ' for small-farm . settlement.

Proposal to borrow for roading purposes.

Loan to be made a first charge on proceeds of sale of land.

Amendment of the law proposed so as to allow Natives to lease their lands direct to the Crown, or to settlers through a Board.

What is a landtax?

11

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relation to taxes on land and incomes. What is a land-tax ? The popular and, I believe, the correct answer to the question is : A tax on the value of land, less improvements. This is the ideal of the land-tax school. The necessity for stopping short of the ideal must be found in the imperative requirements of our finance —the need for providing sufficient revenue to meet our obligations without unduly weighting the necessaries of life through the Customs. We advance, therefore, just as far towards this ideal tax as the conditions of a sound finance will permit us, and, if we stop short of what some might desire, it must be remembered that the history of financial reforms and changes shows that the ends sought to be attained were seldom if ever reached at a single effort. We propose to introduce a Bill to abolish the property-tax, and to provide for a land- and income-tax, and in respect of the land-tax to grant an exemption on improvements up to the value of £3,000 for each owner, and also to impose a graduated tax upon all persons and companies the value of whose land, less the £3,000 of improvements, shall amount to £5,000. It is estimated that the deduction of improvements will cause a loss of revenue of about £60,000, and the graduated tax will bring in an increased revenue of .£61,890. I have not considered it advisable to suggest a higher rate of graduated tax than that stated in the table. The payment of the additional sum of £61,890 will form an important extra contribution to the revenue by the holders of large estates, and it will be paid by less than 3,000 owners. In addition to the deduction for improvements there will be the exemption of £500 from an owner's land; and it is not proposed to grant the exemption when an owner's land, less deductions he may claim, will exceed £1,500. Thus, if a farmer has land worth £800, the improvements on which are valued at £300, the exemption would make him not taxable; and with land worth £1,200, and improvements £400, the taxable balance would be £300. In the assessment of the tax an owner will be allowed to deduct from his land the amount of any mortgages, and the mortgagee will pay tax on the total of his mortgages at the same rate as the owner on his land—that is, Id. in the pound; but the graduated tax will fall entirely on the owner, and he will pay this on the full value, less the allowance for improvements. For the purposes of the tax it is considered that the mortgagee is a part-owner of the land, and that therefore he should share with the owner the responsibility in the matter of taxation ; to which principle, however, we make the graduated system an exception. I should here state that an owner will not be asked to pay land-tax on the value of the interest of any tenant who holds a lease in which he has a marketable good-will. The tenant will be assessed with the value of his interest. We propose to graduate the tax on the following scale : — On a total taxable value of £5,000 to £10,000 .... l|d. On „ £10,000 to £20,000 .... lfd. On „ £20,000 to £50,000 .... lfd. On „ £50,000 to £100,000 .... lfd. On „ £100,000 and over .... lfd. It will interest the Committee to know what a land-tax is expected to yield lon this system, supposing the ordinary rate to be Id. in the pound. The result of an all-round tax of Id. on the land of persons as distinguished from companies has been estimated by the Property-tax Department at £177,596, and the graduated division of the tax on persons at £46,567. The all-round tax on the land of companies at Id. amounts to £27,361, and the graduated at £15,323. If we add these amounts together, we obtain a grand total of £266,847. I attach a table giving the amounts that would be payable on estates held by persons and companies; and from this it will be seen that more than £25,000 will be paid as graduated tax in respect of land of owners each of whom has a greater value than £100,000. These owners are less than fifty in number. As a strong and readily-grasped argument in favour of a graduated land-tax, I have had published, with the tables attached to this Statement, another giving , the proportions between the numbers of those who own land and the value held. This table deserves the most careful attention of all who really desire to see the occupation of our lands placed in a more satisfactory condition; and it will

Table No. 13.

Mortgages may be deducted by owner.

Land-tax expected to yield «26G,847.

Table No. 13. Amounts payable on estates.

Diagram. Proportion between the numbers of those who own land and the value held.

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convey a highly interesting lesson to those who habitually profess to believe that landed property in this colony is so owned as to secure anything approaching the largest possible production from it. Touching the principle of a graduated land-tax, the Committee will probably desire to learn how its incidence bears on wealth compared with the taxation paid by members of the w 7 orking-classes. I will endeavour to show the amount of taxation paid through the Customs respectively by an artisan and a labourer, each having a family of five, the former receiving 535. a week or £137 per year, and the latter 395. a week or £101 per year. The artisan would pay in duty £12 10s. 4d., equal to 9 - l per cent, on his earnings, while the labourer would pay £11 11s. 5d., or 114 per cent, on his earnings. This allows for no broken periods, or for periods of sickness or non-employment, during which the earnings might cease, while the paying of duty at least to some extent would continue. Let us now see what the owner of land worth £105,000 would pay in a graduated land-tax. Deducting £3,000 for improvements, a 1-fd. tax will amount to £690, or about 9 J per cent, on an assumed income of £7,350. In addition he might pay 3 per cent, on his income to the Customs. The result illustrates how inequitable has been the system of taxation prevailing in this country, and exhibits one efficient cause of the tendency of wealth to accumulate rapidly, in the hands of a few. Assessments will be made of both the improved and unimproved value, and it is hoped that the efforts will be more successful than in the past to secure a fair and even valuation, for there is reason to fear that many of the larger estates have not been assessed at their fair cash value. It is proposed to give greater power to the Tax Commissioner in order to insure a more equitable result. Having dealt with the land-tax and its incidents, I now come to the consideration of a tax on incomes derived from trade and commerce. We believe the property-tax to be grossly unjust in its operation, imposing without discrimination burdens on capital whether productive or unproductive, and discouraging industry. For this obnoxious form of taxation we intend to substitute an income-tax of a shilling in the pound. There will be an exemption of £150, and a deduction by way of abatement of a like amount from incomes which do not exceed £600. Companies will be subject to the same rate of income-tax: but it will be understood, in all cases where income-tax is charged, that it will not be levied on profits derived from land, which is reached by the land-tax. Under the heading of " companies " are included all joint-stock corporations, banks, shipping, fire and marine insurance, and gold-mining companies. There will not be any exemption in the case of companies. The revenue derived will not be so large as at present; but the incidence of the tax will be more equitable, and those corporations which are in a progressive stage will be treated leniently, while those that are making large profits will pay proportionately. Life-insurance associations are at present charged Id. in the pound on the amount of their funds invested in the colony. We propose to charge an incometax of Is. in the pound on the income derived from personal property in the colony, but land-tax will be charged on their land. It is estimated that they will not be so severely taxed as in the past, and the alteration will, I think, serve as an encouragement to invest in the colony, and will, I am glad to say, afford some relief to institutions that are serving a most beneficial purpose. In order to prevent misconception, it will be well for me to state distinctly that income-tax will not be levied on any income derived from land or from money lent on mortgage. Such property will be subject to land-tax only. In charging tax on incomes derived from professions, and from occupations in which profit is not made from capital, and on salaries, we propose to exempt all incomes of £300 and under, and to deduct £300 from all incomes ' above this amount. An income of £500 will therefore pay on £200; and an \ .income of £1,000 on £700, with a rate of 3d. in the pound on the first £200 over the exemption, and 6d. in the pound above that amount. A person in possession of £500 income will pay under this proposal £2 l(Js. per annum; in possession of £600, £5 per annum; of £700, £7 10s. per annum; and so on,

' How a graduated land-tax bears , on the wealthy : compared with the workingclasses.

Tax Commissioner to have greater power. Income-tax.

Companies to be subject to in-come-tax, except on profits derived from land.

Life-insurance companies to pay an incometax.

Income-tax not to be levied on income derived from land or from money lent on mortgage. Proposed exemptions in charging in-come-tax.

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14

Considering the comparative independence of those in possession of salaries or" incomes above £300 a year, the smallness of the rate will commend itself as fair. On the other hand it will be recognised that possessors of such incomes should not be asked to contribute the same proportion as those who derive their incomes from property. Eeferring generally to the alleged inquisitorial character of an income-tax, I beg to assure the Committee that I have given this my most careful consideration, and I fail to discover any reason why the assessment for an income-tax should be more vexatious to taxpayers than that for property-tax purposes; and I am convinced that it will be possible to so adjust the mode of collection as not to increase—at all events —the inconvenience of the taxpayer. I have now to bring together the estimates of land- and income-tax, of the amounts receivable under the different schedules of the Bill. Land-tax, including land and mortgages, under Schedule A, £266,847. Income-tax under Schedule B, including banks, life insurance, gold-mining, fire and marine insurance, and other companies (omitting profits from land and mortgages), and companies' debentures other than mortgage debentures, £47,300. Income-tax under Schedule C, from trade and commerce, £40,000. Income-tax under Schedule D, professions and salaries, £15,000. These amounts added together give a grand total of £369,147, Pending the results, however, of the triennial valuation of property shortly to be made, and the receipt of income-tax returns, it will be safe to deduct from the total estimate 5 per cent, as a margin, thus arriving at a total net revenue of £350,690. At the end of the present year—the new system not coming into force until next March—the different estimates will be revised in the light of the returns, and it will then be possible to make a more accurate forecast of the receipts. The proposals I have the honour of submitting to the Committee will tend, I believe, to adjust the direct taxation of the country in accordance with the capacity of the different classes of the community to bear it. The exemption of improvements up to £3,000 on land affords a material relief to the farmers and improving landowners, while it directly encourages thrift in conveying the intelligence, that industry and labour no longer mean additional burdens. The graduation of taxation on the large estates is in accordance with the principle of the equality of sacrifice, and will act in the direction of placing a check on monopoly. New Zealand is a colony of comparatively limited area, and it is for the people to say whether the land out of which all must live shall be widely distributed or whether it shall be held by a privileged number. Our policy, we believe, raises the issue in the most practical form, while it will be seen not to be unfair when we compare the taxation contributed by different classes. The abstract fairness of an income-tax on profits derived from trade and commerce has never been questioned. Our change in this respect gets rid of a number of exceptional taxes which rest on no principle, substituting a simple tax on profits realised. The comparatively light income-tax under the head of salaries and professional incomes will fall only upon those whose positions enable them to contribute it without inconvenience, the exemption of £800 affording ample protection to all who will come within the limits of the Schedule. If, on the whole, we have not gone far enough in the opinion of some, or too far, in the opinion of others, we ask for that consideration which would weigh the difficulties of a large and comprehensive change in the incidence of taxation—the difficulty of providing sufficient revenue to meet the necessities- of our finance, and at the same time relieving the industrial classes from the crushing effect of an unjust system. If we have not accomplished all that some anticipated, our proposals at least will have gone a very great distance towards the end we have in view. ? Had the land-tax of 1878 been retained and improved we should by this time have had, perhaps, the fairest system of taxation of any country under the British Crown; but the retrogressive step taken a year later has produced the opposite result, and we now are in the position of those who have been wandering on the wrong path and are forced to cautiously retrace their steps. It is in the

Income-tax not more inquisitorial or vexatious than property-tax.

Land- and in-come-tax estimated to yield £3-50,090.

Direct taxation will be adjusted by present proposals.

Fairness of proposed policy.

Change in the incidence of taxation demands consideration.

Land-tax of 1878 would have produced fairest; system of taxation.

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light of this experience we submit our proposals, with the full confidence that the country is ripe for them and will accept them. CONCLUSION. Before concluding, I consider it my duty to direct the attention of the Committee to the lesson conveyed by the census returns of the population recently issued. Briefly, the rough results of the census, as shown by enumerators, give a population, subject to revision, of 623,352 persons, not including Maoris, against 578,482 persons in March, 1886, making an increase for the live years of 44,870. But the natural increase for this period, being the excess of births over deaths, is 64,168 persons; so that the loss by excess of departures over arrivals is 19,298. The arrivals recorded in the five years were 73,386, and the departures 83,948, giving a loss of 10,562 persons. It would thus appear that the unrecorded departures amounted to 8,736 persons. The full outgo of population from the colony has evidently not been returned to the Begistrar-General in the monthly statements ; and it is well known that in the years 1888, 1890, and of late, the steamers for Australia were greatly crowded, owing to a disposition on the part of the floating population to leavemainly for New South Wales. Now, here is a loss of wealth and wealth-producing power, in the departure of so many people from our shores to seek employment in other colonies, which demands the serious consideration of Parliament. We naturally congratulate ourselves on the increase of the exports, but the reason for congratulation suffers serious abatement when the discovery is made that more people are leaving than arriving in the colony. If we cannot retain our population, we should know the reason why, in order that the remedy for such a state of affairs may, if possible, be applied. The returns of the census took us all by surprise. No one imagined the loss had been so great, or that the exodus had made so large an inroad on the New-Zealand-born population. It is not satisfactory merely to repeat the cry that the cessation of public works has been the cause of the exhausting emigration which has been going on. Doubtless this may be one of the causes, but, if so, there is the greater reason to shape our policy to overcome the difficulty. It appears to the Government that the first thing to be done is to obtain an accurate knowledge of the facts : how many people are unemployed; why employment does not exist for all; whether labour should not be organised by the assistance of the Government so that it may be more equally distributed, and more easily find employment. In a word, what is wanted in this respect is a system under which statistics may be furnished to a central office at frequent intervals—weekly or monthly—of the state of the labour-market in every part of the colony. The "unemployed" evil appears to be centred principally in the large cities, to which men out of work seem to be attracted. As the first step in the treatment of a disease is to submit it to a careful diagnosis, so we must know the conditions surrounding the " unemployed" malady before we shall be able to overcome it. We are thus naturally led to the practical consideration of the establishment of labour bureaux in the different centres of population, under the charge of a Minister of the Crown. Having obtained our information, the next step, of course, is to apply it so as : to utilise this wealth in the form of human beings avlio are wandering through our j streets in search of work, or who are leaving us altogether because there appeared ' no gleam of hope if they remained. I have referred to the cessation of public j works as one of the assigned causes of the exodus. Does it not show that the method of carrying on public works has been radically vicious, when they no sooner cease than those engaged on them are compelled to emigrate ? If the public works had been made subordinate to settlement, they would have created a demand for population : on the other hand, in the way they have been conducted, they have been instrumental in driving it away. I submit, as a subject for the earnest consideration of the Committee, that not a mile of road or railway should be constructed by the colony in the future without provision being at the same time made for the location of the people engaged in the work on land, if

! Rough results of the census.

Arrivals and departures.

Returns of emigration not reliable.

Serious consideration of Parliament demanded by the loss arising out of emigration.

Proposal to establish labour bureaux.

Reproductive public works to be put in hand with the view of giving immediate relief.

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possible, in the neighbourhood. This may mean a radical change in the method of entering into contracts, and it certainly will entail a more direct responsibility on Government; but it will transform into sturdy settlers, with s. stake in the country, a large proportion of those who, seeing no prospect here, are ready to embark for other lands. With a view to immediate relief, and stopping the exodus, we propose to put in hand such public works as are of a reproductive character and for wiiich moneys are available. Our first duty as legislators, it appears to me, is to see that it is made easier for the people to have comfortable homes. A great aggregate of wealth may be built up in the hands of a comparatively few, while the many may be pauperised; but this is not civilisation, and it is not a sign of health in the State. In the "Financial Eeform Almanack" for 1891 we have the following appalling statement of facts : "In London one person in every five will die in " the workhouse, hospital, or lunatic asylum. In 1888, out of 79,009 deaths in " London, 41,505 being over twenty, 10,170 were in workhouses, 7,113 in hospitals, " and 380 in lunatic asylums, or altogether 17,663 in public institutions. More- " over, the percentage is increasing. In 1887 it was 206 of the total deaths; in " 1888 it rose to 23 - 3. The increase was exclusively in the deaths in workhouses " and infirmaries. Considering that comparatively few of the deaths are those of " children, it is probable that one in every four London adults will be driven into " these refuges to die, and the proportion in the case of the ' manual-labour class ' " must of course be still larger. The number of persons who die whilst in receipt "of out-door relief is not included in this calculation. The number of pauper " funerals is not given in the official returns, but it is computed to be at least one- " third of the total number of deaths, and that in spite of millions of insurances " in burial clubs and industrial insurance societies." And this is the civilisation of the most civilised and the wealthiest city of the world. Well may we question the economic and social system of which this is the product ! Should we not seek to establish our civilisation in this new land on a broader basis, in a deeper sympathy for humanity ? Nor need we fear that in pursuing this aim we shall fail to reap that material prosperity of which Financial Statements aim at being the embodiment. The wide diffusion of wealth and industry among the people is the surest guarantee of a buoyant revenue and a healthy exchequer. I see only the closest relationship between a people well placed and fully employed, and a State enjoying the highest credit and discharging every obligation, moral and legal, imposed upon it. In urging these considerations, we are reminded of the maxim, which I believe to be the essence of all sound financial and social economy, that the safety of the people is the highest law, and demands the first consideration of the State. I have, Sir, to return my sincere thanks to honourable members for their attention.

Some facts in connection with the London poor.

Conclusion. I i

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17

TABLES TO ACCOMPANY THE FOREGOING STATEMENT.

PAGE Table No. I.—Absthaot of Receipts and Expenditure of the Financial Year ended 31st March, 1891 18 Table No. 2.—Comparative Statement of the Estimated and Actual Eeceipts and Expenditure of the Consolidated Fund for the Financial Year ended 31st March, 1891 .. 31 Table No. 3.—The Public Debt on 31st March, 1891 .. .. .. .. .. .. 32 Table No. 4. —Conversion Operations under the Consolidated Stock Acts, 1877 and 1884, to 31st March, 1891 .. .. .. .. .. .. .. .. .. 34 Table No. 5. —Statement of the Estimated Liabilities of the Consolidated Fund outstanding on 31st March, from 1882 to 1891, inclusive .. .. .. .. .. .. 36 Table No. 0. —Statement of the Estimated Liabilities of the Public Works Fund outstanding on 31st March, from 1882 to 1891, inclusive .. .. .. .. .. .. 37 Table No. 7. —Statement showing the Total Ways and Means of the- Public Wobks Fund and the Total Net Expenditure to 31st Maech, 1891 .. .. .. .. .. 38 Table No. 8. —Estimated Revenue and Expenditure of the Consolidated Fund for the Financial Yeab ending 31st March, 1892 .. .. .. .. .. .. .. 39 Table No. 9. —Estimated Expenditure of 1891-92 compared with the Actual Expenditure oflB9o-91 40 Table No. 10.—Estimated Revenue of 1891-92 compared with the Actual Revenue of 1890-91 .. 40 Table No. 11.—Showing Consumption, per Head of Population, of Articles in Common Use, from 1877 to 1890 .. .. .. .. .. .. .. .. .. 41 Table No. 12. Statement showing the Acreage of Low-lying Pastoral and Agricultural Land fit FOB Settlement .. .. .. .. .. .. .. .. 43 Table No. 13.—Estimate of Graduated Land-tax .. .. .. .. .. .. .. 43

Diagram showing Ownebs of Land classified according to Value of Land owned by them.

3—B. 6.

8.—6

Table

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

18

RECEIPTS. 189O-91. 1889-90. 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. 497,257 10 3 10,198 19 1 40,025 1 7 8,987 8 5 £ s. d. 411,833 8 5 13,045 11 9 27,710 16 0 9,473 6 7 556,468 19 4 462,063 2 9 Ordinary Revenue, — Customs, including Primage Duty, £25,888 15s. Id. Stamps, including Postal and Telegraph Cash Receipts Property-tax Beer Duty Railways Registration and other Fees Marine Miscellaneous 1,527,206 18 1 631,190 14 3 357,348 0 4 58,072 7 9 1,123,321 19 9 41,495 1 9 20,583 5 11 49,004 0 6 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 i Territorial Revenue, — Depasturing Licenses, Rents, and Miscellaneous 3,808,222 8 4 186,282 1 3 3,734,208 3 9 199,839 4 6 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 3,994,504 9 7 1,148,100 0 0 288,000 0 0 144,000 0 0 716,100 0 0 3,934,047 8 3 275,200 0 0 133,400 0 0 519,900 0 0 928,500 0 0 Totals £5,699,073 8 11 £5,324,610 11 0 Land Sales, — For Cash On Deferred Payments — LAN 111,157 18 5 53,111 17 8 164,269 16 1 D FUND SG,65C 11 0 51,035 13 2 87,692 4 2 Balance at end of Year, —■ Cash overdrawn Less Advances in the hands of Officers of the Government, — In the Colony •■ I 47,456 15 5 1,740 0 0 45,716 15 5 Totals ■' £164,269 16 1 3164.269 16 1 £133,408 ]9 7

19

B.—B

No. 1,

for the Year ended 31st March, 1891, compared with the Financial Year ended 31st March, 1890. ACCOUNT.

EXPENDITURE 1890-91. 1889-90. 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 Bents under the Land Acts Endowments, — New Plymouth Harbour Board Greymouth Harbour Board Westport Harbour Board s s. a. 25,081 18 1 1,858,252 17 0 168,501 8 0 72,158 17 3 £ s. d. 25,971 19 8 1,897,602 12 10 148,876 13 9 57,235 12 6 12,343 5 8 9,958 0 4 669 16 8 10,254 IS 2 12,894 1 8 424 13 10 6,494 17 7 11,510 4 6 2,160,156 19 1 2,158,074 15 0 Annual Appropriations, — Glass 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,— Education Department Lunacy and Charitable Aid Department.. ,, 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 15,599 13 9 76,381 11 2 32,946 19 5 114,602 19 10 261,284 14 10 68,532 18 10 21,746 14 3 360,872 11 7 38,725 3 0 22,053 18 11 49,157 6 6 709,389 1 1 59,020 4 10 174,226 15 4 10,410 1 0 14,474 0 7 73,770 14 2 38,275 1 11 118,701 8 7 273,103 4 10 70,066 7 6 22,338 16 1 365,641 11 6 38,169 6 9 19,431 1 2 49,248 1 6 656,698 6 11 56,615 19 1 162,820 10 10 4,412 5 3 Debentures redeemed,— Consolidated Stock Act, 1884 (Colonial Issue) Deficiency Bills redeemed (deficit of the Consolidated Fund at 31st March, 1888) Other Deficiency Bills redeemed .. .. ■ 2,014,950 14 4 1,963,766 16 8 144,000 0 0 133,400 0 0 78,600 0 0 441,300 0 0 50,000 0 0 462,900 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 .. .. On account of Imperial Pensions 663,900 0 0 646,300 0 0 822,321 6 8 497,257 10 3 13,080 6 1 24,204 14 7 459 8 2 10,198 19 1 40,025 1 7 8,987 8 5 860,065 15 6 556,468 19 i Totals £5,699,073 8 11 £5,324,610 11 0 ACCOUNT. Balance to begin the Year with, — 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 2,526 10 6 Permanent Appropriations, — One-third of Proceeds of Land sold on Deferred Payments paid over to Local Bodies and to Deposit Accounts New Plymouth Harbour Board Endowment .. .. Naval and Military Settlers' and Volunteers' Land Act, 1888 Annual Appropriations, — Class XIV.—Minister of Lands . ,, XV.—Bates on Crown Lands .. Services not provided for 45,716 15 5 11,489 16 3 18,765 9 11 3,056 12 2 30 0 0 18,159 11 6 2,137 12 0 92,614 9 6 821 7 3 819 16 8 89,920 14 4 11,684 10 6 16 15 0 116,107 15 6 121,919 3 4 Balance at end of Year, — Cash in the Public Account Advances in the hands of Officers of the Government,— In the Colony 1,009 1 3 1,436 3 11 2,445 5 2 Totals £161,969 16 1 •■6133,408 19 7

8.—6

Table

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

20

RECEIPTS. 1890-91. 1889-90. Balance to begin the Year with, — Cash in the Public Account Advances in the hands of Officers of the Government, —■ In the Colony £ s. d. 3,543 17 3 £ s. d. 55 14 11 133 13 3 3,543 17 3 189 8 2 Rents from Lands set apart Miscellaneous 48 13 0 3,924 13 11 48 18 2 3,705 10 11 3,754 9 1 3,973 6 11 Totals £7,517 4 2 £3,943 17 3 ACCOUNTS OF tovenue received for Local Bodies, — Pees, Fines, &c. Endowments of Land, &c. Goldfields Eevenue Gold Duty 2,123 16 1 8,350 14 11 18,464 8 3 17,106 13 5 2,314 18 9 7,546 5 2 18,081 10 1 20,760 6 9 lounties Separate Accounts, — Bevenue of Counties in which " The Counties Act, 1886," is not in full operation 46,045 12 8 577 8 5 48,703 0 9 1,251 18 ( 4 idvance Account, — Amount repaid by Local Bodies .. .. .. £8,185 13 0 Ditto on account of Unauthorised Expenditure of Previous Years .. .. .. .. .. .. 7,493 10 6 15,679 3 6 16,241 16 0 Salance at end of Year, — Cash overdrawn Less Advances in the hands of Officera of the Government,— In the Colony .. .. .. .. .. £136 12 9 In London .. .. .. .. .. 150 0 0 62,302 4 7 20,869 9 2 66,196 15 1 21,764 7 5 286 12 9 18 10 & 20,582 16 5 21,745 17 1 Totals £82,885 1 0 £87,942 12 2

21

8.—6

No. 1.— continued. for the Year ended 31st March, 1891, compared with the Financial Year ended 31st March, 1890. ACCOUNT.

EXPENDITURE. 1890-91. 1889-93. Permanent Appropriations,— Interest on Debentures £ s. d. 428 15 4 £ s. d. 400 0 0 Debentures redeemed 7,000 0 0 ] Balance at end of Year, — Cash in the Public Account 88 8 10 3,543 17 3 Totals £7,517 4 2 £3,943 17 3 LOCAL BODIES. Balance to begin the Year with, — Cash overdrawn Less Advances in the hands of Officers of the Government, — In the Colony 21,764 7 5 18 10 4 5,717 1 4 109 4 2 21,745 17 1 5,607 17 2 Revenue paid over to Local Bodies, — Fees, Pines, &c. Endowments of Land, &o. .. .. Goldfields Eevenue Gold Duty .. 2,053 18 7 6,385 12 5 18,220 17 0 17,171 1 3 2,317 13 9 11,127 8 5 17,934 4 5 20,330 5 4 Counties Separate Accounts,— Amount distributed amongst Road Boards where " The Counties Act, 1886," is not in full operation .. .. .. .. .. ,. 43,831 9 3 51,715 11 11 1,101 14 5 1,155 14 11 Advance Account, — Payments on behalf of Local Bodies .. .. .. £16,006 0 3 Unauthorised .. .. .. .. .. 200 0 0 16,206 0 3 29,463 8 2 61,139 3 11 82,334 15 0 Totals £82,885 1 0 £87,942 12 2

8.—6.

Table

STATEMENT of the RECEIPTS and EXPENDITURE of the CONSOLIDATED FUND DEPOSIT

Treasury, Wellington, 15th April, 1891. V Examined and found correct as regards the Eailway receipts. W M S ILI^NAy L ' INew1 New Zealand Railway Commissioners. Examined and found to agree with the Collectors' Cash-books. W. T. GLASGOW, Secretary and Inspector of Customs,

22

RECEIPTS. 1890-91. 1889-90. Balance to begin the Year with, — Gash in the Public Account Advances in the hands of Officers of the Government, — In the Colony .. .. .. In London " £ s. d. 65,056 2 i 13,101 6 2 £ s. d. 85,350 18 11 33 4 2 15,900 0 0 78,157 8 6 78,157 8 6 101,284 3 1 Lodgments,— Auckland Museum Endowment General Assembly Library Fund Hospitals and Charitable Institutions Act, 1885 Kaihu Valley Eailway Miscellaneous Native Contracts and Promises Act, 1888 Native Land Act, 1878 (No. 2) Native Land Purchases Nelson Eifle Prize Fund New Zealand University Endowment, Taranaki New Zealand University Endowment, Westland North Island Main Trunk Eailway Loan Application Act, 1889 .. Permanent-way Material for Open Lines of Eailway Eailways Account Thermal-springs Districts Act, 1881 Trustees Act, 1883 Westport-Ngakawau Eailway Extension Act 30 0 0 50 0 0 233 17 11 1,421 14 8 20,075 4 0 41 13 4 225 0 0 690 8 7 66 0 0 81 2 8 15 5 0 2,225 8 5 14,984 3 0 1,385 0 0 37 12 9 100 0 0 5,000 0 0 30 0 0 120 0 0 236 3 4 41,946 4 1 225 0 0 698 17 5 66 0 0 24 13 3 17 15 0 2,711 4 7 24,584 8 10 52 4 3 1,702 1 11 46,662 10 4 72,414 12 8 40,002 ±U 4 Totals ..I i .. j £124,819 18 10 £124,819 18 10 £173,698 15 9

23

8.-6

No. I—continued.

for the Year ended 31st March, 1891, compared with the Financial Year ended 31st March, 1890. ACCOUNTS.

JAMES B. HEYWOOD, Secretary to the Treasury. ROBERT J. COLLINS, Accountant to the Treasury. Examined and found correct, except as regards the " Customs " and " Railway " receipts, which are not now examined by the Audit Office. JAMES C. GAVIN, Assistant Controller and Auditor

EXPENDITURE. 1890-91. 1889-90. Withdrawals, — Auckland Museum Endowment General Assembly Library Fund Hospitals and Charitable Institutions Act, 1885 Kaihu Valley Railway Miscellaneous Money Order Settlement Native Land Act, 1878 (No. 2) Native Land Purchases Nelson Rifle Prize Fund .. .. .. New Zealand University Endowment, Taranaki North Island Main Trunk Railway Loan Application Act, 1889 .. Permanent-way Material for Open Lines of Railway Post Office Suspense Railways Account Thermal-springs Districts Act, 1881 Trustees Act, 1883 £ s. a. 35 11 0 50 0 0 444 1 9 861 4 5 16,391 16 7 1,500 0 0 287 0 7 686 13 0 65 0 0 7 8 6 1,921 19 0 27,555 5 0 300 0 0 35 13 3 64 6 5 & 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 22,124 0 2 19,133 5 10 135 18 10 910 10 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 i — I » • ! i 50,205 19 6 64,782 6 3 ; 152 5 8 9,679 7 5 i 50,205 19 6 95,541 7 3 65,056 2 4 13,101 6 2 95,541 7 3 74,613 19 4 j 74,613 19 4 78,137 8 6 78,157 8 6 Totals .. I i .. ! £124,819 18 10 ! £173,698 15 9 £124,819 18 10 I £173,698 15 9

8.—6

Table

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

24

I 189O-91. RECEIPTS. 1889-90. Balance to begin the Year with, — £ s. d. Cash in the Public Account .. .. .. .. .. .. 28,898 0 6 Advances in the hands of Officers of the Government,^ In the Colony .. .. .. .. .. .. .. 5,135 1 1 In London .. .. .. .. .. .. ..j 26,668 9 0 Investments .. .. .. .. .. .. .. ! 85,000 0 0 £ s. d. 140,467 18 0 8,100 15 2 30,232 14 8 125,000 0 0 145,701 10 7 " Government Loans to Local Bodies Act, 1886," section 31 (part of £87,974 inscribed) .. .. .. .. .. .. .. .. 25,000 0 0 "District Bailways Purchasing Act, 1885," — Balance of Debentures issued for Purchase of Waimea Plains Bailway Beceipts under " The Ellesmere Lake Lands Act, 1888" .. .. ..j 4,262 7 4 Beceipts under section 15 of " The Public Works Act, 1882 " .. .. ! 99 10 0 Becoveries, — In respect of Expenditure charged to "Services not provided for" in previous years (on account of advance to Ohinemuri County) .. .. 395 9 2 In respect of Debentures issued under " The Boads and Bridges Construction Act, 1882 " .. .. .. .. .. .. 1,023 18 2 303,801 7 10 75,000 0 0 8,142 7 10 152 11 8 1,117 19 9 30,781 4 8 30,781 4 8 84,412 19 3 I [ i I, i I— —' Totals .. .. .. .. .. .. i £176,482 15 3 I £388,214 7 1 Part II. Balance to begin the Year with, — Cash in the Public Account Advances in the hands of Officers of the Government, — In the Colony Investments 162,943 6 1 1,042 2 11 223,000 0 0 258,633 16 6 1,183 4 11 176,000 0 0 386,985 9 0 435,817 1 5 Totals £386,985 9 0 £435,817 1 5

25

8.—6

No, 1- continued.

for the Year ended 31st March, 1891, compared with the Financial Year ended 31st March, 1890. Part I.

4—B. 6.

j 1890-91. EXPENDITURE. 1889-90. Annual Appropriations, — Class I.—Immigration .. „ II. —Public Works, Departmental „ III.—Railways IV.—Roads V. —Waterworks on Goldfields VI.—Purchase of Native Lands, North Island .. „ VII. —Telegraph Extension „ VIII.—Public Buildings „ IX.—Lighthouses, Harbour Works, and Defences „ X.—Rates on Native Lands XI.—Thermal Springs Charges and Expenses of raising Loan Services not provided for Balance of purchase of Wairnea Plains Railway £ s. d. 1,823 9 1 700 0 0 2,449 2 4 05,835 3 0 820 11 5 .. ! 4,011 15 8 .. I 15,291 14 0 .. I 22,819 17 7 .. I 2,060 2 11 .. I 7,599 17 8 .. J 2,586 19 11 ■ ■ i :i_ 127,604 13 7 1,206 5 2 " i 1! 1,206 5 2 £ s. d. 866 17 7 7,976 3 4 84,031 1 4 284 0 1 4,144 5 11 16,345 15 7 35,472 9 2 8,844 18 2 5,874 9 3 3,084 0 0 166,924 6 5 1,206 5 2 588 10 1 75,000 0 0 1,206 5 2 75,588 10 1 -L } AJUV T-* *J 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 Totals .. .. .. .. .. J 21,361 12 4 .. J 4,140 16 9 22,169 7 5 47,671 16 6 .. £176,482 15 3 28,898 0 6 5,135 1 1 26,668 9 0 85,000 0 0 47,671 16 6 145,701 10 7 £388,214 7 1 Part II. Annual Appropriations,— Class I. —Public Works, Departmental „ II.—Railways „ III.—Roads .. „ IV.—Purchase of Native Lands 800 0 0 10,317 8 0 5,848 0 2 13,913 0 10 1,000 0 0 23,533 11 4 248 5 11 24,049 15 2 30,878 9 0 48,831 12 5 Balance at end of Year, — Cash in the Public Account Advances in the hands of Officers of the Government, — In the Colony ... Investments 22,478 17 0 162,043 G 1 1,528 3 0 332,100 0 0 1,042 2 11 223,000 0 0 Totals 356,107 0 0 380,985 9 0 £380,985 9 0 £435,817 1 5

8.—6

Table

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

26

RECEIPTS. 1890-91. 1889-90. 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 s. d. ! 131,136 19 9 i 2,525 9 9 18,643 5 10 i 274,500 0 0 420,805 15 4 > £ s. d. 115,987 10 2 9,114 9 2 7,975 15 9 485,000 0 0 618,077 15 1 Recoveries in respect o£ Expenditure charged during Previous Year (Bailways, £29 ; Charges and Expenses of raising Loan, £3,084) 3,113 0 0 Totals £426,805 15 i £621,190 15 1 CONVERSION I Balance to begin the Year with, —■ Cash in the Public Account Advances in the hands of— Stock Agents 203,054 15 6 ! 389 9 G J 1,634 15 0 952 . i 4 263,444 5 0 j 2,606 19 10 Part proceeds of Sale of 3J-per-cent. Inscribed Stock 2,120,620 0 0 645,000 0 0 Balance at end of Year, — Cash overdrawn .. .. .. .. .. £5,375 12 9 Less Advances in the hands of — Stock Agents .. .. .. £72 5 0 Crown Agents .. .. .. 3,800 0 0 , y g<72 5 0 1,503 7 9 i Totals £2,385,567 12 9 j £647,606 19 10

27

8.-6

No. I—continued.1 — continued.

for the Year ended 31st March, 1891, compared with the Financial Year ended 31st March, 1890. Part III.

EXPENDITURE. ! 1890-91. 1889-9O. ! Annual Appropriations,— £ s. d. Class I.—Public Works. Departmental .. .. .. .... 8,704 9 C „ II.—Railways .. .. .. .. .. .. .. j 166,244 18 0 £ s. a. 11,294 4 6 183,090 15 3 175,009 7 6 194,381 19 9 Services not provided for .. .. .. .. .. .. . .1 453 0 0 453 0 0 Balance at end of Year, — Cash in tho Public Account .. .. .. .,.' .. .. j 29,071 1 5 Advances in the hands of Officers of the Government, — In the Colony .. .. .. .. .. .. .. 2,533 18 6 In London ' .. .. .. .. .. .. .. 3,218 7 11 Investments .. .. .. .. .. ■. ..I 216,520 0 0 251,343 7 10 131,130 19 9 2,525 9 9 18,643 B 10 274,500 0 0 426,805 15 4 Totals .. .. .. .. .. .. £426,805 15 4 £621,190 15 1 ACCOUNT. j Four-and-a-half-per cent. 5-30 Debentures called in for payment on 1st August, 1886 Five-per-cent. 10-40 Debentures paid oft .. .. .. .. .. 2,202,000 0 0 1879 Loan Act Debentures, due 1st November, 1889, paid oft.. .. .. 4,400 0 0 J f~\ t*\ f> f> A /"\ y~> rt 2,202,000 0 0 4,400 0 0 200 0 0 383,600 0 0 J 2,200,400 0 0 Expenses Account, — j Brokerage and Commission .. .. .. .. .. .. | 32,072 15 0 Stamp Duty.. .. .. .. .. .. .. .. 16,897 12 2 Interest .. .. .. .. .. .. .. .. 16,877 4 7 Discount .. .. .. .. .. .. .. .. 112,461 3 0 Office Expenses .. .. .. .. .. .. .. _ 858 18 0 179.167 12 9 2,200,400 0 0 383,SOO 0 0 32,072 15 0 16,897 12 2 16,877 4 7 112,461 3 0 858 18 0 362 14 10 179,167 12 9 362 14 10 Balance at end of Year, — Cash in the Public Account Advances in the hands of— Stock Agents 263,054 15 6 389 9 6 263,444 5 0 Totals .. .. .. .. .. .. I £2,385,587 12 9 £2,385,587 12 9 £647,606 19 10

8.—6

Table

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

Treasury, Wellington, 15th April, 1891. Examined and found correct. JAMES C. GAVIN, Assistant Controller and Auditor,

28

RECEIPTS. 1890-91. 1889-90. Balance to begin the Year with, — Cash in the Public Account £ s. a. 1,799 15 2 £ s. a. 8,023 14 i " The Government Loans to Local Bodies Act, 188G," — Debentures created 75,000 0 0 50,000 0 0 Refunds under Section 15 of " The Government Loans to Local Bodies Act, 1886,"— Inangahua County .. Patangata County Egmont Road Board In glewood Town Board Moa Road Board i 15 l C90 0 0 150 7 0 8 15 7 90 8 3 1 15 1 939 10 10 Manawatu County— Adjustment of amount charged in error on 31st March, 1887 2,000 0 0 i I i Totals £76, ,801 10 £76,801 10 3 £61,563 5 2

B.—C

29

No. I—continued.1 — continued.

for the Year ended 31st March, 1891, compared with the Financial Year ended 31st March, 1890. BODIES ACCOUNT.

JAMES B. HEYWOOD, Secretary to the Treasury. ROBERT J. COLLINS, Accountant to the Treasury.

EXPENDITURE. 1890-91. 1889-90. Payments to, — Counties, — Akaroa Bruce Cook Geraldine .. Hawera .. .. .. .. ■ ■ Hobson Horowhenua Inangahua Manawatu Pahiatua Patangata Eangitikei Selwyn Thames Wairarapa North Wairoa Wanganui £ s. d. £ s. a. 800 0 0 75 0 0 3,565 0 0 250 0 0 1,800 0 0 1,000 0 0 1,900 0 0 900 0 0 2,550 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 4,410 0 0 6,000 0 0 175 0 0 4,800 0 0 370 0 0 500 0 0 150 0 0 300 0 0 1,500 0 0 300 0 0 Boad Boards, — Alfredton Castlepoint Danevirke.. Egmont .. .. .. .. Eketahuna Fitzherbert Kaiti Kiwitea Manawatu Manchester JIangawhero Matamata Masterton Mauriceville Mount Eden .. .. .. .. .. ■ Okain's Bay Ormondville .. .. Otaki Patutahi .. Te Horo Upper Wangaehu .. Waitotara-Momahaki Whataupoko Wirokino 21,385 0 0 50 0 0 2,925 0 0 1,260 0 0 1,500 0 0 3,000 0 0 500 0 0 3,000 0 0 200 0 0 85 0 0 950 0 0 200 0 0 30,860 0 0 730 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 1,500 0 0 500 0 0 1,000 0 0 2,000 0 0 800 0 0 2,200 0 0 480 0 0 500 0 0 400 0 0 650 0 0 1,600 0 0 230 0 0 1,500 0 0 Boroughs,— Brunner .. Kaitangata Pioton 20,700 0 0 885 0 0 25 0 0 2,000 0 0 22,153 10 0 800 0 0 250 0 0 2,000 0 0 Town Boards, — Richmond Taradale 2,910 0 0 300 0 0 3,050 0 0 300 0 0 300 0 0 River Boards, — Benmore-Limehills Henley Makarewa-Hedgehope Mangaone .. .. .. .. Upper Dipton 650 0 0 220 0 0 1,000 0 0 300 0 0 125 0 0 1,000 0 0 1,000 0 0 775 0 0 200 0 0 600 0 0 1,870 0 0 3,100 0 0 Part payment of £87,974 to Public Works Fund under section 31 of " The Government Loans to Local Bodies Act, 1886," in respect of debentures of of local authorities issued under " The Roads and Bridges Construction Act, 1882," since converted and inscribed 25,000 0 0 Balance at end of Year, — Cash in the Public Account 4,636 10 3 1,799 15 2 Totals £76,801 10 3 £61,563 5 2

30

8.—6

Table No. 1— continued. SUMMARY OF BALANCES ON 31st MARCH, 1891.

Funds. Balances. Consolidated Fund. Public Works Fund. Suspense Account. Total. £ s. a. £ s. d. & s. d. ! £ s. a. £ s. d. £ s. d. Cash Advances Investments Remittances to London Consolidated Fund :— Ordinary Revenue Account Land Fund Account State Forests Account Accounts of Local Bodies Deposit Accounts 860,005 15 6 2,445 5 2 88 8 10 Dr. 20,582 16 5 74,013 19 4 867,331 13 10 > 72,172 8 8 49,298 18 7 ' 37,462 18 7 . 548,620 0 0 8 11 11 i 939,512 14 86,761 17 548,620 0 .750,000 0 Public Womcs Fund :— Part I. „ II. . III. Conversion Account Loans to Local Bodies Account 47,671 10 6 356,107 0 0 251,343 7 10 Dr. 1,503 7 0 4,636 10 3 916,030 12 5 658,255 6 10 Suspense Account I I I 8 11 11 i Remittances to London Account Dr. 750,000 0 0 Totals I 824,894 11 2 Totals 916,630 12 5 658,255 6 10 8 11 11 824,894 11

31

"R —fi

Table No. 2. COMPARATIVE STATEMENT of the Estimated and Actual Receipts and Expenditure of the Consolidated Fund for the Financial Year ended 31st March, 1891.

• Original estimate ... ... ... ~. ... ... ... £1,480,000 Less six months' primage duty, at £55,000, disallowed by Parliament 27,600 £1,462,600

DlFFEBENCES. Estimated. Actual. More Less than Estimate, than Estimate. BECEIPTS. Okdinaby Bevenue Account:— Customs Stamps Property-tax Beer Duty Railways Begistration.. Marine Miscellaneous Depasturing Licenses, &c. £ s. d. 1,452,500 0 0* 612,000 0 0 355,000 0 0 54,000 0 0 1,080,000 0 0 39,300 0 0 19,700 0 0 40,000 0 0 191,000 0 0 £ s. d. 1,527,206 18 1 i 631,190 14 3 357,348 0 4 58,072 7 9 1,123,321 19 9 41,495 1 9 20,583 5 11 49,004 0 6 186,282 1 3 £ s. d. 74,706 18 1 19,190 14 3 2,348 0 4 4,072 7 9 43,321 19 9 2,195 1 9 883 5 11 9,004 0 6 £ s. d. 4,717 18 9 Sinking Fund Increases 3,843,500 0 0 ! 288,000 0 0 3,994,504 9 7 288,000 0 0 155,722 8 4 4,717 18 9 Totals 4,131,500 0 0 ! 4,282,504 9 7 155,722 8 4 4,717 18 9 151,004 9 7 Land Fond Account :— Land Sales, — For Cash .. On Deferred Payments 42,400 0 0 54,200 0 0 111,157 IS 5 53,111 17 8 68,757 18 5 1,088 2 4 Totals 90,600 0 0 164,269 10 1 68,757 18 5 1,088 2 4 1,088 2 4 07,669 16 1 EXPENDITUBE Obdinaby Bevenue 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 of Stamps Minister of Education Minister of Native Affairs Minister of Mines Working Kailways Public Buildings Minister of Defence Services not provided for 26,300 0 0 1,875,622 0 0 149,361 0 0 57,500 0 0 10,000 0 0 25,300 0 0 14,895 0 0 73,720 0 0 21,780 0 0 116,697 0 0 263,812 0 0 70,196 0 0 21,813 0 0 416,179 0 0 22,213 0 0 46,587 0 0 681,497 0 0 67,015 0 0 159,515 0 0 25,081 18 1 1,858,252 17 0 168,501 8 0 72,158 17 3 12,843 5 S 23,818 13 1 15,599 13 9 76,381 11 2 32,940 19 5 114,002 19 10 261,284 14 10 68,532 18 10 21,746 14 3 399,597 14 7 22,053 18 11 49,157 6 6 709,389 1 1 59,020 4 10 174,226 15 4 10,410 1 0 19,140 8 0 14,058 17 3 2,343 5 8 704 13 9 2,661 11 2 11,160 19 5 1,218 1 11 17,309 3 0 1,481 0 11 2,094 0 2 2,527 5 2 7,063 1 2 433 14 3 16,881 5 5 159 1 1 2,570 6 6 27,892 1 1 7,094 15 2 14,711 15 4 10,410 1 0 Totals 4,125,502 0 0 4,175,107 13 5 106,093 13 5 57,088 0 0 57,088 0 0 Land Pond Account:— Under Special Acts Crown Lands and Survey Departments.. Bates on Crown Lands Services not provided for 20,300 0 0 92,980 0 0 2,400 0 0 21,852 2 1 92,614 9 6 821 7 8 819 16 8 49,605 13 5 1,552 2 1 365 10 6 1,578 12 9 819 16 8 Totals .. .. .. 115,680 0 0 Totals 110,107 15 6 2,371 18 9 1,944 3 3 1,944 3 3 I _ I L 427 15 6 Obdumbt Revenue Account. Surplus at 31st March, 1890.. £115,174 0 0 Obdinaby Revenue Accoun iurplus at 31st March, 1890.. £115,174 0 Lpplied in reduction of deficit of 1887-88 .. .. 78,605 0 Land Fund Account. Actual receipts, 1890-91 '.. £104,269 Iβ 1 AnnlinrI in rnrlnntinn nF rlnfinifi Actual recci 1890-91 Actual expendi 1890-91 of 1887-88 .. .. 78,605 0 8 8 SO,568 19 4 Actual reoeipts, 1890-91 .. 4,282,504 9 7 Actual expenditure, 1890-91.. 4,175,107 13 5 107,396 16 2 ! Actual expenditure, 1890-91 .. 110,107 15 0 Deficit at 31st March, 1890 Surplus at 31st March, 1891 £48,162 0 7 45,71(5 15 5 £2,445 5_2 iurplus at 31st March, 1891.. .. £143^905_15_ 6

B._ 6

Table No. 3. The PUBLIC DEBT of NEW ZEALAND on 31st March, 1891.

32

Annual Chaege. AMOUNT OUTSTANDING. Due Date. Sinking Funds ACCRUED. ("Estimated.) Indebtedness. te. "When payable. ; Eehabks. Amount. Int. S.F £ £ £ £ % o/ /o £ The accumulations of the sinking fund of this loan now enable the Trustees ■< not only to dispense with j further contributions from the Treasury, but to pay \ the interest of tho loan. New Zealand Loan Act, 1850 50,000 1 July, 1894 79,356 Cr. 29,356 New Zealand Loan Act, 18G0 74,100 July, 1891 88,034 Cr. 14,534 i New Zealand Loan Act, 1803 .. J 378,800 500,000 154,800 188,400 73,800 I 1,295,800 i (15 July, 1914 1 Nov., 1915 ■I 15 Mar.,1891* j 15 June, 1891 (.15 Dec, 1891 ) 101,752 227,274 404,005 277,048 272,726 5 4 6 6 1 2 2 2 22,728 20,000 12,384 15,072 5,904 15 Jan. „ 15 July 1 May „ 1 Nov. 15 Mar. „ 15 Sept. 15 June „ 15 Dec. 15 June „ 15 Dec. Consolidated Loan Act, 18G7 Immigration and Public Works Loan Act, 1870.. 1,214,200 1,000,000 Ann. drawing 1 June, 1907 253,712 12,995 1,214,200 746,288 5 4 1 2-4 *259,951 64,000 Quarterly, 15 Jan., &c. 1 June and 1 Dec. Sinking Fund payable 13 Mar. and 13 Sept. Auckland Loan Act, 1863 Lyttelton and Ghristchurch Railway Loan, I860 Canterbury Loan Ordinance, 1862 Otago Loan Ordinance, 1862 31,600 77,700 22,800 116,700 1 June, 1896 Variousf VariousJ 1 July, 1898 23,486 73,231 6,491 68,652 8,114 4,469 16,309 48,048 6 6 6 G 2 2 1 1 2,528 6,216 1,596 8,169 1 April „ 1 Oct. 30 June „ 31 Dee. 30 June „ 31 Dec. 1 Jan. „ 1 July *6% on £7,283,100 = £436,986 Less Interest at 5 % on £3,540,700, representing bonds converted .. 177,035 £259,951 •• Ordinance of Legislative Council Consolidated Loan Act, 1867 .. .. j 13,000 311 I .77,000 Presentation f 1 Jan., 1893 115 April, 1913 311 64,000 13,000 5 4 3,200 520 1 Jan. „ 1 July 15 April „ 15 Oct. t £28,700 due 1 July, 1893. 21,300 due 1 July, 1894. 18,500 due 1 Jan., 1896. 9,200 due 1 Jan., 1897. Immigration and Public Works Loan Act, 1870 -j 372,100 27,900 [ 400,000 f 15 April, 1913 i 15 April, 1913 372,100 27,900 4 14,884 1,255 15 April „ 15 Oct. 15 April „ 15 Oct. £77,700 Defence and Other Purposes Loan Act, 1870 | 25,000 75,000 j- 100,000 f Uuly, 1910 \ 15 April, 1913 25,000 75,000 4 1,125 3,000 30 June „ 31 Dec. 15 April „ 15 Oct. {£10,600 due 2 Jan., 1915. 12,200 due 2 July, 1916. Carried forward 4,460,211 I 442,532 J £22,800 1,326,593 3,133,618 * Due provision has been made to meet these debentures at due date, but the complete accounts from London have not yet been received.

8.—6

Table No. 3— continued. The PUBLIC DEBT of NEW ZEALAND on 31st March, 1891— continued.

s—B. 6.

33

Amount outstanding. Due Date. Sinking Funds (Estimated.) Indebtedness. Annual Chabse. Remarks. ite. Amount. When payable. Int. S.F. £ £ 4,460,211 n 1,326,593 S. 3,183,618 % o- , /o £ 442,532 Brought forward .. i General Purposes Loan Act, 1873 J 12,300 18,500 54,700 [ 85,500 (15 May, 1914 \ 15 Oct., 1913 (28 Nov., 1914 12,300 18,500 54,700 4 4 5 492 740 2,735 15 May and 15 Nov. 15 April „ 15 Oct. 15 May , 15 Nov. Westland Loan Act, 1873 Nelson Loan Act, 1874 District Railways Purchasing Acts, f 1885-86 \ I 35,000 I 40,000 114,600 50,000 15,000 !• 189,000 15 April, 1894 23 Mar., 1896 f 1 Oct., 1896 \ 1 July, 1909 (1 April, 1905 - 50,000 15,000 I 189,600 5 7 is 2,500 1,050 2,188 2,400 4,584 15 April „ 15 Oct. 1 Mar. „ 1 Sept. - 1 April , 1 Oct. New Zealand State Forests Act, 1885 .. ] Government Loans to Local Bodies Act, 1886 j Public Eevcnues Act, 1886 .. j 1 I I - 100 \ 000 50,000 1,000 325,000 1 Mar., 1898 1 Mar., 1892 J10 Oct., 1891 110 Oct., 1891 - I 1,000 325,000 100,000 50,000 5 5 5 50 16,250 4,500 2,500 1 Mar. „ 1 Sept. 1 Mar. „ 1 Sept. 10 April „ 10 Oct. 10 April . 10 Oct. j- 150,000 Public Eevenues Act 1887 (No. 3) Consolidated Stock Act, 1877 .. J ■■ 2,700 \ 000 70,000 400,000 24,504,255 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. To pay off the balances of the loans of 1876, 1877, and 1879, together with expenses of conversion. 1 Jan., 1940 2,770,000 3i 96,950 1 Jan. „ 1 July Consolidated Stock Act, 1884— i Ejnglish Issue ! 4,214,100 43,600 ]• 4,257,700 f 15 April,1892 (15 Jan., 1892 i 4,214,100 43,600 5 5 210,705 2,180 Quarterly, 15 Jan., &c. 15 Jan. and 15 July Convertible into stock at 107. Convertible into stock at 110. Colonial Issue .. .. .. J 231,000 1,083,084 250,000 I I [ 1,564,084 (28 Nov., 1891 \ 28 Nov., 1891 ( 1 Nov., 1895 146]600f 231,000 936,484 250,000 5 5 10,395 46,824 12,500 28 May „ 28 Nov. 28 May „ 28 Nov. 28 May „ 28 Nov. Totals 38,832,350 37,359,157 1,864,645 1,473,193 * The debentures carry a faee-interest of 4 per cent., but, under arrangement, the Treasury is paying at the rate of £ t Representing Sinking Funds of the Loan of 1867 sot 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 i advances from time to time. Deficiency bills amounting to £716,100 are 5 per cent, per annum on the temporal msold debentures are used for the not included. ■y advance. purpose of obtaining temporal-;

8.-6.

Table No. 4. Conversion Operations under the Consolidated Stock Acts 1877 and 1884, to 31st March, 1891.

34

Inscribed Stock, bearing interest at Stock Agents in exchange for De' 4 per cent., issued by the ( £ s. d. j lentnres as per contra. £ s. d. Debentures converted into 4-per-cent. Inscribed Stock as per contra. £ s. d. £ s. d, : Date at which Interest at i por cent, commenced. i i Eato of Addition to Debt. Exch'ge. j Designation of Loan. Due Date of Debentures. Eate of Interest. Interest ceased. 1 November, 1879 1 May, 1880 1 November, 1880 31 December, 1883 15 January, 1884 1 February, 1884 1 February, 1886 1 May, 188C. 1 May, 1886 1 May, 1886 1 May, 1886 1 May, 1886 1 May, 1886 1 May, 1886 1 May, 1886 1 November, 1886 s, s. a. I 120 232,060 0 0 1,392,360 0 0 120 ! 202,620 0 0 1,215,720 0 0 120 I 460,520 0 0 2,763,120 0 0 100 i .. 1,832,000 0 0 103J 17,654 0 0 ! 522,054 0 0 103 91,617 0 0 3,145,517 0 0 101 18,912 0 0 11,910,112 0 0 102 25,854 0 0 jl,318, 554 0 0 109 1,710 0 0 I 20,710 0 0 112J 8,200 0 0 73,800 0 0 109 4,203 0 0 50,903 0 0 109 4,284 0 0 51,884 0 0 109 1,809 0 0 I 21,909 0 0 106 2,292 0 0 ; 40,492 0 0 103 4,080 0 0 140,080 0 0 100 .. 242,800 0 0 N.Z. Loan of 1879 .. N.Z. Loan of 1879 .. N.Z. Loan of 1879 .. Treasury Bills 5 % Five-thirties 4j % Five-thirties .. 4| % Five-thirties .. 5 % Ten-forties N.Z. Loan of 1860 .. N.Z. Loan of 1863 .. N.Z. Loan of 1863 .. N.Z. Loan of 1863 .. N.Z. Loan of 1863 .. Cons. Loan of 1867 .. N.Z. Loan of 1879 .. District Rail. Loans.. 1 Nov., 1889 1 Nov., 1889 1 Nov., 1889 1 Jan., 1886 15 July, 1906 1 Feb., 1904 1 Feb., 1905 1 Mar., 1918 1 July, 1891 15 July, 1914 15 Mar., 1891 15 June, 1891 15 Dec, 1891 Annual draw. 1 Nov., 1889 1 April, 1905 I 5 5 5 5 5 6 5 G 6 G 5 5 4 1 Nov., 1879 1 May, 1880 1 Nov., 1880 31 Dec, 1883 15 Jan., 1884 1 Feb., 1884 1 Feb., 1886 1 May, 1886 1 May, 1886 1 May, 1886 1 May, 1886 1 May, 1886 1 May, 1886 1 May, 1886 1 May, 1886 1 Nov., 1886 1,160,300 0 0 1,013,100 0 0 2,302,600 0 0 1,832,000 0 0 504,400 0 0 3,053,900 0 0 1,891,200 0 0 1,292,700 0 0 19,000 0 0 65,600 0 0 46,700 0 0 47,000 0 0 20,100 0 0 38,200 0 0 136,000 0 0 242,800 0 0 1,075,815 0 0 14,742,015 0 0 \ ! 13,666,200 0 Inscribed Stock, bearing interest at 3 J per cent, and 4 per cent., sold by the Stock Agents to provide funds for the redemption of the Debentures, as per contra, and payment of expenses of conversion. Debentures redeemed and 4-pi out of proceeds of sale of sr-oent. Inscribed Stock. Designation of Loan. Due Date of Debentures. Eate of Interest. Interest ceased. Date at which Interest commenced. I Eate Price of at which ; Amount of Stock, i Interest. sold, £ s. a. 4 j 97 11 2 4 100 0 0 4 102 17 0 4 97 10 0 4 98 10 0 4 99 2 6 4 1 103 15 0 3* 95 16 8 3| 96 10 0 .-£ s. d. 764.240 0 0 4,000 0 0 100,000 0 0 1,060,000 0 0 20,000 0 0 25,000 0 0 24,000 0 0 "irr Cl*r\ 5 % Five-thirties 4J % Five-thirties .. N.Z. Loan of 1879 .. 5 % Ten-forties 15 July, 1906 1 Feb., 1904-5 1 Nov., 1889 1 Mar., 1918 5 5 5 15 Jan., 1885 1 Aug., 1886 1 Nov., 1889 1 Mar., 1890 745,600 0 0 1,054,900 0 0 388,000 0 0 2,202,000 0 0 15 January, 1885 1 November, 1885 1 November, 1885 1 May, 1886 1 May, 1887 1 May, 188T 1 November, 1887 1 January, 1890 1 January, 1891 2,700,000 0 0 63,000 0 0 a > 4,765,240 0 0 Carried forward 18,056,700 0 Carried forward .. 19,507,255 0 0

8.—6

35

Table No. 4—continued. Conversion Operations under the Consolidated Stock Acts 1877 and 1884, to 31st March, 1891— continued.

£ s. d. J £ s. d. 19,507,255 0 0 £ s. a. £ s. d. 18,056,700 0 0 Brought forward .. Brought forward Debentures converted into Short-dated Debentures as per contra, under " The Consolidated Stock Act, 1884." Debentubes issued at par under " The Consolidated Stock Act, 1884," Date at which Interest commenced. Eate of Interest. Due Date of Debentures. Designation of Loan. Due Date Eate of of Debentures. J Interest. Interest ceased. 28 November, 1884 28 November, 18S4 28 November, 1884 15 October, 1885 31 December, 1885 31 December, 1885 1 July, 1886 1 November, 1888 15 December, 1888 15 April, 1885 15 January, 1880 15 April, 188G *4 r> 5 5 5 28 Nov., 1891 28 Nov., 1891 28 Nov., 1891 28 Nov., 1891 28 Nov., 1891 28 Nov., 1891 28 Nov., 1891 1 Nov.,. 1895 28 Nov., 1891 15 April, 1892 15 Jan., 1892 15 April, 1892 20,900 0 0 87,900 0 0 3,000 0 0 6,200 0 0 25,000 0 0 25,000 0 0 - 13,500 0 0 250,000 0 0 49,500 0 0 3,651,700 0 0* 43,600 0 0*1 562,400 0 0*; Gen. Purposes, 1873 Gen. Purposes, 1873 Nelson Loan, 1874 .. Gen. Purposes, 1873 Defence, &c, 1870 .. Defence, &c, 1870 .. Wellington Loan, 1SC0 N.Z. Insc'd Stock, 1882 Gen. Purposes, 1873 Cons, of Loan, 1867.. N.Z. Loan, 1863 Cons, of Loan, 1867.. 15 Oct., 1883 28 Nov., 1884 12 April, 1885 15 Oct., 1885 31 Dec, 1885 31 Dec, 1885 1 July, 1886 1 Nov., 1888 15 Dec, 1888 An. drawings 15 July, 1914 An. drawings 4 5 7 44 5 5 8 5 5 5 5 5 15 Oct.. 1883 28 Nov.', 1884 12 April, 1885 15 Oct., 1885 31 Dec, 1885 31 Dec, 1885 1 July, 1886 1 Nov., 1888 15 Dec. 1888 15 April, 1885 15 Jan., 1880 15 April, 1886 I 20,900 0 0 87,900 0 0 3,000 0 0 6.200 0 0 0 0 25,000 0 0 13,500 0 0 I 250,000 0 0 49,500 0 0 [3.651,700 0 0 43,600 0 0 562,400 0 0 I 18,700 0 0 * Convertible at due date into 4-per cent. Inscribed Stock at the following rates :— £3,051.700 at 107 •13,000 at 110 562,400 at 10? Additions to Public Debt :— Premium given on exchange of stock for debentures (per contra) .. .. .. .. .. .. . Discount on stock sold, — 1,075,815 0 0 Amount. Kate of Interest. Price. Discount. £ s. d. 764,240 0 0 20,000 0 0 25,000 0 0 1,060,000 0 0 2,700,000 0 0 68,000 0 0 4 4 34 34 4 4 34 I I ■ j £ s. a. 97 11 2 98 10 0 99 2 6 97 10 0 95 16 8 96 10 0 £ s. a. 18,640 0 0 300 0 0 • 218 14 9 26,500 0 0 112,461 3 0 2,380 0 0 Less premium — 100.000 0 0 2-4,000 0 0 4 4 j) 103 0 10 ! 160,499 17 9 3,775 0 0 J ; ■ 156,724 17 9 Balance of the Conversion Account (see published accounts for the year ended 31 March, 1891), — Cash overdrawn Less advances in the hands of— Stock Agents .. .. .. £72 5 q Crown Agents .. .. .. 3,800 0 0 Commission and brokerage Stamp duty InterestAdvertising Fees to Financial Adviser Telegrams Law expenses Printing Actuarial Fees Bank of England fees Clerical assistance; rent,.&c. 82,049 0 5 76,521 17 11 42,403 1 5 10,828 IS 2 2,000 0 0 2.216 8 1 669 2 6 458 6 2 241 10 0 200 0 0 1,930 5 4 5,375 12 9 1,452,058 7 9 i ! 3,872 5 0 1,503 7 9 I 219,518 10 0 Total ,458 Total 24,247,458 7 9 ;24,24'

8.—6

36

Table No. 5. STATEMENT of the Estimated Liabilities chargeable on the Consolidated Fund outstanding on the 31st March, 1882, 1883, 1884, 1885, 1886, 1887, 1888, 1889, 1890, and 1891.

31st March, 1882. 31st March, 1883. 31st March, 1884. 31st March, 1885. 31st March, 1880. 31st March, 1887. 31st March, 1888. 31st March, 1889. 31st March, 1890. 31st March, 1891. Obdinaby Revenue Account. Permanent Appropriations, —- Civil List Interest and Sinking Fund Under Special Acts of the Legislature Subsidies payable to Local Authorities Endowments Rents under the Land Acts, payable to Local Authorities £ s. d. : £ s. d. £ s. d. £ s. d. £ s. d. £ s. d. £ s. d. £ s. a. £ s. d. £ s. a. 168 0 0 24,000 0 0 165 0 0 4,470 0 0 421 0 0 350 0 0 383 0 0 430 0 0 2,719 12 11 148 9 9 491 18 8 240 0 0 550 0 0 351 12 3 957 0 0 584 0 0 684 0 0 490 6 10 9,069 13 6 7,072 1 10 4,220 3 0 442 4 9 167 1 4 25,868 0 0 4,049 7 0 34,695 0 0 3,221 9 3 24,677 4 8 24,563 0 0 4,104 0 0 1,311 13 6 4,365 7 3 2,462 18 6 1,463 5 8 832 13 6 Annual Appropriations, — Class I.—Legislative „ II. —Colonial Secretary „ III. —Colonial Treasurer „ IV. —Minister of Justice „ V.—Postmaster-General „ VI. —Commissioner of Customs „ VII. —Commissioner of Stamps „ VIII. —Minister of Education „ IX. —Minister of Native Affairs „ X. —Ministers of Lands and Mines „ XI. —Working Railways.. „ XII.— Public Buildings .. „ XIII. —Minister of Defence 24,168 0 0 5,592 0 0 1,005 0 0 1,034 0 0 32,102 46,914 6 5 15,107 31,852 4 10 27,258 10 5 5,455 25 0 0 14,881 0 0 767 0 0 3,305 0 0 12,939 0 0 719 0 0 10,604 0 0 6,480 0 0 3,016 0 0 9,920 0 0 19,802 0 0 1,765 0 0 2,610 0 0 3,856 0 0 17,174 0 0 1,295 0 0 3,111 0 0 5,862 0 0 16,314 18 1 12,461 10 6 2,686 6 6 10,134 8 2 112 15 8 9,160 16 0 971 13 8 3,172 12 5 5,352 10 1 106 15 6 6,158 6 5 467 19 2 2,440 1 11 6,546 14 4 59 4 1 7,160 0 11 1,573 11 3 3,836 13 1 22,574 18 6 37 10 0 0,759 9 2 50 0 0 5,178 12 11 14,829 0 0 69 1 11 3,650 12 6 340 0 0 4,940 0 2 12,013 2 2 1,849 0 0 3,394 0 0 4,310 0 0 2,689 0 0 3,925 17 4 4,043 3 4 2,215 6 3 5,474 12 7 2,037 0 0 2,624 3 3 1,150 0 0 2,340 0 0 1,326 0 0 2,500 0 0 1,871 0 0 4,686 0 0 2,122 0 0 3,578 0 0 2,307 6 7 2,251 0 0 540 6 7 5,780 0 0 1,218 i S 3,646 0 0 402 13 3 2,500 0 0 300 17 3 3 0 0 349 8 7 3,912 9 11 2,737 0 0 1,939 0 0 1,415 0 0 700 0 0 1,000 0 0 657 0 0 729 3 4 800 0 0 920 0 0 1,260 0 0 8,550 0 0 71,754 0 0 6,605 0 0 82,735 0 0 2,437 0 0 103,169 0 0 3,270 0 0 106,244 0 0 6,284 0 0 87,797 10 5 5,977 5 10 86,294 19 1 3,081 18 0 51,293 14 0 21,107 4 1 12,066 3 8 4,528 0 0 47,831 18 8 10,452 8 6 2,948 2 9 5,821 18 9 57,800 12 9 5,007 14 9 481 10 7 3,604 18 5 59,590 11 5 7,760 1 7 10,516 4 3 19,578 0 0 35,500 0 0 19,831 0 0 14,888 0 0 13,013 5 10 12,474 18 8 139,875 0 0 1170, ,938 0 0 165,752 0 0 160,933 0 0 158,176 3 5 134,538 1 4 111,077 11 4 110,142 3 7 99,827 6 2 ,110,631 0 2 Services not provided for 351 0 0 5 7 10 343 14 1 66 1 3 22 9 6 Totals, Ordinary Revenue Account 166,757 0 0 1164,394 0 0 1176,530 0 0 161,967 0 0 1190,283 18 7 Il81, 452 7 9 126,184 19 5 1142,338 2 6 '127,151 17 10 116,108 16 9 Laud Fund Account. Annual Appropriations, — Class XIV. —Minister of Lands j „ XV. —Colonial Treasurer | 11,805 0 0 13,331 0 0 16,072 0 0 7,610 0 0 12,362 0 0 23,258 0 0 11,937 8 3 18,700 0 0 3,454 5 3 8,556 19 0 3,634 0 0 2,400 0 0 3,082 15 2 1,350 0 0 3,107 19 7 1,750 0 0 3,064 5 10 785 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 .. 11,805 13,331 23,682 0 0 35,620 0 0 30,637 12,011 6,034 0 0 4,432 15 4,857 19 3,849 5 10 13,384 0 0 14,109 0 0 9,895 0 0 10,495 0 0 2,054 0 0 12,129 16 9 1,582 19 7 10,527 16 5 1,498 13 9 12,254 16 11 483 11 11 5,780 19 9 4,150 7 7 2,355 7 11 1,830 0 0 244 14 3 122 1 3 13,384 0 0 14,109 0 0 9,895 0 0 14,379 0 0 14,079 11 10 12,026 10 2 12,738 8 10 5,-780 19 9 4,150 7 7 2,355 7 11 Totals, Land Fund Account I 9,008 7 2 I I 6,204 13 9 25,189 0 0 27,440 0 0 33,577 0 0 49,999 0 0 44,717 0 1 24,037 14 5 18,772 8 10 10,213 14 11 State Fokests Account. Annual Appropriations, — Class XV. —State Forests 850 0 0 370 0 0

37

8.~6

Table No. 6. STATEMENT of the Estimated Liabilities chargeable on the Public Works Fund outstanding on the 31st March, 1882, 1883, 1884, 1885,1886, 1887, 1888, 1889, 1890, and 1891.

31st March, 1882. 31st March, 1883. 31st March, 1884. 31st March, 1885. 31st March 1886. 31st March, 1887. 31st March, 1888. •31st March, 1889. 31st March, 1890. 31st March, 1891. AuNUAIj APPBOPRIATIONS. £ s. d. £ s. d. £ s. d. £ s. a. £ s. d. £ r. a. £ s. a. £ s. a. £ s. a. £ s. a. PAET I. 110 8 3 255 11 1 320,019 11 10 51,000 0 0 619 6 9 728,955 12 5 7,000 o o; 718 16 11 386,345 8 9 5,000 0 0 56 8 2 1,364 17 11 3,800 0 0 1,200 0 0 J 2,200 0 0 1,000 0 0 Class I.—Immigration „ II. —Public Works, Departmental „ III. —Railways .. „ IV. —Surveys of New Lines of Railway „ V.—Roads „ VI. —Land Purchases .. „ VII. —Waterworks on Goldfields .. „ VIII. —Telegraph Extension „ IX. —Public Buildings .. „ X. —Lighthouses, Harbour Works, and Defences „ XL—Rates on Native Lands „ XII. —Thermal Springs Contingent Defence Services not provided for 20,565 0 0 002 7 5 533,243 16 7 8,000 0 0 778 14 3 496,593 3 11 1,033 9 2 5,793 4 3 I 506 5 9 I 1,202 18 0 234 15 0 117,840 15 2| 338,876 10 3 6,665 16 9 3,500 0 0 84,457 9 1 1,600 14 6 180,365 15 8| 309,299 0 0 10,659 14 2] 9,000 0 01 82,862 2 3 8,197 10 9 144,397 8 7 285,400 0 0 7,382 13 0 931 15 11 214,124 3 2 173,200 0 0 7,369 0 0 6.000 0 0 10,424 1 7 1,246 12 9! 254,350 0 11 238,600 0 0i 14,963 0 0 3,700 0 0 23,255 5 9 173, 6S0 12 6 120,144 0 0 • 1,485 10 1 3,983 0 0 55,101 ■ 2 9 119,120 10 2 1,068 2 6 54 10 6 3,004 0 0 29,610 19 7 120,857 10 3 3,911 8 4 93,859 3 5 236 6 10| 240 12 8| 5,107 0 0! i 10,086 9 8: 60,596 7 8 41,752 10 10 •■ 3,591 0 0 23,453 18 10 3,00514 5 I 27,082 3 11 I 7,554 11 8 10,661 17 2 15,138 2 4 119,220 6 111 164,410 10 3 i 80,724 0 0 10,668 0 0 2,500 0 0 36,431 12 1 11,000 0 0 200 0 0 0,466 2 3 : 1,850 4 7 30 0 0 3,710 9 0 ■■ 10 10 10 761 0 9 - ! - .. ■• 192 12 8 • • .. .. • • ■-. ■ ■ •• Totals 880,276 9 10 1,171,160 7 9 ■1,282,843 4 81,036,641 5 9 1,094,589 15 4 : 454, 767 11 5 205,323 4 0 11114,308 15 7 96,608 3 10 PART II. 1 ! Class I.—Railways II.—Roads III. —Land Purchases 158; 360 5 9 29,621 0 0j 70,075 12 6 1,549 1 1 4,279 15 11 27,296 4 1 9,028 4 5 87 14 0 665 14 9' 1,587 15 4 26,103 1 10 18,799 17 2 Totals 187,981 5 9 75,904 9 6 28,971 13 5 9,693 19 2 44,902 19 0 PART III. Class I.—Railways .. „ II. —Costs and Contingencies Services not provided for 326,290 6 0 360 13 6 190,467 12 9 " 174,394 2 10189,327 15 5 .. 1,601 15 3 ! I 98,875 19 3 • • .. Totals 326,650 19 6i 190,467 12 9 174,394 2 10 1190, 929 10 8 98,875 19 3

8.— 4

38

Table No. 7. STATEMENT showing the Total Ways and Means of the Public Works Fund and the Total Net Expenditure to the 31st March, 1891.

WAYS AND MEANS. NET EXPENDITURE. £ b. a. Loans :— Immigration and Public Works Loan* 1870 Immigration and Public Works Loan, 1873 Immigration and'Publie 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 StockLoanAct, 1882 North Island Main Trunk Railway Loan Act, 1882 .. New Zealand Loan Act, 1884 New Zealand Loan Act, 1S86 District Railways Purchasing Acts, 1885-86 New Zealand Loan Act, 1888 .. .. .. £ s. d. £ a. d. £ s. a. 4,000,000 0 0 2,000,000 0 0 4,000,000 0 0 750, C00 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 Expenditure on — Immigration Public Works, Departmental Railways, including Surveys of New Lines Roads Land Purchases Waterworks on Goldfields Telegraph Extension Public Buildings Lighthouses, Harbour Works, and Defences Contingent Defence Rates on Native Lands.. Thermal Springs Charges and Expenses of raising Loans Coal Mines Interest and Sinking Fund 2,145,150 8 0 352,169 16 2 14,104,093 1 9 3,598,162 18 5* 1,196,478 12 6 561,100 18 11 606,047 15 9 1.780,785 7 1 881,817 12 11 429,718 19 3 58,013 13 1 14,335 5 10 1,021,472 0 9 10,835 8 0 I 218,500 0 0 ! 27,207,487 7 11 26,979,282 4 5 Receipts in Aid :— Contributions of Canterbury Province for Railways .. Stamp Duties to 31st December, 1S76 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 Elleemere Lake Lands Act, 188S " Sinking Funds released .. 50,000 0 0 264,657 16 4 19,963 1 3 4,963 7 4 Balance on 31st March, 1891, — Cash in the Public Account Advances in the hands of officers of the Government Investments , i 00,616 3 0 12,404 15 2 8,311 17 9 72,911 10 9 33,590 13 7 548,620 0 0 655,122 4 4 26,917 0 10 ■ £27,634,404 8 9 27,634,404 8 9 * Has been reduced by £25,000 received under section 31 of " Tlie Government Loans to Local Bodies Act, 1886."

39

8.—6;

Table No. 8. ESTIMATED Revenue and Expenditure of the Consolidated Fund for the Financial Year ending the 31st March, 1892.

REVENUE. EXPENDITURE* Ordinary Revenue Account:— Customs Stamps (including Postal Cash Receipts) Property-tax Beer Duty Railways Registration and other Fees Marine Miscellaneous .. .. Depasturing Licenses, Rents, &c. & & £ Debentures for Sinking Fund Increases .. i I 1,535,000 610,000 355,000 60,000 1,114,000 40,500 19,800 43,000 209,200 3,986,500 282,300 1,2 268,800 i Ordinary Revenue Account: — Civil List Interest and Sinking Fund Under Special Acts Legislative Colonial Secretary's Departments Colonial Treasurers Departments Minister of Justice Departments Postmaster-General's Department Commissioner of Customs Department Commissioner of Stamps Departments Minister of Education Department — Education Department Lunacy and Charitable Department .. Minister of Native Affairs Department Ministers of Mines and Lands Departments Working Railwaj'S Public Buildings and Domains Department Minister of Defence Departments Lakd Fund Account :— Payments to Local Bodies Lands and Survey Department Rates on Crown Lands 25,300 1,910,309 270,727 14,939 72,696 42.596 102,396 255,001 67,654 18,440 369,776 40,918 18,630 40,412 699,000 52,950 153,361 Land Fund Account :— Land Sales, — For Cash .. On Deferred Payments 32,200 60,500 92,700 I ! 4,155,105 20,000 95,465 1,500 Balance :— Excess of Revenue — In Ordinary Revenue Account Less Excess of Expenditure in the Land Fund Account.. 116,905 113,695 24,265 89,430 £4,361,500 £4,361,500 Ordinary Revenue Account :— Surplus of the Year 1890-91 Revenue in Excess of Expenditure, as abovo .. 143,966 .. 113,695 Estimated Surplus, 31st March, 1892 .. .. £257,661

40

EL—6

Table No. 9. ESTIMATED Expenditure of the Consolidated Fund for 1891-92, compared with Actual Expenditure of 1890-91.

Table No. 10. STATEMENT of the Estimated Revenue of the Consolidated Fund for 1891-92, compared with the Actual Revenue of 1890-91.

Differences. Estimate lor 1891-92. Actual ol 1890-91. Increase. Decrease. Obdinabt Bevenue Account. £ 25,300 1,910,309 270,727 £ 25,082 1,858,253 276,822 £ 218 52,056 & Civil List Interest and Sinking Fund Under special Acts 6,095 2,206,336 2,160,157 52,274 6,095 Annual Appropriations,— Legislative Departments Colonial Secretary's Department Colonial Treasurer's Department Justice Department Postal and Telegraph Department Customs and Marine Department Stamps and Deeds Department Minister of Education, — Education Department Lunacy and Charitable Department Native Affairs Department Mines and Lands Departments.. Working Eailways Department Public Buildings and Domains Department Defence Department 14,939 72,696 42,596 102,396 255,001 67,654 18,440 369,776 40,918 18,630 40,412 699,000 52,950 153,361 15,600 76,382 32,947 114,603 261,235 68,533 21,747 360,872 38,725 22,054 49,157 709,389 59,020 174,227 9,649 8,904 2,193 661 3,686 12,207 6,284 879 3,307 3,424 8,745 10,389 6,070 20,866 1,948,769 2,004,541 20,746 76,518 Services not provided for Deficiency Bills paid off (part of deficit at 31st March, 1888) 10,410 78,600 10,410 78,600 Total Expenditure 4,155,105 4,253,708 73,020 171,623 Land Fund Account. Under special Acts Lands and Survey Department Rates on Crown lands Services not provided for 20,000 95,465 1,500 21,852 92,615 821 820 679 1,852 "820 I I 116,965 116,108 3,529 2,672 Total Consolidated Fund 76', 549 174,295 76,549 97,746 4,272,070 4,369,816

Estimate for 1891-92. Actual of 1890-91. Increase. Differences. Decrease. £ £ £ £ Ordinary Bevbnue Account. 1,535,000 610,000 355,000 60,000 1,114,000 40,500 19,800 43,000 209,200 1,527,207 631,191 357,348 58,072 1,123,322 41,495 20,583 49,004 180,282 7,793 21,191 2,348 Customs Stamps Property-tax Beer Duty Railways Registration and other Fees Marine Miscellaneous Depasturing Licenses, Rents, &c. i^928 9,322 995 783 6,004 22,918 Debentures for Sinking Fund increases.. 3,986,500 282,300 3,994,504 288,000 32,639 40,643 5,700 46,343 32,639 13,704 4,268,800 4,282,504 Land Fund Account. Gash Sales Deferred-payment Sales 32,200 60,500 111,158 53,112 78,958 7*! 388 92,700 164,270 7,388 78,958 7,388 Total Consolidated Fund 71,570 4,361,500 4,446,774 85,274

Table No. 11. TABLE showing Consumption, per Head of Population, of Articles in Common Use.

8.—6.

6—B. 6.

41

Spirits. Tobacco. Cigars, Cigarettes, and Snuff. Adult Male Year. Population (including Maoris). Per Head. Rate of Duty, t I Per Head. Bate of Duty.§ Duty. Per Head. Gallons. Duty. Per Head. Lb. Lb. Per Head. Bate of Duty. || Duty. Per Head. 1877 1878 1879 1880 1881 1882 1883 1884 1885 1886 1887 1888 1889 1890 135,640 139,354 147,313 152,564 154,073 157,686 162,834 167,938 170,206 172,180 174,907 174,355 176,988 182,310 631,341 659,233 624,503 553,404 571, 830 586,322 576.05S 551,763 507,812 473,369 463,087 499,084 369,086 435,075 Gal. 4-65 4-73 4-24 3-63 371 3-72 3-54 3-29 2-98 2-75 2-65 2-86* 2-09 2-39 6/, 12/ 6/, 12/ 6/, 7/, 12/, 14/ 7/, 12/, 14/ 7/, 12/, 14/ 7/, 12/, 14/ 12/, 14/ J 12/, 14/ ! 12/, 14/, 14/6 14/6 14/6 14/6, 15/, 16/ 15/, 16/ 15/, 16/ £ 373,085 392,108 378,754 394,136 400,284 410,856 402, 9S1 385,735 361,692 343,192 335,738 377,599 281,835 333,848 £ s. a. 2 15 0 2 16 3 2 11 5 2 11 8 2 12 0 2 12 1 2 9 6 2 5 11 2 2 6 1 19 10 1 18 5 2 3 4* 1 11 10 1 16 7 1,029,840 1,064,520 1,054,730 1,027,280 1,063,651 1,080,515 1,069,307 1,163,774 1,198,410 1,144,897 1,138,655 1,149,734 1,157,340 1,173,831 lb. 7'60 7-64 7-16 673 6-90 6-85 6-57 6-93 7-04 665 6-51 659 6-54 6-44 2/6 2/6 2/6, 3/6 3/6 3/6 3/6 3/6 3/6, 1/ 3/6, 1/ 3/6, 1/ 3/6, 1/ 3/6, 1/ 3/6, 1/ 3/6, 1/ £ £ s. a. 128,730 0 19 0 133,065 0 19 1 135,539 0 18 5 179,774 1 3 7 186,137 i 1 4 2 189,090 14 0 187,129 '■ 1 3 0 203,063 |14 2 208,161 14 6 197,378 1 2 11 198,152 12 8 198,856 I 1 2 10 199,617 12 7 203,593 12 4 71,380 87,396 71,025 66,750 75,636 91,543 92,400 99,777 106,266 94,305 99,290 100,785 103,258 112,640 lb. 053 0-63 0-48 0-44 0-49 0-58 0-57 0-59 062 0-55 0-57 0-58 0-58 0-62 £ 5/ 17,845 5/ 21,849 5/, 6/ 17,535 6/ 20,025 6/ I 22,691 6/ 27,463 6/ 27,720 6/, 1/ 29,233 6/, 1/ I 30,455 6/, 1/ 28,292 6/, 1/ 28,067 6/,7/, 1/ 30,126 7/, 1/6 34,637 7/, 1/6 38,430 £ s. a. 0 2 8 0 3 2 0 2 5 0 2 8 0 2 11 0 3 6 0 3 5 I 0 3 6! 0 3 7| 0 3 3 0 3 3: 0 3 5 0 3 11 0 4 3 * Includes heavy clearances in view of case spirits being taken at 2, 3, and'4 gallons, instead of actual quantities, on the 1st December, 1888. t Alteration in 1888* Spirits in bottle, 16/; in bulk, 15/. X The 6/ and 7/ rate is for New-Zealand-distilled spirits. § The 1/ rate is for New-Zealand-manufactured tobacco. II The 1/ and 1/6 rate is for New-Zealand-manufactured cigars and cigarettes «

Male and Female y Population * ear, over Fifteen Years (including Maoris). Rate of Duty.* Wine. Duty. Per Head. roiinns Per Rate of Gallons. Head] Dutyt Ale and Beer. ™y. j H p - d . Year. Total Lb. Per { Bate of Head. ; Duty. Tea. Gallons. (including Maoris). Duty. Per Head. 1877 1878 1879 1880 1881 1882 1883 1884 1885 1886 1887 1888 264,720 278,321 296,110 308,079 316,439 327,387 342,113 357,104 364,959 374,586 382,797 385,157 186,335 194,892 198,657 152,002 165,460 179,048 166,638 150,221 149,788 123,355 117,991 101,170 Gal. 0-70 : 4/, 6/ 0-70 4/, 6/ 0-67 ; 4/, 5/, 6/ 0-49 , 4/, 5/, 6/ 0-52 4/, 5/, 6/ 0-54 4/, 5/, 6/ 0-49 4/, 5/, 6/ 0-42 4/, 5/, 6/ 0-41 i 4/6, 5/6, 6/6 0-33 ' 4/6, 5/6, 6/6 0-31 4/6, 5/6, 6/6 0-26 4/6, 5/, 5/6, '6/, 6/6, 9/ 0-27 ; 5/, 6/, 9/ O29 ; 5/, I 6/, 9/ £ B. a. ' Gal. ! 37,267 2 9! 398,680 ' 1-50 j 1/3, 1/ I 39,635 2 10 488,252 < 1-75 ' 1/3, 1/ 37,748 2 7! 492,704 1-66 : 1/3, 1/ 37,332 2 5; 430,990 i 1-40 1/6,1/3,1/ 40,521 2 7 437,784 ! 1-38 i 1/6,1/3 43,780 2 8 422,946 ! 1-29 ] 1/6,1/3 40,345 , 2 4 397,648 I 1-16 1/6,1/3 36,353 i 2 0 j 390,234 ! 1-09 j 1/6,1/3 37,978 : 2 1 422,788 ! 1-16 j 1/6,1/3 32,884 • 1 9 334,158 ! 0-89 ! 1/6,1/3 31,469 1 8 300,093 i 0-78 I 1/6,1/3 28,497 i 1 6 268,117 J 0-70 1/6,1/3 31,643 i 1 7 274,427 i 0-70 j 1/6 33,518 1 8 266,147 0-67 j 1/6 23,919 29,315 29,852 30,024 32,036 30,974 27,291 28,724 31,210 24,606 22,151 19,946 s. d. 1 10 2 1 2 0 1 11 2 0 1 11 1 7 1 7 1 9 1 4 1 2 1 0 1877 1878 1879 1880 1881 1882 1883 1884 1885 1886 1887 1888 461,217 3,112,760 476,114 J 2,896,720 507,324 4,808,100 528,459 3,070,980 545,007 , 3.887,362 561,763 3,919,860 584,975 3,763,080 608,401 4,391,940 626,517 : 4,081,920 631,214 4,045,500 645,330 i 4,815,120 649,349 ; 4,036,980 lb. 6-75 6-08 9-48 5-80 7-13 6-98 6-43 7-22 6-51 6-40 7-40 6-22 s. d. 0 6 0 6 0 4 0 4 0. 4 0 4 0 4 0 4 0 4 0 4 0 4 /4,/6 £ 77,819 72,418 80,135 51,183 64,789 65,331 62,718 73,199 68,032 67,425 80,252 78,125 £ s. a. 0 3 4 0 3 0 0 3 2 0 1 11 0 2 5 0 2 4 0 2 2 0 2 5 0 2 2 0 2 2 0 2 6 0 2 1 1889 392,735 107,818 20,582 1 1 1889 662,248 : 3,696,280 5-58 0 6 92,407 0 2 9} 1890 398,905 115,091 19,961 1 0 1890 672,750 > 3,951,480 5-87 0 6 98,787 0 2 11J * Alterations,— Wine (Australian) „ (Sparkling) „ (Other kinds) 1877. ... 4/ ... 6/ ... 4/ 1880. 4/ 6/ 5/ 1885. 4/6 6/6 5/6 1888. 5/ 9/ I Alterations, — Ale and Beer (Wood)... „ (Bottle) 1877. 1/ 1/3 1880. 1/3 1/6 1888. 1/6 1/6

42

8.—6

Note.— Total revenue from Customs : 1877, £1,313,478, equal to £2 125. 7d. per head; 1890, £1,542,397, equal to £2 ss. 10d. per head. Decrease equal to 12-83 per cent.

NEW-ZEALAND-BREWED BEER.

Table No. 11— continued.

Coffee, Cocoa, and Chicory. Sugar. Ad Valorem Goods. Year. Total Population (including Maoris). Bate ol Duty. Duty. Per Head. Per Head. J "■** Duty. Per Head. Duty. Per Head. Lb. Per Head. Lb. Bate of Duty. ; I £ 8,043 8,501 8,239 7,802 9,062 9,133 7,181 8,589 8,579 7,559 7,790 7,605 6,207 7,299 s. d. 0 4J 0 i\ 0 4 0 3£ 0 4 0 8J 0 3 0 3£ 0 8i 0 2§ 0 2J 0 2f 0 2| 0 2£ 30,162,720 30,768,720 41,772,000 36,840.960 37,709,280 40,072,320 43,956,4S0 53,014,560 45,293,280 45,257,760 51,363,360 50,192,400 48,875,040 54,660,480 lb. 65-4 82-3 69-7 69-2 71-3 75-1 87-1 72-3 71-7 79-5 77-3 73-8 81-3 j s. a. o i o i 0 0* 0 0| o oi o o| 0 01 0 0J 0 0J 0 0J o o| 0 0J o o| 0 0£ 125,678 128,203 87,025 76,752 78,568 83,484 91,576 110,447 94,361 94,287 107,007 104,797 102,454 113,876 303,143 364,678 325,115 301,704 3S6,728 445,612 397,621 358,383 388,941 338,374 291,901 327,203 418,969 427,834 & s. a. 0 13 1 0 15 4 0 12 10 0 11 5 0 14 2 0 15 10 0 13 7 0 11 9 0 12 5 0 10 9 0 9 0 0 10 1 0 12 7f 0 12 8£ 1877 1878 1879 1880 1881 1882 1883 1884 1885 1886 1887 1888 1889 1890 461,217 476,114 507,324 528,459 545,007 561,763 584,975 608,401 626,517 631,214 645,330 649,349 , 662,248 672,750 642,576 678,730 657,232 622,016 722,752 720,528 571,568 684,880 684,400 604,016 622,176 608,176 495,120 583,792 lb, 1-39 1-43 1-30 1-18 1-92 1-28 0-98 1-13 1-09 0-96 0-96 0-94 0-75 0-87 I3J5 I3J5 I3J5 /3, /5 13,15 I3,j5 13,15 I3J5 I3J5 13,15 s. a. 5 5 5 5 3 5 2 11 2 10 3 0 3 2 3 7 3 0 3 0 3 3 3 2J 3 1 3 4* Per cent. 10 10 10, 15, 25 15, 25 15, 25 15, 25 15, 25 15, 25 15, 25 15, 25 15, 25 5, 10, 15, 20, 25 5, 10, 15, 20, 25 5, 10, 15, 20, 25

Male and Female Population over Fifteen Years (including Maoris). Per Head. Year. Total Gallons consumed. Per Head. Excise Duty per Gallon. Duty. 1880 1881 1882 1883 1884 1885 1886 1887 1888 1889 1890 308,079 316,439 327,387 342,113 357,104 364,959 374,586 382,797 385,157 392,735 398,905 2,438,000 4,624,160 4,938,240 4,758,000 4,456,240 4,402,720 4,243,760 4,264,160 4,050,560 4,402,480 4,676,240 7-9* 14-6 15-0 13-9 12-5 12-0 11-3 11-1 10-5 11-2 11-7 s. d. 0 3 0 3 0 3 0 3 0 3 0 3 0 3 0 3 0 3 0 3 0 3 £ 30,475 57,802 61,728 59,475 55,703 55,034 53,047 53,302 50,632 55,031 58,453 s. a. 1 11|* 3 7| 3 9| 3 5| 3 4 3 0 2 10 2 9J 2 U 2 9J 2 11 * For six months only. Duty imposed, 9th June, 1880.

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8.—6

Table No. 12. Statement showing the Acreage of low-lying Pastoral and Agricultural Land fit for Settlement. Acres. Auckland District ... ... ... ... ... ... 665,500 Taranaki District ... ... ... ... ... ... 334,000 Hawke's Bay District ... ... ... ... ... 284,000 Wellington District ... ... ... ... ... ... 423,000 Nelson District ... ... ... ... ... ... 160,000 Marlborough District ... ... ... ... ... 49,000 Canterbury District ... ... ... ... ... ... 90,000 Westland District ... ... ... ... ... ... 310,000 Otago District ... ... ... ... ... ... 298,000 Southland District ... ... ... ... ... ... 236,500 Total ... ... ... ... 2,850,000

Table No. 13. ESTIMATE OF GEADUATED LAND-TAX. Improvements of each owner to the value of £3,000 deducted, and an exemption of .£500 allowed when the value, less improvements, as stated, does not exceed ,£1,500, and above that no exemption allowed.

Note. —The tax is calculated on the total taxable value of an owner's is, on £5,000 at on £25,000 at lfd., and on over £100,000 at If a.

Authority ; Geoboe Didseuby, Government Printer, Wellington.—lB9l.

Persons. Companies. Total. £ £ 177,596 £ £ 27,361 £ £ 204,957 An all-round tax of Id. in the pound ... Graduated tax on £5,000 to £10,000 -Jd. extra 10,000 to 20,000 |d. „ 20,000 to 50,000 fd. „ 50,000 to 100,000 fd. „ over £100,000 |d. „ Total graduated tax 2,391 6,580 12,588 12,207 12,801 111 241 726 1,931 12,314 2,502 6,821 13,314 14,138 25,115 — ■ 46,567 ■ 15,323 • 61,890 Totals £224,163 £42,684 £266,847

DIAGRAM SHOWING OWNERS OF LAND CLASSIFIED ACCORDING TO VALUE OF LAND OWNED BY THEM.

Note.— The blue columns refer to the number of owners, and the red columns to value.