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1894. NEW ZEALAND.
FINANCIAL STATEMENT (In Committee of Supply, 24th July, 1894) BY THE COLONIAL TREASURER, THE HONOURABLE MR. WARD.
Mb. Guinness, — In inviting the attention of the Committee to the consideration of] the financial position of the colony, I desire to say that it will be my aim to place the same before you as lucidly as possible. I entertain the opinion, that it is not, as is frequently said, the business of the Colonial Treasurer to attempt in any way to misrepresent the figures showing the position of the finance of the colony in order to make the results appear better than they really are. It is the duty of the Treasurer to state clearly, concisely, and accurately what our financial position is, and my object will be to do this ; if I fail to succeed it will not be for want of an earnest endeavour on my part so to do. I will first briefly review the results of the past year. CONSOLIDATED FUND (EEVBNUE ACCOUNT OF 1893-94). I need scarcely remind honourable members that the year through which' the country has passed has been remarkable for a heavy fall in the values of; some of our principal products, accentuated by one of the worst harvests ever recorded in the history of the colony. In the face of this it would be > not unnatural for many honourable members to anticipate a marked variation for the worse in the revenue of the year as compared with the forecast which it was my lot to give when placing my estimate before you last year. Under these circumstances it will, I am sure, be all the more gratifying to the Committee when I tell them that my estimate of the revenue of last year has been substantially exceeded by the actual results. The figures are — Estimated, £4,546,700 ; actual, £4,653,038, or £106,338 more than the estimate. The Stamps revenue contributed the largest excess, namely, £48,947; then the Customs, £35,502; Territorial, £13,059 ; and other heads of revenue made up a total excess of £116,584. On the other hand the Eailways fell short by £7,452, and Marine and Miscellaneous by £2,794 : making altogether £10,246 less than the estimate. Although there was a shortage of railway revenue, the net estimated return from this source has been very nearly reached by the saving on the estimated expenditure, thus : loss of revenue, £7,452 ; saving on expenditure, £6,197 : net loss of revenue on estimate, £1,255. On the expenditure side of the account a solid saving has been made. The estimated disbursements were put down at £4,460,547, while the figures brought to charge amount only to £4,386,359, or £74,188 less than was anticipated. In only one class of the annual appropriations has there been any excess —
i—B. 6.
Introductory.
Tables Nos. 1 and 2. Revenue, 1893-94, exceeded estimate by £106,338.
• Expenditure, , 1893-94, less than estimate by - £74,188.
8.—6.
namely, in the Department of the Commissioner of Stamps, arising from the large increase of business in the Lands and Deeds Eegistry Offices throughout the colony. I rather doubt whether such a record of small excess on votes has ever occurred before : at any rate, it says a good deal for the careful manner in which my colleagues have authorised the expenditure in the departments committed to their care. Amongst the Permanent Charges the amount set down for payment of interest and sinking fund was overestimated by .£16,001, arising out of the conversion operations, which cannot always be accurately estimated in advance. It is unnecessary to run through the various classes in which savings have been effected. The only one calling for remark is the Lands and Survey Department, which shows a saving of £10,297. This is due more particularly to the circumstance that some very large Native surveys could not be arranged for until the latter part of the year. A saving is also caused by the Native Land Purchase and Acquisition Act not having come into operation until the beginning of the year, as provision had been made for additional surveys under that Act. EESULTS OF THE YEAR 1893-94. The Land Fund, as a separate account, has been done away with. I am therefore now able to show at a glance the entire transactions of the Eevenue Account of the colony. This alteration has very much simplified the account, as it enables honourable members to see at once, in the balance, how much the actual surplus was with which the past year closed. We commenced the year with a balance of £283,779: to this add actual receipts amounting, as I have before stated, to ,£4,653,038, making a total of £4,936,817 ; and after deducting the ordinary expenditure, £4,386,359, we had a gross surplus left of £550,458. These handsome results enabled me to transfer without' difficulty the £250,000 which Parliament had decided should be devoted in aid of public-works expenditure, leaving, after such deduction, a surplus of revenue of £300,458. Out of this amount, however, an additional extraordinary charge of £10,220 in connection with the purchase of the Cheviot Estate was provided. Taking this from the £300,458 leaves an actual net surplus of £290,238 on the 31st March last. This sum, which is even better than the balance at the close of the preceding year, will, I am sure, strengthen our credit abroad and be hailed with general satisfaction in the colony. Every effort was made in the Treasury to pay the claims which had reached the department, and the Statement of Liabilities (Table No. 4) conclusively proves that vouchers have not been held back. The usual tables, giving detailed information of the receipts and expenditure, together with other information affecting the accounts of the colony, will be found attached to my Budget, which I shall presently have the pleasure of laying upon the table. Before passing on to the other accounts of the colony, I should like to mention that the " Unauthorised " charges for the past year will be found to have been much less than any submitted for the last twenty years : indeed, I doubt if an expenditure under this head of only £11,585 has ever been beaten. I may therefore be pardoned for pointing out how jealously and carefully the expenditure has been scrutinised and kept within the votes sanctioned by Parliament. TEEASUEY BILLS ACCOUNT. Honourable members will see that we were able to pay off during the year such Treasury bills as it was found necessary to issue from time to time in anticipation of revenue. They are also aware that the Public Works Fund held at the close of the year 1892-93 guaranteed debentures of " The Immigration and Public Works Loan Act, 1870," amounting to £120,000. The Consolidated Fund took up these debentures under the authority of the Public Revenues Acts, and now holds the £476,000 of guaranteed debentures, instead of the Public Works Fund as heretofore.
Table No. 2.
Land Fund Account done away with.
Net surplus of £290,238 on 31st March, 1894.
Usual tables attached.
Table No. 10
Table No. 1. Treasury bills.
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PUBLIC WOEKS FUND. Past I. The expenditure during the year was .£333,300, which was less than that of the preceding year. This negatives the assertions which have been made that the co-operative system would force upon the colony a large and uncontrollable public-works expenditure. The receipts, including ,£250,000 transferred from the Consolidated Fund, amounted to £419,353, and, adding £177,606 brought forward at the beginning of the year, produce a total of £596,959. Deducting from this the expenditure of £333,300, we have a balance of £263,659 left towards meeting the expenditure of the current year. Amongst the receipts is the sum of £163,702, balance of released sinking fund arising out of the conversion of the guaranteed half-million issued under " The New Zealand Loan Act, 1863," series 1915, and which was held by the Bank of England as an investment bearing 4 per cent, interest. Liabilities amounting to £214,742 are detailed in the usual table. Pact 11. The balance to commence the year was £152,943, to which was added a small receipt of £2,428 transferred from Part 1., and, deducting the expenditure of £76,174, there remained a balance at the close of the year of £79,197, subject to £28,866 of liabilities.
Table No. 1. [ Balance on 31st . March, 1894 : ' £263,659.
Table No. 5. Liabilities, £214,742. Table No. 1. Balance on 31st March, 1894, £79,197, and liabilities, £28,866.
Summary. Table showing Amount available, and Balances, Parts I. and II.
"THE NATIVE LAND PUECHASES ACT, 1892" AND THE "LAND FOE SETTLEMENTS" ACCOUNTS. These special accounts call for little comment. Statements of the receipts and expenditure are given in detail in the tables appended. THE CHEVIOT ESTATE ACCOUNT. The trustees in this estate have been finally paid the amount of the pur-chase-money, and instructions have been given to the Agent-General to include the £250,000 of debentures issued under authority of " The Cheviot Estate Payment Act, 1893," in his present conversion operations, so that the ultimate capital cost to the extent of £250,000 will only carry interest at the rate of per cent, per annum. There is a balance of £13,527 due by the Estate Account to the Consolidated Fund; and I shall probably ask the House for a vote for this amount. THE CONVEESION ACCOUNT. ' The ordinary details which accompany my Statement show that only three conversion transactions have been completed during the past year—namely,' £400,000 debentures, due Ist March, 1893, issued under "The Public Eevenues Act, 1887," and to which I referred in my Budget Statement last year ; £500,000 of Imperial-guaranteed debentures issued under " The New Zealand Loan Act, 1863," maturing in 1915; and a small parcel of £2,000 debentures issued under " The Auckland Loan Act, 1863."
Table No. 1.
Details in tables.
Table No. 1. Debentures for £250,000 issued.
Table No. 1. Conversion operations.
III
Part I. Part II. Total. Cash in the Public Account Advances in the hands of officers of the Government Temporary Investments— Cheviot Estate Purchase debentures Government Loans to Local Bodies debentures £ s. d. 122,190 12 11 51,468 2 6 £ s. d. 70,344 8 0 8,853 0 6 £ s. d. 192,535 0 11 60,321 3 0 50,000 0 0 40,000 0 0 50,000 0 0 40,000 0 0 Balance of asset under section 31 of " The Government Loans to Local Bodies Act, 1886 " 263,658 15 5 79,197 8 6 342,856 3 11 78 8 9 78 8 9 Totals 263,737 4 2 79,197 8 6 342,934 12 8
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£1,038,180 3J-per-cent. stock inscribed.
For the complete conversion of these loans, including expenses, stock was inscribed at the Bank of England to the amount of ,£1,038,180 ; and, upon the Half-million Guaranteed Loan becoming converted, an amount equal to over £260,000 of sinking fund was set free. This, when applied in accordance with the provisions of the law, enabled the Public Works Fund to be augmented to the extent of <£163,702, thus providing substantial assistance towards the prosecution of public works and the remunerative employment of our workpeople. To effect these transactions I may briefly state that £420,000 of stock was sold to convert the £400,000 Public Eevenues debentures, £616,000 of similar stock to uplift the guaranteed half-million, and £2,180 of stock to convert the £2,000 provincial loan. The large amount of stock necessary to convert the half-million loan held by the Bank of England arose from the premium value—£Bs,ooo —assigned to these debentures by the actuaries who were asked to report upon an equitable price for their purchase. Appended to my Statement will be found interesting and very valuable tables, prepared by the Assistant Controller and Auditor. These present an analytical history of our conversion operations under the Consolidated Stock Acts of 1877 and 1884, and I am much indebted to his courtesy in enabling me to place these tables before you. THE LOANS TO LOCAL BODIES ACCOUNT. Up to the 31st March last the sum of £545,167 has been raised for the purpose of granting loans to local bodies, and a.further sum of £67,833 has been raised for the purposes of section 2 of " The Government Loans to Local Bodies Act Amendment Act, 1891." Adding to these figures the amount (£89,800) created in respect of the debt of £89,878 Bs. 9d. due to the Public Works Fund for debentures issued under " The Eoads and Bridges Construction Act, 1882," afterwards inscribed, we have a total of debentures created and issued amounting to £702,800, the proceeds of which have been carried into the Loans to Local Bodies Account. The disbursements to the same date have been as follow: £544,948 has been paid over to local authorities, and £67,833 to the Lands and Survey Department; £89,800 has been transferred to the Public Works Fund : leaving a balance of £219 of cash at the close of the year. Details of the receipts and expenditure during the year will be found attached to the usual annual statement of accounts. I may remark that the. grants to local authorities continue to increase in the aggregate. For the year 1892-93 they amounted to £74,445, while last year they reached a total of £87,151. The necessities of new settlement in the North Island are accountable for the increase, and, as settlement proceeds apace, it follows that the local aiithorities will wish to avail themselves of the opportunities afforded by the Act to obtain grants for roading at a reasonable rate of interest. THE PUBLIC DEBT. The gross public debt on the 31st March last stood at £39,826,415, showing an increase of £568,575 over the amount at the close of the preceding year. But £477,466 of this increase was by special authority, and consisted of debentures issued for purposes giving immediate returns, such as issues under " The Native Land Purchases Act, 1892," for £72,000; under " The Land for Settlements Act, 1893," for £38,966; under "The Cheviot Estate Payment Act, 1893," for £250,000; and under "The Government Loans to Local Bodies Act, 1886," for £116,500. A further issue of £16,300 under " The Naval and Military Settlers' and Volunteers' Land Act, 1892," took place, and additional claims under this head will have to be provided for during the current year. As I have before mentioned, £1,038,180 of 3j-per-cent. stock have been created, and, on the other hand, £902,000 of debentures have been converted, resulting in an increase of £136,180 to the public debt. Towards the annual accretions of Sinking Fund, £284,500 of debentures under " The Consolidated Stock Act, 1884," were issued, while £266,071 of similar debentures were redeemed. And out of sinking funds provided for the purpose, £51,300 of "Consolidated Loan Act, 1867" debentures were also redeemed, together with £28,500 of " Lyttelton and Christchurch Eailway Loan Act, 1860 " debentures.
Conversion tables prepared by Assistant Controller and Auditor.
Table No. 1. Amount received and paid away to 31st March, 1894.
Grants to local authorities for 1893-94, £87,151.
Table No. 3. Gross debt increased by £568,575.
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The accretions of Sinking Fund for the year show an increase of £84,398, s after eliminating the amount accrued under " The New Zealand Loan Act, l 1863," belonging to the Half-million Guaranteed Loan, the sinking fund of which passed into the Public Works Fund by process of law, after the redemption of "Consolidated Stock Act, 1884" debentures. The net public debt on the 31st March, 1893, was £38,144,070, and on the: 31st March last it is stated at £38,874,491, or an increase of £730,421 during; the year, which is explained by £568,575 increase of debt as before mentioned, and £246,244 of sinking fund of the loan of 1863, released upon conversion of the guaranteed half-million. Deducting from these figures the natural increase of the remaining sinking fund, £84,398, as previously stated, we arrive at £730,421, representing the net increase of the public debt. FINANCE OF 1894-95. Now we will turn to a more important, and certainly more interesting, sub- ■ j ec t —namely, the resources of the current year. In the first place you will' require to know how much our expenditure is likely to be, and then the amount of revenue which we anticipate will be received towards providing for such expenditure. Last year we asked for £4,460,547 out of the ordinary revenue of the colony,: but for this year I do not think we shall require more than £4,301,098.; These figures show a net saving of £159,449 on last year's estimates, notwithstanding an increased population entailing an increased expenditure. I will briefly explain the principal items of decrease. Expenditure under Permanent Acts. i The largest sum —namely, £157,021 —is in the annual charge for interest and sinking fund. With the consent of the Trustees of the sinking fund of the Consolidated Loan of 1867, it has been decided to alter the method of contributions, which are allowed to accumulate during each twelve months before the annual "drawing" takes place. The former practice was to remit to London every quarter a sum equal to the proportion of 1 per cent, upon the total of the original loan of £7,283,100, together with the like proportion of 5 per cent, upon the amount of the drawn converted bonds and upon the amount of the bonds outstanding in the hands of the public. These amounts provided the fund for the annual " drawing," and resulted in the Trustees repaying to the Public Account the difference between the amount of drawn bonds held by the public and the total of the " drawing," and this difference really represented the accumulated remittances we had made to pay interest and sinking fund upon debentures in our hands which had already been converted into another form of Government security. To increase the unbusinesslike character of this transaction, there had been raised, every year since 1884, debentures under "The Consolidated Stock Act, 1884," to an amount equal to the estimated yearly accretions of sinking fund of the Consolidated Loan, 1867. So that on the one side of our accounts we loaded our expenditure with entirely unnecessary charges, on the other side we created and issued an equivalent amount of debentures, also unnecessary, provided that the expenditure was abandoned. After careful consideration and considerable correspondence I decided to do away with the charge for interest and sinking fund on bonds which had already been converted, and confine ourselves to making provision only for the bonds remaining in the hands of the public. After this year the charge for interest on the Consols will diminish in proportion as the debt becomes extinguished by the annual drawings; under the former method it steadily increased year by year. I regret to have detained you with these remarks, which are somewhat lengthy, but it was necessary to carefully explain this involved transaction. It is right to mention that the alteration in the method of charging interest on the Consols did not come into operation until after the first quarter's payments of the current year under the old system had taken place; there will
Sinking Fund accretions.
Net debt increased by £730,421.
4 Resources of the current year.
Expenditure for 1894-95, £4,301,098.
Table No. 8. Alteration in annual charge for interest and Sinking Fund of the Consolidated Loan, 18G7.
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therefore be a further diminution of interest charge in connection with the 1867 loan when the estimates for next year are laid before you. The charge under this loan for interest and sinking fund has been diminished by £182,957, and the conversion of some provincial and other loans increased the saving to £189,344. On the other hand, the interest charge has been augmented to the amount of £32,323 owing to the issue of additional 3j-per-cent. Inscribed Stock, and to the creation of debentures for the purpose of satisfying the roading requirements of local authorities, and for the purchase of Native and private lands to be thrown open for settlement. The total set down for the payment of permanent charges under special Acts will be found to be in excess of last year's estimates by the sum of £8,922, and this arises chiefly (with the exception of £1,000 under the Payment of Members Act) from increased provision having to be made for the payments to local authorities of revenues which we are obliged by law to hand over to them. Departmental Expenditure. Passing on to the departmental estimates, you will find a saving of £21,311 in the Colonial Secretary's Department arising out of the absence of the main cost of the late general elections, and non-recurrent items amounting to some £8,510, which were last year provided for in the Miscellaneous vote. Savings amounting to £12,316 have been made in the estimates of the Treasury, Customs, Defence, and other departments. The Commissioners of Working Eailways have been able to effect a saving of £9,821 in their estimates. The reduced proposed expenditure of the ordinary annual departmental character as compared with last year's estimate amounts to £43,448. But it is necessary to make increased provision for certain public services, such as education, postal and telegraphic conveniences, the survey of our lands, and other expenses, the cost of which is certain to augment in a ratio with the increase of population and the necessities of the country. For such conveniences we have to pay an extra cost of £19,688 for postal and telegraphic services, £5,282 for education, £2,797 for surveys, and £2,321 for police protection. Some smaller items, making up £1,610, swell the total increases to £31,698, which deducted from the savings, as before stated, reduces our departmental estimates for the current year to a net saving of £11,750 over those of last year. I think members will agree with me that such a result is highly satisfactory, and I can assure them that an immense amount of labour and consideration has been devoted to the preparation of these estimates by my colleagues and myself in order that the requirements of the public may be met, while at the same time the strictest economy is observed. Estimated Eβvenue. Having mentioned that our expenditure for the year is estimated at £4,301,098, it is necessary that I should state what revenue we anticipate will be received during the same period. I estimate the ordinary revenue at £4,235,000, as against £4,262,200, the estimate for last year, and £4,368,538 of actual receipts. Although there was an actual excess of revenue over the last year's estimate amounting to upwards of £106,000, I have not deemed it prudent to take as a guide these increased receipts in estimating the current year's figures. I prefer to err on the right side. Owing to bad harvest, low prices, and slight financial disturbances, the receipts from railways and Customs show a falling-off. If, then, there should be a disparity between the estimated and the actual results, the discrepancy will place me in no financial difficulty. No Colonial Treasurer should run the risk of having to announce a "deficit" —such a word should have no place in- New Zealand Budgets. Having therefore considered that £4,235,000, or £133,538 less than last year, will be received during the current year, a few of the principal differences may be explained. In the Customs the estimated decrease is £55,503. Although our Customs duties have fallen somewhat during the first three months of the year, I do not think there is sufficient cause for any fear of the drop continuing. Stamps revenue shows a decrease of £36,648, but, as the actual receipts last year
Charges under special Acts,
Table No. 8. Proposed expenditure compared with the estimates of last year.
Table No. 9. Revenue for 1894-95 estimated at £4,235,000.
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were £48,947 in excess of the estimate, and arose principally from unanticipated death duties, I think I should not be justified in expecting a larger revenue than the amount I have set down. The contemplated partition of some large estates may reduce our income under the land-tax; I have therefore deemed it prudent to estimate only £360,000 from land- and income-tax, or £11,976 less than last year from all sources. In beer duty a reduction of some £1,808 occurs. The Railway Commissioners supply us with figures showing a decrease of revenue amounting to £5,548, and, considering the unfortunate collapse in the grain trade, the smallness of their estimated decrease shows their faith in an almost corresponding increase in other branches of their carrying business. " Registration," "Marine," and " Miscellaneous " show a net increase of £1,004; but c< Territorial " has been decreased by £23,059, as my colleague the Minister of Lands is of opinion that it is prudent to provide for a decrease this year in consequence of the bad season. In addition to the above, the receipts for the year are aided by the creation and issue of debentures under " The Consolidated Stock Act, 1884," for the estimated accretions of the sinking funds during the year. Owing, however, to the alteration of the system connected with the payment of interest and sinking fund on the " Consols " of 1867, as I have before explained, a very much smaller amount is required to be contributed towards the sinking fund of this loan than has heretofore been made. The debentures, therefore, which last year amounted to £284,500, are only this year set down at £117,800, or a decrease of £166,700 in aid of revenue from that source. POEECAST, 18.94-95. You will like to have a forecast of our position on the 31st March, 1895, so I will gather together the figures I have been explaining, and restate them thus :— £ Estimated expenditure for 1894-95 ... ... ... 4,301,098 Estimated revenue „ ... ... ... 4,352,800 Excess of revenue over expenditure ... ... £51,702 It must not, however, be forgotten that we closed last year with the satisfactory surplus of £290,238. Our severest critics will not, I suppose, object to our bringing forward this surplus in aid of the current year's transactions. Therefore, adding the surplus of £290,238 to the excess of revenue over expenditure for the year of £51,702, we arrive at a gross surplus of £341,940, out of which we propose, as before, to transfer £250,000 to the Public Works Fund for construction of reproductive works, and in aid of the settlement of the land. Our net surplus at the 31st March next should be £91,940, subject to further reduction after the supplementary estimates have been provided for. PUBLIC TBUST OFFICE. I may state that the properties in the Public Trust Office at the close of 1893, and subject to wills and instruments of trust, had increased in number to 371 from 354, and in value to £543,238 from £442,671 at the close of 1892. In every branch of the business of this office there has been an increase; and the properties in the office of all classes at the close of 1893 were 2,040 in number, of the estimated total value of £1,450,917. The Act of 1891, by which the colony guarantees the capital funds of 1 estates in the Public Trust Office, as well as a common rate of interest on these funds, is bearing good fruit. The security of the capital funds will always be the principal consideration of those who may arrange a trust or make a will, and the larger the amount of the capital fund of a property the greater is the concern for security. I shall ask the Committee for a sum of £340 in this year's appropriations to meet the deficiency arising from bad and doubtful securities on which the ] capital funds have been lent of estates in the Public Trust Office. This ; will make the deficiencies which have been made good in such securities amount
Beceipts for the year aided by creation of debentures under " The Consolidated Stock Act, 1884."
... ■ ; Table No. 7. Forecast of position on 31st March, 1895.
Estimated surplus on 31st March, 1895, £341,940.
Business of the office.
Guarantee of capital funds.
Vote of £340 required to restore capital funds. :;
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to £4,098, out of the estimated total amount in 1891 of £5,000, of the deficiencies then expected to arise. Of this deficiency, the amount which has already been appropriated has, as the Committee is doubtless aware, been met out of the profits of the Public Trust Office. The Natives show an increasing confidence that the lands which have been reserved for them will be so administered by the Public Trustee that the owners will derive the greatest possible benefit. In the district of the West Coast settlement reserves, the distrust with which the Natives formerly regarded every proposal to make use of the idle reserves has disappeared, and opposition to settlement has given place to a desire that the reserves not necessary to the Natives for their own residence and cultivation should be leased for the purpose of the income. An area of 17,600 acres of these reserves, which were idle and unoccupied, has been leased in ninety-six sections since the passing of " The West Coast Settlement Eeserves Act, 1892," and the survey of an additional area has just been completed of 9,000 acres, which are about to be offered on lease at once. From these new lands the income of the Natives has been increased by upwards of £1,600, and the total income of the reserves from £11,600 to £14,300, which will provide an allowance of not less than £7 a year to every man, woman, and child of the Natives who are interested in the land. And these Natives have, besides, for their own free use, a large area of some of the best portions of the land. GOVERNMENT INSURANCE DEPARTMENT. The accounts of the Government Insurance Department will show that it never occupied a stronger position than at the present time. The new business of the year was virtually £100,000 in advance of the business of 1892, whilst the expense rate still further declined, and now stands lower than at any time during the last eight years. The triennial valuation of the liabilities of the department under its policies has been carried out upon principles approved by the London actuaries. After having made very substantial reserves, a cash surplus of £140,000 remained, and has been converted into reversionary bonuses, which have been added to the policies in force. lam pleased to be able to say that the result of the triennial investigation shows the financial condition of the department to be unquestionably sound. The mortality amongst the policyholders continues to be remarkably light, and the sums assured, with bonus additions thereto, have now reached nine million pounds sterling. The funds steadily continue to accumulate, and at the close of the year amounted to £2,128,590. THE DEPARTMENT OF INDUSTRIES AND COMMERCE. Eecognising the many avenues that well-directed efforts might discover for the advancement of our industries and commerce, the Government decided during the year to create a department whose special duty is to develop and further the interests of the industrial and commercial community in this colony. I am glad to be able to assure the House that the work of this department seems likely to be of considerable advantage to the colony generally, and, although still in its infancy, the work it has already done has proved the wisdom of its establishment. I feel sure that there will be few dissentients from the promotion of efforts intended to provide fresh markets for our products. The Government was so impressed with the importance of this subject that when a delegate was despatched to Canada to represent the colony at the Ottawa Conference he was specially commissioned to obtain from every possible source data which might be of service in opening up trade with foreign markets. The Department of Industries and Commerce will give publicity to these particulars, for the benefit of colonists. DEPARTMENT OF AGRICULTURE. ' The work in this department has steadily increased, and the endeavours made to assist settlers by supplying information have met with cordial approval. From time to time pamphlets on different subjects by the Biologist, Veterinary
Administration of Native lands.
West Coast reserves.
Progress of business of the department.
Fresh markets for our products essential.
Work of department increased.
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Surgeons, and Dairy Instructor have been issued. A very large number of specimens of plants, insects, &c, have been sent for investigation and report. A shipment of the Hessian-fly parasite was received from Home, successfully hatched, and liberated. Another consignment is expected. Dairying has continued to develop, and there were 178 factories and creameries at work last season, being an increase of 74. The increase in the output of butter was 10,838cwt., valued at £31,943 ; but, on the other hand, there was a decrease in cheese of 8,949cwt., valued at £14,922; the total output being: Butter, 62,500cwt., valued at £265,959; cheese, 37,363cwt., valued at £83,017. Although these returns show a decrease in cheese, it is believed there was really no actual decrease in the quantity manufactured, but through some cause it was not exported till after the end of the financial year, as the quantity shipped in April shows. During the year Mr. Valentine, the Dairy Expert engaged by the AgentGeneral, arrived, and was at once fully employed in advising the department on the best means to assist the industry. The Government, believing that better organisation in London was necessary, decided to despatch Mr. Valentine there for this purpose, and it is hoped that practical good will result from this appointment. The other two Instructors have been employed giving practical instruction, and it is proposed to increase the staff in this direction. Two practical Fruit Experts were engaged last November, and have since been occupied in visiting fruitgrowers. A very large quantity of fruit is annually imported into the colony, and an effort is being made to supply local markets by improving our own fruits. POSTAL AND TELEGRAPH CONFERENCE. The first Australasian Postal and Telegraph Conference held in New Zealand met at Wellington in March last. All the colonies with the exception ] of Tasmania sent delegates. The printed report of the proceedings has been laid before Parliament, from which honourable members will learn the nature of the business transacted. In addition to the adoption by the Conference of a resolution favouring the laying of a Pacific cable, which I refer to elsewhere, and the transaction of a large amount of other business of an important departmental nature, a resolution favouring the continuance of the San Francisco service was also carried. At a later period of the session the House will be asked to renew the service for another term of three years. Now that wool is to be admitted free into the United States —a great advantage to this colony— the maintenance of direct steam communication between New Zealand and San Francisco becomes the more desirable. The question of establishing a Canadian-Pacific steam-service connecting: Australia, New Zealand (the steamers calling at one main port in the colony), and Vancouver, to alternate with the service via San Francisco, so as to secure s to the colonies a fortnightly Pacific mail-service, was also affirmed. Should it be practicable to secure such a service, Government proposes to recommend the payment of an annual subsidy of £10,000 for a reasonable term of years. This Conference was the first truly representative gathering of the kind: ever held here. Including as it did representatives from all parts of Australia, \ the Government decided to offer these gentlemen every possible facility for' seeing the colony and learning as much as they could about its resources and" institutions. Of this they fully availed themselves. I have always held the opinion that much benefit of a mutual character is : to be derived from the holding of Conferences such as this. That Ido not stand \ alone in this opinion is shown by the fact that the delegates were so impressed with the many advantages which have resulted to the Post and Telegraph administrations through the open discussion of general as well as of more important matters at annual Conferences that they gave expression to a resolution suggesting to their respective Governments that, were the question of intercolonial reciprocity similarly discussed, much practical good might be expected to be gained by the colonies. As representing New Zealand at the Conference, I thoroughly concurred in this resolution. THE CANADIAN CONFERENCE. The Government were advised that it was intended by the Canadian: Parliament to hold a Conference at Ottawa, and were invited to send a repre-; ii—B. 6.
Business transacted by Conference.
Establishment of a CanadianPacific steamservice.
Facility for seeing the colony offered to members of Conference.
Benefit derived from tho holding of Conferences.
Eepresentative sent to Canadian Conference.
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sentative. Regarding the holding of the Conference as of considerable interest and importance to the colony, the Government considered that a gentleman of high standing in the commercial world should be sent from here. Mr. A. Lee Smith was for this reason invited, and agreed to represent New Zealand. Judging by the reports already received of the work done by him, both at the Conference and elsewhere, since leaving New Zealand, I feel sure that [his mission will result beneficially to our industries and commerce. PACIFIC CABLE. Cheap cable communication will by all classes be admitted to be of considerable service to New Zealand, which is the most distant country in the world from the consuming and the distributing centres with which our business is mainly conducted. Recognising the advisability of having a more efficient and cheaper service, the Postmaster-General was authorised to guarantee a subsidy of .£lO,OOO a year as New Zealand's contribution to a Pacific cable. The details of the proposed new cable service will be found in the report of the proceedings of the Postal and Telegraph Conference now in the possession of members, and it will be sufficient for me to say that the Government is impressed with the advantages both national and commercial that would follow upon the establishment of the proposed cable, and will promote it to the utmost. i From the above report, I may add, honourable members will observe that the cable is to touch at New Zealand under either of the routes suggested in the resolution of the Conference on the subject. Since the resolution was published, renewed interest has, I am pleased to say, been manifested in this question. Two private offers have already been received to lay the cable under the conditions imposed by the resolution. The question was also considered at the late Canadian Conference, but the Government is without any official information as to what was actually decided upon. It is believed, however, that the majority of the delegates were decidedly in favour of the scheme, which, as honourable members are aware, has always had the strong support and sympathy of the Canadian Government. SETTLEMENT OF THE LAND. The demand for Crown lands during the past year has been considerable, and the Lands Department has been kept busy to meet this. Over one million acres of land were thrown open for selection under settlement conditions and for cash sales, besides about one million seven hundred thousand acres for pastoral purposes. The whole of these areas were not taken up, for much of the land remaining in the hands of the Crown is of inferior quality : indeed, the want of good land to meet the demand for settlement is very pressing. The total number of selectors of lands last year was 2,876, but these figures include selectors of miscellaneous leases and licenses which are in their nature not of a permanent character, Deducting these, there remain 2,539 selections under all other headings. These may be divided as follows: Purchasers for cash (town, suburban, and rural), 500, who selected 34,999 acres ; deferred-payment selectors, 96, who took up 12,668 acres; perpetual lessees, 17, selecting 3,854 acres ; occupiers with right of purchase, 471, selecting 108,499 acres ; lessees m perpetuity, 1,228 selections, taking up 255,362 acres (these include village settlements, associations, and other small holdings under this particular tenure); and finally, 227 selectors of grazing-farms, small grazing-runs, and pastoral leases. The total figures show a small decrease (195) in the number of selectors as compared with last year, and this is due to the causes referred to aboveviz., the scarcity of Crown lands in positions easily accessible. The figures quoted include the selections under the Land for Settlements Act and the Cheviot Estate. Under " The Land for Settlements Act, 1892," a good number of offers were received by the Government, and many of the estates were of a character which might with advantage to the State have been acquired and settled on. _ But still, the limit of area with which lands acquired under this Act can be divided —viz., 320 acres —prohibits the Government from acquiring some of these properties
Yearly subsidy for new Pacific cable.
Offers received to lay cable.
Demand for Crown lands considerable.
Purchase of estates by the Government.
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which are otherwise desirable. It is proposed to remedy this defect by the Bill now before the House. The number of estates purchased was five, of a total area of 9,113 acres, the total cost of which, including purchase, administration, roads made and yet to be made, was £39,117 12s. lOd., or considerably within the limit allowed under the Act. These estates have all been divided into small farms, and at this date are bringing in a return on capital invested, 4*5 per cent., whilst seventy-one selectors now hold the land instead of five, as formerly. When the whole of the lands are selected, which will probably be as soon as certain road-works are completed, the estates will bring in a return of sB per cent, on the expenditure. With respect to the Cheviot Estate, full particulars as to the operations in connection therewith—sales, leases, and improvements made, &c.—will be found in the annual report of the Lands and Survey Department, which may be summarised here. Through causes which have nothing to do with the estate itself, the cash sales have not equalled our anticipations, consequently larger areas have been offered for lease than was originally contemplated. The results up to the present time may be stated as follows :— The total area purchased is 84,755 acres, and, with two reserves containing 600 acres of Crown lands, and 120 purchased on the boundary, makes a total of 85,475 acres, which is disposed of as follows : — 73,159 acres leased in perpetuity, and for twenty-one-year terms. 6,498 acres sold for cash. 1,032 acres reserves, &c, not yet leased. 2,066 acres unsold land. 2,720 acres roads, railway-line, &c. 85,475 Financially, the position is as follows:— Original cost of the estate ... ... ... ... £260,220 Works and improvements ... ... ... ... 22,250 282,470 Deduct cash receipts ... ... ... 35,921 £246,549 As the land leased is bringing in a rental of £13,339, it follows that we are' receiving over .5 per cent, on the £246,549, and still have to the good some! reserves and township-sites not yet disposed of. THE BANK OF NEW ZEALAND. Circumstances of an unusual character have recently caused prominence to i be given to the banking institutions of the colony. I take this opportunity of ! complimenting the House upon the courage displayed by its members—a i marked characteristic not altogether unexpected—in dealing with a critical emergency. I refer to the State guarantee which was given to the Bank of New Zealand a few weeks ago. There have been many proposals urged from time to time for the creation of a State bank, and there have been many hopes expressed that such a State institution would sooner or later be established in this colony. There have been fanciful ideas portrayed by many, who, doubtless experiencing the tightness that has characterized the money-market in this colony for some months past, regarded the creation of a State bank as a panacea for the evils from which they had suffered. Ido not here propose to discuss the merits or demerits of a State bank. I will not trespass upon the time of the House in inviting honourable members to say whether or not the creation of a State bank would have been a solution so satisfactory as many predicted. It would, in my opinion, be undesirable for the Government of the colony to conduct the business of an ordinary
Cheviot Estate.
Cash sales.
Area disposed of.
Financial results.
Over 5 per cent, received on outlay.
Creation of a State bank need not be considered.
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bank. It would not be an easily-managed concern; it would be open to some, if not many, abuses; it would be calculated to offer opportunities for things to be done which should not be done. But a financial institution guaranteed by the State, supervised by the State, and controlled by the State must in the very nature of things be a bulwark against extraordinary financial fluctuations calculated to impede the industrial and general progress of the colony. We have now all the machinery necessary to enable the Treasury to control the noteissue, should this ever be deemed desirable. We have now the necessary channel through which much of the important business that will in the future be carried on by the colony may be more effectually and expeditiously performed. The Government are of opinion that neither of the other colonial banks . will, as the result of the legislation giving the Bank of New Zealand a State guarantee, be prejudicially affected ; and the Government are carefully watching matters, as they do not intend, nor have they any desire, to injure them. EAILWAY CONTBOL. In accordance with the generally-expressed wish of the country, a change in the railway control has, as honourable members are aware, been effected. Two of the former Commissioners have been replaced by two new ones. My colleague the Minister for Public Works will, at a later date, place fully before the House the opinions of the Government as to the future management of the Working Railways. THE WOBK OP SETTLEMENT. The great work of settlement in this colony must be carried on vigorously. No Government would be doing its duty were it to display any apathy in prosecuting in every legitimate direction the settlement of the country. It has often been said, and I shall be excused for saying it again, that from the land the wealth of this colony must come. Hence, it is to the land that we must look for the creation of further wealth, and for the provision of additional employment, and homes for the numbers of people who are yearly being added to our population. We are constantly brought face to face with the problem of providing land upon which to settle our yeomen. In the Middle Island the best of the land is, as you are aware, in the hands of private owners. The resumption of a portion of this land by the State is a necessity, and, to enable land to be acquired at fair value, the House will be asked to assent to an amount of £250,000 being provided for the purchase of private.lands, and out of that sum the necessary expenses for roading, surveying, subdividing, and promoting settlement will be paid. For the important work of making roads and constructing bridges to open up lands for settlement, and for subdividing and clearing them, a further sum of £250,000 will also be asked for. The Government feel sure that our fellow-colonists will recognise that, if the great and important work of obtaining and opening lands for settlement is to be gone on with, it is clearly incumbent upon them to meet the enormous demand which is daily being made upon them. The policy proposed in connection with the settlement of the people on the land is, in my opinion, sound. It is marked by a progressive spirit that will, I trust, imbue the people of the colony who are not directly on the land with the hope that a knowledge of such added national wealth should inspire. By " wealth " I mean the establishment on the soil of fresh settlers, who, in maintaining themselves and their families, contribute to the general taxation of the colony, further add to its resources by increasing its exportable products, swell the number of our settlers, and relieve taxation per head throughout the colony. I trust that the proposals outlined above will commend themselves to men of all shades of opinion, and that our common object will be to assist to carry out so important and national a project. LOCAL GOVERNMENT. The Government were very anxious to submit proposals this session to extend the powers of local governing bodies, and to deal with the pressing necessity for reform in the administration of charitable aid. There have been
State guarantee to Bank of New Zealand will not affect other colonial banks.
Change in railway control.
Settlement must be carried on.
£250,000 ' required for purchase of private lands.
£250,000 required for surveys and roads. Enormous demand for land must be met.
Kates to be levied upon Crown lands.
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so many important matters affecting the welfare of the country demanding the attention of the Government, however, that it has been found impossible to give effect to this wish. Many of the local bodies are financially in a very unsatisfactory state, and in order to assist them it has been decided to bring in a measure authorising them to levy rates upon Crown lands. From this source it is anticipated that they will receive about .£lO,OOO. POST AND TELEGEAPH SEEVICE. The staff of the Post and Telegraph Service is yearly increasing in numbers, j The service is now classified, and it seems to the Government that it is desirable to establish a permanent Appeal Board to enable the officers to submit reasonable complaints from time to time concerning their positions. I will submit a scheme to enable this to be done. Under it the service will elect one representative from themselves to sit on the Board, and the chief executive officer of the Post and Telegraph Branches respectively will be appointed by the Government to the Board. All appeals, after being dealt with by the Board, will be referred to the Postmaster-General, whose decision will be final. As the work of repairing and laying cables for the carrying-on of the ■ telegraphic business of the colony is yearly becoming of greater importance, it : has been decided to have a cable-steamer specially made, so that this work may be done more effectively and economically. The vessel will be so constructed as to enable it, when not engaged in work connected with the cables, to take the place of the " Hinemoa." It will be of greater tonnage than the "Hinemoa," and will be in every way more suited for cable-work than any of the present steamers, all of which it is proposed to dispose of. ASSESSMENT OF LAND. It is a matter for regret that since I last addressed you concerning the business of the Taxing Department the country has lost the services of a valuable and faithful officer by the death of the late Commissioner of Taxes, Mr. C. M. Crombie. r I do not propose to continue the triennial assessment of land, but m lieu j thereof I shall propose a much simpler scheme, under which an opportunity! will in the meantime be afforded for the redress of grievances which may exist under the present assessment. Thereafter particular districts of the colony will be assessed at such intervals as circumstances require. The change I intend to propose to the House will, I anticipate, result in a very large saving of expense to the country, and of worry and inconvenience to the taxpayers. The change will not affect the next collection of land-tax, as the present assessment has still a year to run. LAND-TAX ON NATIVE LANDS AND MOETGAGES. It is also my intention to bring under the operation of the land-tax all interests of Maoris in lands leased to Europeans, and mortgages belonging to Maoris secured upon land. ASSESSMENT OF BANKS. I shall also submit a proposal which will place on a more equitable footing than heretofore the taxation levied on the profits of the banks doing business in New Zealand. The proposal will be of the most reasonable nature, and will be brought forward not so much with the object of obtaining additional revenue as of more fairly adjusting the contributions by the various banks under the income-tax. lam of opinion that we should adjust our system of taxation so as to hold out inducements to banks to bring money into the colony for investment. ASSESSMENT OF FIEMS AND OTHEES. I have had under consideration a scheme, which I shall submit to the House, under which firms and individuals which have no representative in the colony in a position to make the annual income-tax return on behalf of the principals will be reached, and it is by the aid of the Customs Department that the income-tax payable by'these firms and persons will be collected.
Appeal Board to be established.
Special steamer for cable service.
Death of late Commissioner.
Triennial assessment discontinued.
Land-tax on Native lands and mortgages.
Taxation of banks.
Firms not represented in colony to be taxed.
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Business of foreign trading ships to be taxed.
Owing to the difficulty experienced by the agents of foreign trading ships in making returns of income-tax, I shall also propose to reach them through the Customs in a manner which will be at once fair and equitable, and which will entail the least possible trouble on the agents. i One or two other matters which require adjustment and simplification in the land-_ and income-tax will be submitted and further explained when the Bill embodying these proposals is brought down. The provisions of the Bill will not be retrospective, and will, I think, commend themselves to the House, my object being to simplify as far as possible, and remove any anomalies from, the system of direct taxation which has now been generally accepted by the colony. THE MINING INDUSTEY. In order to encourage the development of the mining industry I am of opinion that further aid should be given towards inducing miners to settle on the land, and the construction of roads and tracks to open up the country in mining districts, and also that aid should be given towards prospecting, especially in testing deep levels. I believe that this would greatly extend the field for mining operations, and afford remunerative employment to a larger population than that at present engaged in this industry. Indeed, I think that many who now swell the ranks of the unemployed could, by receiving moderate assistance, be occupied with great advantage to themselves in searching for hidden treasures. Gold-mining has in the past been a great feature in the advancement and prosperity of the colony, and encouragement should therefore be given in the future to the large number of people who are supporting themselves by this industry. The question of proclaiming rivers and streams as channels for the deposit of tailings and debris from mining claims has received the attention of theGovernment, and I shall ask the House to make provision for the conservation of the interests of those engaged both in mining and agricultural pursuits, where the latter are affected by the streams, channels, or tailings connected with the mining industry. PEOMOTION OF SUGAK-BEET. It is unfortunately too well known to all of us that, owing to the low prices followed by a bad season, many of our producers have been at their wits-end to know how to make their accounts balance. It is when people are in trouble— when times of distress overtake them—that they are by force of circumstances compelled to look about in order to see whether there is any other way in which they could add to their resources. During late years the phenomenal success that has attended several important steps that have been taken in the exportation of frozen meat, and in the development of the dairying industry, has more than ever impressed upon us the desirability of adopting what is generally known as "mixed farming." A large and valuable field lies before those who are enterprising enough to embark upon the cultivation of sugar-beet, and have the requisite knowledge and capital to enable them to be successful. It is but fair to assume that people would shrink from the possible loss that such a great undertaking might possibly cause to them. I shall therefore submit to the House proposals which should act as an incentive to the enterprising to vigorously embark upon the industry I have named. I shall ask the House to agree to a bonus being paid, to the amount of £50,000, for the production of sugar-beet for a limited period. I need not expatiate upon the numerous advantages that are certain to follow such an undertaking. Among other things, it will afford a fresh field for the employment of labour, and must therefore commend itself to the well-wishers of the colony. COAL-MINES. In order to further augment the value of the coal-mines in the colony, the time has, in my opinion, arrived when the country should be prepared to pay an export bonus upon coal despatched to foreign markets. For the purpose of enabling a fair effort to be made in this direction, the House will be asked to
Adjustment and simplification.
Legislation not retrospective.
Aid to be given so as to extend mining operations.
Conservation of rivers and streams.
Bonus for sugarbeet cultivation.
Export bonus upon coal. j
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consent to the payment of a bonus of 2s. per ton upon 50,000 tons of coalfif exported within twelve months from the Ist October next. The necessary conditions for this will be furnished in detail, one of which will be that the coal in question must be sent to foreign markets—viz., markets beyond Australia. ASSISTANCE TO FEUIT-GBOWEES. The magnificent climate that has so often formed a theme of admira-: tion of both residents in and visitors to the colony makes me believe' that advantage is not taken of the fruit-producing powers of this colony to anything like their full extent. I am disposed to think that in the past we have shown an indifference to fruit-culture which almost amounts to culpable negligence. As honourable members know, there are many places in the colony which are eminently suited for this class of produce. One of the causes which has hindered the successful production of fruit has been the free admission into the colony of Pacific Islands, Tasmanian, and Australian fruits. It would seem to me that, while we are protecting our industries and endeavouring to find fresh avenues for the employment of our people, those desirous of using imported fruit should be prepared to pay higher prices in order that fruit may be profitably produced here, and that a duty upon fruits which can be grown in the colony should be levied for this purpose. Then, the railways, which have been made for the general use of the people and for the primary object of developing the resources of the country, should be placed at the service of the fruit-producers at greatly-reduced rates. In that way fruit-producers living at a distance of, say, a hundred miles from a consuming centre could have their fruit conveyed as cheaply as the more favoured producers living, perhaps, only twenty miles distant. I am prepared to hear it said that this would be an innovation in the direction of establishing a system of railway transit that should be approached with diffidence. To this I would answer that, if fruit is to be profitably produced in all parts of the colony where climatic conditions favour it, settlers must be put upon even terms. I therefore hope that in this practical age the officers in charge of the railway service will, if this House favours the proposals now sketched out, loyally give effect to the wishes here expressed. I am convinced that, while the imposition of a duty against the imported article would restrict the use of outside fruits, such a duty and a low railway tariff would give a great impetus to the industries of this colony, and create such a local competition that it would be only a short time before better fruit at a low price would be at the disposal of the people. SMALL DAIEYING. Small settlers in various parts of the colony have been greatly assisted by the carrying-on of the smaller class of dairying business. The railways have not, to the extent which they ought, enabled this class of settlers to get their products at reasonable rates to the larger consuming centres. The Government are of opinion that the producers of such articles as butter and eggs, who are largely dependent upon the sale of these for a living in the larger centres, should have extended to them privileges similar to those which are suggested for the facility of the transit of fruit. The railways should be used for settlers of this class for the purpose of overcoming the disabilities arising out of distant markets, or of making it as desirable for settlers to live at a long distance from a town as to live where those now more favoured do, having selected an allotment closer to a city at an earlier date. I earnestly commend the above suggestions to the careful and thoughtful consideration of honourable members. EECIPEOCAL TAEIFF. I would direct the attention of honourable members to the policy which has so prominently characterized the neighbouring colonies for some years past: I refer to the policy of raising their tariffs. These increased tariffs have had the effect of limiting the outward trade of this colony. I believe that a colonial reciprocal tariff entered into would confer greater benefits upon Australia than upon New Zealand. But, in order to enable friendly com-
Fruit-culture capable o£ enormous expansion.
Railway rates should be lowered to assist.
Balance of trade against New Zealand.
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mercial relations to exist betwixt the colonies, I would, at all events, favour a tariff treaty being entered into with any of the colonies that would agree to exchange their products with us. Ido not believe in a policy of retaliation, but at the same time I am of opinion that it is unwise to stand by and allow the present state of affairs to continue without looking to our own interests and conserving our own industries. If the gold and specie which was exported from New Zealand to Australia is not taken into consideration, the balance of trade last year was greatly in favour of the other colonies. Their importations to New Zealand during the year 1893 exceeded our exports to them by the sum of £422,734, exclusive of gold and specie. FOEEIGN COMPANIES' DEPOSITS. It will, I think, be generally conceded that it is the duty of the Grovern- , ment to see that locally-established institutions are not made to contribute more to the taxes of the country than rival institutions, which I will, for the sake of distinction, term " foreign companies." With this object in view, I will ask the House to assent to proposals for the conduct of the business of foreign life assurance, foreign fire and marine insurance, and foreign accident assurance companies, carrying on business in this colony. I will ask that foreign life assurance companies should deposit with the Public Trustee the sum of £50,000, either in money or in approved New Zealand securities, or partly in one and partly in the other ; and that foreign marine and fire assurance companies should similarly deposit £20,000, and that accident assurance companies should likewise deposit £15,000; each deposit to be made within six months of the passing of the Act. Upon a cash deposit the rate of interest to be allowed will be 4 per cent. only. STAMP DUTIES. My colleague the Commissioner of Stamps has had under consideration the disparity that has existed for some time in the stamp-duty charges on marine insurance policies in this colony and in England. In his opinion it has had the effect of transferring to England a large portion of the business that should have been carried on here, and a consequent loss of revenue has resulted. I therefore propose that our stamp duty should be assimilated to that of England, and you will be asked to agree to legislation giving effect to this proposal. I may mention that the British rate is 3d. per £100, while that which has existed here has been Is. per £100. I anticipate that this change will add to rather than diminish the revenue from this source. TAEIFF. I intimated last year that it was " inadvisable in an expiring Parliament to attempt to deal with this large and important matter," and I said it would be necessary " in the first session of the new Parliament to deal with the question of the tariff in a thorough and comprehensive manner." I fear that the number of things to be considered by the Tariff Committee may prevent their reporting in sufficient time to enable the Government this session to deal with the matter in as exhaustive a manner as they consider the importance of the subject demands. NATIVE-LAND PEOPOSALS. That so much of the vast areas of Native lands in the North Island are unoccupied has militated very greatly against that important part of the colony. My colleague the Native Minister will submit a Bill to Parliament this session which will tend to remove this most undesirable state of affairs. The object of the Bill will be to consolidate the provisions of the several Acts affecting Native lands and Land Courts; to enable the exchange of lands between Natives. Provision will be made for the transmutation of the tenure of freehold lands held under the Native custom; for facilitating the settlement of blocks of land owned by large numbers of Natives ; for the incorporation of Native owners ; for entirely dispensing with applications for rehearing, and the attendant costs thereon; for the appointing of a Court to hear appeals, the decisions of which Court shall be final and conclusive; and for prohibiting private dealing in Native lands.
Foreign assurance companies to make deposits with the Public Trustee.
Disparity in stamp-duty charges.
Unable to deal with question of tariff this session.
Unoccupied Native lands in the North Island.
Consolidation of Acts affecting Native lands and ; Land Courts. I
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With the removal of these difficulties—by giving fair value to Natives for their land, and by insuring good titles to the land—it is contemplated that a large area of Native land will be offered to the Government. To meet this, and to road the lands and to put them in a position for beneficial occupation, the sum of ,£250,000 is considered necessary. FINANCIAL AID TO SBTTLBES. There has been no little controversy upon the question of providing cheap money for the use of settlers in this colony. Many schemes have been propounded, and various ideas put forth. The Credit Fonder system has: been advocated. The establishment of a State bank has been urged. The issue of paper money has been suggested, and many other proposals have been made. As the result of very careful consideration, I have come to the conclusion that none of these methods would immediately enable the colony to obtain the great advantages which necessarily will follow the flowing into it of money to be utilised by settlers at a low rate of interest. The first essential to the successful introduction of money into the colony is to give an assurance to those from whom it is obtained that their loan is safe. Under the proposals which I am about to submit to you, it will be conceded that this important point has been provided for. I propose, on certain conditions, to ask the House to assent to legislation authorising the raising in London of a sum not exceeding £1,500,000 per annum, to be advanced to settlers in this colony on freehold security, and I propose that 3| per cent, inscribed stock be issued from time to time to provide the requisite amount. It may not follow that in the course of a year the whole amount named will be raised for the purpose of advances. If, for example, approved loans amounted to £500,000, then inscribed stock for this sum only would be issued. After careful consideration, it seems to me to be infinitely the best plan to obtain the money directly on behalf of the colony, and for the colony to hold the securities against the advances that may be made. The greatest good will in this way be conferred upon those requiring money at low rates of interest. It is intended that a Lending Board should be set up, with certain defined powers. To stipulate that these advances should only be made upon a 50-per-cent. valuation would, in my opinion, entirely neutralise any general good that the scheme is intended to confer. lam of opinion that land - values have generally in this colony reached their minimum. There are, of course, exceptional cases where owners adhere to higher values than the land is really worth; but I think I am right in saying that land may not in the future be expected to further depreciate in value, and as population increases, and the country becomes settled, the acreage value of land, now at bed-rock, must show a tendency to rise in proportion. I believe that, with a Lending Board and a proper system of valuations, it will be quite safe to authorise the Board to advance up to two-thirds of the value of the security. It is not intended by the Government that a large profit should be made out of settlers. A margin of lj per cent, will more than cover ordinary expenses, and will provide the basis of an assurance fund. The scheme is a comprehensive one, and it has, I think, the merit of being safe, practicable, and sound. I can with confidence commend it to the careful consideration of members on both sides of the House, whose co-operation I ask in assisting to solve what is admitted to be one of the most difficult and at the same time unavoidable problems that it has become necessary to deal with during late years. The country must have a plentiful supply of money. It must not be dependent upon the whims of investors, who in the past have made use of it just as it suited them, and too often have shown, unfortunately, a desire to withdraw their money without reasonable cause, thus creating embarrassment, and in many cases sad distress, among those affected. I ask honourable members, as they have the welfare of the country at heart, when the Bill is before the House for their consideration, to assist in making it, where necessary, a better Bill, and to bring about that which is so necessary to the well-being of the colony— namely, the obtaining of a supply of capital at a lower rate of interest than has hitherto prevailed. iii—B. 6.
Large area will be offered, and £250,000 will be required.
3J-per-oent. inscribed stock to be issued to provide funds for advances to settlers.
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THE MONEY-MAEKET. It is generally admitted that there has been what is termed a tightness in the money-market in this colony for some time past. Various reasons may be assigned for this. Without discussing here the causes, I may say that, in my opinion, money in this colony will before long be plentiful, and that with an additional supply a drop in interest-rates may be expected. It seems impossible for the vast accumulations of wealth now being hoarded up to continue long without being remuneratively employed. With this belief I some weeks ago notified the various departments which are in the habit of investing portions of their funds with the Treasury that, for the future, no investments will be made at a higher rate than 4 per cent. Dear money is not a good thing; on the "contrary, it brings in its train many evils. No country can enjoy solid prosperity if rates of interest are ruling high. It would be to the advantage of all classes, including financial institutions, in this colony, were there a plentiful supply of money with lower rates of interest, enabling the users to utilise it with a prospect of earning a profit. Under such circumstances the original lender would have the first essential to a successful lending institution —a safer and a better security. It is obvious that, if money is lent at a high rate of interest, the difficulties the mortgagee experiences in using it so as to make a profit for himself as well as a return to the lender, will only result in it being a question of time when the borrower must experience the impossibility of his being able to profitably employ such money. When this point is reached, the security of the original lender is at once reduced in value, and, if he allows it to remain long enough, it will for a certainty become a depreciated if not a bad security. Hence, I think it will be generally conceded to be of importance to all classes in the colony—to the lenders as well as the borrowers—that money should not stand at a high rate of interest. So far as I can I shall assist in the direction of having money brought to a fair value. I feel satisfied, from a careful study of the causes that have conduced to the tightness of the money-market, that our colonists may now look forward hopefully to a relaxation in this direction. THE THEIFT OF THE PEOPLE. Members are aware that former Governments have from time to time given much thought to the best means of assisting our fellow-countrymen in their, laudable endeavours to save and lay by for the proverbial "rainy day." My colleagues and myself cannot be accused of any want of energy in this direction : indeed, we think we can point with pride to the many benefits it has been our good fortune —through the Legislature —to bestow upon our fellow-workers, notably through the extended operations of the Public Trust Office, with its "General Fund" investments, and the increased advantages offered by the Government Life Assurance Department. The Post-Office Savings-Bank, it is recognised, presents a thoroughly safe, and in the large majority of cases a singularly acceptable, channel for depositing the surplus moneys of our wage-earning and trading classes. But it has been felt for years, and is further proved by our periodical bank returns, that, if further conveniences were afforded to the people for the investment of their savings under the guarantee of the State, a large number would be only too glad to avail themselves of the opportunity. It must be borne in mind that the Post-Office Savings-Bank only pays interest on a limited aggregate sum deposited individually, and requires, in the interests of the depositor, many forms and ceremonies to be gone through before money can be put in or drawn out. As regards the Public Trust Office, the Public Trustee is debarred from taking money on deposit which does not in his opinion relate to a bond fide trust. There must, in consequence, be large numbers of individuals who, by earnest thrift or fortunate circumstances, find themselves with a little capital which they are often obliged to place at non-interest-bearing call, or to lend to institutions for stated periods, thus locking it up. These persons, lam sure, would gladly welcome some form of security whereby at a minimum of trouble they could avail them-
High rates of interest detrimental to progress of colony.
Government cannot be accused of want of energy.
Difficulty of finding suitable deposit for surplus moneys.
XVIII
8.—6.
selves of the State guarantee coupled with a fair rate of interest without limit of principal, and upon terms which would enable them to deal with their security as easily as with a bank-note. With this object in view, the Government have determined to create colonial Consols. A Bill will be introduced for the consideration of the House embodying what the Government believe and hope will contain only simple machinery to enable the thrift of the people to be safely secured, and at the same time to provide facilities for the realisation of the investments when occasion requires it. We propose to take authority to inscribe Consols to the amount of one million sterling. Savings will be received and inscribed at par in any sum from M 5 upwards. We have decided that a rate of interest not exceeding 4-per-cent., payable halfyearly, will prove a sufficient inducement to the public to largely avail themselves of this form of security. In order to make the scheme thoroughly popular, we shall utilise the money-order offices of the General Post Office throughout the colony, so that moneys can be received for inscription at these offices, and the half-yearly interest thereon likewise paid at any office the lender desires. As a further facility to those of the public who may choose to invest their savings, means will be devised whereby they will be able to have their moneys transferred, should they so desire it, to a negotiable interest-bearing document. These would always command at least par value in the open market. If the thrifty public choose to avail themselves of the facilities offered by this mode of investment, there is no doubt the Government will be able to use these funds most advantageously in promoting the development of the country. I am aware that the scheme I have simply outlined is in the nature of an experiment, and it is possible that its advantages will require to be gradually understood, but I feel convinced proper time has arrived to offer a form of investment which absolutely meets the essential requirements of perfect security, coupled with a fair rate of interest, placed within the reach of every individual throughout New Zealand. Under any circumstances, should the public avail themselves of this method of investment more freely than I anticipate, the issue will be limited to riot more than £500,000 during the present or next financial year. PEIVATE SAVINGS-BANKS. The Government have carefully considered the question of allowing private savings-banks to continue as separate institutions. I think it will be generally conceded that, where the colony offers such facilities for the investments of the people as at present exist under the Post-Office Savings-Bank system, together with the proposals which I have now had the honour of submitting, no particularly good object will be served by their continuance. Legislation will therefore be submitted to prevent any new private savings-bank from being established, and to provide machinery for the absorption of the existing ones. The existing institutions will not be pressed to wind up, but I hope the advantages of the proposed system will be sufficient to induce them to avail themselves of it. It is only fair, in the opinion of the Government, that no loss should result to depositors and others who may be interested in these banks should any action be taken in the direction indicated. OLD-AGE PENSIONS. The question of old-age pensions, which for many years has been before the English public, still remains unsolved. The objections which present themselves to any and every scheme propounded in England apply with more or less force in New Zealand. The grant of a State pension to all arriving at a certain age would not only necessitate a greatly-increased taxation, but would also add disproportionately to the burdens of those least able to bear such increase. If the pension were to be granted to those only who could prove need, it would be difficult to separate the recipients from the non-recipients without injustice and without discouragement to thrift. Nevertheless, the aims of the friends of the scheme are so high and noble that they must have the warmest sympathy of all humane
Colonial Consols to be created.
Savings will be received at any money-order office.
Government will use funds in promoting development of country. Scheme only outlined.
Legislation to prevent establishment o£ private savingsbanks.
Select Committee dealing with old-age pensions.
XIX
8.—6.
minds. Members are aware that a Select Committee is now sitting to consider this subject, and it is hoped that they will be able to make some practical suggestion. CONCLUSION. I am not egotistical enough to suppose that the history of our finances and our proposals, as outlined to you in the foregoing, will receive the approval of every one. The opponents of the present party in power will exercise their ingenuity in an endeavour to point out what, in their opinion, are defects or blemishes. This is as it should be. Healthy criticism does good. I can say, however, that my desire has been that the true financial position of the country should he placed before you as clearly as possible, and without any attempt at concealment. Difference of opinion we may have upon matters of policy. Varied views, doubtless, will exist upon many of the proposals contained in the Budget. I feel sure, however, that, whatever differences may exist, we can at any rate unitedly congratulate ourselves upon the excellent position that the colony stands in at the present time, recollecting, as we must, that during the last few years there has been a series of financial upheavals throughout the civilised world. These have disturbed trade and commerce, and through, them have reflected upon every occupation. To such an extent has this been the case that thinking men may be excused for wondering how it is that our little colony has withstood the storm so well. Though we have had our troubles, he would be an unpatriotic man who would say that we have not to a marvellous degree steered clear of the shoals that upon all sides for a time beset us. Every colonist should be proud to know that, in the face of abnormally low prices and a bad harvest, and notwithstanding our trials and our difficulties, our resources, so great and so varied, combined with the industry, thrift, and determination of our people, have enabled us not only to hold our own against the wave of depression that has so injuriously affected many other parts of the world, but to so forge ahead in material wealth and prosperity that we to-day occupy the strongest position financially of any country in the Southern Hemisphere. Our position is sound. It has in the past been a characteristic of our colonists to overcome all obstacles which stood in the way of progress, and the same undaunted energy and perseverance may in the future be relied upon to farther raise the good name of the colony. I feel sure that the proposals which the members have so patiently listened to will prove of immense advantage to the colony. They are destined to give an impetus to trade, and will, without doubt, assist in the development of the industries and commerce of New Zealand.
Conclusion.
XX
8.—6.
APPENDIX.
TABLES TO ACCOMPANY THE FOREGOING STATEMENT.
PAGE Table No. I.—Absteact of Keceipts and Expenditure of the Financial Year ended 31st March, 1894 2 Table No. 2. —Comparative Statement of the Estimated and Actual Receipts and Expenditure of the Consolidated Fund for the Financial Year ended 31st March, 1894 .. 17 Table No. 3.—The Public Debt on 31st March, 1894 .. .. .. .. .. ..18 Table No. 4.—Statement of the Estimated Liabilities of the Consolidated Fund outstanding on 31st March, from 1885 to 1894, inclusive .. .. .. .. .. 20 Table No. 5. —Statement of the Estimated Liabilities of the Public Works Fund outstanding on 31st March, from 1885 to 1894, inclusive .. .. .. .. .. 21 Table No. 6.—Statement showing the Total Ways and Means of the Public Works Fund and the Total Net Expenditure to 31st March, 1894 .. .. .. .. 22 Table No. 7. —Estimated Revenue and Expenditure of the Consolidated Fund for the Financial Year ending 31st March, 1895 .. .. .. .. .. .. 23 Table No. 8. —Estimated Expenditure of 1894-95 compared with the Actual Expenditure of 1893-94 24 Table No. 9. —Estimated Revenue of 1894-95 compared with the Actual Revenue of 1893-94 .. 24 Table No. 10.—Statement showing the Amount charged to Unauthorised in each Financial Year from Ist July, 1875, to 31st March, 1894 .. .. .. .. .. ..25 Tables belating to the Conversions effected under the Consolidated Stock Acts, 1877 and 1884 (exclusive of Loans raised for Public Works), prepared by the Assistant-Controller and Auditor .. .. .. .. .. .. .. .. .. .. .. 26
I—B. 6.
8,—6.
Table STATEMENT of the RECEIPTS and EXPENDITURE of the CONSOLIDATED FUND ORDINARY REVENUE
2
RECEIPTS. 1893-94. 1892-93. Balance at beginning of Year, — Cash Advances in the hands of Officers of the Government,— In the Colony In London On account of Imperial Pensions Investment Account £ s. d. 543,139 13 6 £ s. d. 820,113 8 0 10,010 10 8 38,491 6 5 138 0 5 386,000 0 0 977,779 11 0 694,000 0 0 8,327 15 10 34,371 14 6 248 2 7 Less Treasury Bills outstanding.. 863,061 0 11 095,300 0 0 283,779 11 0 167,761 0 11 Ordinary Eevonue, — Customs Stamps, including Postal and Telegraph Cash Beceipts Land-tax Income-tax Property-tax Beer Duty Railways Registration and other Fees Marine Miscellaneous 1,055,502 17 1 074,647 8 8 285,326 10 5 75,237 16 2 1,412 1 8 61,807 18 4 1,175,547 17 5 49,290 6 6 20,183 4 8 50,522 8 9 1,642,590 2 10 658,424 8 3 297,181 0 5 67,367 10 11 17,125 14 5 59,387 17 2 1,174,099 3 2 44,952 0 9 20,353 13 5 47,734 14 4 Territorial Revenue, — Cash Land Sales Deferred-payment Land Sales Pastoral Runs, Rents, and Miscellaneous 4,055,478 9 8 70,341 10 10 58,328 7 9 184,389 8 4 4,029,216 5 8 52,164 3 10 58,190 16 8 190,319 12 8 4,308,537 10 7 4,329,890 18 10 Receipts in Aid, — Debentures issued under " The Consolidated Stock Act, 1884," — For Increases of Sinking Fund 284,500 0 0 280,300 0 0 Sinking Funds set free, — " The Lyttelton and Christchurch Railway Loan Ordinance, 1860 " 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, 1863 ■" " The Consolidated Loan Act, 1867 " 28,500 0 0 216 19 8 96,371 0 0 169,700 0 0 158,300 0 0 294,571 0 0 158,510 19 8 The Naval and Military Settlers' and Volunteers' Land Act, 1892,— Debentures issued in exchange for Remission Certificates 9,745 10 0 16,300 10 0 Amount transferred from the Cheviot Estate Account in part repayment of the Purchase-money 250,000 0 0 Totals £5,497,688 17 7 £4,946,214 9 G TREAS RY BILLS Treasury Bills outstanding at beginning of Year, — In anticipation of Revenues In redemption of Guaranteed Debentures .. £338,000 0 0 .. 356,000 0 0 Treasury Bills issued during Year 094,000 0 0 1,397,000 0 0 695,300 0 0 1,007,000 0 0 Totals £2,001,000 0 0 £1,702,300 0 0
8.—6.
3
No. 1. for the Year ended 31st March, 1894, compared with the Financial Year ended 31st March, 1893. ACCOUNT.
EXPENDITURE. 1893-94. 1892-93. 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 Payments under the Land Acts Endowments, — Ellesmere Lake Lands Act, 1893 New Plymouth Harbour Board Greymouth Harbour Board Westport Harbour Board £ s. d. 24,307 3 9 1,885,696 19 7 182,484 8 8 63,371 2 9 £ s. d. 24,140 0 6 1,821,128 14 1 180,340 0 1 61,880 1 10 45,515 19 1 38,048 C 9 3,371 19 G 6,367 11 3 11,310 8 2 16,334 19 0 7,180 4 7 9,250 14 7 12,580 7 3 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 Department of Labour.. , IX.—Minister of Mines X. —Minister of Agriculture .. „ XI.—Working Railways XII.—Minister for Public Works „ XIII. —Defence Department XIV.—Police Department XV. —Minister of Lands XVI.—Rates on Crown Lands Services not provided for 2,238,760 11 4 15,860 8 3 83,852 0 11 24,8G7 16 1 115,923 14 1 292,433 8 3 02,550 10 0 20,535 1 2 381,052 0 8 48,714 17 0 2,757 19 4 14,430 7 5 29,789 9 8 728,023 15 5 51,858 3 10 50,570 4 10 93,904 0 10 119,996 6 5 921 11 8 2,350 7 0 2,161,148 9 8 16,560 17 9 G3.160 0 10 5-4,739 9 4 116,809 G 2 277,224 4 8 71,276 17 10 20,438 i 9 377,940 19 3 41,517 1 4 4,129 1 1 15,934 9 4 30,867 6 10 729,276 10 9 43,892 14 5 57,874 11 3 94,747 15 11 114,238 4 5 530 19 9 1,855 19 8 Debentures redeemed, — Consolidated Stock Act, 1884 (Colonial Issue) Lyttelton and Christchurch Railway Loan Ordinance, 18G0—matured 1st July, 1893 2,147,598 9 10 2,133,020 15 4 2GG,O71 0 0 158,520 0 0 28,500 0 0 294,571 0 0 158,520 0 0 Naval and Military Settlers' and Volunteers' Land Act, 1892,— Remission certificates exchanged for debentures per contra 16,300 10 0 9,745 10 0 Amount transferred to the Public Works Fund, Part I., in torms of section 13 of " The Appropriation Act, 1893 " Purchase of the Cheviot Estate under " The Land and Income Assessment Act Amendment Act, 1892 " Released Sinking Funds not applied to redemption of debentures transferred to Deposit Account 250,000 0 0 260,220 0 0 200,000 0 0 0 3 5 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 Investment Account 510,220 0 0 200,000 3 5 577,064 2 9 543,139 13 6 11,722 9 2 36,268 14 7 182 19 11 47G,000 0 0 10,010 10 8 38,491 6 5 138 0 5 386,000 0 0 Less Treasury Bills outstanding 1,101,238 6 5 811,000 0 0 977,779 11 0 694,000 0 0 290,238 6 5 283,779 11 0 Totals £5,497,088 17 7 £4,946,214 9 5 ACCOUNT. Treasury Bills paid off during Year Treasury Bills outstanding at end of Year, — In anticipation of Revenue In redemption of Guaranteed Debentures .. £335,000 0 0 .. 476,000 0 0 1,280,000 0 0 1,008,300 0 0 811,000 0 0 694,000 0 0 Totals £2,091,000 0 0 £1,702,300 0 0
8.—6.
Table STATEMENT of the RECEIPTS and EXPENDITURE of the CONSOLIDATED FUND STATE FORESTS
The Treasury, Wellington, 20th April, 1894. Examined and found correct as regards the Railway receipts. JOHN L SCOTT few ea ' Railway Commissioners. Examined and found to agree with the Collectors' Cash-books. W. T. GLASGOW, Secretary and Inspector of Customs. Examined and found correct as regards Territorial Revenue and Land Sales Receipts. C. O'HARA SMITH, Auditor of the Land Revenue Accounts.
4
RECEIPTS. 1893-94. 1892-93. Balance at beginning of Year, — Cash in the Public Account £ s. a. 2,241 2 0 £ s. d. 1,028 4 8 Rents from Lands set apart Miscellaneous 1,483 8 0 448 3 0 355 9 8 857 8 2 Totals 1,931 6 6 1,212 17 10 £4,172 9 0 £2,241 2 6 ACCO NTS OF Balance at beginning of Year, — Cash in the Public Account 1,795 16 11 Revenue received for Local Bodies, — Fees, Fines, &c. Endowments of Land, &c. Goldfields Revenue .. .. .. .. .. .. ,. Gold Duty 2,417 19 8 11,405 19 5 13,947 5 4 5,242 11 10 2,521 13 6 12,847 8 8 14,535 18 5 4,107 8 9 Counties Separate Accounts, — Revenue of Counties in which "The Counties Act, 1886," is not in full operation 33,073 16 3 34,012 9 4 288 0 9 227 14 1 Advance Account, — Amount repaid by Local Bodies .. .. .. £38,136 8 8 Ditto on account of Unauthorised Expenditure of Previous Years .. .. .. .. .. .. 1,100 15 7 39,303 4 3 31,818 2 7 72,005 1 3 60,058 6 0 Totals £74,400 18 2 £00,058 0 0 EPOSIT Balance at beginning of Year, — Cash in the Public Account Advances in the hands of Officers of the Government, — In London 50,360 12 8 67,851 1 1 25,552 7 6 3,844 9 11 75,913 0 2 71,095 11 0 Lodgments,— Emigrants' Deposits General Assembly Library Fund Government of South Australia Government of Victoria Hospitals and Charitable Institutions Act, 1885 Land Transfer Act, 1885 Miscellaneous Money-order Settlement Native Land Act, 1878 (No. 2) Native Land Purchases Naval Depot, Auckland Nelson Rifle Prize Fund Nelson Rifle Prize Fund Investment New Zealand University Endowment, Canterbury New Zealand University Endowment, Taranaki Now Zealand University Endowment, Westland North Island Main Trunk Ilailway Loan Application Act 1886 Amendment Act, 1889 .. .. .. .. Permanent-way Material for Open Lines of Ilailway Released Sinking Funds Suspense Thermal-springs Districts Act, 1881 Trustee Act, 1883 Westport-Ngakawau Railway Extension Act, 1890 19,388 3 0 125 0 0 313 6 2 2,875 0 8 381 17 5 42,490 3 0 10,500 0 0 212 10 0 000 19 5 500 0 0 51 17 8 800 0 0 50 0 0 101 12 7 3,283 0 2 45,462 18 10 1,000 0 0 237 10 0 032 14 0 05 0 0 483 7 8 112 10 0 345 6 7 5 0 0 3,132 16 3 25,795 18 2 209 10 4 943 5 6 338 18 10 3,012 7 1 2,897 10 8 17,297 19 1 0 3 5 81 17 3 2,112 10 10 14,500 0 0 112,215 1 8 88,185 19 5 Totals £188,128 1 10 £159,881 10 5
8.—6.
No. 1— continued. for the Year ended 31st March, 1894, compared with the Financial Year ended 31st March, 1893. ACCOUNT.
JAMES B. HEYWOOD, Secretary to the Treasury. ROBERT J. COLLINS, Accountant to the Treasury. Examined and found correct, except as regards receipts which are not now examined by the Audit Office. JAMES EDWARD FITZGERALD, Controller and Auditor-General.
5
EXPENDITURE. 1893-94. i 1892-93. Annual Appropriations,— Class XY1I. —State Forests Account £ s. d. 15 4 8 £ s. d. Balance at end of Year, — Cash in the Public Account .. 4,157 4 4 2,241 2 6 Totals £4,172 9 0 £2,241 2 6 LOCAL BODIES. Balance at beginning of Year, — Cash overdrawn Less Advances in the hands of Officers of the Government,— In the Colony 3,332 14 6 696 14 7 Revenue paid over to Local Bodies, — Fees, Fines, &c. Endowments of Land, &o. Goldfields Revenue Gold Duty .. 2,635 19 11 2,422 0 11 11,624 14 7 13,875 6 3 5,063 8 6 2,494 16 2 7,662 17 0 15,225 8 3 5,017 1 8 Counties Separate Accounts, — Amount distributed amongst Road Boards where " The Counties Act, 1886," is not in full operation Advance Accounts, — Payments on behalf of Local Bodies .. 32,985 10 3 89 5 4 37,903 16 9 30,400 3 1 249 13 3 30,976 12 10 70,978 12 4 61,626 9 2 Balance at end of Year, — Cash in the Public Account 3,482 5 10 1,795 16 11 Totals £74,400 18 2 £66,058 6 0 ACCOUNTS. Withdrawals, — Emigrants' Deposits General Assembly Library Fund ... Government of South Australia Government of Victoria Hospitals' and Charitable Institutions Act, 1885 Kaihu Valley Railway Land Transfer Act, 1885 Miscellaneous Money-order Settlement Native Land Act, 1878 (No. 2) Native Land Purchases Naval Depot, Auckland Nelson Rifle Prize Fund Nelson Rifle Prize Fund Investment North Island Main Trunk Railway Loan Application Act 1886 Amendment Act, 1889 Permanent-way Material for Open Lines of Railway Pounamu-Lake Brunner Road .. Thermal-springs Districts Act, 1881 Trustee Act, 1883 Westport-Ngakawau Railway Extension Act, 1890 18,888 3 0 125 0 0 265 12 9 703 7 4 402 11 0 464 6 9 1,146 0 0 42,808 6 10 10,500 0 0 189 15 10 523 3 2 423 5 7 61 0 0 800 0 0 50 0 0 91 10 5 2,137 0 2 29,839 2 7 1,000 0 0 195 0 0 646 18 10 91 0 0 25,714 19 1 7,581 5 0 26,769 15 2 500 0 0 3 19 0 1,005 4 11 13,997 14 2 1,101 0 9 3,204 10 1 107,381 8 2 83,968 10 3 Balance at end of Year, — Cash in the Public Account Advances in the hands of Officers of the Government, — In the Colony .. .. .. .. .. £450 18 5 In London .. .. .. .. .. 24,352 4 7 55,943 10 8 50,360 12 8 24,803 3 0 25,552 7 6 Totals 80,746 13 8 75,913 0 2 £188,128 1 10 £159,881 10 5
6
8.—6
Table STATEMENT of the RECEIPTS and EXPENDITURE of the PUBLIC WORKS FUND Part I.
RECEIPTS. 1893-94. 1892-93. Balance at beginning of Year, — Cash in the Public Account Advances in the hands of Officers of the Government, — In the Colony In London Investments £ s. d. 129,407 17 6 £ s. d. 125,322 10 3 9,553 3 0 5,145 0 0 33,500 0 0 15,121 7 6 45,056 2 6 112,000 0 0 177,606 0 0 298,700 0 3 Special Receipts in onnection with the Ellesmere and Forsyth Reclamation and Akaroa Railway Trust Receipts under " The Railways Authorisation and Management Act, 1891," — Kaihu Valley Railway Recoveries, — In respect of Expenditure charged to "Services not provided for" in previous years In respect of Debentures issued under "The Roads and Bridges Construction Act, 1882 " ... Government Loans to Local Bodies Act, 1880, section 31 (in respect of £89,878 inscribed) Transfer from Part II. (Vote, Native Land Purchases), to make good Expenditure charged temporarily to Part I. in respect of the North Island Main Trunk Railway 3,757 1 11 853 0 9 250 0 0 400 9 1 1,404 1 0 8 0S 780 2 0 813 2 0 800 0 0 10,437 15 4 5,640 4 8 13,929 13 10 Amount transferred from the Consolidated Fund in terms of section 13 of " The Appropriation Act, 1893 " 250,000 0 0 200,000 0 0 Sinking Funds released under " The Consolidated Stock Act, 1884," in respect of— " The New Zealand Loan Act, 1800 " .. " The Now Zealand Loan Act, 1803 " .. 11 0 11 103,702 2 5 G,313 13 0 103,713 3 4 6,313 13 0 Totals £596,959 8 6 £518,943 7 1 Part II. Balance at beginning of Year, — Cash in the Public Account Advances in the hands of Officers of the Government, — In the Colony Investments 48,063 14 10 4,S79 12 0 100,000 0 0 108,878 14 3 2,098 5 5 100,000 0 0 Proceeds of sales of land transferred from " The North Island Main Trunk Railway Loan Application Act, 1886" Deposit Account, in terms of section 4 of the Amendment Act, 1889 Transfer from Part I. (Vote —Purchase of Native Lands) to make good Expenditure charged hereto 152,943 0 10 270,976 19 8 7,581 5 0 2,428 0 0 2,428 0 0 7,581 5 0 Totals £155,371 12 10 £284,558 4 8
8.—6.
No. 1—continued. for the Year ended 31st March, 1894, compared with the Financial Year ended 31st March, 1893. Part I.
7
EXPENDITURE. 1893-94. 1892-93. Annual Appropriations,— Class I.—Immigration „ II. —Public Works, Departmental III.—Railways IV.—Eoads .. „ V. —Waterworks on Goldfields VI.—Purchase of Native Lands, North Island .. „ VII. —Telegraph Extension „ VIII.—Public Buildings IX. —Lighthouses and Harbour Defences „ X.—Rates on Native Lands Charges and Expenses of raising Loans £ s. d. 343 4 6 6,606 3 7 137,034 10 7 112,513 6 6 5,271 17 1 4,320 0 7 16,126 17 10 44,031 19 3 6,588 2 9 414 10 5 £ s. d. 242 1 3 5.9S9 18 2 177,706 G 10 76,066 4 1 3,811 1 10 29,245 9 2 31,101 5 8 11,204 11 11 614 10 8 5,355 17 0 333,250 13 1 341,337 6 7 Services not provided for .. 50 0 0 Balance at end of Year, — Cash in tho Public Account Advances in the hands of Officers of the Government, — In the Colony In London Investments 122,190 12 11 129,407 17 6 30,562 18 8 20,905 3 10 90,000 0 0 9,553 3 0 5,145 0 0 33,500 0 0 Totals 263,658 15 5 177,606 0 6 £590,959 8 6 £518,943 7 1 Part II. Annual Appropriations,— Class I.—Public Works, Departmental „ II.—Bailways , III.— Roads .. Purchase of Native Lands 1,800 0 0 39,219 11 7 35,154 12 9 1,800 0 0 43,188 3 0 29,439 11 5 57,187 3 5 Balance at end of Year, — Cash in the Public Account Advances in the hands of Officers of the Government,— In the Colony .. .. -. .. Investments 76,174 4 4 131,614 17 10 70,344 8 0 48,063 14 10 8,853 0 6 4,879 12 0 100,000 0 0 79,197 8 6 152,943 6 10 Totals £155,371 12 10 £284,558 4 8
8.—6.
Table STATEMENT of the RECEIPTS and EXPENDITURE of " THE NATIVE LAND PURCHASES ACT,
8
RECEIPTS. 1893-94. 1892-93. Balance at beginning of Year, — Cash in the Public Account Advances in the hands of officers of the Government, — In the Colony £8,124 13 3 0 3 11 £ s. d. £ s. a. 8,124 17 2 Proceeds of Debentures created under— " The Native Land Purchases Act, 1892 " 72,000 0 0 27,700 0 0 Total £80,124 17 2 £27,700 0 0 STATEMENT of the RECEIP' ■S and EXPENDITURE of " THE Proceeds of Debentures created under— " The Land for Settlements Act, 1892 " 38,966 0 0 Receipts derived from Rents and lease-fees 785 16 7 Totals £39,751 16 7 STATEMENT of the RECEIPTS and K :PENDITURE of the CHEVIO 1 Proceeds of Debentures created under— " The Cheviot Estate Payment Act, 1893 " 250,000 0 0 Receipts under " The Cheviot Estate Disposition Act, 1893,"— Land Sales for Casli Bents from Lands Kent of Buildings Shipping and Port Charges Insurance on Buildings destroyed by fire Miscellaneous 4,695 5 8 11,873 0 8 241 7 2 301 18 1 1,400 0 0 11 5 10 Totals 18,522 17 5 £208,522 17 5
8.—6.
No. 1—continued. 1892" ACCOUNT for the Year ended 31st March, 1894, compared with the Financial Year ended 31st March, 1893.
2—B. 6.
9
EXPENDITURE. 1893-94. 1892-93. Purchase of Native Lands, — By cash paid for lands, and expenses in connection therewith By debentures £ s. d. 76,984 15 0 2,000 0 0 £ s. cl. 11,875 2 10 7,700 0 0 Balance at end of Year, — Cash in the Public Account Advances in the hands of Officers of the Government,— In the Colony £849 0 1 291 2 1 78,984 15 0 19,575 2 10 1,140 2 2 8,124 17 2 £27,700 0 0 Totals £80,124 17 2 ,AND FOR SETTLEMENTS " ACCOUNT for the Year ended 31st March, 1894. Estate of John Douglas, Pomahaka, — Purchase-money .. .. •• •■ •• £18,656 17 10 Incidental expenses .. .. .. • • • • GCG 5 8 Estate of the late Michael Studholme, Kapua Block,— Purchase-money .. .. •• ■• •• 4,594 5 0 Incidental expenses .. .. • • • • • • 17 C 9 19,223 3 6 4,Gil 11 9 Estate of the late Michael Studholme, Junction Estate,— Purchase-money .. .. •• •• •• 1,291 5 0 Incidental expenses .. .. •■ •• ■■ 11 11 9 1,302 17 3 Estate of the New Zealand and Australian Land Company, Pareora, — Purcliase-monoy .. .. •• •• •• 7,198 14 10 Incidental expenses .. .. . • • • • • 7 (> 6 7,206 1 4 Estate of W. Meek, Teanaraki,— Purchase-money .. .. •• •■ ■• 5 .°44 0 6 Incidental expenses .. .. • • • • • • 1°* « ° 5,198 G G 37,542 0 4 Balance at end of Year,— Gash in the Public Account 2,209 10 3 Totals £39,751 16 7 ESTATE ACCOUNT for the Year ended 31st March, 1894. Amount transferred to Consolidated Fund in part repayment of the money expended in the acquirement of the estate 250,000 0 0 Expenditure for Surveys, Boading, &c. 18,34G 8 3 J 268,340 8 3 Balance at end of Year, — Advances in the hands of officers of the Government,— In Uie Colony 176 9 2 Totals £268,522 17 5
13,-6.
Table STATEMENT of the RECEIPTS and EXPENDITURE of the CONVERSION ACCOUNT
10
RECEIPTS. 1893-94. 1892-93. 3|-per-cent. Inscribed Stock Temporary Advance from Bank of England In reduction of Conversion Expenses,— Interest on unsold 3J-per-cent. Stock .. .. .. .. Transfer from Public Works Fund: Charges and Expenses of raising Loans —Loss arising from sales of 3J-peroent. Stock below 94 Profit on purchase and sale of debentures in 1886-87 Premium on sale of £29,000 4-per-cent. Inscribed Stock, at 101J £ s. d. 1,036,000 0 0 100,000 0 0 s, s. a. 303,569 10 6 2,000 0 0 130 9 1 160 19 7 5,355 17 0 64 14 6 434 19 0 1,130,130 9 1 311,592 0 7 Inscribed Stock at 3 J per cent., — Issued in exchange for debentures Issued under " The Lost Debentures Act, 1886 " Issued to pay expenses 2,180 0 0 699,896 0 0 2,100 0 0 10,998 0 0 2,180 0 0 712,994 0 0 Inscribed Stock at 4 per cent., — Issued in exchange for debentures Issued to pay expenses 4,557,047 0 0 29,000 0 0 4,586,047 0 0 Balance at end of Year, — * Cash overdrawn Less — In the hands of Stock Agents: Cash .. .. .. .. .. £417 10 11 3J-per-cent. Inscribed Stock .. .. 3,839 5 6 4,256 16 5 12,326 12 11 8,706 9 5 In hands of Agent-General: 3i-per cent. Inscribed Stock .. .. .. 177 17 8 4,434 14 1 4,588 17 5 7,891 18 10 4,117 12 0 Totals £1,146,202 7 11 £5,614,750 12 7 * Against authority to create stock for expenses of conversion.
13.—0
No. 1—continued. for the Year ended 31st March, 1894, compared with the Financial Year ended 31st March, 1893.
11
EXPENDITURE. 1893-94. 1892-93. £ s. d. £ s. d. Balance at beginning of Year, — Cash overdrawn Less in hands of Stock Agents £8,706 9 5 4,588 17 5 4,117 12 0 256,065 ,2 9 Debentures converted into 3J-per-cent. Inscribed Stock, — Auckland Loan, 1863, at £109 Premium thereon £2,000 0 0 180 0 0 2,180 0 0 699,896 0 0 Debentures converted into 4-per-cent. Inscribed Stock 4,503,047 0 0 Debentures dealt with under " The Lost Debentures Act, 1886 " 2,100 0 0 Suspense Account, — Consolidated Stock Debentures outstanding 53,400 0 0 2,180 0 0 5,259,043 0 0 Debentures redeemed, — Consolidated Loan Act, 1867, due 1st January, 1893 New Zealand Loan Act, 1860, due 1st July, 1891 New Zealand Loan Act, 1863, due 15th December, 1891 .. New Zealand Loan Act, 1863, duo 1st November, 1915 .. Public Revenues Act, 1887, No. 3, due 1st March, 1893 .. 500,000 0 0 400,000 0 0 64,000 0 0 100 0 0 1,700 0 0 900,000 0 0 65,800 0 0 Temporary advance repaid to Bank of England 100,000 0 0 2,000 0 0 Expenses Account, — Premium Brokerage and Commission Stamp Duty Interest Discount Telegrams Office Expenses Miscellaneous 85,000 0 0 2,594 10 2 2,745 16 3 3,604 1 0 44,740 8 2 1,211 13 10 8 6 6 350 10 0 29,115 17 0 175 14 1 . 457 15 1 1,258 10 4 478 2 10 139,904 15 11 31,842 9 10 Totals £5,614,750 12 7 £1,146,202 7 11
8.—6
12
Table STATEMENT of the RECEIPTS and EXPENDITURE of the LOANS TO LOCAL BODIES
RECEIPTS. 1893-94. 1892-93 Balance at beginning of Year, — Cash in the Public Account £ s. d. 429 6 0 £ s. d. 1,384 5 2 The Government Loans to Local Bodies Act, 188G, — Debentures created 104,300 0 0 11G,500 0 0 Refunds under section 15 of " The Government Loans to Local Bodies Act, 1886,"— Masterton Eoad Board 440 14 2 Receipts under section 4 of "The Government Loans to Local Bodies Act Amendment Act, 1891," — Maerawhenua Block Motu 3 19 7 7 7 0 11 0 7 Carried forward £117,370 0 2 £105,695 11 9
13
8.—6
No.1 — continued. ACCOUNT for the Year ended 31st March, 1894, compared with the Financial Year ended 31st March, 1893.
EXPENDITURE. 1893-94. 1892-93. Payments to— Counties, — Bruce Buller Clifton Clutha Collingwood Cook Geraldine .. Hawera Horowhenua Mackenzie Pahiatua Patea Rangitikei ... Stratford Waimate Waimea Waipawa Waiapu Wairarapa North Wairoa Wanganui £ s. d. 1,675 0 0 600 0 0 4,282 0 0 120 0 0 1,000 0 0 2,597 0 0 4,470 0 0 400 0 0 1,000 0 0 6,000 0 0 5,000 0 0 2,950 0 0 6,000 0 0 450 0 0 400 0 0 1,600 0 0 100 0 0 550 0 0 500 0 0 50 0 0 £ s. d. 4,600 0 0 300 0 0 2,712 0 0 500 0 0 6,000 0 0 1,000 0 0 2,500 0 0 5,273 0 0 1,180 0 0 1,400 0 0 5,000 0 0 2,550 0 0 5,000 0 0 39,744 0 0 38,015 0 Road Boards, — Alfredton Avon Eketahuna Fitzherbert Heretaunga Kiwitea Kumeroa Manawatu Manchester Manganui Masterton Mauriceville Moa Pakuranga Patea West Pelorus Pohangina Porangahau Taratahi-Carterton Tβ Horo Upper Wangaehu Waimata Waimate Waipipi Waikohu .. Waitotara-Momahaki Weber Whataupoko Wirokino Woodville 1,330 0 0 2,640 0 0 2,650 0 0 2,250 0 0 3,000 0 0 1,833 0 0 2,413 0 0 1,042 0 0 2,431 0 0 410 0 0 1,382 0 0 770 0 0 581 0 0 600 0 0 3,000 0 0 1,000 0 0 2,500 0 0 3,000 0 0 2,000 0 0 3,000 0 0 750 0 0 3,000 0 0 650 0 0 1,400 0 0 1,800 0 0 70 0 0 2,910 0 0 200 0 0 500 0 0 3,000 0 0 800 0 0 2,680 0 0 2,650 0 0 230 0 0 2,980 0 0 1,950 0 0 20 0 0 120 0 0 800 0 0 3,000 0 0 100 0 0 3,000 0 0 800 0 0 150 0 0 Boroughs,— Cromwell Peilding Pahiatua Patea Sumner Westport 42,432 0 0 800 0 0 800 0 0 775 0 0 28,980 0 0 250 0 0 800 0 0 2,000 0 0 2,000 0 0 2,000 0 0 4,375 0 0 5,050 0 0 Town Board, — Havelock Stratford 300 0 0 300 0 0 300 0 0 River Boards, — Upper Winton West Taieri 600 0 0 300 0 0 400 0 0 500 0 0 Unauthorised, — County Vincent 900 0 0 1,200 0 0 Carried forward £87,151 0 0 £74,445 0 0
8.—6
14
Table STATEMENT of the RECEIPTS and EXPENDITURE of the LOANS TO LOCAL BODIES ACCOUNT
The Treasury, Wellington, 20th April, 1894. Examined and found correct. JAMES EDWARD FITZGERALD, Controller and Auditor-General.
RECEIPTS. 1893-94. 1892-93. £ s. d. 117,370 0 2 £ s. d. 105,695 11 9 Brought forward Totals £117,370 0 2 £105,695 11 9
8.—6
15
No. 1—continued. for the Year ended 31st March, 1894, compared with the Financial Year ended 31st March, 1893— continued.
JAMES B. HEYWOOD, Secretary to the Treasury. ROBERT J. COLLINS, Accountant to the Treasury.
EXPENDITURE. 1893-94. 1892-93. £ s. d. 87,151 0 0 £ s. d. 74,445 0 0 Brought forward Amount issued under section 2 of " The Government Loans to Local Bodies Act Amendment Act, 1891," in respect of the under-mentioned blocks, — Ahuroa Akaaka Swamp Glenomaru Blocks III., IV., V., VII., IX., and X. .. Hautapa-Ruahine Huiroa Kaimanuka Kakariki Liberal Lillburn, Monowai, and Alton Longwood Blocks I. and VI. Maiora Swamp .. .. .... Mangiora Coal Creek Mangaere Mangamingi Mareretu Manganuiowae Maungataniwha Mokoreta Momahaki Motatau Motu Mount Baker Ngatimaru Blocks V., IX., and XIII. Nuhaka Nuhaka North Opuawhanga Block I. Oroua Goal Creek Otau Paterson Puketoi East Puketoi North-east Iianklebnrn .Reserve 1126, Canterbury Reserve 1128, Canterbury Reserve 1178, Canterbury Stirling Takahue Tanner Tauhoa Tauhoa and Komokoriki .. ... Tahaukupu Taupiri .. .. .. .. . • • ■ • ■ Tautuku Waiau Waikawa Waikawa-Otara Waimarino Waipoua Waiwera Waoku Woodlands Blocks II., V., VI., VII., VIII., X., and XI. 99 0 0 29 0 0 1,201 0 0 506 0 0 1,113 0 0 347 0 0 2,046 0 0 455 0 0 225 0 0 263 0 0 503 0 0 3,266 0 0 48 0 0 18 0 0 43 0 0 298 0 0 2,379 0 0 n o o 417 0 0 497 0 0 237 0 0 868 0 0 90 0 0 1,090 0 0 56 0 0 420 0 0 1,020 0 0 395 0 0 170 0 0 125 0 0 180 0 0 1,731 0 0 275 0 0 2,177 0 0 108 0 0 110 0 0 265 0 0 456 0 0 594 0 0 333 0 0 10,952 0 0 259 0 0 158 0 0 4,815 0 0 3,731 0 0 136 0 0 300 0 0 25 0 0 25 0 0 72 0 0 782 0 0 80 0 0 128 0 0 524 0 0 134 0 0 100 0 0 998 0 0 300 0 0 202 0 0 555 0 0 235 0 0 1,500 0 0 415 0 0 135 0 0 139 0 0 1,067 0 0 225 0 0 1,122 0 0 878 0 0 5,257 0 0 30,000 0 0 29,833 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 800 0 0 Receipts under section 4 of "The Government Loans to Local Bodies Act Amendment Act, 1891," transferred to Miscellaneous Revenue 188 5 9 Balance at end of Year, — Cash in the Public Account 219 0 2 429 6 0 Totals £117,370 0 2 £105,695 11 9 I
B.—G
16
Table No. 1— continued. SUMMARY OF BALANCES ON 31st MARCH, 1894.
Balances. Cash. Advances. Investments. Total. Consolidated Fund :— Ordinary Revenue Account State Forests Account Accounts of Local Bodies Deposit Accounts £ s. d. £ s. d. £ s. a. £ s. d. £ 3. a. £ s. a. 1,101,238 6 5 4,157 i 4 3,482 5 10 80,746 13 8 Consolidated Fund :— Ordinary Revenue Account State Forests Account.. Accounts of Local Bodies Deposit Accounts 577,064 2 9 4,157 4 4 3,482 5 10 55,943 10 8 48,174 3 8 24,803 3 0 476,000 0 0 1,101,238 6 5 4,157 4 4 3,482 5 10 80,746 13 8 1,189,624 10 3 Public Works Fund :— Part I. „ II. 263,658 15 5 79,197 8 6 Public Works Fund :— Part I. „ II 122,190 12 11 70,344 8 0 51,468 2 6 8,853 0 6 90,000 0 0 263,658 15 5 79,197 8 6 Native Land Purchases Act 1892 Account Land poe Settlements Account.. Cheviot Estate Accodnt Conversion Account Loans to Local Bodies Account Remittances to London Account 1,140 2 2 2,209 16 3 176 9 2 Dr. 7,891 18 10 219 0 2 Dr. 705, 000 0 0 Native Land Purchases Act 1892 Account Land for Settlements Account.. Cheviot Estate Account Conversion Account Loans to Local Bodies Account Remittances to London Account 849 0 1 2,209 16 3 Cr. 12,326 12 11 219 0 2 0.705,000 0 0 291 2 1 176 9 2 4,434 14 1 1,140 2 2 2,209 16 3 176 9 2 Cr. 7,891 18 10 219 0 2 0.705,000 0 0 Totals £823,334 3 1 Totals £119,133 8 1 £138,200 15 0 £566,000 0 0 £823,334 3
8.—6
17
Table No 2. COMPARATIVE STATEMENT of the Estimated and Actual Receipts and Expenditure of the Consolidated Fund (Ordinary Revenue Account) for the Financial Year ended 31st March, 1894.
£ s. d. £ s. d. Surplus at 31st March, 1893 .. .. 283,779 11 0 Actual receipts, 1893-94 .. .. .. 4,653,037 16 7 Actual expenditure, 1893-94 .. .. 4,386,359 1 2 266,678 15 5 550,458 6 5 Less amount applied— In aid of Public Works Fund .. .. 250,000 0 0 Purchaso of Cheviot Estate £260,220 Less debentures issued 250,000 10,220 0 0 260,220 0 0 Surplus at 31st March, 1894 .. .. .. £290,238 6 5
3—B. 6.
Differences. Estimated. Actual. More Less than Estimate, than Estimate. RECEIPTS. Obdinaby Revenue Account: — Customs Stamps Land and Income-tax Property-tax Beer Duty Railways Registration and other Pees .. Marine Miscellaneous Territorial £ s. d. £ s. a. k, s. d. £ s. d. 1,620,000 0 0 625,700 0 0 350,000 0 0 1,655,502 17 1 674,047 8 8 360,564 6 7 1,412 1 8 01,807 18 4 1,175,547 17 5 49,290 6 0 20,183 4 8 50,522 8 9 313,059 6 11 35,502 17 1 48,947 8 8 10,504 0 7 1,412 1 8 1,807 18 4 60,000 0 0 1,183,000 0 0 44,000 0 0 20,500 0 0 59,000 0 0 300,000 0 0 5,290 6 6 7,452 2 7 316 15 4 2,477 11 3 13,059 6 11 Sinking Fund Increases 4,202,200 0 0 284,500 0 0 14,368.537 16 7 284,500 0 0 116,584 5 9 10,246 9 2 Totals 4,540,700 0 0 4,653,037 16 7 116,584 5 9 10,243 9 2 10,246 9 2 100,337 16 7 EXPENDITURE. Oedinary Eevenue Account :— £ s. d, Permanent Appropriations,— Civil List .... .. .. 25,500 0 0 Interest and Sinking Fund .. .. 1,901,698 0 0 Under Special Acts .. .. | 183,876 0 0 Subsidies .. .. .. .. 65,000 0 0 Territorial Eevenue paid over to Local Bodies, and Deposit Accounts .. 37,000 0 0 Endowments .. .. .. 33,500 0 0 Annual Appropriations,— Legislative .. .. .. 16,074 0 0 Colonial Secretary .. .. .. 89,293 0 0 Colonial Treasurer .. .. .. 28,623 0 0 Minister of Justice.. .. .. 123,416 0 0 Postmaster-General .. .. 292,815 0 0 Commissioner of Trade and Customs 67,193 0 0 Commissioner of Stamps .. .. 19,470 0 0 Minister of Education .. '.. 439,410 0 0 Minister of Mines .. .. .. 19,148 0 0 Minister of Agriculture .. .. 35,020 0 0 Working Railways .. .. .. 734,821 0 0 Public Buildings .. .. .. 54,990 0 0 Defence Department .. .. 66,886 0 0 Police Department .. .. 95,814 0 0 Department of Lands and Survey .. : 130,294 0 0 Rates on Crown Lands .. .. 1,200 0 0 Services not provided for £ s. d. 24,307 3 9 1,835,690 19 7 182,484 8 3 03,371 2 9 45,515 19 1 37,384 17 11 15,860 8 3 83,852 0 11 24,867 16 1 115,923 14 1 292,433 8 3 62,556 10 6 20,535 1 2 433,125 3 0 14,430 7 5 29,789 9 8 728,623 15 6 51,858 8 10 50,570 4 10 93,904 0 10 119,996 0 5 921 11 8 2,350 7 0 £ s. d. 8,515 19 1 3,884 17 11 £ s. a. 1,192 16 3 10,001 0 5 1,89] 11 0 1,028 17 3 213 11 9 5,440 19 1 3,755 3 11 7,492 5 11 381 11 9 4,036 9 6 1,065 1 2 6,284 16 0 4,717 12 7 5,236 10 4 0,197 4 7 3,131 16 2 9,815 15 2 1,909 19 2 10,297 13 7 278 8 4 2,SCO 7 0 Totals .. .. .. 4,460,547 0 0 4,380,359 1 2 15,810 5 2 90,004 4 0 15,816 5 2 74,187 18 10
8.—6
18
Table No. 3. The PUBLIC DEBT of NEW ZEALAND on 31st March, 1894.
Amoukt outstanding. Due Date Sinking Funds accbuep.! ET Indebtedness. Annual Chaege. Bate. Remabks. Int. [ S.F. Amount. When payable. £ £ £ £ % of /o £ I The accumulations of the Sinking Fund of this loan now enable the Trustees ■I not only to dispense with further contributions from the Treasury, but to pay v the interest of the loan. New Zealand Loan Act, 1856 50,000 1 July, 1894 55,000 Cr. 5,000 New Zealand Loan Act, 1863 378,800 15 July, 1914 127,063 251,737 22,728 15 Jan. and 15 July Consolidated Loan Act, 1867 .. 1,056,200 Ann. drawing 2,178 1,054,022 5 1 "283,671 Quarterly, 15 Jan., &c. Sinking Fund payable 13 Mar. and 13 Sept. Immigration and Public Works Loan Act, 1870.. 1,000,000 1 June, 1907 367,593 632,407 4 2-4 64,000 j 1 June and 1 Dec. Auckland Loan Act, 1863 17,800 1 June, 1896 28,625 Cr.10,825 6 § 1,068 1 April „ 1 Oct. Lyttelton and Christchurch Railway Loan, 1860 Canterbury Loan Ordinance, 1862 43,O0C 17,000 Variousf Various^ 60,006 8,045 Cr. 17,006 8,955 6 C § 1 2,580 1,190 30 June „ 31 Dec. 30 June „ 31 Dec. *6% on £7,283,100 = £436,986 Less interest at 5% on £3,066,300, representing drawn bonds converted .. 153,315 Otago Loan Ordinance, 1862 85,400 1 July, 1898 82,517 2,883 6 1 5,978 1 Jan. „ 1 July £283,671 Ordinance of Legislative Council 311 Presentation •■' t£15,300 due 1 July, 1894. 18,500 due 1 Jan., 1896. 9,200 due 1 Jan., 1897. 311 Consolidated Loan Act, 1867 13,000 15 April, 1913 13,000 4 520 I 15 April and 15 Oct. Immigration and Public Works Loan Act, 1870 j 372,100 27,900 1 400,000 f 15 April, 1913 \ 15 April, 1913 372,100 27,900 4 14,884 1,256 15 April „ 15 Oct. 15 April „ 15 Oct. £43,000 ! I Defence and Other Purposes Loan Act, 1870 j 25,000 75,000 |- 100,000 f Uuly, 1910 (15 April, 1913 25,000 75,000 i 1,125 3,000 30 June „ 31 Dec. 15 April „ 15 Oct. +£4,800 due 2 Jan., 1915. 12,200 due 2 July, 1916. ■ Carried forward 3,161,511 402,000 £17,000 731,027 2,430,484 § Further contributions of Sinking Fund not required.
Table No. 3 — continued. The PUBLIC DEBT of NEW ZEALAND on 31st March, 1894— continued.
8.—6.
The whole of the Imperial-guaranteed Lean of 1870 is included herein, although only £200,000 has actually been raised; the unsold debentures are used for the purpose of obtaining emporary advances from time to time. Treasury bills amounting to £811,000 are not included.
19
Amount outstanding. Due Date. Sinking Net Funds Indebtedaccrued, ness. Annual Chahge. Remarks. ,te. Amount. When payable. Int. S.F. £ £ 3,161,511 £ 731,027 £ 2,430,484 o/ To % £ 402,000 Brought forward General Purposes Loan Act, 1873 J 18,500 12,300 54,700 [ 85,500 (15 Oct., 1913 ] 15 May, 1914 (28 Nov., 1914 18,500 12,300 54,700 4 4 5 740 492 2,735 15 April and 15 Oct. 15 May „ 15 Nov. 15 May „ 15 Nov. Nelson Loan Act, 1874 District Railways 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 I 189,000 7 Is 1,050 2,187 2,400 4,584 1 Mar. „ 1 Sept. y 1 April „ i;Oct. *1J% per annum payable on £702,800, being total amount borrowed under the Act to 31st March, 1894.; J % is also contributed from the Land Assurance Fund in the custody of the Public Trustee. Government Loans to Local Bodies Act, 1886 253,800 1 Mar., 1896 47,097 206,703 4J 14* 21,963 1 Mar. „ 1 Sept. Consolidated Stock Act, 1877 .. -! 3,482,888 1,038,180 29,150,302 1 Nov., 1929 29,150,302 4 1,166,013 1 May „ 1 Nov. ]■ 4,521,068 1 Jan., 1940 4,521,068 34 158,237 1 Jan. „ 1 July Consolidated Stock Act, 1884— Colonial Issue .. .. J 107,763 293,059 288,000 40.000 1,306,100 I 2,034,922 128 May, 1895 28 Nov.. 1895 28 May, 1897 22 May, 1898 28 May, 1898 ■ tl73,800 1,861,122 91,571 28 May , 28 Nov. H Naval and Military Settlers' and Volunteers' | Land Act, 1892 ■ 26,046 31 Oct., 1899 26,046 *1 1,172 30 April , 31 Oct. ,1 Native Land Purchases Act, 1892 -: 90,000 9,700 8,690 30,276 I 99,700 (31 Oct., 1899 (31 Oct., 1899 90,000 9,700 5 4,050 485 30 April „ 31 Oct. 30 April . 31 Oct. Lands for Settlements Act, 1892 .. j I 38,966 f 31 Mar., 1897 J31 Oct., 1899 i 38,966 *4 1,753 30 April „ 31 Oct. Cheviot Estate Payment Act, 1893 I 200,000 50,000 I 250,000 18 April, 1894 f 200,000 1 50,000 5 10,000 2,250 18 April „ IS Oct. 18 April „ 18 Oct. Totals .. 39,826,415 951,924 38,874,491 1,873,682 t Representing Sinking Funds of the Loan of 1867 set free, applicable for redemption of this stock.
B.—o
20
Table No. 4. STATEMENT of the Estimated Liabilities chargeable on the Consolidated Fund outstanding on the 31st March, 1885, 1886, 1887, 1888, 1889, 1890, 1891, 1892, 1893, and 1894.
31st March, 1885. 31st March, 1886. 31st March, 1887. 31st March, 1838. 31st March, 1889. 31st March, 1890. 31st March, 1891. 31st March, 1892. 31st March, 1893. 31st March 1894. Ordinary Revenue Account. Permanent Appropriations, — Civil List Interest and Sinking Fund .. Under Special Acts of the Legis- j lature .. .. .. | Subsidies payable to Local j Authorities Endowments 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. 350 0 0 383 0 0 430 0 0 2,719 12 11 44S 9 9 491 18 S j 240 0 0 550 0 0 351 12 3 275 0 0 150 0 0 370 0 0 684 0 0 612 8 1 9,069 13 6 7,072 1 10 4,220 3 0 442 4 9 167 1 4 106 3 0 82 0 0 22 18 10 3,884' 0 0 I ' 25,868 0 0 ; 5,877 0 10 34,695 0 0 1,498 13 9 3,221 9 3 483 11 11 24,677 4 8 | 24,563 0 0 4,104 0 0 2,227 0 0 1,042 0 0 897 16 4 10,495 0 0 13,441 10 3 10,527 16 5 16,620 4 2 8,243 18 3 5,613 13 3 3,188 1 5 3,014 10 2 2,693 6 1 2,553 2 1 15,413 0 0 46,181 19 2 58,940 16 7 27,845 16 11 37,633 4 7 31,408 18 0 7,810 15 0 5,622 13 2 3,967 6 1 i 3,843 17 3 Annual Appropriations, — Legislative Colonial Secretary Colonial Treasurer Minister of Justice Postmaster-General Commissioner of Customs Commissioner of Stamps Minister of Education Minister of Native Affairs Minister of Mines Minister of Agriculture Working Railways Public Buildings Minister of Defence Minister of Lands .. Rates on Crown Lands 17,174 0 0 J 1,295 0 0 3,111 0 0 5,862 0 0 2,689 0 0 2,122 0 0 3,578 0 0 i 700 0 0 ! 3,270 0 0 16,314 18 1 12,461 10 0 2,686 6 6 10,134 8 2 ! 3,925 17 4 ! 2,307 G 7 j 2,251 0 0 ! 1,000 0 0 J 6,284 0 0 112 15 8 9,160 16 0 971 13 8 3,172 12 5 5,352 10 1 4,043 3 4 540 6 7 5,780 0 0 657 0 0 5,977 5 10 I 106 15 6 6,158 6 5 467 19 2 2,440 1 11 6,546 14 4 2,215 6 3 1,218 4 8 3,646 0 0 729 3 4 3,081 18 0 i 59 4 1 7,160 0 11 1,573 11 3 3,836 13 1 22,574 18 6 5,474 12 7 402 13 3 2,500 0 0 800 0 0 4,528 0 0 37 10 0 6,759 9 2 50 0 0 5,178 12 11 14,829 0 0 2,637 0 0 300 17 3 3 0 0 920 0 0 5,821 18 9 69 1 11 3,650 12 6 340 0 0 4,940 6 2 12,013 2 2 2,624 3 3 349 8 7 3,912 9 11 1,260 0 0 3,604 18 5 66 8 5 1,234 17 0 3,305 0 0 3,018 1 3 7,787 7 1 7,726 13 7 223 1 1 2,888 0 0 57G 0 0 2,498 19 6 16 6 6 1,456 18 7 136 2 6 2,477 16 4 10,426 2 5 2,954 0 0 61S 4 8 3,267 12 5 150 0 0 3,357 2 0 222 10 0 3,081 17 6 100 0 0 5,109 5 7 12,601 13 2 2,584 13 7 207 17 10 3,734 19 11 106,244 0 0 87,797' 10 5 86,294 19 1 51,293 14 0 21,107 4 1 12,066 3 8 3,634 0 0 2,400 0 0 47,831 18 8 10,452 8 6 2,948 2 9 3,082 15 2 1,350 0 0 57,800 12 9 5,007 H 9 481 10 7 3,107 19 7 1,750 0 0 59,590 11 5 7,760 1 7 10,516 4 3 3,064 5 10 785 0 0 59,907 15 0 599 19 11 8,939 1 4 2,187 2 6 288 0 0 55,399 16 1 665 0 0 8,800 0 0 4,282 0 0 444 0 0 I 76 14 11 1,815 4 4 56,669 5 0 742 10 0 1,875 0 0 8,000 1 2 138 8 4 14,888 0 0 12,362 0 0 23,258 0 0 196,553 0 0 13,013 5 10 11,937 8 3 18,700 0 0 12,474 18 8 3,454 5 3 8,556 19 0 188,813 11 8 146,549 5 7 117,111 11 4 114,480 6 0 101,246 6 8 94,451 1 6 96,960 1 4 814 2 9 Services not provided for 5 7 10 I 114,574 18 9 104,685 5 9 .. 343 14 1 66 1 3 22 9 6 Totals .. 211,966 0 0 144,957 8 3 I 152,551 17 5 I 136,160 5 0 122,313 10 6 106,808 19 10 98,418 7 7 101,618 1 4 !235,000 18 8 !205,490 2 2
8.—6.
Table No. 5. STATEMENT of the Estimated Liabilities chargeable on the Public Works Fund outstanding on the 31st March, 1885, 1886, 1887, 1888, 1889, 1890, 1891, 1892, 1893, and 1894.
STATEMENT of the Estimated Liabilities chargeable on the undermentioned Accounts outstanding on the 31st March, 1894.
21
31st March, 1885. 31st March, 1886. 31st March, 1887. 31st March, 1888. 31st March, 1889. 31st March, 1890. 31st March, 1891. 31st March, 1892. 31st March, 1893. 31st March, 1894. PART I. £ s. d. £ s. d. £ s. d. £ s. d. £ s. d. £ s. d. £ s. d. £ s. d.j £ s. d. £ s. d. Annual Appropriations — Immigration Public Works, Departmental Railways Roads Waterworks on Goldfields Land-purchases Telegraph Extension Public Buildings Lighthouses, Harbour Works, and Defences Thermal Springs Rates on Native Lands Surveys of New Lines of Railway Costs and Contingencies Services not provided for 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 1 7 119,220 6 11 7,000 0 0 718 16 11 386,345 8 9 254,350 0 11 14,963 0 0 238,600 0 0 3,700 0 . 0 23,255 5 9 164,410 10 3 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 80,724 0 0 2,500 0 0 10,668 0 0 3,800 0 0 1,200 0 0 2,200 0 0 1,000 0 0 248 0 0 191,501 1 11 119,120 10 2 54 10 6 1,068 2 6 3,004 0 0 29,610 19 7 36,431 12 1 200 0 0 11,000 0 0 180,187 7 1 120,857 10 3 189,834 1 2 93,859 3 5 240 12 8 236 6 10 5,107 0 0 10,086 9 8 1,850 4 7 30 0 0 100,078 17 3 60,596 7 8 136,891 7 0 79,248 0 9 2,500 0 0 74,320 0 0 86,086 9 7 1,795 17 8 88,668 1 8 102,047 3 3 900 0 0 . 3,911 8 4 3,591 0 0 23,453 18 10 6,466 2 3 3,005 14 5 27,082 3 11 3,710 9 0 10 10 10 8,142 0 m 22,782 8 9! 6,716 0 0 13,635 0 0 763 0 0 9,581 0 0 12,407 0 0 954 0 0 1 500 0 0j 185 0 0 185 9 7 931 15 11 1,246 12 9 360* 13 6 1,794 7 11 • • • • ■ • I 1,036,641 5 9 305,238 6 3 I .195,484 3 1 214,742 14 6 Totals 781, 41S 10 11 395,790 16 9 339,667 6 9 250,063 16 6 183,749 7 3 ,1,094,589 15 4 PART II. Annual Appropriations — Railways Roads Land-purchases 158,360 5 29,621 0 0 70,075 12 6 1,549 1 1 4,279 15 11 27,296 4 1 87 14 0 1 1,587 15 4'i 9,028 4 5 665 14 9 26,103 1 10 18,799 17 2 40,475 17 7 23,331 0 0 27,116 0 0 18,495 0 0 14,676 0 0 14,190 15 7 Totals 28,971 13 5 9,693 19 2: 44,902 19 0 63,806 17 7 45,611 0 0 28,866 15 7 187,981 5 9 75,904 9 6
Cheviot Estate Account s s. a. i 3,000 0 0 Lands for Settlement Account 1 £ s. a. 400 0 0
22
B.—G
Table No. 6. STATEMENT showing the Total Ways and Means of the Public Works Fund and the Total Net Expenditure to the 31st March, 1894.
WAYS AND MEANS. NET EXPENDITURE. 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, 18S5-S6 New Zealand Loan Act, 1888 £ s.'d. £ s. a. Expenditure on — Immigration Public Works, Departmental Railways, including Surreys 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 £ s. a. £ s. d. 4,000,000 0 0 2,000,000 0 0 4,000,000 0 0 750,000 0 0 750,000 0 0 2,200,000 0 0 5,000,000 0 0 3,000,000 0 0 250,000 0 0 1,000,000 0 0 1,500,000 0 0 1,325,000 0 0 432,487 7 11 1,000,000 0 0 2,140,552 G 10 376,161 13 5 14,055,026 15 4 3,855,455 1 7* 1,297,516 18 10 572,440 11 2 679,792 18 9 1,890,710 14 0 906,957 15 3 429,718 19 3 61,072 8 0 14,599 13 2 1,026,828 3 9 10,835 8 0 218,500 0 0 27,207,487 7 11 28,142,169 7 4 Receipts in Aid :— Amount transferred from Consolidated Fund 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 Acts, 1888 and 1893 Special Receipts under "The Railways Authorisation and Management Act, 1891" Special Receipts under " The North Island Main Trunk Railway Loan Application Act, 1886 " Sinking Funds released 450,000 0 0 56,000 0 0 264,657 16 i 19,963 1 3 4,963 7 4 i 60,616 3 0 16,628 6 2 2,257 1 9 Balance on 31st March, 1894, — Cash in the Public Account Advances in the hands of officers of the Government Investments .. .. 7,581 5 0 394,871 2 6 192,535 0 11 60,321 8 0 90,000 0 0 177,538 3 4 : 2,856 3 11 £28,485,025 11 3 j £28,485,025 11 3 * Has been reduced by £89,000 received under section 31 of " The Government Loans to Local Bodies Act, 1886."
23
8.—6
Table No. 7. ESTIMATED Revenue and Expenditure of the Consolidated Fund (Ordinary Revenue Account) for the Financial Year ending the 31st March, 1895.
Ordinary Revenue Account :— £ Surplus of the Year 1893-94 .. .. .. .. .. 290,238 Revenue in Excess of Expenditure, as above .. .. .. 51,702 Estimated Surplus, 31st March, 1595 .. .. .. ..£341,910
REVENUE. EXPENDITURE. £ & £ Oedinaby Revenue Account: — Customs Stamps (including Postal Cash Receipts) Land and Income Tax Beer Duty Railways Registration and other Fees Marine Miscellaneous Territorial Revenue 1,600,000 638,000 350,000 60,000 1,170,000 47,000 20,000 60,000 290,000 Ordinary Revenue Account: — Civil List Interest and Sinking Fund Under Special Acts Legislative Department Colonial Secretary's Department Colonial Treasurer's Department Minister of Justice Department Postmaster-General's Department Commissioner of Customs Department .. Commissioner of Stamps Department .. , Minister of Education Department, — Education Department Lunacy and Charitable Department .. Department of Labour Minister of Mines Department Department of Agriculture Working Railways Public Buildings and Domains Department Defence Department Police Department Lands and Survey Department Rates on_Crown Lands 25,900 1,744,677 328,298 16,028 67,982 26,722 122,574 312,503 64,845 20,285 ! Debentures for Sinking Fund Increases .. 4,235,000 117,800 392,472 48,433 3,630 18,395 34,001 725,000 54,600 62,727 98,135 133,091 800 4,301,098 £4,352,800 Balance :— Excess of Revenue 51,702 £4,352,800
8.—6
24
Table No. 8. ESTIMATED Expenditure of the Consolidated Fund (Ordinary Revenue Account) for 1894-95, compared with Actual Expenditure of 1893-94.
Table No. 9. STATEMENT of the Estimated Revenue of the Consolidated Fund (Ordinary Revenue Account) for 1894-95, compared with the Actual Revenue of 1893-94.
Differences. Estimate for 1894-95. Actual of 1893-94. Increase. Decrease. Okdinaby Revenue Account. Civil List Interest and Sinking Fund Under special Acts £ 25,900 1,744,677 328,298 £ 24,307 1,885,697 328,757 1,593 £ 1411020 459 141,479 2,098,875 2,238,761 1,593 Annual Appropriations,— Legislative Departments Colonial Secretary's Department Colonial Treasurer's Department Justice Department Postal and Telegraph Department Customs and Marine Departments Stamps and Deeds Department Minister of Education, — Education Department Lunacy and Charitable Department Department of Labour Mines Department Department of Agriculture Working Railways Department Public Buildings, Domains, and Machinery Department .. Defence Department Police Department Lands and Survey Department Rates on Crown lands 16,028 67,982 26,722 122,574 312,503 64,845 20,285 392,472 48,433 3,630 18,395 34,001 725,000 54,600 62,727 98,135 133,091 800 15,860 83,852 24,868 115,924 292,433 62,557 20,535 381,652 48,715 2,758 14,430 29,790 728,624 51,858 56,570 93,904 119,996 922 168 1,854 6,650 20,070 2,288 10,820 Iβ]870 250 "282 872 3,965 4,211 3, 624 2,742 6,157 4,231 13,095 "l22 Services not provided for 2,202,223 2,145,248 77,123 20,148 2,350 2,350 Total 78,716 163,977 78,716 85,261 4,301,098 4,386,359
Estimate for 1894-95. Actual of 1893-94. Differences. Increase. Decrease. Ordinary Revenue Account. £ 1,600,000 638,000 350,000 £ 1,655,503 674,648 360,564 1,412 61,808 1,175,548 49,290 20,183 50,523 313,059 £ £ 55,503 36,648 10,564 1,412 1,808 5,548 2,290 183 Customs Stamps Land and Income Tax Property-tax Beer Duty Railways Registration and other Pees Marino Miscellaneous Territorial Revenue 60,000 1,170,000 47,000 20,000 60,000 290,000 3,477 23 ',059 4,235,000 117,800 4,368,538 284,500 3,477 137,015 100,700 Debentures for Sinking Fund increases .. 303,715 3,477 300,238 Total 4,352 800 4,653,038
8.—6.
Table No. 10. STATEMENT showing the Amount charged to Unauthorised in each Financial Year from 1st July, 1875, to 31st March, 1894.
THE SUCCEEDING TABLES, EELATING TO THE CONVERSIONS EFFECTED UNDER THE CONSOLIDATED STOCK ACTS, 1877, AND 1884 (EXCLUSIVE OF LOANS RAISED FOR PUBLIC WORKS), HAVE BEEN PREPARED BY THE ASSISTANTCONTROLLER AND AUDITOR.
4—B. 6.
25
Consolidated Fund.—Ordinary Revenue Account. Financial Yeab. Other Accounts. public works Fund. Total. SerV vXi n f O or PrO " Excess oi Votes - 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 1892-93 1893-94 £ 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 10 3 4,473 15 8 7,293 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 1,741 7 10 2,350 7 0 £ s. a. 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 28,283 15 11 7,376 7 4 £ s. (1. 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 30,025 3 9 9,726 14 4 £ s. a. 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 18,506 2 8 23,631 7 1 5,459 18 11 9,183 10 6 4,754 17 10 522 12 2 £ 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 11,149 14 2 1,335 12 11 £ 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 45,929 15 9 11,584 19 5
8.—6.
Table TRANSACTIONS under the Consolidated Stock Acts, [Exclusive of Loans
Audit Office, 7th May, 1894.
26
£ s. d. £ s. d. Inscribed Stock cheated and issued under " The Consolidated Stock Act, 1877 " :— 4-per-cents,— Issued in exchange for ±517,923,900 debentures of old loans .. .. .. £19,299,062 Issued to provide funds for redemption of debentures of old loans £1,800,500, and for expenses.. .. .. .. 2,026,240 3£-per-cents,— Issued in exchange for £660,800 debentures of old loans.. .. .. .. £702,076 Issued to provide funds for redemption of debentures of old loans £3,494,600, and for expenses.. .. .. .. 3,816,892 Issued under " The Lost Debentures Act, 1886 " 2,100 21,325,302 0 0 I [ 4,521,068 0 0 Short-dated debentures created and issued under "The Consolidated Stock Act, 1884,"— Issued in exchange for debentures of old loans at par Issued under sections 6 and 10, being equal in amount to the increases of Sinking Fund, 1st April, 1884, to 31st March, 1894 25,846,370 0 0 5,237,700 0 0 7,920,284 0 0 2,682,584 0 0 Sinking Funds set free under section 7 of " The Consolidated Stock Act, 1884,"— Loan of 1856 186.0 .. .. ' .. 1863 1867 (drawing) Wellington Loan of 1866 25,366 3 5 92,239 10 2 725,896 8 3 1,186,200 0 0 10,501 17 9 2,040,203 19 7 Amount transferred from Public Works Fund (being a portion of the Sinking Funds set free and paid into that fund) applied in redemption of debentures as per contra Amount transferred from Public Works Fund to cover loss on sales of Inscribed Stock as per contra 100,000 0 0 5,355 17 0 35,912,213 16 7 Balance on 31st March, 1894— Expenditure in excess of receipts Less— Cash in hands of Stock Agents .. £417 10 11 Unsold Inscribed Stock .. .. 4,017 3 2 12,326 12 11 4,434 14 1 7,891 18 10 £35,920,105 15 5
8.—6,
27
A. 1877 and 1884, to 31st March, 1894. raised for Public Works.]
£ s. d. £ s. d. Debentures converted and redeemed :— Loan of 1800 .. 18G3 .. 1867 (drawing) „ 1807 (Colonial issue) Defence and Other Purposes Loan of 1870 General Purposes Loan of 1873 Loan of 1879 .. 4£-per-cent. 5-30,— Immigration and Public Works Loan of 1870 1873 1874 93,100 0 0 1,140,600 0 0 4,252,500 0 0 64,000 0 0 50,000 0 0 164,500 0 0 5,000,000 0 0 500,000 0 0 1,500,000 0 0 4,000,000 0 0 6,000,000 0 0 5-per-cent. 5-30, — Defence and Other Purposes Loan of 1870 General Purposes Loan of 1873 Immigration and Public Works Loan of 1873 250,000 0 0 500,000 0 0 500,000 0 0 1,250,000 0 0 5-per-cent. 10-40,— Loan of 1876 .. .. .. 41,000,000 1877 .. .. .. 2,500,000 3,500,000 0 0 200 0 0 Less outstanding Treasury Bills Acts, 1879-80 Colonial Inscribed Stock Act, 1882 District Eailways Purchasing Acts, 1885-86 Government Loans to Local Bodies Act, 1886 Public Revenues Act, 1886 1887 Westland Loan Act, 1873 Provincial Government Loans, — Auckland Loan of 1863 Wellington Loan of 1866 Nelson Loan of 1874 Lyttelton and Christchurch Railway Loan of 1860 Canterbury Loan of 1862 Otago Loan of 1862 3,499,800 0 0 1,832,000 0 0 250,000 0 0 242,800 0 0 449,000 0 0 50,000 0 0 400,000 0 0 50,000 0 0 13,800 0 0 13,500 0 0 3,000 0 0 6,200 0 0 5,800 0 0 31,300 0 0 73,600 0 0 Converted into 4-per-cent. Stock .. .. £ 17,923,900 Redeemed out of sales of 4-per-oent. Stock .. 1,800,500 Converted into 3J-per-cent. Stock .. .. 660,800 Redeemed out of sales of 3J-per-cent. Stock .. 3,494,600 Exchanged under " Lost Debentures Act, 1886 " 2,100 24,8G1,900 0 0 £23,881,900 Exchanged at par for debentures pending issue of Stock .. .. £5,237,700 Less Stock since issued .. 4,257,700 980,000 £24,861,900 Further debentures converted and redeemed, issued under " The Consolidated Stock Act, 1884,"— Redeemed out of moneys transferred from the Public Works Fund, as per contra Converted into 4-per-cent. Inscribed Stock .. Redeemed out of Sinking Funds set free, in accordance with the Act 100,000 0 0 4,257,700 0 0 1,527,662 0 0 Debentures issued under sections 6 and 10 of " The Consolidated Stock Act, 1884," as per contra, transferred to the Consolidated Fund, being equal in amount to the increases of the Sinking Funds from 1st April, 1884, to 31st March, 1894 Sinking Funds set free, paid to the Public Works Fund in accordance with section 9 of " The Consolidated Stock Act, 1884 " Sinking Funds set free, applicable to the redemption of debentures issued under " The Consolidated Stock Act, 1884," and remaining in the Consolidated Fund unapplied Addition to the Public Debt by these operations of conversion and redemption :— Premium to holders of old Bonds, — In 4-per-cent. Inscribed Stock .. £1,375,162 0 0 „ 3J-per-cent. „ .. 41,276 0 0 Cash .. .. .. 85,000 0 0 5,895,362 0 0 2,082,584 0 0 *512,524 4 0 17 15 1 £1,501,438 0 0 Less premium, &c, received .. 1,664 8 6 Expenses Newdebtt .. .. .. £25,846,370 0 0 Old debtf .. .. .. 23,881,900 0 0 1,499,773 16 6 472,588 2 4 £1,964,470 0 0 Debit balance of this account .. 7,891 18 10 Loss on sales of Inscribed Stock received in exchange for debentures redeemed by the Treasury at par, and sent in to the Stock Agents for conversion at the advertised rates 1,972,361 18 10 5,355 17 0 £35,920,105 15 5 * This includes securities of the Waitara Harbour Board, amounting to £17,053 2s., trai Jommissioners on account of the New Zealand Loan of 1860, but which have not yei ixcluaivo of exchanges at par under the Act of 1884. JAMES C. GAVIN, sisferred by the Public Debts Sinking Fuik t been realised. t Those amounts an Assistant Controller and Auditor.
8.-6,
Table B. ANALYSIS of 4-per-cent. Inscribed Stock, £29,150,302, redeemable 1st November, 1929. Conversion.
28
Loan. Amount. Due Date. Interest ceased. a •S-2 d > «i Btook. Intcrestbegan. New Zealand Loan of 1879 .. 1879 .. . 3879 .. Treasury Bills Acts, 1879-80.. 5-per-cent. 5-30's 5-30's 4*-per-cent. 5-30's 5~per-cent. 10-40's New Zealand Loan of 1800 .. 18(53 .. „ 18G3 .. . 3863 .. 18C3 .. Consolidated Loan of 1867 .. New Zealand Loan of 1879 .. D. R. Prchsing. Acts, 1885-86 Consolidated Stock Act, 1884 1884 £ 1,160,300 1,013,100 2,302,600 1,832,000 504,400 3,053,900 1,891,200 1,292,700 19,000 05,600 40,700 47,600 20,100 38,200 136,000 242,800 43,600 4,214,100 1 Nov., 1889 1 . 1889 1 „ 1889 1 Jan., 188G 15 July, 1906 1 Feb., 1904 1 „ 1905 1 Mar., 1918 1 July, 1891 15 „ " 1914 15 Mar., 1891 15June,1891 15 Dec, 1891 Drawing .. 1 Nov., 1889 1 April, 1895 15 Jan., 1892 15April,1892 5 5 5 5 5 *i a 5 v 6 5 6 6 6 5 5 I 4 5 5 1 Nov., 1879 1 May, 1880 1 Nov., 1880 31 Dec, 1S83 15 Jan., 1884 1 Feb., 1884 1 „ 1886 1 May, 1886 120 120 120 100 103* 103" 101 102 109 112j 109 109 109 106 103 100 110 107 £ 1,392,300 1,215,720 2,763,120 1,832,000 522,054 3,145,517 1,910,112 1,318,554 20,710 73,800 50,903 51,884 21,909 40,492 140,080 242,800 47,960 4,509,087 1 Nov., 1879 1 May, 1880 1 Nov., 1880 31 Dec, 1883 15 Jan., 1884 1 Feb., 18S4 1 , 1886 -1 May, 1886 1 Nov., 1886 15 Jan., 1892 15 April,1892 1 Nov., 1886 1 May, 1892 1 „ 1892 Add premium 17,923,900 1,375,162 19,299,062 in op Debenti: 19,299,062 5-per-cent. 5-30's-5-30's and expenses Redemptio 745,600 1,054,900 15 July, 1900 1 Feb., 1904 -05 ritES, A 5 44 .nd Expenses, 15 Jan., 1885 1 Aug., 1886 f .. 'I I 764,240 104,000 1,000,000 45,000 24,000 29,000 15 Jan., 1885 1 Nov., 1885 1 May, 1886 1 May, 1887 1 Nov., 1887 1 May, 1892 New Zealand Loan of 1882 .. 1882 .. „ 1882 .. „ 1884 .. 1886 .. N. I. M. T. Rly. Loan of 1882 New Zealand Loan of 1888 .. 1,800,500 New Lα 21,325,302 .NS. 1,000,000 1,000,000 1,000,000 1,500,000 1,325,000 1,000,000 1,000,000 1 Nov., 1882 1 „ 1883 1 „ 1884 1 May, 1885 1 Nov., 1886 1 May, 1888 1 May, 1888 29,150,302
29
8.—6
Table C. ANALYSIS of 3½-per-cent. Inscribed Stock, £4,521,068, redeemable 1st January, 1940. Conversion.
Table D. PARTICULARS of £5,237,700 Short-dated Debentures, issued under "The Consolidated Stock Act, 1884," in exchange for Debentures of Old Loans, pending the creation of Inscribed Stock under the Act of 1877.
Loan. Amount. Due Date. o sh 3 Interest ceased. a © f-i 4J Q «S ; o O Stock. Interest began. £ Loan of 1860 .. .. 73,900 18G3 .. .'". 153,400 1863 .. .. 188,400 1863 .. ..I 4,900 1863 .. .. 68,900 Auckland Loan of 1863 .. 11,800 Ly. and Ch. Rly. Loan of 1860 G,000 , 1860 200 Canterbury Loan of 1862 .. 5,800 Otago Loan of 1862 .. 23,700 1862 .. 1,000 Westland Loan of 1873 .. 50,000 Loan of 1860 .. .. I 200 1803 Auckland Loan of 1863 .. 2,000 Otago Loan of 1862 .. C,600 Consolidated Loan of 1867 .. 64,000 1 July, 1891 15 Mar., 1891 15 June, 1891 15 Dec, 1891 15 „ 1891 1 June, 1896 1 July, 1894 1 „ 1893 11 Sept, 1913 1 July, 1898 1 , 1898 15 April, 1894 1 July, 1891 1 „ 1891 1 June, 1896 1 July, 1898 1 Jan., 1893 6 6 6 6 6 6 6 6 6 6 6 5 6 1 July, 1891 15 Mar., 1891 15 June, 1891 15 Dec, 1891 15 „ 1891 1 April,1891 1 Jan., 1891 1 „ 1891 1 „ 1891 1 „ 1891 1 „ 1891 30 June, 1891 1 July, 1891 104 104 104 104 110 114 111 109 136 1174 iio| 1074 104 £ 70,856 159,536 195,936 5,096 28,472* 13,452 6,660 218 7,888 27,847 1,168 53,750 208 47,318f 2,180 7,491 08,000 1 July, 1891 1 , 1891 1 „ 1891 1 „ 1891 1 „ 1891 1 „ 1891 1 „ 1891 1 „ 1891 1 „ 1891 1 „ 1891 1 „ 1891 1 „ 1891 1 Jan., 1892 1 „ 1892 1 „ 1893 1 „ 1893 1 „ 1893 6 6 5 1 April,1893 1 Jan., 1893 1 „ 1893 109 113$ 106| 000,800 Add premium .. .. 41,276 702,076 702,070 Redemptio Loan of 1879 .. .. 388,000 5-per-confc. 10-40's .. 2,206,600 Loan of 1863 .. ... 500,000 Public Revenues Act, 1887 .. 400,000 Redempth IN of Debentt 'RES, bus, and Expenses, 388,000 2,206,600 500,000 400,000 1 Nov., 1889 1 Mar., 1890 1 Nov., 1915 1 Mar., 1893 5 5 4 U 5 1 Nov., 1889 5 1 Mar., 1890 4 1 Nov., 1892 4* 1 Mar., 1893 }.. 2,700,000 68,000 - 1,030,000 12,892 6,000 1 Jan., 1890 1 „ 18<J1 1 „ 1893 1 „ 1892 1 „ 1894 3,494,600 1 'he Lost Deb: intures Act, 1886." 3,816,892 Undeb "T Loan of 1863 .. ..I 1,400 5-per-eent. 10-40's .. 500 Consolidated Loan of 1867 .. 200 15 Mar., 1891 1 Mar., 1918 Drawing .. 6 15 Mar., 1891 5 : 1 Mar., 1890 5 31 Dec, 1890 1,400 500 200 1 Jan., 1892 1 Mar., 1890 1 Jan., 1891 2,100 2,100 j Total 4,521,068 * On account. I Balance.
CO _lJ Due Date « 2 g j Loans. of "§f o Debentures. P3m '£ Amount. Interest ceased. Due. Short-date-Short-dated Debenture: 3d Debentu Amount. Interest began. leneral Purposes Loan of 1873 15 Oct., 1883 4 1873 , 28Nov., 1884 5 Telson Loan of 1874 .. j 12 Apr., 1885 7 reneral Purposes Loan of 1873 15 Oct., 1885 4J )efenoe, &c, Loan of 1870 .. 131 Doc.,1885 5 1870 .. I 31 „ 1885 5 Vellington Loan of 1866 .. | 1 July, 1886 8 lolonial Inscribed Stock Loan of 1882 .. .. j 1 Nov., 1888 5 reneral PurposesLoan of 1873 15 Dec.,1888 5 Jonsolidated Loan of 1867 .. | ann. drawing 5 rovernment Loans to Local Bodies of 1886.. .. 1 Mar.,1892 5 >itto .. .. .. 1 „ 1892 4J ■ublic Revenues Act of 1886 10 Oct., 1891 5 joan of 1863 .. .. 15 July, 1914 5 ionsolidated Loan of 1867 .. < ann. drawing 5 4 5 7 5 5 8 & 20,900 87,900 3,000 6,200 25,000 25,000 13,500 & 20,90C 87,90C 3.00C 6,20C 25,000 25,000 13,500 250,000 49,500 3,651,700 318,300 130,700 50,000 43,000 562,400 0 1 0 2 0 1 0 1 0 3 0 3 0 0 0 1 0 1 0 0 0 1 0 1 0 1 15 Oct., 1883 28 Nov., 1884 12 Apr., 1885 15 Oct., 1885 31 Dec, 1885 31 „ 1885 1 July, 1886 15 Oct., 188 28Nov.,188. 12 Apr.,188i 15 Oct., 188. 31 Dec, 188; 31 „ 188; 1 July, 1881 1 Nov., 1881 15 Dec, 188! 15 Apr., 188; 1 Mar., 189: 1 „ 189: L0 Oct., 189: 15 Jan., 1881 15 Apr., 1881 J8 26 54 26 55 26 V, 2?. )5 26 SS 28 )6 26 S8 1 J8 28 i5 ie )2 26 )2 28 )1 28 !0 15 SO 15 28 Nov., 1891 28 „ 1891 28 „ 1891 28 „ 1891 28 „ 1891 28 „ 1891 28 „ 1891 8 Nov., 18! 8 „ 18; 8 „ 181 8 „ 181 8 „ 181 8 „ 181 8 „ 181 1 , 181 8 „ 1S< 5 Apr., 181 8 May, 181 8 „ 181 8 „ 18? 5 Jan., 181 5 Apr., 18? 191 4J 191 4J 191 4J 191 5 191 44 191 5 191 5 195 5 '91 4§ 92 5 ■98 i 44 198 4 A 98 4J 92 5 92 5 4* H H 5 44 5 5 £ 20,900 87.9C0 3,000 6,200 25,000 25,000 13,500 £ 20,90 87,90 3,00 6,20 25,00 25,00 13,50 250,00 49,50 3,651,70 318,30 130,70 50,00 43,60 562,40 28 Nov., 1884 28 „ 1884 28 „ 1884 15 Oct., 1885 31 Dec.,1885 31 „ 1885 1 July, 188G 5 5 5 250,000 49,500 3,651,700 1 Nov., 1888 15 Dec, 1888 15 Apr., 1885 1 „ 1895 28 „ 1891 15 Apr., 1892 5 5 250,000 49,500 3,651,700 1 Nov. ,1888 15 Deo., 1888 15 Apr., 1835 5 H r> 5 5 318,300 130,700 50,000 43,000 562,400 1 Mar., 1892 1 „ 1892 10 Oct., 1891 15 Jan., 1880 15 Apr., 1886 28 May, 1898 28 „ 1898 28 „ 1898 15 Jan., 1892 15 Apr., 1892 4* H 5 5 318,300 130,700 50,000 43,600 562,400 I , 5,237,700 1 Mar., 1892 1 „ 1892 11 Oct., 1891 15 Jan., 1880 15 Apr., 1885 5,237,700
8.—6.
30
Table E. STATEMENT of the Short-dated Debentures issued under "The Consolidated Stock Act, 1884," and converted into 4-per-cent. Inscribed Stock, or redeemed, in each Year to 31st March, 1894.
£ Due date 28th May, 1895 .. .. .. 107,763 28th November, 1895 .. .. 293,059 28th May, 1897 .. .. .. 288,000 22nd „ 1898 .. .. .. 40,000 28th „ 1898 .. .. .. 1,306,100 £2, 034, 922 Interest at 4J per cent. Sinking Funds set fbeb. £ s. d. Total amount set free .. .. .. .. .. 2,040,203 19 7 Applied to redemption of short-dated debentures .. £1,527,662 0 0 Paid to Public Works Fund .. .. .. "512,524 4 6 2,040,186 4 0 Balance .. .. .. .. .. .. £17 15 1
* This includes securities of the Waitara Harbour Board, amounting to £17,653 25., transferred by the Public Debts Sinking Fund Commissioners on account of the New Zealand Loan of 1800, but which have not yet been realised.
Year. Issued T^iipil 1 " I +£* Sinking Total issued, old Loans. | Fuuds - Converted. lledeemed. £ £ £ £ £ 1884-85 111,800 247,700 359,500 1885-86 3,707,900 252,200 3,960,100 179,300 1886-87 619,500 251,000 870,500 164,100 1887-88 258,184 258,184 131,600 1888-89 299,500 263,200 562,700 1889-90 275,200 275,200 133,400 1890-91 288,000 288,000 144,000 1891-92 499,000 282,300 781,300 450,671 1892-93 280,300 280,300 4,416,220 158,520 1893-94 284,500 284,500 266,071 Totals, issued 5,237,700 2,682,584 7,920,284 Totals, converted and redeemed .. 5,885,362 4,416,220 1,027,662 Balance outstanding ,, 2,034,922
8.—6.
Table F. CONVERSION EXPENSES.
31
1885-86. 1886-87. 1887-88.! 1888-89. 1889-90. 1890-91. ! 1H91-92. 1892-93. 1393-94. Total. Deductions. Net Total. £ s. d. £ s. d. £ s. d. £ s. d. £ s. d. £ s. d. £ s. d. £ s. d. £ s. d. £ s. d. £ s. d. £ s. d. Discount on sales of Stock .. Stamp duty Commission and brokerage Interest Advertising Telegrams Financial adviser .. Actuaries t ees Law-expenses Printing Salaries, &c. Rent and officefittings Travelling-expenses Miscellaneous 18,640 0 0 33,421 17 9 29,029 15 10 10,967 5 5 3,472 12 5 1,366 17 9 2,000 0 0 168 0 0 334 2 6 357 19 2 245 2 2 26,500 0 0 24,569 17 6 15,842 7 9 6,682 18 3 559 14 4 52 10 0 129 9 6 91 6 0 218 8 0 518 15 0 1,484 12 0 5,248 7 0 3,956 9 11 8 2 0 207 18 0 150 0 0 55 14 10 j 10,600 0 0 I •■ •• 123 12 0 66 13 6 112,461 3 0 16,897 12 2 32,072 15 0 16,877 4 7 541 13 6 15 4 G 21 0 0 81 1 0 3 6 0 105 11 10 2,720 0 0 ' 457 15 1 4,245 19 6 29,115 17 6 2,461 16 4 ■ 356 10 0 325 8 3 175 14 1 1,740 18 217 5 9 423 4 0 1,280 17 8 44,740 8 2 206,038 1 3 2,745 16 3 112,631 12 8 2,594 10 2 87,661 16 11 3,604 1 0 46,506 3 3 ..• 12,786 5 7 68 14 9 3,989 4 6 2,000 0 0 294 0 0 126 2 0 899 13 o 430 0 0 912 1 2 481 15 0 2,565 8 6 4,282 10 0 add 72 10 0 297 8 8 6*"is 6 201,755 11 3 112,631 12 8 87,734 6 11 46,208 14 7 12,780 5 7 3,989 4 6 2,000 0 0 294 0 0 899 13 6 912 1 2 2,565 8 6 659 7 2 59 13 11 92 2 7 124 9 6 5 16 6 600 12 0 •• 1 19 6 100 0 0 52 10 0 104 9 0 21 14 0 533 2 10 147 10 0 133" 6 8 44 16 11 90 3 8 74 7 2 135 0 0 67 10 0 90 0 0 112 10 0 90 0 0 4 10 0 29 5 5 0 19 9 90 0 0 659 7 2 10 7 0 59 13 11 13 1 7 156 16 1 15* 0 8 4 4 0 .. 2 19 10 i' 1 2 I 12,233 13 1 I 11,074 1 6 12,774 11 0 J 31,842 9 10 54,904 15 11 477,160 4 6 4,572 2 2 j 472,588 2 4 1 100,138 13 7 74,661 12 0 362 14 10 179,167 12 9
8.—6.
Table G. PARTICULARS of the Charges for Discount on Sales of Inscribed Stock.
Table H. PARTICULARS of Discount, Brokerage, &c., on Sales of £1,035,822 2s. 4d. 3½-per-cent. Inscribed Stock in 1893-94.
By Authority : Samuel Costall, Government Printer, Wellington.—lB94.
32
1885-86—On £764,240 0 0 4-per-cents at £97 11 2 .. 1886-87—,, 1,060,000 0 0 „ „ 97 10 0 .. 1887-88—,, 20,000 0 0 „ „ 98 10 0 .. 1887-88—,, 25,000 0 0 „ „ 99 2 6 .. £ s. d. £ s. d. 18,040 0 0 20,500 0 0 300 0 0 218 15 0 1890-91—,, 2,700,000 0 0 3J-per-cents „ 95 16 8 .. 1891-02—,, 68,000 0 0 „ „ 96 0 0 .. 1892-93—,, 2,036 0 0 „ „ 93 0 0 .. 1892-93- „ 7,010 14 6 „ „ 95 10 0 .. 518 15 0 112,401 3 0 2,720 0 0 142"o 0 315 15 1 457 15 1 44,740 8 2* 1893-94—,, 1,035,822 2 4 Deduct premiums received :— 1886-87—On £100,000 0 0 4-per-cents at £102 17 6 1888-89— „ 24,000 0 0 „ „ 103 15 0 1892-93— „ 29,000 0 0 „ „ 101 15 0 2,875 0 0 900 0 0 507 10 0 206,038 1 3 4,282 10 0 To 31st March, 1894 201,755 11 3 * Various, as per Table H.
Stock created Less unsold .. .. £1,036,000 0 0 177 17 8 £1,035,822 2 4 Date. Stock sold. Paid Price. Now Zealand Public Account. Discount. Brokerage Stamps, &c. Total. 1893. £ s. d. Feb. 24 420,000 0 0 j 95| April 13 20,000 0 0 97 „ 13 [ 10,000 0 0 tOJ May 12 j 2,627 2 3 95J , 81 20,000 0 0 95 June 15 J 10,000 0 0 961 , 15 , 87,372 17 9 : 95J „ 15 2,103 10 0 ' 94j} „ 15 I 10,000 0 0 94J „ 29 20,000 0 0 i 94J July 28 4,221 0 3 94J Aug. 16 10,000 0 0 95 , 10 7,060 1 10 94f „ 16 10,000 0 0 94J „ 31 10,000 0 0 94| Sept. 15 20,000 0 0 94^ „ 29 31,210 10 4 95J Oct. 18 20,000 0 0 95| „ 18 10,000 0 0 95} „ 13 7,500 0 0 95J , 27 15,000 0 0 96} Nov. 15 j 25,000 0 0 95f , 15 23,270 6 5 I 96 „ 30 25,000 0 0 961 „ 30 27,147 1 8 90J „ 30 10,000 0 0 96| Dee. 14 25,000 0 0 97 , 14 3,248 12 3 : 958 „ 29 25,000 0 0 ' 95J „ 29 ! 50,000 0 0 95 1S94. Jan. 17 40,000 0 0 96J „ 17 25,000 0 0 96 Feb. 14 , 10,000 0 0 98J 1,035,822 2 4 * Deduct amount overpaid to N.Z. Pub. Ace, 29 Sept., refunded £ s. d. 401,099 8 0 19,349 19 G 9,002 9 6 2,501 14 6t 18,949 18 0 I 9,499 19 0 I 83,222. 12 6 2,03G C 11 9,399 19 0 18,774 19 0 3,907 14 0 9,474 19 0 6,662 18 3 9,424 19 0 9,399 19 0 18,899 6 0 29,017 0 11* 19,024 18 0 9,499 19 0 7,101 17 G 14,324 6 6 23,874 19 0 22,280 13 2 23,999 19 0 26,128 18 0 9,049 7 6 24,187 9 0 3,084 17 3 23,812 9 0 47,874 7 0 38,399 19 0 23,930 16 6 9,799 7 6 £ s. a. 17,850 0 0 600 0 0 312 10 0 118 4 5 1,000 0 0 475 0 0 3,931 15 7 121 13 11 575 0 0 1,175 0 0 242 14 2 500 0 0 379 9 7 550 0 0 575 0 0 1,050 0 0 1,521 1C 1 925 0 0 475 0 0 318 15 0 637 10 0 1,062 10 0 930 16 3 937 10 0 950 2 11 325 0 0 750 0 0 150 0 3 1,125 0 0 2,500 0 0 1,500 0 0 1,000 0 0 175 0 0 £ s. A. 1,050 0 0 50 0 0 25 0 0 6 11 4 50 0 0 25 0 0 218 8 8 5 8 2 25 0 0 50 0 0 10 11 1 25 0 0 17 18 0 25 0 0 25 0 0 50 0 0 78 0 10 50 0 0 25 0 0 18 15 0 37 10 0 62 10 0 58 3 6 62 10 0 G7 17 4 25 0 0 62 10 0 8 13 02 10 0 125 0 0 £ s. d. 0 12 0 0 0 0 0 0 C 0 0 6 0 2 0 0 10 0 10 0 10 0 10 0 10 0 10 0 10 0 10 0 10 0 10 0 13 6 0 12 0 0 2 0 0 10 0 12 G 0 18 6 0 10 0 13 6 0 10 0 3 0 0 12 6 0 10 0 13 G 0 10 0 12 6 £ s. a. 18,900 12 0 650 0 6 337 10 6 124 16 3 1,050 2 0 500 1 0 4,150 5 3 127 3 1 600 1 0 1,225 1 0 253 0 3 525 1 0 397 3 7 575 1 0 600 1 0 1,100 13 6 1,000 9 5 975 2 0 500 1 0 338 2 6 075 13 6 1,125 1 0 989 13 3 1,000 1 0 1,018 3 3 350 12 6 812 11 0 158 15 0 1,187 11 0 2,625 12 6 100 0 0 62 10 0 25 0 0 0 10 0 13 6 0 12 6 1,600 1 0 1,063 3 6 200 12 6 988,484 6 0 1 0 0 , I Add, as on 12 May, for refund of charge for Public Account As in Treasury accounts 988,483 6 0 0 11 6t 988,483 17 6 j 44,740 8 2 2,589 10 2 8 6 6 47,338 4 10
Permanent link to this item
https://paperspast.natlib.govt.nz/parliamentary/AJHR1894-I.2.1.3.6/1
Bibliographic details
FINANCIAL STATEMENT (In Committee of Supply, 24th July, 1894) BY THE COLONIAL TREASURER, THE HONOURABLE MR. WARD., Appendix to the Journals of the House of Representatives, 1894 Session I, B-06
Word Count
27,017FINANCIAL STATEMENT (In Committee of Supply, 24th July, 1894) BY THE COLONIAL TREASURER, THE HONOURABLE MR. WARD. Appendix to the Journals of the House of Representatives, 1894 Session I, B-06
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