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1892. NEW ZEALAND.
FINANCIAL STATEMENT (In Committee of Supply, 30th June, 1892) BY THE COLONIAL TREASURER, THE HONOURABLE MR. BALLANCE.
Mb. Thompson,— I am glad to be able to congratulate the Committee upon the result oi last year's figures in connection with the ordinary revenue and expenditure of the colony. The figures express in terms which cannot fail to be understood that the spending-power of the people has increased, and that a more widely diffused prosperity prevails than existed for a long time previous. I shall allow them to tell their own story. CONSOLIDATED FUND (ORDINARY REVENUE ACCOUNT). Revenue and Expenditube of the Yeah 1891-92. The estimated revenue from ordinary sources was set down in last year's ] Statement at £3,986,500, to which had to' be subsequently added £5,000, tax on ; totalisator receipts, and also £282,300 from debentures issued for Sinking Fund, increases during the year: these figures give an estimated total of £4,273,800. The revenue actually received amounted to £4,361,087 16s. 6d., or £87,287 16s. 6d. more than was estimated. In the tables attached hereto will be found details of the revenue under the various heads as actually received, compared with the estimate The principal items of excess were —From Customs, £90,271; Kailways, £7,990; Miscellaneous, £4,854; and Property-tax, together with other small excesses, £4,326. On the other hand, Stamps produced £14,950, Beer Duty £2,202, and Depasturing Licenses £3,004 less revenue than was estimated. ~ . Passing on to the ordinary expenditure of the year, the estimated charges: after providing for the Supplementary Estimates amounted to £4,219,532.: The actual expenditure was, however, only £4,192,947 6s. 5d., or £26,584 13s. 7d. . less than was estimated. Full particulars connected with this expenditure will be found in the tables annexed, and also in the annual Appropriation Account. I may be permitted, however, to refer briefly to some of the larger items shown in the tables. Interest and sinking fund was underspent by £17,380, owing principally to an over-estimate of the amount required for payment of interest on 31-per-cent. stock and on debentures issued under " The Government Loans to Local Bodies Act, 1886." Subsidies to local authorities were also over-estimated by £17 239, the local bodies not having put in their applications to the extent they did the previous year. The Ministers of Mines and Lands have effected a saving of £7,531 on the votes under their control, principally made in the Stock Branch. In the Defence Department a saving of £6,299 has been effected, of which Police contributes £2,279. Other departments, including Civil List I—B. 6.
Table No. 2. Revenue 1891-92 exceeds estimate by £87,287 10s. 6a.
Expenditure 1891-92 less than estimate by £20,584 13s. 7d.
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expenditure, contribute small savings amounting altogether to £13,036. These figures produce a total expenditure less than the estimate of ,£61,485. Under the permanent Acts there has been an excess of £23,076, arising from an under-estimate of amounts payable to Harbour Boards and other local authorities, and of the amount of compensation payable to officers of the Civil Service for loss of office. On some classes the annual expenditure has been exceeded, principally in the Postal and Telegraph Department, which shows an excess of £7,586. Some other small amounts and services not provided for bring the excess of expenditure over the estimate to £34,900, the result being a net saving of £26,584 13s. 7d. Eevbnue and Expenditube of the Land Fund Account. The actual revenue amounted to £103,240 15s. 6d., while the estimate was £92,700, resulting in an excess of £10,540 15s. 6d., derived from cash sales. The estimated expenditure was £118,174; the actual figures were £120,031 ss. 4d., or £1,857 ss. 4d. more than the estimate. The Committee will remember that in last year's Financial Statement I provided for the contemplated deficiency in the Land Fund by stating I should transfer £21,820 from the Ordinary Eevenue Account to meet the estimated deficit. On the passing of the Supplementary Estimates a slight increase to the estimated expenditure took place, raising the deficit to £23,029; taking, however, the excess of receipts over the estimate, it was only found necessary on the close of the year to transfer £16,532 7s. 2d. so as to balance the cash, leaving £2,187 2s. 6d. at credit, represented by outstanding advances to imprestees. EESULTS OF THE YEAE 1891-92. It is now my pleasing duty to inform the Committee of the results of the past financial year so far as they affect the revenue account of the colony. The actual receipts, as before stated, amounted to £4,361,087 16s. 6d., and the expenditure to £4,192,947 6s. 5d., resulting therefore in an excess of revenue over expenditure of £168,140 10s. Id. This amount has, however, been reduced (in accordance with my promise in my last Financial Statement) by applying £30,000 in aid of construction of roads and bridges paid out of the Public Works Fund, and £16,532 7s. 2d. to cover the overdrawn cash balance of the Land Fund Account, and so reducing this surplus of the year's transactions to £121,608 2s. lid., a result which cannot fail to be as gratifying to the Committee as it is to me. But, in addition to the surplus proper of last year, we must add the surplus at the 31st March, 1891, amounting to £43,965 15s. 6d., after having used £100,000 to pay off our floating debt, as I indicated would be done in my Statement made in June last. Putting the two amounts together (£121,608 2s. lid. and £43,965 15s. 6d.), I arrive at a net surplus on the 31st March last of £165,573 18s. 5d., which is sufficient demonstration of the elasticity of our financial resources, and affords ample proof of the care exercised by my colleagues in the administration of the departments committed to them. If further proof were wanting it would be found in the statements of "Liabilities" and of the "Unauthorised" expenditure, both of which show the smallest record for many years past. PUBLIC WOBKS FUND. Pact I. In order to simplify the accounts it was determined to amalgamate Parts I. and III.; the balances therefore, on the 31st March, 1891, were thrown together and became the balance of Part 1., amounting on that date to £299,015 4s. 4d. In addition to this there was the asset of £62,974 Is. 3d. under section 31 of "The Government Loans to Local Bodies Act, 1886." These two amounts produced an available balance of £361,989 ss. 7d. During the past year, further debentures issued under " The Eoads and Bridges Construction Act, 1882," were converted and inscribed at a present value of £1,904 7s. 6d. under " The Government Loans to Local Bodies Act, 1886," and became an additional asset
Land Fund revenue 1891-92 exceeds estimate by £10,540 15s. 6d., and expenditure by £1,857 ss. 4d.
Surplus on 31st March, 1892, £165,573 18s. sd.
Surplus on 31st March, 1892, £165,573 18s. sd,
Tables Nos. 4 and 11.
Table No. 1. Available balance, 31st March, 1892, £299,578 95.; and liabilities, £250,063 16s. 6d.
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of the Fund. Debentures amounting to £64,000 were issued under section 81 of the last-named Act in respect of these inscriptions, and the proceeds were credited to this Fund. Some miscellaneous sums w r ere also paid in, amounting to £1,634 12s. 9d. As I have already mentioned in my explanation of the expenditure of the Consolidated Fund, £30,000 was transferred to Part I. in aid of the ways and means to assist in the construction of roads and bridges to open up blocks of land submitted for sale. Part I. was further aided during the year by receipts derived from the balance of Sinking Funds released under section 9 of "The Consolidated Stock Act, 1884." In my last Statement I indicated that the amount to be received from this source could be safely calculated at more than £300,000. The precise amount credited was £316,532 8s. 5d.; while a final settlement has not yet been come to with the Commissioners in respect of the balance of securities of the Sinking Fund of the New Zealand Loan of 1860, which are not of a liquid character. Summarising the above, the funds of Part I. have been augmented by £412,167 Is. 2d. On ordinary departmental services £312,482 5s. 3d. was spent, and, in accordance with my promise of last year, £100,000 of the Eeleased Sinking Funds was used to extinguish a portion of our floating debt. The total charges amounted therefore to £412,482 5s. 3d.; and the available balance of the fund remaining for further appropriation amounted to £299,578 9s., including the sum of £878 8s. 9d., balance of the asset under " The Government Loans to Local Bodies Act, 1886." In a separate table will be found a statement of liabilities of this Part, amounting to £250,063 16s. 6d. The Greymouth Harbour Board having obtained additional borrowing-powers to the extent of £50,000, debentures were issued for the advances already made to the Board, and the temporary assistance which had been given was thus placed upon a satisfactory footing. Paet II. On the 31st March, 1891, the available balance of this Fund amounted to, £356,107, and during the past year the sum of £79,130 0s. 4d. was expended, j leaving a balance of £276,976 19s. 8d. for further appropriation. The liabilities >. are set down at £63,806 17s. 7d. \ SUMMAEY. Although Parts I. and II. are in every respect separate ways and means, it ' may be convenient to show an analysis of their several balances and of the total i produced by the two. Thus, — j
Table No, 5.
Table No. 1. Available balance, 31st March, 1892, £276,97619s. 8d.; and liabilities, £63,806 17s, 7d.
Available balance of both parts, £576,555 8s. 8d.; liabilities, £313,870 14s. Id.
Table No. 1. Conversion Account.
CONVERSION OPERATIONS. Further papers will be laid before you showing what has been effected during the past year, while the statement of the Conversion Account itself exhibits the operations very fully. As honourable members are doubtless aware, colonial stocks were very depressed during the whole of last year; consequently it was difficult to effect sales of our stock at anything like a reasonable rate. Prices have now, lam glad to say, considerably improved, and I am advised that business has been done as high as 97, whereas
Part I. Part II. Total. iash in the Public Account .. .. .. ., 'ixed deposit in London advances in the hands of officers of the Government .. 'emporary Investments, — Guaranteed Debentures of the Loan of 1870 4£-per-cent. stock of 1884.. Government Loans to Local Bodies debentures Westport Harbour Board debentures Greymouth Harbour Board debentures £ s. d. 125,322 10 3 30,000 0 0 60,777 10 0 £ s. d. 108,878 14 3 2,098 5 5 £ s. d. 294,201 4 6 30,000 0 0 62,875 15 5 10,000 0 0 5,600 0 0 23,000 0 0 28,000 0 0 16,000 0 0 106,000 0 0 116,000 0 0 5,600 0 0 23,000 0 0 28,000 0 0 16,000 0 0 Salanee of Assets under section 31 of " The Government Loans to Local Bodies Act, 1886 " 298,700 0 3 276,976 19 8 575,676 19 11 878 8 9 878 8 9 Totals 299,578 9 0 276,976 19 8 576,555 8 8
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the point touched last year was as low as 91 ex div. Such low quotations were, of course, never anticipated when the conversion proposals were initiated : indeed, the selling price was looked upon at a minimum of 96, so as to represent a par value for debentures of .£lOO converted into .£lO4 of stock. Correspondence has taken place between the Stock Agents and the Government with respect to the possibility of making good, by the issue of new stock, the loss sustained by selling our stock below 96 ; but the Stock Agents, supported by the Agent-General, did not consider a further issue could be made for this purpose. It may therefore become necessary to ask the Committee to make some provision out of the Public Works Fund to cover the loss sustained in the Conversion Account. Ido not, however, anticipate the amount will be very large; but, until the sales of stock at present held by the Agent-General on behalf of the Government have been fully effected, I am unable to state the exact amount likely to be required. It may interest the Committee to learn what has been done, and what annual saving of interest and sinking fund has been effected, by the recent conversion operations. Briefly, the results have been these : — Debentures amounting to £589,600 have been converted into £622,633 of Inscribed Stock. The previous annual charge for interest and Sinking Fund was £45,363. The annual charge under the conversion is now £21,792, and the consequent annual saving will be £23,571. In addition to the before-mentioned amount of stock, a further small issue will have to be made so as to provide for the expenses of conversion, such as stamp duty, commission, printing, and other charges. The interest on this further stock will have to come off the annual saving. Of course this amount of annual saving is not actuarially correct, inasmuch as a sum would require to be set aside annually to provide for the increased debt at the due date of the stock; but the figures I have given of the annual saving are sufficiently accurate to show the Committee the advantage derived from the recent conversion operations. A large conversion takes place this year. £43,600, due 15th January, and £4,214,100, due 15th April, of 5-per-cent. debentures become convertible into 4-per-cent. stock at the respective values of 110 and 107. The operation will result in the public debt being increased by nearly £300,000, but there will be an immediate saving of £30,600 per annum for interest. GOVEBNMENT LOANS TO LOCAL BODIES. To the 31st March, 1892, £385,000 had been borrowed for the purpose of ordinary grants to local authorities. An additional sum of £89,000 of debentures was also created, and the proceeds transferred to the Public Works Fund, Part 1., in payment of the asset of that fund amounting to £89,878 Bs. 9d. A further sum of £8,000 was also raised under the provisions of " The Government Loans to Local Bodies Act Amendment Act, 1891," section 2, and this amount was paid over last year in partial reduction of the cost of road-making within the Maeruwhenua and Waimarino Blocks, which had been proclaimed as set apart for settlement. Of the £482,000 of debentures issued as above, £449,000 became due on the Ist March last, and were converted into Consolidated Stock debentures under the Consolidated Stock Acts of 1884 and 1891; and the operation was a convenient one for obtaining a concession in the rate of interest from 5 to 4| per cent, per annum. During the past year £89,408 was paid over to local authorities, making a total of £384,772 advanced to the 31st March last. In addition to £25,000 previously paid, £64,000 was transferred to the Public Works Fund, and £8,000 to the Government Loans to Local Bodies Account, leaving a balance of £228. Some refunds amounting to £979 came in, and £177 was received under section 4 of " The Government Loans to Local Bodies Act Amendment Act, 1891." The balance available for further grants was £1,384 at the close of the year. The amount of applications received during the past year and the liabilities thereunder, together with other information scarcely within the scope of this Statement, will be laid before members in the usual parliamentary paper.
Table No.lo.
Besults of conversion operations.
Issue for expenses.
Further conversion of £4,257,700.
Amounts raised to 31st March, 1892.
Table No. 1. Transactions during 1891-92, and balance available.
Details of transactions in separate parliamentary paper.
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THE PUBLIC DEBT. Irrespective of the accumulated Sinking Funds, the public debt on the: 31st March, 1891, was ,£38,830,850, in respect of which the charge on the Con-; solidated Fund for the year 1891-92 was £1,892,929. On the 31st March, 1892," the debt stood at £38,713,068, being £117,282 less than it was on the 31st March, 1891, and the charge on the consolidated revenue for the current year is estimated at £1,835,770. I think it will be agreeable to honourable members if I restrict myself to as brief a description as possible of the nature of the operations which have brought about the above results. The tables accompanying this Statement will give full information to those who desire to go more fully into the subject. First as to the reduction of the debt by £117,282. By means of the Sinking : Funds set free by the conversion of a portion of the debt, I have been enabled,' under the provisions of " The Consolidated Stock Act, 1884," to redeem debentures to the amount of £350,671. I have also redeemed from the same source, in accordance with my promise last year, a further amount of £100,000, making in all £450,671; and, as I have previously stated, the debt has been further reduced by £100,000 out of the surplus of the year 1890-91. The debt under " The Consolidated Loan Act, 1867," has been also reduced! by £54,500, being the amount of the bonds of that loan held by the public in ] England drawn for redemption at the March, 1891, drawing. The debt under ■ " The New Zealand State Forests Act, 1885," has been reduced by £1,000, and! the whole of these debentures are now paid off. These reductions amount in the whole to £606,171. The additions made to the debt during the year have now to be taken into! account. £282,300 of debentures, under « The Consolidated Stock Act, 1884," i were issued for the estimated increases of the Sinking Fund of the year; and ] £157,000 was raised under " The Government Loans to Local Bodies Act, 1886." By the recent conversion operations the debt has been increased by £49,589. These additions amount to £488,889, which, deducted from the amount paid off —namely, £606,171 —leaves a net reduction of the public debt of £117,282 on the 31st March last, as compared with the amount on the 31st March, 1891. Other transactions took place, arising out of the renewals of debentures falling due; but as these operations were effected at par they did not alter the amount of the public debt, although advantage was taken at the time to reduce the rate of interest being paid. As I have just stated, the public debt on the 31st March, 1892, in respect of which we are paying interest, was £38,713,068; but, as the accumulated Sinking Funds are estimated at £1,035,449, the net debt at that date is stated at £37,677,619. CONSOLIDATED FUND. Oedinaby Eevenub Account : Expenditure of 1892-93. The estimates for the year ending 31st March, 1893, have been prepared with great care, and will be presently laid before you. The expenditure proposed amounts to £4,161,397. Under the heading of "Interest and Sinking Fund" there is a saving upon actual expenditure of last year of £57,159, partly arising from the conversion operations of previous years, and the fact of a half-year's interest only coming to charge in the present financial year in respect of some four millions of debentures convertible into 4-per-cent. stock. Another saving has been effected by reducing the interest paid for the use of trust funds from 5 per cent, to 4| per cent., the Government believing that, taking into account the rate of interest prevailing in the London market, 4| per cent, is sufficient to pay the various departments in the colony for the use of these moneys. Under the head of " Special Acts " there is an increase of £11,000, due principally to having to provide for the full payment of members' honorarium, as against the lesser amount paid last year in consequence of a second session. There are increases in certain departments. In the Post and Telegraph Department the increase is £5,208, principally due to the operation of the Classification Act. In the Education Department the increase arises from the esti-; mate of the augmented school-attendance for the year, and amounts to £13,813.
Debt on 31st March, 1892, £38,713,068.
Table No. 3.
Debt reduced by £117,282.
Consolidated Loan, 1867, and State Forests Act, 1885, debentures reduced.
£606,171 reductions. Debt increased by £49,589, conversion operations.
Additions to debt, £488,889.
Debt not altered by renewals effected at par.
Sinking Fund and net debt.
Table No, 7. Proposed expenditure, 1892-93, £4,161,397.
Table No, 8. Increases in certain departments.
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There is also an increase in the Lunacy and Charitable Aid Department, caused by the opening of a new lunatic asylum at Porirua, and additional numbers of patients requiring larger supervision. The Agricultural Department, which was last year under the heading of Minister of Lands, shows an increase of ,£B,OOO. This is the first time a vote has been placed on the Estimates for the organization of this department. The increase is mainly due, however, to proposed expenditure which was last year provided in the Vote for the Lands and Survey Department, and from unexpended items of the Live-stock Department, which are again proposed for appropriation. Later on I shall have some further remarks to make on the objects and scope of the Agricultural Department. The Working Eailways Department shows an increase of £9,814, arising from extended traffic, affording an estimated increase of revenue to the amount of £18,000. I shall refer again to this subject further on. The proposed expenditure generally has been carefully supervised, and only those increases are recommended which the Government believe are justly merited by faithful and valuable services on the part of the officers concerned. In consequence of the capitation being fixed by Act the Government have no control over the bulk of the expenditure in the Education Department, and can only place before you a careful estimate of the amount required. But it will be some compensation to know that for every pound spent in this direction value is received, and a larger number of children receiving instruction in the State schools. It is a subject, of course, for regret that we should have to propose a larger sum of money for lunacy and charitable aid, but I feel sure the administration of this department will bear the strictest scrutiny, both in regard to economy and efficiency. The Post and Telegraph Service is now subject to a Classification Act. The classification of officers is virtually complete, and the salaries have been fixed according to rank in the Service. The increase, considering the work performed, is not unduly large, and is not more than officers are fairly entitled to receive. The work is growing, and the revenue is rising in proportion. The question of cable communication with Australia has received attention on the part of the department, and the Postmaster-General will take an early opportunity of bringing the subject before Parliament. On the other side there are several decreases—notably in the Colonial Secretary's Department of £14,634, arising principally from the census work being nearly completed. The Treasury also shows a decrease of £4,450, some special items voted last year being no longer required. A saving of £4,841 has been effected in the Defence Department, arising from the completion of orders for ordnance and other warlike stores. Some further small decreases make up the total to £29,593, and eliminating the absolutely necessary increases of the Education and Working Railways Departments we have a net decrease of departmental expenditure amounting to £8,051. On the whole the interests of the colony have been fully considered in the various departments, and in all cases economy combined with efficiency has been the first consideration. I ought to add that I was unable last year to provide for a sinking fund in respect of " The Government Loans to Local Bodies Act, 1886," in consequence of the absence of statutory power to enable me to set aside the moneys I had intended for the purpose. I propose, however, this year to take power by Act for an appropriation of sinking fund, and for placing the moneys in the Public Trust Office, with a view to provide for the extinction of the debt as the terms expire when the local authorities from time to time cease to pay interest. Land Fund Account, 1892-93. The estimated expenditure on this account for the year is £134,162. Compared with the actual expenditure of last year of £120,032, there is an increase of £2,125 in the first item, representing increased payment of "thirds" to local bodies. The main increase, however, —£14,523 —is in the Survey Department, the total amount this year being estimated at £109,162. This increase has after much consideration been arrived at from the necessity of providing for the work of
Proposed expenditure carefully supervised.
Capitation to the Education Department fixed by Act.
Lunacy and charitable aid.
Post and Telegraph Service subject to Classification Act.
Table No. 8. Decreases in certain departments.
Economy and efficiency first consideration.
Sinking fund for " Government Loans to Local Bodies Act, 1886," to be placed in Public Trust Office.
Tables Nos. 7 and 8. Estimated expenditure, £134,162. '
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opening up land and carrying on settlement. Many of the surveys have been for years in arrear, and the growing demand to open up sufficient country both in the North and South Islands can only be met by providing for a large increase in the staff of field surveyors. A considerable portion of this expenditure will take place in consequence of the cutting-up of runs in the South Island for settlement purposes. The department had before it the responsibility of either increasing the estimate for the surveys or leaving the survey work undone. This question was carefully considered by the Government, and they had no hesitation in coming to the conclusion that the interests of the country required that the surveys should proceed at an equal pace with the demand for settlement. The estimated revenue for the current year consists of cash sales .£44,000, and sales on deferred payments £55,000. The total amounts to £99,000. This is less than the estimate for last year, and less than the actual revenue received, which amounted to £103,241. It would not be safe to estimate for a larger revenue than I have done unless the policy of sacrificing the land for cash is resumed—a policy the Government have not thought it right to pursue. In deference to the opinions expressed last session in the House, I have not amalgamated the Land Fund Account with the ordinary revenue, and the anomaly remains of having to provide for a deficiency in this department out of the consolidated revenue. The excess of expenditure over revenue, it will be seen, amounts to £35,162, which will have to be made good by a transfer from the Ordinary Kevenue Account. I think the time is not far distant when this separate account will have to be absorbed in the ordinary revenue, and the annually-recurring deficit effaced from the estimates. There is less reason now to keep them distinct, as the larger portion of the work done by the Survey Department, and debited to the Land Fund Account, is in connection with perpetual leases; the revenue derived from these being credited as territorial revenue in the Ordinary Revenue Account of the Consolidated Fund. OEDINAEY EEVENUE FOE THE YEAE 1892-93. I have estimated the ordinary revenue for the current year at the sum of: £4,045,800, which, with debentures to be issued against sinking fund increases,: £280,300, brings the total estimated revenue up to the sum of £4,326,100, against £4,361,085 of actual revenue (including £282,300 sinking fund debentures) received last year. I have not. thought it advisable to estimate the Customs duties at the same amount as they actually realised last year. lam thus acting on the side of! caution in estimating the receipts as I have done in consequence of the large amount of imports which came to hand towards the end of the last financial year, and I have thought it advisable to base my calculations upon the actual receipts of the first half of last year. The Stamp revenue is estimated at £622,000, against the actual receipts last year amounting to £600,050. Some large estates of deceased persons will be dealt with in the present year, and the increase is principally in the way of legacy duty. The Railways have been put down at £1,140,000, instead of £1,121,990 : received last year, or an increase of about £18,000. The Commissioners have gone carefully into the prospects of the railways, and they put down this increase as the least that may be expected from this source of revenue. It will be remembered that the increase in the expenditure was" £9,814. The Depasturing Licenses and Rents, termed " Territorial Revenue," are esti- '. mated this year at £195,000, against £206,196 received last year. The decrease of no less than £11,196 in this item may be briefly said to be due—(l) to rents paid in advance early in March of the last financial year; (2) to the selection by the Midland Railway Company of some of their Canterbury area; (3) to temporary loss on runs resumed in Canterbury, Otago, and Southland, which may not be relet or disposed of during the current financial year. There will be an increase in small-grazing-run and perpetual-lease rents, which will partly compensate for the loss, but on the other hand the miscellaneous territorial revenue will be smaller.
Estimated revenue, £99,000.
Not safe to estimate larger revenue.
Table No, 9, Estimated revenue, £4,326,100 for 1892-93.
" Customs " not estimated on actual receipts of last year.
Stamp revenue.
Railways.
Territorial.
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One of the principal items of the Consolidated Eevenue Account is the Land- and Income-tax. In my Financial Statement of last year I estimated the amount which would be derived from this source at about £350,000, and I have adopted that amount in the present Estimates. In making the forecast of the amount to be received I had calculated, in order to maintain our finance, on the realisation of a sum nearly equal to that which was obtained from the property-tax, which last year realised £356,741. The exact amount which the land- and income-tax will produce has not yet been ascertained; but I have obtained figures approximating closely to the actual amount which I think we shall receive in the present year, and I have the gratification to inform the Committee that, taking the various sources from which the tax will be derived, the estimate will be realised. I shall refer again to the subject. THE ESTIMATED EESULTS OP THE YEAE 1892-93. As I have already stated, the net surplus brought forward from last year amounted to £165,574, after paying off £100,000 of floating debt, and transferring £30,000 to the Public Works Fund for construction of roads and bridges, and after having made good the deficit of £16,532 in the Land Fund Account. The estimated amount of revenue for the year is shown at £4,326,100, making a total revenue of £4,491,674. The estimated expenditure, as I have shown, is £4,161,397, and, deducting this from the revenue, we have an estimated surplus of £330,277 at the end of the present financial year, subject, of course, to any supplementary estimates. THE ACQUISITION OF NATIVE LANDS. The time has, I think, arrived when the Native lands, which are rapidly increasing in value from the progress of colonisation going on around them, should pay the same taxation as other private lands are called upon to contribute to the Treasury and to local bodies, or a certain proportion of them should pass into the hands of the Government at a fair price and be used for purposes of settlement. The Crown lands available for settlement are rapidly becoming exhausted; and the question becomes pressing,—What is to be done with the comparatively large tracts of Native land remaining in a state of nature, barring the march of progress, and contributing nothing in return for the benefits conferred by the industry of the colonising race ? What the Government may do with least opposition, and in the shortest time, is to acquire some of this territory by purchase. The Native owners have not been unwilling to sell, and larger areas might have been obtained if funds had been available. In no case should the owners be deprived of their land so as to leave them destitute ; but, subject to this important reservation, the Natives might be asked to hand over for a sufficient price certain blocks to the Crown. If this be done, and the work of settlement allowed to proceed in Native territory, the rating of Native lands might be deferred. It is accordingly proposed to submit to Parliament for consideration a measure intended to provide for the acquisition of Native lands to an extent not exceeding an expenditure of £50,000 a year, on a.self-acting principle which will permit one-half the purchase-money to be invested as an endowment, bearing interest at 4 per cent., for the benefit of the owners. Thus the tribal owners will, in the first place, be provided with sufficient reserves to enable them to protect and maintain their material independence, secure from the possibility of want; and in the second place every seller will have had secured to him an annuity for life transmissible to his descendants. Both colonist and Native may, in this way, combine to carry out a scheme which will secure on the one hand the settlement of the country, and on the other the permanent welfare of the Maori people ; and which will have the effect of gradually bringing both races under the one law. THE ACQUISITION OF PEIVATE LANDS. The Government believe it to be a matter of the first importance that the work of colonisation should be renewed in many parts of the colony where
Land- and income-tax.
Table No, 7, Surplus at end of 1892-93, £330,277.
Acquisition of Native lands.
Proposal to acquire Native lands.
Acquisition of private lands.
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landed monopoly prevents the increase of population, or where the con" solidation of estates drives people into the towns or out of the colony. To acquire land to be settled in moderate-sized and small areas, a Bill has been prepared to enable land to be purchased, subject to such checks and safeguards as will absolutely prevent the possibility of the system being abused. For the present the measure need not provide for the compulsory taking of land. This may become necessary in the future, but it is believed that voluntary sale will provide sufficient land to enable the system of re-colo-nisation to be fairly tried before another step in advance has to be taken. The argument generally urged against the purchase of private land for settlement is twofold. It is maintained that while there is Crown land still open for sale in any part of the colony it is not a wise policy to make purchases of private estates ; and that it is impossible to provide protective checks sufficient to prevent abuses arising in the purchase of private lands. To the first contention it may be replied that, if land is not available for settlement in Canterbury or Otago, the unplaced population may prefer an Australian colony to another part of New Zealand; while, with regard to the second objection, the settlement of the land by a numerous population paying a 5-per-cent. rent on the price is a complete answer. It is also beyond dispute that the cultivation of small areas enables a higher rent to be paid than the cultivation of large ones. In this instance the State, as coloniser, seeks no profit save the indirect profit and national advantage of a thrifty and industrious people contributing their fair share to the general revenue of the colony. The Government, looking to the absolute requirements of the South Island, attach the greatest importaace to this measure, and hope Parliament will determine to give it the force of law in the present session. LAND- AND INCOME-TAX. The Committee will no doubt be glad to learn some approximate results of the assessment of land and income. Obtaining returns of income has been a difficult matter, chiefly because there was no trustworthy information as to per-. sons who should pay income-tax, and consequently forms could not be delivered. Again, many persons who should send in returns are more or less in ignorance of the provisions of the law : hence they have not forwarded them. However, enough information has been gained to indicate that it is not probable that the estimates of £40,000 from business, and £15,900 from emolument and employment (founded on 6d. up to £1,000, and Is. above this amount, with an exemption of £300), will be reached. Ido not anticipate that the result will be seriously below the estimate, for it is expected that the number of returns will be largely augmented, and an examination of many of the incomes and the deductions therefrom will result in material alterations in the direction of a larger assessment. The estimate of £47,000 for companies will probably be somewhat exceeded, but exact figures are not yet at my command, though I am able to say it is certain that the estimate will be reached. The graduated land-tax may be set down as about equalling the estimate, < and may be taken as producing £60,000 —possibly more ; for here again the exact' figures are not obtainable, in consequence of the reductions made by Boards of Review not having yet been taken into account. The ordinary tax on land—that is, on mortgage and on land less improvements to the value of £3,000 for each owner, and certain deductions by way of exemption —was the part of the new scheme of taxation thai} was most severely attacked by the opponents of the Government. My forecast of the result was freely criticized. It was alleged over and over again that the calculations must have been made on a wrong basis ; elaborate statements were prepared to prove that I had been over-sanguine, if not reckless ; and I understand that it has been by many looked on as certain that I should have to announce a serious deficit in this source of revenue. I was aware that the assessment of improvements would be a difficult process, and that owners and assessors would frequently differ widely in their calculations as to the value of improvements the benefit of which was exhausted. I have pleasure in stating that information has been most readily accorded by the great majority of owners, and they have assisted the officers of the department
Approximate results of land- and income-tax.
Graduated land tax.
2—B. 6.
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10
in arriving at the fair value of land and the improvements thereon. lam able to state with confidence that the assessment is the best and most accurate that has been made in the colony, and I am happy to inform honourable members that the result has been so far satisfactory that there will be a surplus under the head which will secure a small excess on the whole scheme. When further information is obtained, I shall submit some amendments in the Act for the consideration of Parliament. CIVIL SERVICE PENSIONS. The Committee will not be prepared for any proposal which would revive the system of pensions which was repealed in 1871, subject to existing or accrued rights at the time. Yet it has not been unrecognised that some provision should be made for those who have spent the best of their days in the service of the country, and have arrived at the time of life when they should give place to younger and more vigorous men. The Government are of opinion that the Civil Service in this respect should be placed in a position of self-reliance, not dependent on what might be considered a gratuity, but contributing out of their salaries a certain proportion—about 5 per cent.- —that would go to build up a fund out of which insurances and pensions or annuities would be paid on a definite scale. I have therefore the satisfaction of informing the Committee that the Government Insurance Department has prepared tables, copies of which will be placed before Parliament, providing for an insurance equal to a year's salary should the officer die before the age of sixty, or a life annuity commencing at that age, when he will be expected to retire from the Service. Should he be retired before that age, not from ill-health, he will also be entitled to compensation from the Fund, varying with the length of service, but, after a few years' service, amounting to considerably more than the accumulated deductions from salary. If he is incapacitated from ill-health, payment will be made out of the Consolidated Fund of a month's salary for each year of service, and this is the only liability that will fall on the general revenue. It must occur to the Committee that, if a man should die immediately after commencing to draw his annuity, under ordinary circumstances great hardship must result to his family ; but such a contingency is provided against in the proposed scheme by allowing the insurance policy, in addition to the annuity or pension, to remain in force after the age of sixty, by applying the profits of the fund to that purpose. One great advantage of the scheme lies in the fact that the Insurance Department will secure a high rate of interest to the fund, in all probability considerably over 5 per cent, for many years to come, which it is able to do by taking the average rate of its investments. Under " The Civil Service Eeform Act, 1886," the deductions are invested in the Public Trust Office at 4 per cent., so that the advantage supplied by the Government Insurance Department is at once apparent. Every person entering the Civil Service after the Act comes into force will be under the system, as well as every person up to a certain age, to be fixed : hereafter, who has entered the Service since the passing of " The Civil Service Eeform Act, 1886." It will be optional for others to join the scheme. At the end of every three years the profits will be divided among the insured, being applied to either increase the annuity or extend the insurance, as may be preferred. But we have gone even further, and have provided that any class of permanent Government servants — police, printers, school-teachers, labourers, railway employees, messengers, or others—may by regulation be brought within the limits of the scheme. There is power in the department to issue policies to meet the special conditions of any class, and it will be possible to adopt and put in force such scale of pensions and allowances as may be found to be particularly suitable under any given circumstances. The general scheme will be open even to outsiders, and. any one desirous of coming under it may do so on passing the necessary medical examination, which the Insurance Department will waive in the case of those Civil servants who are compelled to join. A Civil servant leaving the Service may of course remain insured and become entitled to the deferred annuity by continuing to make the necessary payments. If a
Proposals relative to Civil Service pensions.
Advantage of scheme secured through the Government Insurance Department.
Officers appointed under the Reform Act and those under proposed Act to be included in scheme. Optional to others.
Scheme to be open to persons outside the Civil Service.
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person leaving the Service wishes to withdraw, he may claim the surrender value of his policy, which, after some years' service, will be very large as compared with his accumulated deductions. The proposal I have here submitted affords fair prospects to every young man or woman entering the Service, and, to those who have not advanced beyond middle age, sufficient inducement to prefer the system of providing for old age and accident to any other at present available. To the general public the attraction may become great enough to induce a fair proportion to participate in its advantages. The Civil Service Bill, together with illustrative tables, will be brought down without delay. CLASSIFICATION. A system of classification of the Service has been embodied in the same measure. The time has arrived when the promotion and the classification of officers should be reduced to some sort of order intelligible to Parliament as well as to the public. It is not intended that any permanent additional burden should be placed on the country : on the contrary, we believe a sound system of classification, stimulating to exertion by inspiring the hope of reward, and giving to merit its just deserts, will promote economy and efficiency at the same time. A youth entering the Service will get yearly increments until he rises to the top of the Third Division, receiving then £180, when his salary will stop until he is promoted as being qualified for a higher position. But, of course, any one of exceptional merit may be sooner promoted from any of the classes. By Order in Council, any of the public services, including railway employees, police, and school-teachers, may be included in the Civil Service and partake of its advantages. PUBLIC TRUST OFFICE. The legislation by which during last session the administration of properties placed in the Public Trust Office was facilitated, and the integrity guaranteed by the colony of the capital funds, which, arising from these properties, can be invested at option, has powerfully attracted the attention of all classes of the people to the importance of the institution, and has raised it in the public estimation. This legislation will, it is confidently anticipated, bear large fruit in the future. I shall ask the Committee this year for a sum of £1,717 to make good a deficiency of capital arising from the realisation of securities for past investments. It is possible a further deficiency of £3,200 will result from the realisation of: securities yet unsold; but no demand on account of these will be made until : realisation takes place, and the actual amount required is shown. The business of the year exhibits a considerable increase over that of the: previous year. There were on the 31st March last 3,185 properties or estates : under administration, of a total value of £1,461,163, as compared with 2,916 on the 31st December, 1891, of a total value of £1,436,027, and 2,491 on the 31st December, 1890, of a total value of £1,393,413. GOVERNMENT INSURANCE DEPARTMENT. The Government Insurance Department continues to make satisfactory progress, and shows an increase in the new business for the year, while there is ] at the same time a diminution in the ratio of expenses, and a marked decrease in the number and amount of the lapsed policies. The amount of new business reached in round numbers was £700,000. The . income for the year was £330,895, being an increase of £17,470 over the previous year. The accumulated fund has increased during the year by £132,603, and by December next will probably exceed two millions sterling. The valuation for the five years ending with 1890 was duly made by Messrs.; Bailey, Hardy, and King, Consulting Actuaries to the department in London, ( to whom the data were despatched in March, 1891. The results of their in- ' vestigation were cabled from London at the end of October last, and disclosed a surplus of £239,475. This result is all the more gratifying inasmuch as the valuation was more severe than on any previous occasion, the computations
Civil Service Bill.
System of classification embodied in Civil Service Bill.
Importance of Public Tru3t Office.
£1,717 required to make good deficiencies ariaing out of past investments.
Business of the year.
Government Insurance Department continues to make satisfactory progress. Amount of new business,
Result of quinquennial investigation, December, 1890.
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12
being on a 4-per-cent. basis, instead of 4J per cent, as formerly. The report of these gentlemen will be laid before Parliament in conjunction with the Commissioner's annual report; and attached will be an independent report and valuation made by Mr. Morris Fox, the Actuary of the department, and completed by that officer as early as April of last year. The surplus reported by Mr. Fox was .£6,823 less than that of Messrs. Bailey, Hardy, and King, the relatively trifling difference being due to extreme caution on the part of Mr. Fox in estimating the liabilities under the department's policies, leading him to constitute some small additional reserves which the London actuaries do not appear to have thought it essential to provide. I am pleased to be able to state that the Commissioner informs me that another official valuation made by Mr. Fox for the year 1891 shows that the rate of profits is fully maintained. I have made inquiry into the position of the department, and am enabled to say that it is in a satisfactory condition, and that its management displays both competency and carefulness. BUEEAU OF INDUSTEY AND LABOUE. The Bureau of Industry and Labour which was founded in June of last year for the purpose of regulating the movements of labour, has fully answered the anticipations of the Government. The number of persons who found employment up to the beginning of June (about twelve months) was no less than 2,974, of whom 2,000 went to private employment and 974 to public works. The number of agents, mainly appointed from among the police, is 189. Experience has shown that, with comparatively few exceptions, those who have sought the assistance of the department have been anxious to obtain work, and have readily turned their hands to any class of labour open to them. The total cost of the department has been £2,318, out of which £1,700 was paid for railway fares, the salaries only amounting to £339. Deducting the amount paid to the railways, and some refunds received from the men who have been found employment, the net cost of the Bureau for the year's operations is £990. The working-classes have recognised the value of the department in preventing the depreciation of wages through the congestion of labour in the cities and certain districts, and have cordially co-operated with the Government in making the Bureau a practical success. It is the intention of the Government to establish in connection with the department one or two State farms in different parts of the colony, where unemployed persons not fitted for arduous employment may find suitable occupation. These farms, it is believed, can be made self-supporting, and will find employment for a class of industrious people who now find it difficult to hold their own physically in the battle of life. The Government have attached so much importance to the work which is before this department that they have constituted a portfolio of Labour, my colleague the Minister of Education, who has administered the Bureau from the beginning, being the first Minister of Labour. AGEICULTUEB. The Government have proceeded, in accordance with the expressed intention of my colleague the Minister of Lands last session, to organize a Department of Agriculture, and have appointed as Secretary the officer who has performed his duties so satisfactorily as the Chief Inspector of Stock, and who is particularly qualified to be the permanent head of the new department. It will be the duty of this officer to collect and distribute information on subjects connected with agriculture among the settlers by means of lectures and pamphlets, and generally to study and promote the welfare of the farming community. Aid has already been given in developing the dairying industry, and it is proposed to continue giving instruction in this subject. It is satisfactory to note that there is a large increase in the export of dairy produce during the past year, and, from the reports received from Home, the prospects for this next season are very encouraging. Complaints have been made in a few instances of false packing and branding, and it is the intention of the Govern-
Bate of profits for 1891 fully maintained.
Bureau of Industry and Labour.
Cost of department.
Value of department recognised by the -workingclasses.
Department of Agriculture organized.
Dairying industry.
13
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ment to introduce a Bill dealing with this and other matters appertaining to this important industry. A Fruit Expert was appointed late last year, and, although only a short time in office, he has visited and lectured in some of the fruit-growing centres of the North Island, Marlborough, and Nelson. Circulars have been sent out from time to time bearing on this subject, inviting information as to the different methods employed in combating the different pests affecting this industry. A great many replies have been received, and advice given in return. The Government are now considering the question of enlarging the usefulness of the experimental farms, and an endeavour will be made to establish several of these useful aids to settlers in determining what trees and fruits to grow. Bills will also be introduced dealing with the adulteration of manures, the destruction of noxious weeds, and the giving greater facilities in the way of draining agricultural lands by providing a system of local administration. SETTLEMENT. The progress of settlement may be estimated from the following figures, which give the transactions in land during the past year: Pastoral country leased, 1,004,416 acres, in 206 runs; settlement lands leased, 286,758 acres, in 1,033 properties; settlement lands sold on deferred payment, 42,573 acres, in 259 properties; settlement lands sold for cash, 40,838 acres, in 420 properties; town lands sold for cash, 91 acres, in 161 properties: total lands dealt with, 1,374,671 acres, in 2,079 properties. The revenue collected was £324,470, including £1,954 in scrip, but not including £25,666 collected on behalf of endowed bodies. The area opened for optional selection during the year was 407,957 acres; and the area proclaimed for small-farm associations was 99,250 acres, but the applications approved during the year were for 342,000 acres, the membership being 1,741. These figures represent the value of the work which is being performed in the settlement of the country, and are an indication of the progress which may be expected when the lands being taken up are occupied and contributing their quota to the export trade of the colony. CO-OPERATION IN PUBLIC WOEKS. The system of carrying out public works on the co-operative system, inaugurated by my colleague the Minister for Public Works immediately upon < the Government taking office, has been in every respect successful. The principal object of the system was to supersede sub-contracting, and prevent the " sweating "so often resorted to by the contracting middleman. Before the new system was thoroughly understood it was objected to on the alleged ground that it interfered with the ordinary labour-market; but as time went on, and the Labour Bureau was able to equalise the supply and demand of laboiir throughout the country, the false impression was removed, and the construction of public works upon a system of co-operation has become a permanent institution in New Zealand. THE QUESTION OF BORROWING. I have now to ask the attention of the Committee to the subject of providing funds to carry on public works in the future. The question may be asked, —Can i the colony afford to bring to a termination the construction of roads and bridges : which alone enable settlement to proceed on the public lands, or would it be a wise policy to hang up many of those lines of railway that are now approaching a paying point ? To say that we should sit down content with such partial results would surely be considered the quintessence of folly. It is true our debt is great, and the population to bear the burden comparatively small. We have marched for twenty years at a furious pace, too severe to last; and we have piled up obligations which should make sane men pause. But we find nothing in what we have done to cause us to abate one jot of hope, though we see much to make us reflect on the course we have taken, and to ask ourselves whether it is not possible to shape our destiny by different means. The possible
Fruit industry.
Experimental farms.
Bills to deal with adulteration, &c.
Progress o£ settlement.
Area opened or settlement.
System of cooperation.
How to provide funds to carry on public works.
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14
only, it must not be forgotten, is within our reach, and, after all, what we may attempt is circumscribed within narrow limits. I have propounded in other places a financial policy of self-reliance, and shown the necessity for weaning this colony from a servile dependence on foreign dealers in money. Ido not think it would be wise, even were it feasible, to attempt to raise another English money-market at the present time. Our securities are as high as those of any Australian Colony; and this standard has been reached probably because we have boldly announced the policy of not offering our friends any more paper for a period: we propose therefore to keep faith with this announcement and to refrain from placing any loan on the English market. The same objection, however, that applies to foreign loans does not apply to borrowing within the colony, and. I believe it possible to place a moderate loan at a reasonable rate of interest, extending over some time, without any difficulty. It may be said that the securities would find their way to England, or that the absorption of so much money would tend to make it dear in the colony. These objections are not very formidable. Money will flow to where desirable investments are to be found, and if the industries of a country are in a prosperous condition they will not be neglected for the want of means for their further development. I have assumed that the people of the colony have not come to a determination that all public works shall cease from this time forth, or that stagnation shall be the order of the day, or that Parliament shall take no further thought of the demands of the colonising spirit. If my interpretation of colonial patriotism and aspirations is correct, we must continue to open up land for settlement by means of money spent on roads and bridges; we must still continue, slowly it may be, to take our railways forward to those points where they will serve the purpose of tapping districts of high producing capacity. The Government, after much careful deliberation, believe this to be the mind of the country at the present time ; and the only question that remains, therefore, is, —How are the ways and means to be provided ? With equal deliberation the Government have also come to the conclusion that a loan can be avoided by devoting sufficient out of the surplus revenue of the Consolidated Fund for the year to carry on public works at a rate that will satisfy the march of progress. The sum of £200,000 will accordingly be transferred from the surplus revenue to the Public Works Fund in convenient amounts from time to time within the year. Of course this limit means a reduced rate of expenditure, and it will impose great care, moderation, and self-denial on honourable members. But by way of compensation, if this be needed, it also means that for the first time we have determined on a policy of true Self-reliance —the only policy, I firmly believe, to make this a great country. Whether the policy thus inaugurated can be continued will depend on circumstances which may be beyond the control of Governments or Parliaments, but we confidently ask for it that sympathy and support which it has a right to claim from every man who wishes well to New Zealand. THE SUEPLUS APPEOPEIATED. The practice of the Government has been to devote out of ordinary revenue sufficient to cover the anticipated deficiency in the Land Fund, and I shall have to transfer for this purpose about £36,000 out of the surplus of the year. To give effect to our policy of carrying on public works out of revenue instead of borrowing, ,£200,000, as I have indicated, will be transferred from the Consolidated Fund to the Public Works Fund. Deducting this £236,000 to be transferred from the anticipated surplus of £330,000, we have the sum of £94,000 left to provide for Supplementary Estimates and contingencies, which will be ample to meet all probable charges over and above the votes on the ordinary Estimates. THE TABLET. The Government had at one time hoped to be able to deal with the anomalies of the tariff in the present session; but in the presence of the great mass of details which had to be worked out, the number of important measures of policy which have to be dealt with, and the urgency of a state of transition
Borrowing within the colony.
£200,000 to be transferred from surplus revenue.
Self-reliance policy.
Surplus appropriated.
Alteration of tariff postponed,
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15
in carrying into effect our new taxation proposals, we have been reluctantly compelled to postpone dealing with the question to another session. I am inclined to think that, in order to obtain and assimilate information from the different parts of the country, a Select Committee, as on former occasions, might be able to perform valuable work. The reduction of the duties on the necessaries of life must be dealt with as part of the tariff revision. If our policy is not to borrow money for the construction of public works, it is evident we shall not be able to part with revenue. If duties are to be taken off the necessaries of life which cannot be produced within the colony, an equivalent must be sought for in a higher scale affecting those articles that can be manufactured by our own people. It may then be anticipated that to the extent we are able to develop, in consequence of a higher duty, the young and growing manufactures of the colony, the revenue generally will show signs of a greater elasticity, and makeup for any loss occurring through a falling-off in the imports of the articles protected. In connection with this matter I need hardly bring to the attention of the Committee the fact that the money we shall be spending this year out of revenue on works will be largely devoted to provide employment for those who might otherwise be idle, thus keeping up the standard of wages. It is more important that work should be found for all than that certain articles of consumption should be a little less in price, however much we may appreciate the advantage of cheapness. The Government have given in all these matters the first consideration to the problem of finding full employment for the people : the improved state of the labour market, the emigration returns, and the general prosperity show how far they have been successful. So essential do we consider it that no revenue should be parted with at the present moment, we have postponed for a time the change we contemplated last session of reducing the postage. FINANCIAL AEEANGEMENTS. The more the inequalities of the subsidies to local bodies are considered the more desirable it appears to me that the intentions of the last Government to bring them to an end should be carried out. The change ought not to be made without notice, and time should be given to make other arrangements ; but I think the local bodies ought to be prepared next year to give up one-half the amount of the present subsidy, and that in the following year but one the remainder should disappear. The amount last year of the loans to local bodies shows no signs of diminishing, and already in the present year the applications are in excess of those registered at the corresponding period last year. The rate, as the Committee is aware, is 5 per cent., and the borrowing bodies cease to pay interest at the end of twentysix years. If the sinking fund is not adequate to redeem the debentures when the interest-paying time expires, the charge, of course, will fall on the Consolidated Fund. Now, I shall provide for this contingency to some extent by making provision to pay 1 per cent, out of the Consolidated Fund to an account in the Trust Office. Another J. per cent, has begun to accrue by a reduction in the interest paid by the Government for the money required to make the grants. It was originally contemplated that the money would be borrowed at 4 per cent., but 4J per cent, is the rate being paid for the use of the funds so employed. I propose to make the Sinking Fund complete by taking an equivalent from the Land Transfer Assurance Fund accrued in the Public Trust Office. If we borrow to lend to the local bodies —the interest payable to the colony ceasing at a given time —we ought to provide against the day of reckoning. The consolidated revenue is liable for any charge against the colony for defective titles under the Land Transfer Act, but the Assurance Fund, which has accrued to the extent of some £80,000, is more than sufficient to meet any possible claim. The Agent-General has been able to conclude a satisfactory arrangement ( with the Bank of England under which the money to pay interest on our debt ■ may be lodged only two days instead of ten before it falls due, and the effect will be a saving of about £1,000 a year to the colony. To enable the arrange-
Essential that present revenue should be maintained,
Subsidies to local bodies to be reduced next year.
Proposal for a sinking fund.
Concession by Bank of England.
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ment, however, to be carried out, the Guaranteed Debentures now in the hands of the Agent-General will have to be deposited at the Bank. The balance of the Public Works Fund is invested in these debentures, and, to enable the agreement with the Bank of England to be given effect to, I shall ask for an extension of the limit of Treasury bills by nearly the same amount as the debentures, which will then be free and available to be used in this or any other manner found desirable. The amount of the Guaranteed Debentures at present in the hands of the Agent-General is ,£476,000. Another colony, South Australia, has thought it necessary to deal with unclaimed deposits which have lain for a number of years in the banks. I shall introduce a somewhat similar measure on the same subject, the object of which will be to transfer to the Public Trustee deposits and other moneys which, by lapse of time, appear not to be in the least likely to be claimed by their owners. I have given careful consideration to the relation in which insurance com- ' panics whose shareholders reside mainly in other countries stand to those which have their headquarters and shareholders in the colony; and I propose that, as a guarantee of good faith, all the companies that are in the former category should make a deposit of a certain sum of money in the Public Trust Office, upon which they will receive interest at 4 per cent. In the case of life offices, the amount I propose for each is £25,000, and fire offices £10,000. Considering the advantages enjoyed by these offices, I cannot think any reasonable or valid objection will be offered to what is only a measure of precaution in the case of some of the smaller ones, and of fairness to all. THE WOEK OP COLONISATION. If I bring together the various amounts of money, under different heads, paid last year for the opening-up of the country by means of roads and bridges, apart from railways, the Committee will understand the heavy obligations resting upon the colony, and the great necessity for seeing that the expenditure is made only on the most reproductive works. The expenditure under the several heads was as follows— £ s. a. On various roads ... ... ... ... 30,698 1 9 On roads to open up lands for sale ... ... ... 27,992 15 11 Lent to local bodies under Act ... ... ... 89,408 0 0 Subsidies ... ... ... ... ... 47,760 15 3 "Thirds" and "fourths" from deferred-payment and perpetuallease sales paid over to local bodies... ... ... 34,180 4 4 Eoads to give access to lands adjacent to the North Island Main Trunk Eailway ... ... ... ... 30,220 0 1 Total ... ... ... ... £260,259 17 4 Here is a total outlay of £260,259 17s. 4d. provided by the Government for roads and bridges which seems to have become necessary to carry on the colonisation or settlement of the country. It is probable that so large an expenditure will be found to exceed our means, and that it will have to be curtailed. But the work of placing people on the Crown lands cannot stop; and money will have to be provided to open up new country. I have shown how we propose to achieve the object in the present year; and I have only to repeat, what has already been urged, that some self-denial on the part of districts will have to be exercised, while the duty will be cast on the settlers of assisting themselves to the utmost of their ability. The Government will do their part, but their power is necessarily limited, and all must combine to bring about those results on which the common prosperity depends. CAPITAL AND ITS MOVEMENTS. I may be allowed, before concluding, to say a few words on a subject which has occupied the attention of a good many people during the recess. I refer to the alleged departure of capital from the colony in consequence of the taxation proposed by the Government and accepted by Parliament last session. It is difficult always to obtain accurate data respecting" the movements of private
Unclaimed moneys in banks.
Insurance companies to deposit cash in the Public Trust Office.
Expenditure of £260,259 17s. ii. on roads.
Money must be provided to open j up new country. ( i
] i Alleged departure of capital j from the colony.
17
8.—6
capital, and I shall not venture to indulge in guesses. There seems no reason, however, to suppose that there was any unusual flow of capital either out of or into the colony, and I have found no evidence of the rate of interest increasing. Capital in abundance has been forthcoming for genuine industries, one of the greatest of which is the preparation of land for settlement, and this has gone on with greater vigour than perhaps in any previous year. I have never thought land or other booms a sign of healthy progress; and there is no reason for . rejoicing when capital runs wildly into all kinds of speculations. The reaction from such a state of affairs is inevitable, and brings ruin to great numbers of people. If the cry about capital being frightened has had the effect of deterring persons who possess credit from " hasting to be rich," it has probably done good. A remarkable feature about this tender regard for the capitalist is the preference shown for the foreign over the colonial money-lender. At one time I thought the agents of the foreign loan companies had formed a syndicate to decry the credit of the colony in order to raise the rate of interest, but I subsequently came to the conclusion that the agitation in the first instance was the result of pure selfishness at the prospect of a little further taxation, maintained later on by some genuine alarm at the consequences which it was industriously stated would ensue. Some of the leading London papers —such as the Times and the Economist —had been grossly misinformed by persons writing from the colony of the facts respecting the land- and income-tax; and equally crass and misleading were the comments. I notice the Economist (April 23rd, 1892) has tried to undo some of the mischief it no doubt caused by its mistakes, in the following admission: "It is also understood that, in the case of recent legislation in New Zealand, the interpretation of the class-taxation clauses of the Land and Income Tax Assessment Act will be less detrimental to imported capital than the debates upon that measure, and even its wording, had led Anglo-New-Zealand capitalists to expect." It could hardly be expected that the financial specialist would make its recantation in more direct terms. The truth probably is that, if every one of these foreign loan companies now trading in the colony, which have been making such a noise, were to withdraw its capital as the mortgages fell in, it would make hardly any perceptible difference in the rate of interest, and none whatever to the prosperity of the colony. The "sensitiveness of capital" really means the selfishness of capital, and not always the enlightened selfishness on which Adam Smith based his " Wealth of Nations." When its withdrawal leaves a vacuum it is marvellous how soon that vacuum is filled: indeed, capital may be said to abhor a vacuum. By way of illustration, I will give the Committee an instance in point of what does occur : A large loan company that is said to be withdrawing from the colony declined to renew a 7-per-cent. mortgage,—one of considerable amount, — with the result that the mortgage was immediately taken up by a Sydney association at 6 J per cent. The lesson is that if we have got the security the capital will be forthcoming, even in spite of party cries. The money-lending power of persons in the colony is much greater than is generally supposed; and it is not always that these lenders are able to find investments. The depositors in banks, the children who invest their small savings in the Post Office, the persons who insure their lives with the Government, the widows and orphans whose worldly property is in the Trust Office, are all lenders, receiving their interest in the colony and spending it where they receive it. Would the foreign loan companies be content, as some of our colonial lenders have to be, with 4J per cent, on their money ? The colonial capitalist himself is not so rare a species as may be implied in the talk about the exodus of capital, and is doubtless prepared to improve his position and the colony's at the same time by finding employment for his money. From what I have said on this question, I desire that it may be understood; that the only safe policy for the colony is one of Self-reliance —one which fosters \ colonial enterprise and creates a colonising spirit; which recognises that the ] capitalist equally with the labourer must be identified, by residence and fulfilling all the duties of a colonist, with the progress and destiny of New Zealand. But, above all, it is essential that the Legislature should be free to effect: those reforms it may resolve upon without obstruction from outside influences. \ The Parliament of New Zealand has already shown that it prefers the interests
. Taxation pro- - posals misunder- - stood by London > journals.
Temporary withdrawal of capital does not affect prosperity of colony.
Money-lending power in the colony is greater than is supposed.
The true colonist identified with the progress of New Zealand.
Legislative freedom to effect reforms.
3—B. 6.
8.—6
18
of the people it represents, and I cannot believe it will retire humiliated and beaten before the menaces of a sordid self-interest which resides outside the sphere of its dominion. CONCLUSION. I have sketched in outline the financial policy of the past year, and have indicated the provision we have made to carry on the public service for the year on which we have entered. In many directions the Committee will have seen evidences of strength and progress. It was no small thing that we were able to pay off .£200,000 of the floating debt in one year, one-half the amount coming out of revenue; that we should have devoted. £30,000 out of revenue for roads and bridges, and made good from the same source the deficit of the Land Fund. Above and beyond this, I have had the gratification of announcing a splendid surplus of £165,000 brought over from last year, due partly to the improved position of the great body of consumers who contribute to the revenue through the Customs, and partly to economical administration. The people had more to spend and have had the courage and heart to spend more in this direction than in previous years. Economy on the expenditure side is seen in the " Unauthorised," which is the smallest on record; while the " Liabilities " have also touched low-water mark, showing that payments were promptly made, and none held over. Many of the difficulties attending industrial employment have been overcome, and what has been accomplished may inspire us with the hope that the time is not far distant when a satisfactory solution of the labour problem will have been discovered. In the introduction of a new system of taxation many obstacles stood in the way and had to be overcome. The result on the whole has been as successful as the strongest advocate of the principles on which it is founded could have desired. The great departments of the Government have been administered with vigour and prudence. The lands have been disposed of for the benefit of the people, and not in the interest of speculators ; and checks, as far as the law allowed, have been placed on monopoly. The difficult and delicate task of converting some of our loans has been satisfactorily performed through the agency of the Bank of England. Coming to the current year, proposals are submitted for the acquisition of Native and private lands for the purpose of settlement. A system of pensions and insurance for the Civil Service is proposed which entails neither expense nor liability to the colony, yet is sufficient to provide an independence in old age, or material assistance to the family in case of death. Public works have been provided for out of surplus revenue, after every obligation has been discharged. The people are beginning to recognise that New Zealand affords as much chance of employment within its own shores as any other country, and the loss of population through greater attractions in neighbouring colonies is in all probability at an end. There is, however, still much to be done to promote the comfort and happiness of our fellow-colonists, for whom as legislators we are the trustees. I have noticed at some length the policy of Self-reliance on which we have entered, and it will be unnecessary, in conclusion, to do more than remind the Committee of the state of affairs from which we are trying to emerge, and of the opinions widely entertained of this colony but recently in the capital of the Empire. It is not more than five years since a powerful journal—the London Standard —wrote of New Zealand in these terms : " Here is a colony wasting millions of loans because it could not pay its way without them. A colony in the true sense is not what we find, but a soil in the grasp of speculators—a people huddled into town, dependent upon public works for subsistence ; municipalities joyfully dispensing other people's money ; a land of banks, mortgage companies, and finance companies; a community whose very life is jobbed away on the Stock Exchange with no more thought than if it were so much hemp." The indictment is fierce and bitter and overdrawn. But to some extent, unfortunately, it was not absolutely unfounded. If Parliament is resolutely determined to remove every trace of the charges contained in the indictment, it has it in its power to do so. It may, in spite of every possible resistance, release the land which is still in the grasp of speculators ; it may commence to erect the structure of our financial independence, and at length restore to the people their heritage, free from the hand of the spoiler. I sincerely thank the Committee for its attention.
Summary of the past year's policy and results.
Summary of proposals for the current year.
Conclusion.
8.—6
TABLES TO ACCOMPANY THE FOREGOING STATEMENT.
PAGE Table No. 1. —Abstract of Receipts and Expenditure of the Financial Yeab ended 31st March, 1892 20 Table No. 2. —Comparative Statement of the Estimated and Actual Eeceipts and Expenditure of the Consolidated Fund for the Financial Year ended 31st March, 1892 .. 33 Table No. 3.—The Public Debt on 31st March, 1892 .. .. .. .. .. .. 34 Table No. 4.—Statement of the Estimated Liabilities of the Consolidated Fund outstanding on 31st March, from 1883 to 1892, inclusive .. .. .. .. .. .. 3G Table No. s.—Statement of the Estimated Liabilities of the Public Works Fund outstanding on 31st March, from 1883 to 1892, inclusive .. .. .. .. .. .. 37 Table No. 6. —Statement showing the Total Wats and Means of the Public Wobks Fund and the Total Net Expenditure to 31st March, 1892 .. .. .. .. .. 38 Table No. 7. —Estimated Revenue and Expenditube of the Consolidated Fund foe the Financial Year ending 31st Mabch, 1893 .. .. .. .. .. .. 39 Table No. 8. —Estimated Expenditure of 1892-93 compared with the Actual Expenditube of 1891-92 40 Table No. 9. —Estimated Revenue of 1892-93 compared with the Actual Revenue of 1891-92 .. 40 Table No. 10.—Fifth Series Conversion Opebations under the Consolidated Stock Acts, 1877 and 1884 .. .. .. .. .. .. .. .. .. ..41 Table No. 11. —Statement showing the Amount charged to Unauthorised in each Financial Yeae pbom Ist July, 1875, to 31st Mabch, 1892 .. .. .. .. .. .. 41
4-B. 6.
19
8.—6
Table
STATEMENT of the RECEIPTS and EXPENDITURE of the CONSOLIDATED FUND ORDINARY REVENUE
20
RECEIPTS. 1891-92. 1890-91. Jalanco at beginning of Year, — Cash Advances in the hands of Officers of the Government, — In the Colony In London On account of Imperial Pensions £ s. a. 822,321 6 8 £ s. a. 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 )rdinary Revenue, —■ Customs .. .. .. .. .. .. .. Stamps, including Postal and Telegraph Cash Eeceipts Property-tax Beer Duty .. Eailways Registration and other Fees Marine Miscellaneous 1,625,270 19 10 600,049 17 7 356,741 1 7 57,797 12 3 1,121,989 12 9 41,839 6 6 21,045 19 4 47,854 3 3 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 territorial Revenue, — Depasturing Licenses, Rents, and Miscellaneous 3,872,588 13 1 3,808,222 8 4 206,195 19 8 186,282 1 3 )ebentures issued under " The Consolidated Stock Act, 1884," — For Increases of Sinking Fund 4,078,784 12 9 3,094,504 9 7 282,300 0 0 288,000 0 0 linking Funds set free, —■ Applicable to the Redemption of Debentures issued under " The Consolidated Stock Act, 1884," in respect of— " The New Zealand Loan Act, 1856 " " The New Zealand Loan Act, 1860 " " The New Zealand Loan Act, 1863 " " The Consolidated Loan Act, 1867 " 25,149 3 9 38,304 0 0 140,621 0 0 146,600 0 0 144,000 0 0 350,674 3 9 144,000 0 0 Lmount transferred from the Public Works Fund to reduce floating debt 100,000 0 0 treasury Bills outstanding 695,300 0 0 716,100 0 0 Totals £6,367,124 12 0 £5,699,073 8 11 * LAND FUND Jalance at beginning of Year, — Gash 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 jand Sales, — For Cash On Deferred Payments 50,115 14 10 53,125 0 8 111,157 18 5 53,111 17 8 103,240 15 6 164,269 16 1 .mount transferred from tho Ordinary Revenue Aooount to eover overdrawn cash balance 16,532 7 2 Total* £1212,218 7 10 £164,269 16 1
21
8.—6,
No. 1.
for the Year ended 31st March, 1892, compared with the Financial Year ended 31st March, 1891. ACCOUNT.
EXPENDITURE. 1891-92. 1890-91. Permanent Appropriations,— Civil List Interest and Sinking Fund Under Special Acts of the Legislature Subsidies paid to Local Bodies • Amounts paid over to Local Bodies and to Deposit Accounts in respect of Rents under the Land Acts Endowments, — New Plymouth Harbour Board Greymouth Harbour Board Westport Harbour Board £ s. d. 24,738 5 4 1,892,929 1 3 180,118 5 11 47,700 15 3 16,751 9 4 £ s. d. 25,081 18 1 1,858,252 17 0 168,501 8 0 72,158 17 3 12,343 -5 8 902 1 9 12,198 3 10 18,833 0 1 669 16 3 10,254 15 2 12,894 1 8 Annual Appropriations,— Class I.—Legislative , II. —Colonial Secretary „ III.—Colonial Treasurer „ IV.—Minister of Justice „ V. —Postmaster-General VI.—Commissioner of Trade and Customs , VII.— Commissioner of Stamps .. » VIII.—Minister of Education, — 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 2,194,231 2 9 2,160,156 19 1 16,476 15 2 80,061 3 0 49,129 3 3 102,779 12 10 266,727 15 4 68,432 16 5 18,733 3 7 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 3 371,458 7 0 41,262 12 0 20,191 19 4 38,758 2 6 704,186 1 11 52,128 16 6 166,157 18 4 2,231 16 6 360,872 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 Debentures redeemed, — " Consolidated Stock Act, 1884 " (Colonial Issue), per contra Deficiency Bills redeemed (deficit of the Consolidated Fund at 31st March, 1888) Treasury Bills redeemed 1,998,716 3 8 2,014,950 14 4 350,671 0 0 144,000 0 0 710,106' 0 0 78,600 0 0 441,300 0 0 Floating Debt paid off,— " Public Revenues Act, 1886," out of surplus of 1890-91 " Consolidated Stock Act, 1884 " (Colonial Issue), out of Sinking Funds set free transferred from the Public Works Fund 1,066,771 0 0 100,000 0 0 663,900 0 0 100,000 0 0 Amount transferred to the Public Works Fund, Part I., in aid of roads to open up land for settlement Amount transferred to the Land Fund Account to cover overdrawn cash balance 200,000 0 0 30,000 0 0 16,532 7 2 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 246,532 7 2 820,113 8 0 6,140 13 4 34,371 14 6 248 2 7 822,321 6 8 13,080 6 1 24,204 14 7 459 8 2 860,873 18 5 860,065 15 6 Totals £6,367,124 12 0 £5,699,073 8 11 ACCOUNT. Balance at beginning of Year, — Cash overdrawn Less Advances in the hands of Officers of the Government, — In the Colony 47,456 15 5 1,740 0 0 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.—Rates on Crown Lands Services not provided for 17,428 15 0 4,416 6 1 30 0 0 45,716 15 5 18,765 9 11 3,056 12 2 30 0 0 94,638 14 3 1,202 10 0 2,315 0 0 92,611 9 6 821 7 8 819 16 8 Balance at end of Year, — Cash overdrawn .. .. .. .. .. 16,532 7 2 Amount transferred from Ordinary Revenue Account .. 16,532 7 2 120,031 5 4 116,107 15 6 Advances in the hands of Officers of the Government, —rIn the Colony 1,009 1 3 2,187 2 6 1,436 3 11 Totali 2,187 2 f> 2,445 5 2 £122,218 7 10 £164,269 16 1
8.—6
Table
STATEMENT of the RECEIPTS and EXPENDITURE of the CONSOLIDATED FUND STATE FORESTS
22
RECEIPTS. 1891-92. 189O-9f. Balance at beginning of Year, — Cash in the Public Account £ s. a. 88 8 10 £ s. d. 3,543 17 3 88 8 10 3,543 17 3 Rents from Lands set apart Miscellaneous 31 19 8 1,932 16 2 48 13 0 3,924 13 11 1,964 15 10 3,973 6 11 Totals £2,053 4 8 £7,517 4 2 ACCO NTS OF tevenue received for Local Bodies, — Fees, Fines, &c. .. .. .. .. .... Endowments of Land, &c. Goldflelds Revenue Gold Duty 2,213 5 6 15,711 17 6 18,311 13 1 4,061 9 9 2,123 16 1 8,350 14 11 18,464 8 3 17,106 13 5 lounties Separate Accounts, — Revenue of Counties in which " The Counties Act, 18PC," is not in full operation .. .. .. ., ,. .. .. .. 40,298 5 10 46,045 12 8 372 18 8 577 8 5 .dvance Account, — Amount repaid by Local Bodies .. .. .. £21,217 5 3 Ditto on account of Unauthorised Expenditure of Previous Years .. .. .. .. .. .. 8,665 14 9 29,883 0 0 15,679 3 6 70,554 4 6 62,302 4 7 ialance at end of Year, — Cash overdrawn Less Advances in the hands of Officers of the Government, — In the Colony 3,332 14 6 20,869 9 2 696 14 7 286 12 9 2,635 19 11 20,582 16 5 Totals £73,190 4 5 £82,885 1 0
23
8,-^6.
No. I— continued.
for the Year ended 31st March, 1892, compared with the Financial Year ended 31st March, 1891. ACCOUNT.
EXPENDITURE. 1891-92. 189O-91. Permanent Appropriations,— Interest on Debentures £ s. d, 25 0 0 £ s. d. 428 15 4 Balance of Debentures outstanding now redeemed .. 1,000 0 0 7,000 0 0 Balance at end of Year, — Cash in the Public Account 1,028 4 8 88 8 10 Totals £2,053 4 8 £7,517 4 2 LOCAL BODIES. Balance at beginning of Year, — Cash overdrawn .. .. .. ;. Less Advances in the hands of Officers of the Government, — In the Colony .. .. .. .. .. £136 12 9 In London .. .. ' .. .. .. 150 0 0 20,869 9 2 21,764 7 5 18 10 4 286 12 9 Revenue paid over to Local Bodies, — Fees, Pines, &c. Endowments of Land, &c. Goldfields Revenue .. Gold Duty .. 20,582 16 5 21,745 17 1 2,231 9 7 14,743 13 6 17,986 13 11 4,068 15 0 2,053 18 7 6,385 12 5 18,220 17 0 17,171 1 3 Counties Separate Accounts, — Amount distributed amongst Eoad Boards where " The Counties Act, 1886," is not in full operation 39,030 12 0 43,831 9 3 427 16 5 1,101 14 5 Advance Accounts, —■ Payments on behalf of Local Bodies .. .. .. £11,749 1 7 Unauthorised .. .. .. .. .. 1,399 18 0 j i 13,148 19 7 16,206 0 3 52,607 8 0 61,139 3 11 Totals £73,190 4 5 £82,885 1 0
8.—6
Table
STATEMENT of the RECEIPTS and EXPENDITURE of the CONSOLIDATED FUND DEPOSIT
Treasury, Wellington, 14th April, 1892. Examined and found correct as regards the Railway receipts. JAMES McKERROW,) J. P. MAXWELL, I New Zealand Railway Commissioners. W. M. HANNAY, J Examined and found to agree with the Collectors' Cash-books. W. T. GLASGOW, Secretary and Inspector of Customs.
24
RECEIPTS. 1891-92. 1890-91. Balance at beginning of Year, — Cash in the Public Account Advances in the hands of Officers of the Government, — In the Colony In London .. .. £ s. d. 64,782 6 3 152 5 8 9,679 7 5 £ s. d. 65,056 2 i 13,l6i 6 2 Lodgments,— Auckland Museum Endowment General Assembly Library Fund Hospitals and Charitable Institutions Act, 1880 Kaihu Valley Eailway Land Transfer Act, 1885 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 Railway Loan Application Act, 1889 .. Permanent-way Material for Open Lines of Railway Pounamu-Lake Brunner Road Railways Account Released Sinking Funds Suspense Thermal-springs Districts Act, 1881 Trustees Act, 1883 .. Westport-Ngakawau Railway Extension Act 74,613 19 4 78,157 8 6 135 0 0 242 15 1 1,018 3 9 16,361 4 2 44,233 11 10 30 0 0 50 0 0 233 17 11 1,421 14 8 225 0 0 680 5 8 66 0 0 69 5 5 20,075 4 0 41 13 4 225 0 0 690 8 7 G6 0 0 81 2 8 15 5 0 2,225 8 5 14,984 3 0 2,681 5 5 21,944 17 2 2,700 0 0 332,595 2 9 82 19 9 174 15 7 13,423 6 8 1,385 0 0 37 12 9 100 0 0 5,000 0 0 436,633 13 3 46,662 10 4 Totals £511,247 12 7 £124,819 18 10
8.—6
25
No. I— continued.
for the Year ended 31st March, 1892, compared with the Financial Year ended 31st March, 1891. ACCOUNTS.
JAMES B. HEYWOOD, Secretary to the Treasury. ROBEET J. COLLINS, Accountant to the Treasury. Examined and found correct, except as regards the " Customs " and " Eailway " receipts, which are not now examined by the Audit Offioe. JAMES EDWARD FITZGERALD, Controller and Auditor-General.
EXPENDITURE. 1891-92. 1890-91. Withdrawals, — Auckland Museum Endowment General Assembly Library Fund Hospitals and Charitable Institutions Act, 1885 Kaihu Valley Railway Land Transfer Act, 1885 Miscellaneous .. .. .. .. .. Money Order Settlement Native Contracts and Promises Act, 1888 Native Land Act, 1878 (No. 2) Native Land Purchases Nelson Eifle Prize Fund .. .. .. .. New Zealand University Endowment, Taranaki North Island Main Trunk Eailway Loan Application Act, 1889 .. Permanent-way Material for Open Lines of Eailway Pounamu-Lake Brunner Eoad .. Eailways Account Eeleased SinkingFunds Suspense Thermal-springs Districts Act, 1881 Trustees Act, 1883 .. Westport-Ngakawau Eailway Extension Act £ s. d. 135 0 0 245 0 2 1,114 7 3 16,361 4 2 40,232 15 3 14,247 18 1 20 16 8 221 9 6 685 14 1 41 0 0 10 19 3 £ 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 10,930 7 4 2,200 0 0 1,085 0 0 332,595 2 9 79 18 1 1,023 3 8 18,322 5 4 300 0 0 35 13 3 64 6 5 439,552 1 7 50,205 19 6 Balance at end of Year, —■ Cash in the Public Account Advances in the hands of Officers of the Government, — In the Colony In London 67,851 1 1 64,782 6 3 3,844 9 11 152 5 8 9,679 7 5 Totals 71,695 11 0 74,613 19 4 £511,247 12 7 £124,819 18 10
8.-6,
Table
STATEMENT of the RECEIPTS and EXPENDITURE of the PUBLIC WORKS FUND Part I.
26
RECEIPTS. 1891-92. 1890-91. Balance at beginning of Year,* — Cash in the Public Account Advances in the hancls of Officers of the Government,— In the Colony In London Investments £ s. d. 50,432 13 9 6,674 15 3 25,387 15 4 216,520 0 0 £ s. d. 160,035 0 3 7,660 10 10 45,311 14 10 359,500 0 0 Government Loans to Local Bodies Act, 1886, section 31 (in respect of £89,878 inscribed) .. .. .. .. .... Eeceipts under " The Bllesmere Lake Lands Act, 1888 " Beceipts under section 15 of " The Public Works Act, 1882 " !. Eeceipts under " The Eailways Authorisation and Management Act, 1891,"—'' Kaihu Valley Eailway Amount transferred from the Consolidated Fund in aid of roads to open up land for settlement Eecoveries, — In respect of Expenditure charged to " Services not provided for" in previous years (on account of advance to Ohinemuri County) In respect of Debentures issued under " The Eoads and Bridges Construction Act, 1882 " .. .. .. .. .. .. 299,015 4 4 572,507 5 11 64,000 0 0 25,000 0 0 4,262 7 4 99 10 0 680 9 9 30,000 0 0 111 1 0 395 9 2 843 2 0 1,023 18 2 Sinking Funds released under " The Consolidated Stock Act, 1884," in respect of— " The New Zealand Loan, 1860 " .. .. .. £74,575 7 3 Less applied in redemption of debentures .. 38 ] 304 0 0 95,634 12 9 30,781 4 8 " The New Zealand Loan, 1863" .. .. .. £420,882 1 2 Less applied in redemption of debentures .. .. 140,'621 0 0 36,271 7 3 280,261 1 2 316,532 8 5 Totals .. ,. .... £711,182 5 6 £603,288 10 7 ♦ Includes balance of Part III. transferred to Part I. Part II. ialance at beginning of Year, — Cash in the Public Account Advances in the hands of Officers of the Government,— In the Colony Investments.. .. .. .. ., " 22,478 17 0 1,528 3 0 332,100 0 0 162,943 6 1 1,042 2 11 223,000 0 0 356,107 0 0 386,985 9 0 Totals £356,107 0 0 £386,985 9 0
27
8.-6,
No. I—continued.
for the Year ended 31st March, 1892, compared with the Financial Year ended 31st March, 1891. Part I.
s— B. 6.
EXPENDITURE. 1891-92. 1890-91.* 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 and Harbour Defences , X.—Thermal Springs Rates on Native Lands .. £ s. d. 816 13 1 6,995 15 6 135,631 15 5 70,956 19 7 2,256 13 4 23,609 15 1 27,772 16 0 34,792 2 0 7,347 7 8 264 7 4 £ s. d. 1,823 9 1 9,464 9 6 168,694 0 4 65,835 3 0 820 11 5 4,011 15 8 16,291 14 0 22,819 17 7 2,666 2 11 2,586 19 11 7,599 17 8 310,444 5 0 302,614 1 1 Services not provided for .. 2,038 0 3 1,659 5 2 Sinking Funds released transferred to the Consolidated Fund to reduce the floating debt .. .. .. .. .. .... 100,000 0 0 Balance at end of Year, — Cash in the Public Account .. .. .. .. .. .. Advances in the hands of Officers of the Government, — In the Colony In London Investments 125,322 10 3 15,121 7 6 45,656 2 6 112,600 0 0 50,432 13 9 6,674 15 3 25,387 15 i 216,520 0 0 298,700 0 3 299,015 4 4 Totals £711,182 5 6 £603,288 10 7 * Includos expenditure previously shown under Part III. Part II. Annual Appropriations,— Class I.—Public Works, Departmental „ II.—Railways . III.—Roads .. „ IV. —Purchase of Native Lands S00 0 0 18,783 15 11 30,758 15 10 28,787 8 7 800 0 0 10,317 8 0 5,848 0 2 13,913 0 10 Balance at end of Year, — Cash in the Public Account Advances in the hands of Officers of the Government, — In the Colony Investments 79,130 0 4 30,878 9 0 168,878 14 3 22,478 17 0 2,098 5 5 106,000 0 0 1,528 3 0 332,100 0 0 276,976 19 8 356,107 0 0 Totals £356,107 0 0 £386,985 9 0
8.—6
28
Table
STATEMENT of the RECEIPTS and EXPENDITURE of the CONVERSION ACCOUNT
RECEIPTS. 1891-92. 1890-91. Balance at beginning of Year, — Cash in the Public Account Advances in the hands of — Stock Agents £ s. d. £ s. d. 263,054 15 6 389 9 6 263,444 5 0 Proceeds of Sale of 3J-per-cent. Inscribed Stock Debentures (Colonial issue) issued under "The Consolidated Stock Aot, 1884," at 4J per cent... Four per cent, on £13,900 received on Conversion of New Zealand Consols in March, 1885 Temporary Advance from Bank of England 227,556 16 0 499,000 0 0 2,120,620 0 0 556 0 0 285,000 0 0 Balance at end of Year, — Cash overdrawn* Less Advances in the hands of — Stock Agents .. .. .. .. .. £833 4 9 Crown Agents .. .. .. .. .. [1,100 0 0 1,012,112 1G 0 2,120,620 0 0 257,098 7 6 5,375 12 9 1,933 4 9 3,872 5 0 256,065 2 9 1,503 7 9 Totals £1,268,177 18 9 £2,385,567 12 9 * Agains Sj-per-cent. Stock inscribed at the Bank of Eng] land.
8.—6
29
No. I—continued,1 — continued,
for the Year ended 31st March, 1892, compared with the Financial Year ended 31st March, 1891.
EXPENDITURE. 1891-92. 1890-91. Balance at beginning of Year, — Cash overdrawn Less Advances in the hands of— Stock Agents .. .. .. .. £72 5 0 Crown Agents .. .. .. .. 3,800 0 0 £ 8. d. 5,375 12 9 £ s. a. 3,872 5 0 Debentures paid off, — New Zealand Loan Act, 1879, due 1st November, 1889 .. Five-per-cent. 10-40, 1st March, 1890 New Zealand Loan Act, 1863, — Due 15th March, 1891 .. .. .. .. . .£111,000 „ loth June, 1891 .. .. .. .. .. 175,500 , 15th December, 1891 .. .. .. .. ..61,600 1,503 7 9 4,600 0 0 4,400 0 0 2,202,000 0 0 New Zealand Loan Act, 1860, due 1st July, 1891 Wesfcland Loan Act, 1873, due 15th April, 1894 Public Revenues Act, 1886, due 10th October, 1891 .. ..£150,000 Less amount paid out of Consolidated Fund.. .. .. 100,000 348,100 0 0 67,200 0 0 50,000 0 0 Government Loans to Local Bodies Act, 1886, due 1st March, 1892 50,000 0 0 449,000 0 0 968,900 0 0 2,206,400 0 0 Temporary advance repaid to Bank of England 285,000 0 0 Expenses Account, — Brokerage and Commission Stamp Duty.. Interest Discount Office Expenses 2,030 10 0 4,245 19 6 348 7 0 2,720 0 0 3,429 14 6 32,072 15 0 16,897 12 2 16,877 4 7 112,461 3 0 858 18 0 12,774 11 0 179,167 12 9 Totals £1,268,177 18 9 £2,385,567 12 9
8.—6
Table
STATEMENT of the RECEIPTS and EXPENDITURE of the LOANS TO LOCAL BODIES
Treasury, Wellington, 14th April, 1892. Examined and found correct. JAMES EDWARD FITZGERALD, Controller and Auditor-General.
30
RECEIPTS. 1891-92. 189O-91. Balance at beginning of Year, — Cash in the Public Account .. .. .. .. > > .. & s. d. 4,636 10 3 £ s. a. 1,799 15 2 " The Govornment Loans to Local Bodies Act, 1886," — Debentures created .. .. .. .. .. 157,000 0 0 75,000 0 0 Refunds under Section 15 of " The Government Loans to Local Bodies Act, 1886,"— Eangitikei County Egmont Road Board .. .. .. .. .. .. ,. Manawatu Road Board 600 0 0 378 15 9 i 15 1 978 15 9 1 15 1 Receipts under section 4 of "The Government Loans to Local Bodies Act Amendment Act, 1891," — Maeruwhenua Block 176 19 2 Totals £162,792 5 2 £76,801 10 3
31
8.—6
No. I— continued,
ACCOUNT for the Year ended 31st March, 1892, compared with the Financial Year ended 31st March, 1891.
JAMES B. HEYWOOD, Secretary to the Treasury. EOBERT J. COLLINS, Accountant to the Treasury.
EXPENDITURE. 1891-92. 1890-91. Payments to, — Counties, — Akaroa Buller Bruce Cook Geraldine .. Hawera Hobson Horowhenua Manawatu Pahiatua Eangitikei Selwyn .. .. .. Stratford Wairarapa North Wairarapa South Waimate Wairoa Wanganui £ s. d. £ s. d. 4,950 0 0 800 0 0 5,175 0 0 3,000 0 0 6,000 0 0 75 0 0 3,565 0 0 250 0 0 1,800 0 0 1,000 0 0 1,900 0 0 5,000 0 0 1,750 0 0 6,000 0 0 300 0 0 3,230 0 0 5,500 0 0 300 0 0 850 0 0 6,000 0 0 6,000 0 0 175 0 0 4,800 0 0 370 0 0 500 0 0 150 0 0 48,055 0 0 21,385 0 0 Road Boards,— Alfredton Avon Carrington Ekotahuna Peatherston Fitzherbert Kaiti Kiwitea .. Le Bon's Bay Manawatu Manchester Manganui Mangawhero Matamata Masterton Mauriceville Moa Norsewood .. .. .. .. .. Okain's Bay Otaki Patutahi .. Taratahi-Carterton Te Horo Upper Wangaehu .. .. .. .. .. .. Waimata .. .. Waipipi .. Waitotara-Momahaki Weber Whataupoko Wirokino Woodville 300 0 0 2,000 0 0 125 0 0 2,040 0 0 1,000 0 0 1,150 0 0 3,000 0 0 150 0 0 550 0 0 238 0 0 2,400 0 0 600 0 0 1,790 0 0 2,500 0 0 2,090 0 0 350 0 0 1,400 0 0 3,000 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 2,000 0 0 800 0 0 600 0 0 1,420 0 0 3,000 0 0 700 0 0 200 0 0 2,000 0 0 1,500 0 0 200 0 0 3,000 0 0 1,900 0 0 2,200 0 0 480 0 0 500 0 0 400 0 0 650 0 0 Boroughs,— Brunner Cromwell .. .. .. .. .. Kaitangata Pioton 39,203 0 0 350 0 0 20,700 0 0 885 0 0 25 0 0 2,000 0 0 1,500 0 0 Town Boards,— Richmond.. Stratford .. .. .. .. .. .. 1,850 0 0 2,910 0 0 300 0 0 300 0 0 River Boards, — Henley Mangaone Upper Dipton 300 0 0 650 0 0 220 0 0 1,000 0 0 300 0 0 1,870 0 0 Payment (on account of £89,878) to Public Works Fund under section 31 of "The Government Loans to Local Bodies Act, 1886," in respect of debentures of local authorities issued under " The Roads and Bridges Construction Act, 1882," since converted and inscribed Amount issued under section 2 of " The Government Loans to Local Bodies Act Amendment Act, 1891," — Maeruwhenua Block .. .. .. .. £7,000 0 0 Waimarino , .. .. .. .. 1,000 0 0 64,000 0 0 25,000 0 0 8,000 0 0 Balance at end of Year, — Cash in the Public Account 72,000 0 0 25,000 0 0 1,384 5 2 4,636 10 3 Totals £162,792 5 2 £76,801 10 3
8.—6
32
SUMMARY OF BALANCES ON 31st MARCH, 1892.
FtJNDS. Balances. Consolidated Fund. Public Works Fund. Conversion, and Loans to Local Bodies Account. Suspense Account. Total. £ s. d. £ s. a. £ s. d. £ s. d. £ s. d. £ s. d. £ s. d. Consolidated Fund :— Ordinary Revenue Account Land Fund Account State Forests Account Accounts of Local Bodies Deposit Accounts 860,873 18 5 2,187 2 6 1,028 4 8 Dr. 2,635 19 11 71,695 11 0 933,148 16 8 Cash .•. Advances Investments Remittances to London 885,650 19 3 47,488 17 5 294,201 4 6 62,875 15 5 218,600 0 0 Cr.256,614 2 4 1,933 4 9 2 17 5 923,249 18 1C 112,297 17 7 218,600 0 C Cr. 725, 000 0 C •• Public Works Fund :— Part I. . II 298,700 0 3 276,976 19 8 575,676 19 11 Conversion Account Dr.256,065 2 9* Loans to Local Bodies Account 1,384 5 2 Suspense Account 2 17 5 Remittances to London Account Dr.725,000 0 0 Totals £529,147 16 5 Totals £933,148 16 8 £575,676 19 11 Cr. £254,680 17 7 £2 17 5 £529,147 16 * Represents amount taken temporarily from the Consolidated Fund, and will be restored from the proceeds of 3J-per-eent. Stock as soon as sale es are effected.
33
8.—6.
Table No. 2. COMPARATIVE STATEMENT of the Estimated and Actual Receipts and Expenditure of the Consolidated Fund for the Financial Year ended 31st March, 1892.
DlEFEBENCES. Estimated. Actual. More Less than Estimate, than Estimate. RECEIPTS. Ordinaby Revenue Account :— Customs Stamps Property-tax Beer Duty Railways Registration Marine Miscellaneous Depasturing Licenses, &c. £ s. a. 1,535,000 0 0 615,000 0 0 355,000 0 0 60,000 0 0 1,114,000 0 0 40,500 0 0 19,800 0 0 43,000 0 0 209,200 0 0 £ s. d. 1,625,270 19 10 600,049 17 7 356,741 1 7 57,797 12 3 1,121,989 12 9 41,839 6 G 21,045 19 4 47,854 3 3 206,195 19 8 £ s. d. 90,270 19 10 1,741 1 7 7,989 12 9 1,339 6 6 1,245 19 4 4,854 3 3 £ s. d. 14,950 2 5 2,202 7 9 3,004 0 4 Sinking Fund Increases ■ Excess Sinking Fund set free .. 3,991,500 0 0 282,300 0 0 4,078,784 12 9 282,300 0 0 3 3 9 107,441 3 3 20,156 10 6 3 3 9 Totals 4,273,800 0 0 4,361,087 16 6 107,444 7 0 20,156 10 6 87,287 16 6 Land Fund Account ;— Land Sales, — For Cash On Deferred Payments 32,200 0 0 60,500 0 0 50,115 14 10 53,125 0 8 17,915 14 10 7,374 19 4 Totals 92,700 0 0 103,240 15 6 17,915 14 10 7,374 19 i 10,540 15 6 EXPENDITURE Obdinaey Bevenue Account :— ■ Permanent Appropriations, — Civil List Interest and Sinking Fund Under Special Acts Subsidies Territorial Revenue 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 Lands and of Mines Working Railways Public Buildings Minister of Defence Services not provided for 25,300 0 0 1,910,309 0 0 170,927 0 0 65,000 0 0 10,000 0 0 24,800 0 0 16,364 0 0 78,461 0 0 50,465 0 0 103,380 0 0 259,141 0 0 73,213 0 0 18,440 0 0 413,694 0 0 20,987 0 0 46,289 0 0 704,705 0 0 55,600 0 0 172,457 0 0 24,738 5 4 1,892,929 1 3 180,118 5 11 47,760 15 3 16,751 9 4 31,933 5 8 16,476 15 2 80,061 3 0 49,129 3 3 102,779 12 10 266,727 15 4 68,432 16 5 18,733 3 7 412,720 19 0 20,191 19 4 38,758 2 6 704,186 1 11 52,128 16 6 166,157 18 4 2,231 16 6 9,191 5 11 6,751 9 4 7,133 5 8 112 15 2 1,600 3 0 561 14 8 17,379 18 9 17,239 4 9 1,335 16 9 600 7 2 7,586 15 4 4,780 3 7 293 3 7 973 1 0 795 0 8 7,530 17 6 518 18 1 3,471 3 6 6,299 1 8 2,231 16 6 Totals 4,219,532 0 0 4,192,947 6 5 34,900 14 6 61,485 8 1 34,900 14 6 Land Fund Account :— Under Special Acts Lands and Survey Department Kates on Crown Lands Services not provided for 20,000 0 0 96,674 0 0 1,500 0 0 21,875 1 1 94,638 14 3 1,202 10 0 2,315 0 0 1,875 1 1 26,584 13 7 2,035 5 9 297 10 0 2,315 0 0 Totals 118,174 0 0 120,031 5 4 4,190 1 1 2,332 15 9 2,332 15 9 1,857 5 4 lurplui Lessof: Oedinaey Revenue Account. at 31st March, 1891.. £143,965 15 6 -Applied in reduction [oatingdebt .. 100,000 0 0 £ s. d. Sun Land Fund Account. )lus at 31st March, 1891 £ s. d. 2,445 5 2 s. d, 5 2 Lotual LOtual •eceipts, 1891-92 .. 4,361,087 16 6 jxpenditure, 1891-92.. 4,192,947 6 5 43,965 15 6 168,140 10 1 Actu 18! Actu 18! ial expenditure, 91-92 .. £120,031 5 4 Lai receipts, 91-92 .; 103,240 15 6 212,106 5 7 Le 16,790 9 10 iss amount transferred from Ordinary Revenue Account .. 16,532 7 2 jess amount applied in aid of— Public Works Fund Land Fund 30,000 0 0 16,532 7 2 46,532 7 2 258 2 8 Balance at 31st March, 1892 £2,187 2 6 Surplus at 31st March, 1892 .. £165,573 18 5
8.—6
34
Table No. 3. The PUBLIC DEBT of NEW ZEALAND on 31st March, 1892.
Annual Charge. Amount outstanding. Dub Date. Sinking Funds. ACCRUED. (Estimated.) Indebtedness. Kbmabks. Bate. Int. I S.F Amount. Wheu payable. New Zealand Loan Act, 1856 £ £ 50,000 1 July, 1894 £ 56,500 £ Cr. 6,500 o' O/ £ /The accumulations of the I sinking fund of this loan I now enable the Trustees ■I not only to dispense with further contributions from the Treasury, but to pay \ the interest of the loan. New Zealand Loan Act, 1863 .. ■! 378,800 500,000 I 878,800 (15 July, 1914 I 1 Nov., 1915 109,342 236,191 269,458 263,809 5 4 l 22,728 20,000 15 Jan. „ 15 July 1 May „ 1 Nov. ConsolidatedjLoan Act, 1867 1,159,700 Ann. drawing 1,159,700 5 l *267,271 Quarterly, 15 Jan., &c. Immigration and Public Works Loan Act, 1870.. 1,000,000 1 June, 1907 290,787 709,213 4 2-4 64,000 1 June and 1 Dec. Sinking Fund payable 13 Mar. and 13 Sept. Auckland Loan Act, 1863 19,800 1 June, 1896 25,350 Cr. 5,550 6 2 1,584 1 April , 1 Oct. Lyttelton and Christohurch Railway Loan, 1860 71,500 Various f 78,561 Cr. 7,061 6 2 5,720 30 June „ 31 Dec. *6% on £7,283,100 = £436,986 Less Interest at 5 % on £3,394,300, representing bonds converted .. 169,715 Canterbury Loan Ordinance, 1862 17,000 Various J 6,994 10,006 6 1 1,190 30 June , 31 Dec. Otago Loan Ordinance, 1862 92,000 1 July, 1898 73,424 ' 18,576 6 1 6,440 1 Jan. „ 1 July £267,271 Ordinance of Legislative Council Consolidated Loan Act, 1867 .. .. j 64,000 13,000 311 Presentation f 1 Jan., 1893 } 15 April, 1913 311 64,000 13,000 5 4 '3,200 520 j f£28,700 due 1 July, 1893. 21,300 due 1 July, 1894. 18,500 due 1 Jan., 1896. 9,200 due 1 Jan., 1897. I 77,000 1 Jan. „ 1 July 15 April „ 15 Oct. Immigration and Public Works Loan Act, 1870 j 372,100 27,900 [- 400,000 (15 April, 1913 {15 April, 1913 372,100 27,900 4 14,884 j 1,255 15 April , 15 Oct. 15 April « 15 Oct. £77,700 Defence and Other Purposes Loan Act, 1870 j 25,000 75,000 t 100,000 j Uuly, 1910 115 April, 1913 25,000 75,000 i 1,125 3,000 30 June , 31 Dec. 15 April , 15 Oct. t£10,600 due 2 Jan., 1915. 12,200 due 2 July, 1916. Carried forward 3,866,111 412,917 £22,800 877,149 2,988,962
35
8.—6
6—B. 6
Table No. 3— continued. The PUBLIC DEBT of NEW ZEALAND on 31st March, 1892— continued.
* The debentures carry a face-interest of 4 per cent., but, under arrangement, the Treasury is paying at the rate of 5 per cent, per annum on the temporary advance to be reduced to 4J per cent, per annum fter the 30th June, 1892. . ~,.,, t Bepresenting Sinking Funds of the Loan of 1867 set free, applicable for redemption of this stock. ; Due provision has been made to meet these debentures at the due date, but the complete accounts from London have not yet been received. The whole of the Imperial-guaranteed Lean of 1870 is included herein, although only£2oo,ooo has actually been raised; the unsold debentures are used for the purpose of obtaining temporary advances from time to time. Deficiency bills amounting to £695,300 are not included.
Annual Chabge. Amount outstanding. Due Date Sinking Funds ACCRUED. (Estimated.) Indebtedness. Remarks. Bate. Int. S.F. Amount. When payable. £ 3,866,111 £ 877,149 j £ 2,988,962 % % £ 412,917 Brought forward General Purposes Loan Act, 1873 i 12,300 18,500 ! 54,700 85,500 115 May, 1914 115 Oct., 1913 128 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. Nelson Loan Act, 1874 District Eailways Purchasing Acts, j 1885-86 1 35,000 40,000 114,600 15,000 ■ 189,600 23 Mar., 1896 ( 1 Oct., 1896 \ 1 July, 1909 { 1 April, 1905 15,000 ;- 189,600 if 1,050 2,188 2,400 4,584 1 Mar. „ 1 Sept. I 1 April „ 1 Oct. •• Government Loans to Local Bodies Act, 188G 33,000 1 Mar., 1896 33,000 ii 1,485 1 Mar. „ 1 Sept. Public Eevenues Act 1887 (No. 3) Consolidated Stock Act, 1877 .. I 2,768,000 622,633 16,556 400,000 24,564,255 I 3,407,189 1 Mar., 1893 1 Nov., 1929 1 Jan., 1940 400,000 24,564,255 3,407,189 5* 4 34 20,000 982,570 119,252 1 Mar. „ 1 Sept. 1 May „ 1 Nov. 1 Jan. „ 1 July Consolidated Stock Act, 1884— 4,214,100 43,600 { I 4,257,700 f 15 April,1892 \15 Jan., 1892 •• 4,214,100 43,600 210,705 2,180 Quarterly, 15 Jan., &c. 15 Jan. and 15 July Convertible into stock at 107. Convertible into stock at 110. English Issue .. .. j 5 5 Colonial Issue .. ■. 4 i 40,479 225,584 309,350 288,000 40,000 741,300 250,000 1 '- 1,894,713 /28 Nov., 1892 28 May, 1895 28 Nov., 1895 -j 28 May, 1897 22 May, 1898 28 May, 1898 \ 1 Nov., 1895 1+158,300 1,486,413 H 66,888 28 May „ 28 Nov. Totals .. 250,000 12,500 28 May „ 28 Nov. 38,713,068 1,035,449 37,677,619 1,842,686
8.—6.
Table No. 4. STATEMENT of the Estimated Liabilities chargeable on the Consolidated Fund outstanding on the 31st March, 1883, 1884, 1885, 1886, 1887, 1888, 1889, 1890, 1891, and 1892.
36
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. 31st March, 1892. Obdinaky Eeve ke 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. d. £ s. d. £ s. d. 165 0 0 4,470 0 0 421 0 0 350 0 0 383 0 0 430 0 0 2,719 12 11 448 9 9 491 18 8 240 0 0 550 0 0 351 12 3 275 0 0 957 0 0 584 0 0 684 0 0 490 6 10 9,069 ]3 6 7,072 1 10 4,220 3 0 442 4 9 167 1 4 106 3 0 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 2,227 0 0 1,311 13 6 4,365 7 3 2,462 18 6 1,463 5 8 832 13 6 775 8 1 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 ofEducation „ IX. —Minister of Native Affairs „ X. —Ministers of Lands and Mines „ XI. —Working Railways.. „ XII.— Public Buildings .. „ XIII.—Minister of Defence 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 3,383 "11" 719 0 0 16,604 0 0 6,480 0 0 3,016 0 0 9,920 0 0 19,802 0 0 1,765 0 0 I 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 6,759 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 6 2 12,013 2 2 66 8 5 1,234 17 0 3,305 0 0 3,018 1 3 7,787 7 1 3,394 0 0 4,310 0 0 2,G89 0 0 3,925 17 4 4,043 3 4 2,215 6 3 5,474 12 7 2,637 0 0 2,624 3 3 7,726 13 7 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 4 8 3,646 0 ,0 402 13 3 2,500 0 0 300 17 3 3 0 0 349 8 7 3,912 9.11 223 1 1 2,838 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, 0 576 0 0 6,805 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 2,498 19 6 59,907 15 0 599 19 11 8,939 1 4 35,500' 0 0 19,831 0 0 14,888" 0 0 13,013' 5 10 12,474 18 8 170,938 0 0 165,752 0 0 160,933 0 0 158,176 3 5 j 134,538 1 4 111,077 11 4 110,142 3 7 99,827 6 2 110,631 0 2 98,771 4 2 Services not provided for .. 5 7 10 343 14 1 I 66 1 3 I 22 9 6 •• •• Totals, Ordinary Revenue Account 176,530 0 0 166,757 0 0 llO2,154 15 3 1161,967 0 0 190,283 18 7 181,452 7 9 126,184 19 5 142,338 2 6 |127,151 17 10 1116,108 16 9 Land Fund Account. Annual Appropriations, — Glass XIV. —Minister of Lands „ XV. —Colonial Treasurer 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 2,187 2 6 288 0 0 13,331 0 0 23,682 0 0 35,620 0 0 30,637 12,011 4 3 6,034 0 0 4,432 15 4,857 19 3,849 5 10 2,475 2 6 Special Appropriations, — 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 .. 14,109 0 0 9,895 0 0 10J495 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 2,239 2 1 1,830 0 0 244 14 3 122 1 3 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 2,239 2 1 Totals, Land Fund Account 24,037 14 5 27,440 0 0 33,577 0 0 49,999 0 0 44,717 0 1 18,772 8 10 10,213 14 11 9,008 7 2 6,204 13 9 4,714 4 7
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37
Table No. 5. STATEMENT of the Estimated Liabilities chargeable on the Public Works Fund outstanding on the 31st March, 1883, 1884, 1885, 1886, 1887, 1888, 1889, 1890, 1891, and 1892.
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. 31st March, 1892. £ s. d. ' Annual Appbopbiations. £ s. d. £ s. d. £ s. d. £ s. d. £ s. d. ' £ s. d. £ s. d. £ s. d. £ s. d. PART I. 20,565 0 0 , 902 7 5 533,243 16 7 186,365 15 8 16,659 14 2 309,299 0 0 9,000 0 0 82,862 2 3 51,000 0 0 619 6 9 728,955 12 5 144,397 8 7 7,382 13 0 2S5,400 0 0 8,000 0 0 778 14 3 496,593 3 11 214,124 3 2 7,369 0 0 173,200 0 0 6.000 0 0 10,424 1 7 7,000 0 0 718 16 11 386,345 8 9 254,350 0 11 14,963 0 0j 238,600 0 0 3,700 0 0 23,255 5 9 5,000 0 0 56 8 2 327,655 3 11 173,680 12 6 1,485 10 1 120,144 0 0 3,983 0 0 55,161 2 9 3,800 0 0 1,200 0 0: 2,200 0 0 1,000 0 0 Class I.—Immigration II. —Public Works, Departmental „ III. —Eailways IV.—Koads „ V.—Waterworks on Goldfields „ VI. —Land Purchases VII. —Telegraph Extension „ VIII.— Public Buildings „ IX. —Lighthouses, Harbour Works, and Defences „ X.—Thermal Springs Kates on Native Lands Surveys of New Lines of Railway Costs and Contingencies Services not provided for 41,752 10 10 191,501 1 11 119,120 10 2 54 10 6 1,068 2 6 3,004 0 0 29,610 19 7 180,187' 7 1 120,857 10 3 3,911 8 4 3,591 0 0 23,453 18 10 189,834 1 2 93,859 3 5 240 12 8 236 6 10 5,107 0 0 10,086 9 8 100,078 17 3 60,596 7 8 3,005"l4 5 27,082 3 11 136,891 7 0 79,248 0 9 2,500 0 0 8,142 0 0 22,782 8 9 10,661 17 2 15,138 2 4 119,220 6 11 164,410 10 3 80,724 0 0 2,500 0 0 10,668 0 0 36,431 12 1 200 0 0 .11,000 0 0 6,466 2 3 1,850 4 7 30 0 0 3,710 9 0 10 10 10 1,600 14 6 8,197 10 9 931 15 11 •• 500 0 0 1,246 12 9 I 360 13 6 1,794 7 11 ■• I .. • • • • -. Totals i 1,171,160 7 9 ' 1,282,843 4 8 1305,238 6 3 I |195,484 3 1 250,063 16 6 :1,036, 641 5 9 1,094,589 15 4 1781,418 10 11 395,790 16 9; :339,667 6 9 PART II. 9,028 4 5 26,103 1 10 665 14 9 18,799 17 2 Class II. —Railways III.—Roads „ IV. —Land Purchases '158,360 5 9 29,621' 0 0 70,075 12 6 1,549 1 1 4,279 15 11 27,296 4 1 87 14 0 1,587 15 4 40,475 17 7 23,331 0 0 Totals 187,981 5 9 75,904 9 6| 28,971 13 5 9,693 19 2 44,902 19 0 63,806 17 7
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Table No. 6. STATEMENT showing the Total Ways and Means of the Public Works Fund and the Total Net Expenditure to the 31st March, 1892.
WAYS AND MEANS. NET EXPENDITURE. £ s. d. £ s. d. £ s. d. £ s. d. Loans :— Immigration and Public Works Loan, 1870 Immigration and Public Works Loan, 1873 Immigration and Public Works Loan, 1874 General Purposes Loan Act, 1873 New Zealand Loan Act, 1876 New Zealand Loan Act, 1877 New Zealand Loan Act, 1879 New Zealand Loan Act, 1882 New Zealand Colonial Inscribed Stock Loan Act, 1882 North Island Main Trunk Railway Loan Act, 1882 .. New Zealand Loan Act, 1884 New Zealand Loan Act, 1886 District Railways Purchasing Acts, 1885-86 New Zealand Loan Act, 1888 4,000,000 0 0 2,000,000 0 0 4,000,000 0 0 750, COO 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 2,145,967 1 1 359,965 11 8 14,257,828 3 4 3,604,924 10 10* 1,248,875 16 2 563,357 12 3 634,420 11 9 1,815,577 9 1 889,165 0 7 429,718 19 3 60,051 13 4 14,590 13 2 1,021,472 6 0 10,835 8 0 218,500 0 0 27,207,487 7 11 27,275,259 17 3 Receipts in Aid :— Contributions of Canterbury Province for Railways .. Stamp Duties to 31st December, 1876 Transfer from Confiscated Lands Liabilities Account Proceeds of Railway Material handed over to Cook County Council Special Receipts under section 9 of " The Railways Construction Act, 1878 " Special Receipts under " The Ellesmere Lake Lands Act, 1888 " .. Sinking Funds released 56,000 0 0 264,657 16 4 19,963 1 3 4,963 7 4 60,616 3 0 Balance on 31st March, 1892, — Cash in the Public Account Advances in the hands of officers of the Government Investments 12,404 15 2 224,844 6 2 643,449 9 3 294,201 4 6 62,875 15 5 218,600 0 0 575,676 10 11 | £27,850,936 17 2 £27,850,036 17 2 * Has bei :n reduced by £80,000 rei icived under section 31 if " The Government Loans to Local Bodies Act, 1886."
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39
Table No. 7. ESTIMATED Revenue and Expenditure of the Consolidated Fund for the Financial Year ending the 31st March, 1893.
EE VENUE. £ EXPENDITURE. Ordinary Revenue Account: — Customs Stamps (including Postal Cash Receipts) Land and Income Tax Beer Duty Railways Registration and other Fees Marine Miscellaneous Depasturing Licenses, Rents, &c. Ordinary Revenue Account :— Civil List Interest and Sinking Fund Under Special Acts Legislative Colonial Secretary's Departments Colonial Treasurer's Departments Minister of Justice Departments Postmaster-General's Department Commissioner of Customs Department Commissioner of Stamps Departments .. Minister of Education Department — Education Department Lunacy and Charitable Department Minister of Mines Department Agricultural Department Working Railways Public Buildings and Domains Department Defence Department Police Department Land Fund Account :— Payments to Local Bodies Lands and Survey Department Rates on Crown Lands £ £ 1,575,000 622,000 350,000 58,000 1,140,000 42,000 20,800 43,000 195,000 25,900 1,835,770 287,666 14,905 65,427 44,679 121,105 271,936 69,427 18,838 » Debentures for Sinking Fund Increases .. 4,045,800 280,300 326,100 385,271 45,784 13,236 33,820 714,000 49,900 68,281 95,452 Land Fund Account :— Land Sales, — For Cash On Deferred Payments 4,161,397 44,000 55,000 24,000 109,162 1,000 134,162 99,000 Balance :— Excess of Revenue — In Ordinary Revenue Account Less Excess of Expenditure in the Land Fund Account.. 164,703 35,162 129,541 £4,425,100 £4,425,100 Obdinaby Revenue Account :— Surplus of the Year 1891-92 Revenue in Excess of Expenditure, as above .. 165,574 .. 164,703 Estimated Surplus, 31st March, 1893 .. £330,277
8.—6
40
Table No. 8. ESTIMATED Expenditure of the Consolidated Fund for 1892-93, compared with Actual Expenditure of 1891-92.
Table No. 9. STATEMENT of the Estimated Revenue of the Consolidated Fund for 1892-93, compared with the Actual Revenue of 1891-92.
Differences. Estimate for 1892-03. Actual of 1891-92. Increase. Decrease. Oedinaky Revenue Account. £ 25,900 1,835,770 287,666 £ 24,738 1,892,929 276,504 £ 1,162 £ Civil List Interest and Sinking Fund Under special Acts 11,102 12,264 57^159 2,149,336 2,194,231 57,159 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 .. Mines Department Agricultural Department Working Railways Department Public Buildings and Domains Department Defence Department Police Department 14,905 05,427 44,679 121,105 271,936 69,427 18,838 385,271 45,784 13,236 33,820 714,000 49,900 68,281 95,452 16,477 80,061 49,129 122,972 266,728 68,433 18,733 371,458 41,263 12,940 25,818 704,180 52,129 73,122 93,036 5,208 994 105 13,813 4,521 296 8,002 9,814 1,572 14,634 4,450 1,867 4,841 2,416 2,012,061 45,169 29,593 1,996,485 Services not provided for 2,232 2,232 Total Ordinary Revenue Account 4,161,397 4,192,948 57,433 88,984 Land Fund Account. Under special Acts Lands and Survey Department Rates on Crown lands Services not provided for 24,000 109,162 1,000 21,875 94,639 1,203 2,315 2,125 14,523 "203 2,315 Total Land Fund Account .. 134,162 2,518 120,032 16,648 Total Consolidated Fund 74,081 91,502 74,081 17,421 4,295,559 4,312,980
Estimato for 1892-93. Actual of 1891-92. Increase. Differences. Decrease. £ £ £ £ Ordinaby Revenue Account. 1,575,000 022,000 350,000 58,000 1,140,000 42,000 20,800 43,000 195,000 1,025,271 600,050 356,741 57,798 1,121,990 41,839 21,046 47,854 206,196 50,271 Customs Stamps Land and Income Tax Beer Duty Railways Registration and other Pees Marine Miscellaneous Depasturing Licenses, Rents, &c. .. 21,950 6,U1 202 18,010 161 246 4,854 11,196 Debentures for Sinking Fund increases.. 4,045,800 280,300 4,078,785 282,300 40,323 73,308 2,000 4,326,100 4,361,085 40,323 75,308 Land Fund Account. 6,116 Cash Sales Deferred-payment Sales 44,000 55,000 50,116 53,125 1J875 99,000 103,241 1,875 6,116 Total Consolidated Fund.. 42,198 81,424 42,198 39,226 4,425,100 4,464,326
41
8.—6
Table No. 10. FIFTH SERIES of Conversion Operations under the Consolidated Stock Acts, 1877 and 1884.
Table No. 11. STATEMENT showing the Amount charged to Unauthorised in each Financial Year from 1st July, 1875, to 31st March, 1892.
By Authority: Geobge Didsbuey, Government Printer, Wellington.—lB92.
Annual C; harge. Loan. Converted into 3i % Stock. Due Date of Debentures. Amount converted. Kate. Interest, Amount. At Amount. New Zealand Loan, 1860 New Zealand Loan, 1863 New Zealand Loan, 1863 .New Zealand Loan, 1863 Lyttelton and Christchurch Railway Loan, 1860 Canterbury Loan, 1862 1 July, 1891 15 March, 1891 15 June, 1891 15 Dec, 1891 f 1 July, 1893 ( 1 July, 1894 11 Sept., 1913 £ 74,100 154,800 188,400 73,800 200 6,000 5,800 °l to 6 6 6 6 6 6 6 o/ /o 2 2 2 2 2 2 1 £ 5,928 12,384 15,072 5,904 16 480 406 £ 104 104 104 J 104 \ 110 109 111 136 {116* {1174 114 107J £ 77,064 160,992 195,936 61,048 16,610 218 6,660 7,888 1,165 27,850 13,452 53,750 Otago Loan, 1862 1 July, 1898 24,700 6 1 1,729 Auckland Loan, 1863 Westland Loan, 1873 1 June, 1896 15 April, 1894 11,800 50,000 6 5 2 944 2,500 Interest on £622,633, 3J % stock 589,600 45,363 622,633 589,600 21,792 Annual saving in interest £23,571 £33,033 Increase in public debt
Consolidated Fund.—Obdinaby Bevenue Account. Financial Yisae. Otheb Accounts. Public Wokks Fund. Total. Se "S7ol Pr °- "E— of Vote,. Total. 1875-76 1876-77 1877-78 1878-79 1879-80 1880-81 1881-82 1882-83 1883-84 1884-85 1885-86 1886-87 1887-88 1888-89 1889-90 1890-91 1891-92 £ s. a. 13,167 4 8 18,397 17 1 19,079 12 6 11,413 16 1 5,818 9 9 6,151 13 9 3,899 16 3 4,473 15 8 7,298 9 9 5,981 17 8 9,337 11 2 14,337 19 7 7,303 17 10 3,521 18 2 4,412 5 3 10,610 1 0 2,288 3 2 £ s. d. 19,195 17 1 13,398 7 0 58,709 17 2 47,466 4 5 18,466 2 1 37,825 6 6 38,474 18 9 64,631 0 2 45,284 2 6 39,039 17 11 47,106 10 3 38,117 13 5 42,104 15 10 35,157 16 5 43,257 1 0 76,778 5 11 21,026 16 4 £ s. a. 32,363 1 9 31,796 4 1 77,789 9 8 58,880 0 6 24,284 11 10 43,977 0 3 42,374 15 0 69,104 15 10 52,577 12 3 45,021 15 7 56,444 1 5 52,455 13 0 49,408 13 8 38,679 14 7 47,669 6 3 87,388 6 11 23,314 19 6 £ s. cl. 3,155 9 2 3,490 6 1 653 6 5 3,938 14 8 1,005 3 10 13,443 11 3 13,590 6 10 12,343 2 2 9,003 18 7 7,163 15 3 13,965 10 1 6,212 16 7 27,821 16 11 13,506 2 8 23,631 7 1 5,459 18 11 9,183 10 6 & s. a. 63,875 11 8 2,197 4 5 22,009 14 0 32,179 1 1 17,096 9 9 34,133 17 3 2,217 9 8 8,137 17 11 31,741 17 10 872 0 11 6,465 17 5 28,633 10 8 30,407 2 3 18,633 2 10 12,287 18 10 7,097 19 9 7,594 1 2 £ s. a. 99,394 2 7 37,483 14 7 100,452 10 1 94,997 16 3 42,386 5 5 91,554 8 9 58,182 11 6 89,585 15 11 93,323 8 8 53,057 11 9 76,875 8 11 87,302 0 3 107,637 12 10 70,819 0 1 83,588 12 2 99,946 5 7 40,092 11 2
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Bibliographic details
FINANCIAL STATEMENT (In Committee of Supply, 30th June, 1892) BY THE COLONIAL TREASURER, THE HONOURABLE MR. BALLANCE., Appendix to the Journals of the House of Representatives, 1892 Session I, B-06
Word Count
22,053FINANCIAL STATEMENT (In Committee of Supply, 30th June, 1892) BY THE COLONIAL TREASURER, THE HONOURABLE MR. BALLANCE. Appendix to the Journals of the House of Representatives, 1892 Session I, B-06
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