Papers Past | Parliamentary Papers | Appendix to the Journals of the House of Representatives | 1898 Session I | FINANCIAL STATEMENT (In Committee of Supply, 9th...

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1898. NEW ZEALAND.

FINANCIAL STATEMENT (In Committee of Supply, 9th August, 1898) BY THE COLONIAL TREASURER, THE RIGHT HON. R.J. SEDDON.

Mb. Guinness,— In accordance with the announcement made last week, it gives me very great pleasure to place before you the much inquired-after and longed-for Financial Statement. For some years past, the reference in the Budget to matters not directly relating to finance has given rise to prolonged debates: to obviate this I have made a departure by eliminating from the Financial Statement this year all reference to extraneous matters not bearing directly on finance ; and, seeing that the statements and reports from the several departments give more complete and elaborate information on the several subjects than was contained in the necessarily condensed reports in previous Financial Statements, it will be an advantage not to have the Budget loaded with reference to departmental and abstract policy questions. It is pleasing to me on this as on former occasions to relate to honourable members that there was another substantial surplus at the close of the financial year. In accordance with the provisions of the Public Eevenues Acts the audited accounts of the colony have been duly gazetted, and consequently their contents have been published far and wide. I have been extremely amused at the "war of the surplus" which has been waged by leading journals. In one camp it was complacently asserted that the alleged surplus of ,£521,000 was in reality a deficit of over £800,000, and the figures compiled by an erstwhile champion of members opposite were triumphantly quoted in support of this contention. I have little desire to enter the lists, for it appears to me to be of no importance whether the real and substantial sum of £521,000 with which the year closed is called a " surplus "or a " balance." The amount is available for expenditure during the current year, and, as Colonial Treasurer, I feel quite satisfied that, whatever it may be called, the money was there. Perhaps if the word " balance " was made use of there would not be so much argument. The exact figures of the balance with which the year concluded were £521,144, after payment of £10,000 for the patent rights of the cyanide process, and the transfer of £300,000 in aid of public works. This last-named sum completes a total of £1,330,000 which has been during the last few years contributed to the Public Works Fund out of the balances of the ordinary Eevenue Account of the colony. This very substantial aid has been obtained without entailing hardship or inconvenience to the public at large. The annual interest on the £1,330,000, at 3J per cent., is £46,550, that would otherwise have been sent out of the colony, which would have been poorer by that amount. I notice in the controversy which has been going on over the surplus that much stress has been laid upon the inclusion in the Eevenue Account of the money raised under "The Consolidated Stock Act, 1884"; and, being included in the Eevenue Account, it has necessarily formed a part of the surplus at the end of each year during our Administration, when "surpluses" have been the rule, and not, as in former years, the exception. I can scarcely

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be blamed for so including these sums, for the law distinctly lays down that the proceeds derived from the sale of the debentures issued under the Act just mentioned " shall form part of the Consolidated Fund." The law was made by my predecessors, but nevertheless it is my duty to carry out its provisions. In previous years (as will be shown by a subsequent table), and when deficits were the order of the day, the revenue was aided by the issue of debentures against sinking funds to double and treble the amounts issued during the last few years; and when the Ministry in office in 1890-91 showed a surplus of £143,965, the revenue had been aided by the issue of debentures to the value of £288,000. I subjoin a table of balances of the ordinary Bevenue Account, year by year, since 1871, showing the amount of surplus or deficiency at the close of each year, also the amount of debentures issued in aid of revenue. From whatever cause arising, this table, at any rate, shows at a glance that the finance of the Liberal Administration for the last seven years has been successful —nay-, it may be truly observed that the balances during that period form a marked contrast in our favour to those under the successive Conservative Governments. We have often been taunted that we know nothing of finance —not even the rudiments ; but, although only an unsophisticated plodder in the intricate labyrinth of finance, I claim to know, at any rate, how to keep on the right side of the ledger. Perhaps it was our predecessors' high-class ability in financial matters which so constantly produced an under-estimated expenditure and over-estimated revenue, with the result of landing them in financial deficits.

Table showing the Position of the Ordinary Revenue Account at the Close of each Financial Year commencing 1871.

* A deficit of £1,796,450 was wiped out by the conversion of £1,832,000 of Treasury bills into permanent debt. The surplus of £35,549 is simply loan-money. f The deficit had really become £242,294, reduced to £92,294 by the issue of £150,000 as permanent debt of the colony. { A deficit of £395,255 was also wiped out by the conversion of £400,000 of Treasury bills into permanent debt. The surplus of £4,745 is simply loan-money.

Aid to Eevenue from Sinking Fund's Debentures. Balances. Year. Colonial Treasurer in Office. Deficit. Surplus. £ £ 521,183 505,617 256,963 123,160 320,388 451,227 612,930 358,201 560,058 1,522,772 1,837,666 1,628,316 £ J IV: rune 30, 1871 1872 1873 1874 1875 1876 1877 1878 1879 March 31, 1880 1881 1882 1883 ' 1884 1885 1886 1887 1888 1889 1890 1891 1892 1893 1894 1895 1896 1897 1898 Julius Vogel. ft ff ff ft "H. A. Atkinson. John Ballance. H. A. Atkinson. 35,549* tt 247,700 252,200 251,000 258,184 263,200 275,200 288,000 282,300 280,300 284,500 117,800 145,400 70,300 69,600 152,111 130,108 112,141 92,2941 tt Julius Vogel. tt £745} H. A. Atkinson. 50,836 36,568 143,965 165,573 283,779 290,238 180,024 215,558 354,286 521,144 tt John Ballance. J. G. Ward. tt E. J. Seddon. « a

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A word or two now about the revenue and expenditure of last year. EEGBIPTS DUEING THE YEAE 1897-98. The estimate for the year was £4,793,000; the actual figures reached £5,079,230, producing an excess of £286,230 over the estimate. A glance at Table 2, which accompanies my Statement, shows how the excess is made up, but I may briefly mention the largest amounts —viz., £61,400 from Customs and beer duties; £59,200 from stamps; £95,500 from railways; £13,300 from territorial revenue; £34,800 from land and income, and other heads of revenue. In last year's Budget I anticipated an increase of £61,000 for Customs revenue over the actual receipts of 1896-97, and I expressed a hope that I was not too sanguine in adopting such increased figures. I had two things in view—first, that importers were very fully stocked at the time; and, secondly, that, the northern gold-mining activity having suffered a relapse, it was only reasonable to suppose that general trade would be proportionately affected. I may probably be blamed that my pessimistic views were not fulfilled; personally I am pleased to find a different result, for the increase of revenue from this source, and from our railways, goes far to prove that the spending-power of the people has been improved. A much larger amount of succession duty was received than could be estimated for, and this, with other substantial amounts, have swollen the stamp revenue. The land- and income-tax has come in wonderfully well; the last-named tax has reached a record amount, and very fairly indicates the general prosperity of the colony. From our railways we have received, as I have said, some £95,500 in excess of the estimate supplied by the department. There is no special feature in this to comment upon, for it is the evident result of increased commercial business, which has more than compensated for the loss of revenue from the floods and from the drought in southern Canterbury. Other heads of revenue have shown a gratifying increase. The Advances to Settlers Office was able to repay to the Consolidated Fund £22,000 of the arrears of advances made from time to time from that fund. I am happy to mention that during the current year I think the office will be able to repay the balance of these advances, as well as to provide for the due payment within the year of the half-yearly amounts of interest upon the one-million-and-a-half loan borrowed for the purpose of lending upon mortgages. EXPENDITUEE DUEING THE YEAE 1897-98. The actual expenditure reached £4,912,372, and the estimate was set down at £4,979,074, resulting in a saving of £66,702. The table I have already referred to shows at a glance the various items over- or under-spent. The Working-railways vote was exceeded by £27,796; but I do not imagine much exception will be offered to this when it is taken into consideration that nearly £100,000 of excess revenue was at the same time obtained—for it is evident in railway business that increased revenue means also increased expenditure. Among the under-spent amounts (which total to £108,173), the item of £27,709 represents principally a saving of interest payable on Treasury bills and inscribed stock. Other items are of the ordinary departmental character, and call for no special remark. EESULT OF THE WOEKING OF 1897-98. Summarised, the result of the transactions of the Eevenue Account for the financial year ended 31st March last may be set down thus :— £ Actual receipts ... ... ... ... ... ... 5,079,230 Actual expenditure ... ... ... ... ... ... 4,912,372 166,858 Add balance at beginning of year ... ... ... 354,286 Surplus at end of year • ... ... ... .., £521,144

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It has been the custom to refer to the other accounts which form part the Public Account of the colony, and I shall do the same on this occasion ver briefly. THE PUBLIC WOEKS FUND, 1897-98. In accordance with the authority obtained last session, the separate accounts of the Lands Improvement and the Native Lands Purchase have been discontinued as from the Ist April, 1897; the transactions now simply form part of the Public Works Fund. During the year it became necessary to assist the ways and means of the Public Works Fund by making use of the unissued portion of the Aid to Public Works and Land Settlement Loan, and for this purpose £125,000 was raised by the sale of debentures, and £100,000 was received as a temporary advance against short-dated debentures of the loan. In the early part of the year the £300,000 appropriated from the Consolidated Fund was made use of, and a further sum of £50,000 was temporarily transferred pending arrangements being made in London for the issue of the 3-per-cent. stock, by means of which the half-million of authorised loan was to be issued. In respect of this £50,000, it is right to mention that the Audit Office declined to allow the advance to be restored to the Consolidated Fund except as a charge against the Unauthorised Account. I have therefore had to do the best I could with a limit of only £50,000 for unauthorised charges, instead of the margin of £100,000 which Parliament places at my disposal for unforeseen contingencies in all funds and accounts. This smaller limit caused great inconvenience in connection with the railway and other overdrawn votes, &c. The above receipts (exclusive of the £50,000 retransferred), together with some sinking funds and other small amounts (in all, £2,876) made up a total of £527,876, which was passed into the fund, and, with the balances brought forward to commence the year with—namely, £389,159 (including £231,796 transferred from the separate accounts) —made a total of resources amounting to £917,035 with which to meet the expenditure during the year of £865,543, leaving a balance in hand of £51,492. In addition to this balance the unissued portion (£275,000) of the authorised half-million loan has yet to be brought to account. THE CHEVIOT ESTATE ACCOUNT, 1897-98. The separate account for the Cheviot Estate shows receipts from rents, &c, amounting to £16,277, and this money was expended in payment of interest on the special loan, in roading, surveys, and other charges. THE LAND FOE SETTLEMENTS ACCOUNT, 1897-98. For the purpose of acquiring lands for close settlement, debentures amounting to £135,000 were created and sold. In addition to this amount, £27,667 was received from rents and lease-fees, making, with the balance brought forward (£4,714), a total of £167,381. Purchases were made to the amount of £147,990, and £10,595 was expended in roading, surveys, and other expenses, leaving a balance of £8,796 at the close of the year. THE CONVEESION ACCOUNT, 1897-98. At the beginning of the year the account had a balance of £1,573; and during the year £554,392 3-per-cent. stock was inscribed for conversion purposes, and £848 of premium was received on a portion of the same. On the other hand, £360,916 of debentures was converted at different rates into £364,392 inscribed stock, and £185,216 of various debentures was redeemed. The expenses amounted to £4,663, and the balance at the close of the year was £2,542. . THE LOANS TO LOCAL BODIES ACCOUNT. The balance in hand to credit of this account at the commencement of last year was £4, and during the year £111,400 of debentures was created and issued under " The Government Loans to Local Bodies Act, 1886," and refunds of £4,601 were made to credit of the account under the provisions of section 8 of

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" The Government Loans to Local Bodies Act Amendment Act, 1896." These sums, amounting in all to 56116,005, have enabled loans to be made during the year to the amount of £75,257 to local authorities, and £18,770 towards opening up for settlement blocks of land, leaving a balance of £21,978 to the credit of the account at the end of the year. The total amount raised and carried into this account by the creation and issue of debentures up to the 31st March last was £1,165,500 —(1) for granting loans to local authorities, £879,069; (2) for loans to open up blocks of land for settlement under section 2 of " The Government Loans to Local Bodies Act Amendment Act, 1891," £196,631; and (A) for payment of £89,800 to the Public Works Fund, on account of the debt of £89,878 Bs. 9d. due to the said fund for debentures issued under " The Roads and Bridges Construction Act, 1882," and converted and inscribed as debts under Part 11. of " The Government Loans to Local Bodies Act, 1886." The total disbursements up to the 31st March last have been —(1) to local authorities, £857,091; (2) to Lands and Survey Department, towards opening up new blocks of land for settlement by construction of roads and bridges to give access to such blocks, £196,631, and by transfer to credit of Public Works Fund, £89,800: leaving a cash balance of £21,978, as above stated, at the end of the financial year. I am glad, to be able to state that the local authorities whose districts were overtaken by the severe flood disasters of last year have apparently been able to make good the damages without being compelled to increase their loan obligations by borrowing under the Government Emergency Loans to Local Bodies Act of last session. Members will, lam sure, join with me in expressing the hope that their self-reliance will be rewarded by the increased prosperity of their districts. THE NEW ZEALAND CONSOLS ACCOUNT, 1897-98. During the year £58,780 of deposits has been inscribed. A small amount of £85 remained uninvested at the close of business on the 31st March last. THE PUBLIC DEBT, 1897-98. The gross debt was £44,366,618 on the 31st March, 1897, and £44,963,424 on the 31st March last, producing an increase of £596,806 during the year. Additional debt must take place so long as Parliament sanctions the policy of acquiring land for close settlements, the purchase of Native lands, the construction of railways, roads, and works, and authorises assistance to local bodies to enable them to make roads and build bridges, &c, for the purpose of opening up the splendid land of the colony in various districts. To enable this policy to be given effect to, £246,400 of debentures under " The Land for Settlements Act, 1894," and " The Government Loans to Local Bodies Act, 1886," was created. £58,780 was inscribed as New Zealand Consols deposits. The interest on these sums is more than recouped to the Consolidated Fund. In addition, £69,600 was issued against the accretions of sinking funds for the year, and £225,000 was raised on account of the half-million authorised under the Aid to Public Works and Land Settlement Acts of 1896 and 1897. A further inscription of 3-per-cent. stock took place to the amount of £554,392, for the purpose of redeeming and converting previous loans to-the amount of £545,932, producing a net increase to the debt of £8,460. Two small parcels of loans were paid off, namely, £6,934, " The Consolidated Stock Act, 1884," and £4,500, Lyttelton and Christchurch Kailway Loan, 1860. The net debt on the 31st March, 1897, was £43,552,324; on the 31st March, 1898, it was £44,081,521. THE CUSTOMS REVENUE. The Customs revenue has shown great elasticity during the last three years, as will be seen by the following figures : — 1895-96 ... £1,649,344 1896-97 ... 1,818,893 ... Increase as compared with previous year, £169,549, = 103 per cent. 1897-98 ... 1,935,252 ~. Increase as compared with previous year, £116,359, = 705 per cent.

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In some quarters this increase is persistently attributed to the operation of the tariff of 1895. In opposition to this view, I beg to draw attention to the fa"ct that the revenue derived from colonial beer, the rate on which was not altered, shows a somewhat similar increase, as follows :— 1895-96 ... £62,680 1896-97 ... 68,787 ~- Increase as compared with previous year, £6,107, = 9-7 per cent. 1897-98 ... 72,179 , Increase as compared with previous year, £3,392, = 4-9 per cent. It is also noticeable that the total value of imports has been increased in a greater proportion than the duty.: — 1895-96 ... £6,356,985 1896-97 ... 7,673,511 ... Increase as compared with previous year, £1,316,526, = 20 per cent. 1897-98 ... 8,018,990 ... Increase as compared with previous year, £345,479, = 4-5 per cent. Taking the average for the two years 1896-97 and 1897-98 the comparison is as follows : — Customs revenue ... ... ... B'6 per cent, increase. Beer-duty .(Excise) ... ... ... 73 „ Total value imports ... ... ... 12-2 „ In my opinion the above is a fairly complete answer to the allegation that the increased revenue is caused by the tariff of 1895. I feel sure that the increased revenue is owing to the prosperity of the country arising from the impetus to mining, the prevalence of fairly good prices for agricultural produce, the increased spending-power of the people, the settling of the people on the land, and opening-up of the country. Referring to the general prosperity of the community, I may be pardoned for introducing here a few figures from the Savings-Bank returns, which I think very strikingly show how substantial our prosperity has become. I will contrast the Savings-Bank figures of the 31st December, 1897, with those of 1890. In 1890 the number of deposits received was 162,938, and the amount ,£1,658,543; while at the close of last year deposits numbered 267,615, and in value reached the large sum of £3,187,219. The number of accounts remaining open in 1890 was 97,208, as against 159,331 last year. Since 1890 the total amount standing to the credit of all open accounts, inclusive of interest, has very nearly been doubled; the respective figures being, in 1890 £2,441,876, and in 1897 £4,744,924. The average amount standing to the credit of each open account has increased from £25 2s. 4d. to £29 15s. 7d. Such figures as these are in the very highest degree satisfactory, and prove without doubt that the prosperity of our people is real, and that their earning-power must have largely increased. I hope members will pardon me for this digression. Inquiries which have been made in different branches of trade give good reason for anticipating a fairly prosperous year: at all events, at present there are no signs of any check. I have also consulted the Agricultural Department, and am assured that the prospects for this year are good. The mining industry is, perhaps, not so promising. On the whole I feel justified in estimating the Customs revenue at a similar sum to the amount actually received last year —namely, £1,935,000. The beer duty revenue I have estimated at £71,000, the revenue last year having been £72,179. The elasticity of the revenue derived from indirect taxation may lead members to unthinkingly urge for a revision of the tariff, and, under a misapprehension, to press for a reduction on the necessaries of life. In the remission on the last tariff, under the item of tea, which is a necessary of life, we have lost a revenue of £75,000. Who has received the benefit ? Is it the consumer ? If I were to answer in the affirmative, by far the largest number of persons would say I was wrong, and that it was the middleman who had profited. Again, it must not be forgotten that the £100,000 payable as old-age pensions is practically a remission. True, it is only payable to a section of the people, but they are deserving; and, being a humane and proper charge, few will challenge the call

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made upon them for this purpose. Now, on broad lines of general policy I submit that it would be unwise, impolitic, and injurious to the colony to attempt to materially interfere with the tariff under existing conditions, and would be indefensible. Great injuries would accrue, which would not by any means be counterbalanced by any remission that might be made. As yet there has not been sufficient time to gauge accurately the position. We have had two years of prosperity : can we absolutely and accurately say how long this will continue ? Should there be a change in the tariff let it be made on the broad lines that there was too much indirect taxation, and correspondingly too little from direct taxation. Tinkering with the tariff should be avoided. LAND-TAX AND INCOME-TAX. The revenue derived from the land and income taxes during the past year was £382,497, or £17,497 over the estimate, and about £5,000 over the receipts of the preceding year. The steady increase in the income-tax receipts has been maintained, and affords the best possible evidence of the advancing prosperity of the colony. The Consolidation Bill considered by the Public Accounts Committee last session will be reintroduced. This measure, though not absolutely essential for taxation purposes, deals with anomalies which it is considered advisable to remove, and presents the law relating to direct taxation in a clearer and more concise form. Certain concessions which it is thought equitable to make will tend to a reduction of the income-tax receipts. The purchase by the Grovernment of estates under the Land for Settlements Acts also tends to decrease the land-tax receipts, but it is expected these reductions will be more than compensated for by an increase in the land-tax receipts resulting from the new valuation. I do not, however, place the estimate for the year above £390,000, which means an increase on last year's receipts of about £7,500. Turning now. to matters which concern the present hour and affect the remaining months of the financial year, I propose to give honourable members some idea of the estimated ways and means of our Eevenue Account. ESTIMATED EXPENDITDEE, 1898-99. The estimated expenditure for the current year out of our Consolidated Eevenue Account amounts to £4,743,876, excluding £350,000 in aid of the Public Works Fund, which latter amount is provided out of the surplus of last year. The actual expenditure last year amounted to £4,612,372, therefore the current year's estimate totals to £131,504 in excess of that of last year : £53,599 of this arises from the extra provision for interest required on the new loans raised or authorised during the past and current year. The departmental estimates show a net increase of £83,982. (Full particulars will be found in Table No. 7.) Classification and increased facilities are answerable for £44,031 of additional expenditure for postal, telegraphic, and railway services. To keep pace with the increasing population the Education Department asks for additional expenditure amounting to £8,5.49. There has been a consensus of opinion that our Permanent Force and our Volunteers should be strengthened and made more efficient; these improvements cannot be effected without additional cost, consequently the estimates of the Defence Department will be found to be increased by £25,896. In the Colonial Treasurer's Department there is an increase of £13,254, but of this some £13,000 arises from a contribution from the Land- and Income-tax Department as valuation fees, which are credited as revenue, and included under the head of " Eegistration and other Fees." The Police Department shows an increase of £7,554. It has been apparent for some time past that the Police Force of the colony was numerically weak; on the present estimates we are therefore providing for the engagement of some fifty extra men. The services I have just named really provide for expenditure of an exceptional nature, arising from causes which do not influence the expenditure of other departments. The amount, I acknowledge, is large—nearly £100,000 —but I do not think honourable members will gainsay the necessity for providing for the services, and this will be plainly

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demonstrated when the estimates are under discussion. The increases of salaries by some £14,000 of the two classified departments—Eailways and Postal— naturally causes dissatisfaction from those in the unclassified branches of the public service, and it seems clear to me that to be just and equitable to all something should be done under a comprehensive and well-considered scheme, and, without unduly increasing the departmental estimates, to place each and every branch of the public service on a proper footing. If an analysis were made of the increases allowed in departments which do not enjoy the benefits of classification I am confident the amount in relation to the whole of the departments so situated would not exceed £3,000 or £4,000. In the Lands and Valuation Departments there are reductions. The first-named department anticipates recovering a large amount for survey expenses from the proceeds of the disposal of lands along the route of the North Island Main Trunk Railway; and in the case of the latter department the initial expenses of valuation were nearly all in last year's expenditure, and consequently a much smaller vote is now submitted. The estimated ordinary expenditure for 1897-98 was £4,669,074, as against £4,743,876 for the current year. ESTIMATED EEVENUE, 1898-99. Very careful consideration has been given to the figures finally adopted as estimates of the accruing revenue of the current year. The figures I have set down for this year amount to £5,023,300, which is £230,300 more than I estimated for last year, and £33,930 less than our actual receipts. Contrasting the present estimates with the actual receipts of last year, the increases amount to £30,871, and the decreases to £64,801. I have adopted, as an estimate for this year, the figures representing last year's actual receipts from Customs duties, in accordance with the remarks I have previously made. The general prosperity of the community enables me to estimate a small additional sum will be derived from the combined collections of land- and income-tax. From " Eegistration and other fees" an additional sum of £22,711 is estimated, to be derived principally from the fees c-hargeable for the figures supplied by the Valuation Department. Amongst the decreases I have had to include the receipts from the sale of stamps : heavy succession duties were unexpectedly received last year, and of course cannot be again estimated. My colleague the Minister of Lands anticipates a distinct falling-off in the revenue derived from the disposition of our lands. The receipts from cash sales and deferred-payment selections are rapidly growing less, and in some cases pastoral runs are falling into our hands, and will require to be relet at less rentals. These causes will probably result in decreased revenue to the amount of £36,296. The amount representing the proceeds of debentures issued in respect of the accretions of sinking funds during the year is £15,300 less than the sum issued last year. SUMMAEY. Bringing the estimates of expenditure and revenue together, the position at the close of the current financial year on the 31st March, 1899, may be set down as follows:— £ Balance brought forward to begin the year with... ... ... 521,144 Less to be transferred to the Public Works Fund ... ... 350,000 171,144 Estimated expenditure, 1898-99 ... ~. £4,743,876 Estimated revenue, 1898-99 ... ... ... 5,023,300 Excess of revenue over expenditure ... ... 279,424 £450,568 .. ■ From the above amount I propose to set aside £100,000 for old-age pensions; and to transfer to the Public Works Fund £25,000 in aid of Harbour defenceworks and defence-services, £25,000 in aid of the additional requirements of lunatic asylums, new methods, &c. and, inclusive of the amount already expended and liabilities incurred, £25,000 to defray the cost of the erection of our parliamentary

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library and central part of the legislative buildings. Reference has already been made in His Excellency's Speech to the important question of preferential duties on goods manufactured in the Mother-country. I think the time has now come when we might with advantage make a substantial concession, in the shape of granting, say, a remission of 5 per cent, of the duties now imposed on this class of goods. This remission, if made, will probably amount to £50,000. The appropriation of the sums I have above indicated will reduce the above total to £225,568, from which amount further deductions will also require to be made to provide for the usual supplementary estimates and for the proposed additional grants to local bodies, and to insure the amount required next year for the payment of old-age pensions. AID TO THE PUBLIC WOEKS FUND. The total ways and means of the Public Works Fund unexpended on the 31st March last amounted to £326,492. I hope to be able to transfer from revenue this year, in aid of the Public Works Fund, an amount of £350,000 — thus bringing the total ways and means under this fund up to £676,492, against which there were liabilities amounting to £394,427. As the expenditure, including £156,731 spent on additions to open lines, amounted last year to £865,543, and will probably amount to about the same sum again this year, it will be evident to honourable members that the available ways and means are not sufficient to meet our requirements even up to the 31st March next, and it is very desirable that we should be able to see our way a little beyond that date. It is contended — and with some force — that we should not burden those now in the colony with the cost of the construction of railways, main arterial roads and roads to open up land for settlement, together with works of a national and permanent character, lasting for all time and being for the benefit of future generations. It is urged, furthermore, that we should not go too far ahead and be constructing works before the proper time, and which for that reason are for some years unproductive. We are by this means placing upon the shoulders of the present generation a burden which, if greater care had been exercised, would not have been required to be borne. Wise discrimination is necessary. To unnecessarily borrow, to plunge, and squander must inevitably land the colony in disaster. There is a class of work needful to meet present requirements, beneficial and necessary for the convenience of the people of to-day, and which during the present generation is only of sufficient capacity to meet its requirements. Future generations will have to provide for themselves similar conveniences. I allude to the construction of public buildings, such as postand telegraph-offices, lunatic asylums, benevolent institutions, and Courthouses. Harbour defences, maintenance of main roads and roads in localities where there are no railways, -the construction of tracks for the development of our mineral resources —all this class of work is a reasonable charge upon the revenue. As will be seen from my summary of expenditure, we propose to take from revenue £425,000; and we further propose to obtain this year, in aid of the Public Works Fund—and more particularly for the class of work previously mentioned as national and permanent—the sum of £500,000. It does not, however, follow that we intend to raise or appropriate the whole of it this year ; but I do consider it necessary, so as to avoid complications, to place the Public Works Fund in a more favourable position than it was on the 31st Maxell last, when there only remained a balance of £51,492. In order to carry on the necessary works honourable members are aware I had on the first and second Imprest Supply Bills to transfer £225,000 from the Consolidated Fund to the Public Works Fund. Such assistance as this would have been impossible had it not been for the elasticity of our finance, and I therefore deem it the more prudent course for the future to have sufficient in hand at the end of the financial year to meet the public-works requirements independent of revenue for some little time thereafter. CONCLUSION. I have now almost concluded, and, although this is perhaps the shortest Financial Statement that has been delivered for many years past, still it is concise, treats solely of finance, gives succinctly the state of the finances of the

ii—B. 6.

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colony, is instructive, and I hope not uninteresting. The continued prosperity of the colony leads me to the conclusion that we are on safe" lines, and that there is nothing ephemeral. Land-values are maintained ; there is no sign of decrease in our revenue; our population is increasing, and the same can be said of our imports and exports; the settlement of the people on the land is progressing satisfactorily; the output of gold- and coal-mines is steadily improving ; the labourer scouring the country for work, commonly known as the " swagger," is now becoming a thing of the past; the employment of nearly the whole of the workers, privately and publicly, has proved beneficial to the colony as a whole. Labour-saving machines have, it is true, thrown out of employment many men, and this will continue; but, although this entails individual hardship for the time being, with the changed condition other avenues must be opened, and the private employer and the State can and should assist in utilising the surplus labour. The safest and permanent solution is to place such of them as are willing upon the land. As to the future outlook, being neither pessimistic nor optimistic, but desiring calmly and dispassionately to gauge correctly the position, I feel confident that, with strict economy, reasonable expenditure on reproductive works, thus providing for those who are willing and able to labour, the settlement of the people on the land, with proper regard paid to the development of our vast mineral resources, with due provision made to insure the export of our principal products in good condition, and increased markets therefor, together with the continued energy and enterprise of our colonists, we have a bright and prosperous future before us. And I shall look forward with hope to being able in my next Financial Statement to again congratulate the people of our colony on their improved position, to announce that my expectations have been fully realised, and that the wisdom of maintaining a strong finance has been fully justified.

APPENDIX.

TABLES TO ACCOMPANY THE FOREGOING STATEMENT. PAOB Table No. I.—Abstbact op Beceipts and Expenditube op the Financial Year ended 31st Mabch, 1898 .. .. .. .. .. .. .. .. .. .. 2 Table No. 2.—Comparative Statement of the Estimated and Actual Receipts and Expenditure op the Consolidated Fund fob the Financial Yeab ended 31st March, 1898 :. 19 Table No. 3.—The Public Debt on 31st March, 1898 .. .. .. .. .. 20 Table No. 4.—Statement op the Estimated Liabilities op the Consolidated Fund outstanding on 31st Mabch, prom 1889 to 1898, inclusive .. .. .. .. .. 22 Table No. s.—Statement op the Estimated Liabilities op the Public Wobks Fund outstanding on 31st March, pbom 1889 to 1898, inclusive .. .. .. .. .. 23 Table No. 6.—Statement showing the Total Ways and Means op the Public Works Fund and the Total Net Expenditure to 31st Maboh, 1898 .. .. .. .. 24 Table No. 7. —Estimated Expenditure op 1898-99 compabed with the Actual Expenditube op 1897-98 25 Table No. B.—Estimated Revenue op 1898-99 compaeed with the Actual Revenue op 1897-98 .. 25 Table No. 9.—Statement showing the Amount chabged to Unauthorised in each Financial Year pbom Ist July, 1875, to 31st March, 1898 .. .. .. .. .. 26

I—B. 6.

8.—6

Table STATEMENT of the RECEIPTS and EXPENDITURE of the REVENUE

1896-97. RECEIPTS. 1897-98. £ s. d. 215,558 16 0 Balance at Beginning-of Yeab .. .. .. Ordinary Revenue, — Customs Stamps, including Postal and Telegraph Cash Receipts Land-tax Income-tax .. .. Property-tax Beer Duty Railways .. .. • ■ ■ ■ Registration and other Pees Marine Miscellaneous £ s. d. 1,935,251 16 1 780,231 11 6 267,286 10 3 115,210 9 1 10 8 3 72,179 5 0 1,370,571 14 8 51,288 13 0 23,959 18 8 108,343 8 8 £ s. d. 354,286 4 3 1,818,972 6 6 730,236 16 7 272,309 1 11 105,504 7 5 63 0 11 68,786 13 9 1,287,139 12 6 50,256 10 11 .21,204 1 2 98,372 12 2 4,452,845 3 10 Territorial Revenue, — Cash Land Sales .. .. £66,622 7 1 Deferred-payment Land Sales .. .. .. •• 25,956 9 1 Pastoral Runs, Rents, and Miscellaneous .. .. .. 170,717 6 1 4,724,333 15 2 67,068 10 9 42,452 8 11 163,432 14 1 263,296 2 3 4,987,629 17 5 272,953 13 9 4,725,798 17 7 Receipts in Aid, — Debentures issued under " The Consolidated Stock Act, 1884 " — For Increases of Sinking Fund 69,600 0 0 70,300 0 0 Temporary advances repaid,— Net amount recovered from the Government Advances to Settlers Office Management Account 22,000 0 0 2,609 3 9 Amount recovered from the Cheviot Estate Account, — In respect of Expenditure charged in previous year to " Unauthorised " 5,014,266 17 4 4,700 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 Lyttelton and Christchurch Railway Loan Ordinance, 1860" .. " The New Zealand Loan Act, 1863 " " The Auckland Loan Ordinance, 1863 " .. 4,500 0 0 5,433,516 1 8 3,396 10 8 19,571 0 0 4,871 3 4 2,063 0 0 27,667 10 8 0 9 4 Amount transferred from Released Sinking Fund Suspense Account 11,434 3 4 27,668 0 0 Repayment of advance made to the Publio Works Fund 50,000 0 0 35,000 0 0 Debentures issued under,— " The District Railways Purchasing Act 1885 Amendment Act, 1886," in renewal of like amount matured 1st Oct., 1896 Totals £5,494,950 5 0 55,076,934 17 4 TREASURY BILLS 335,000 0 0 400,000 0 0 Treasury Bills outstanding at beginning of Year, — In anticipation of Revenue In redemption of Guaranteed Debentures .. 254,000 0 0 476,000 0 0 730,000 0 0 735,000 0 0 Treasury Bills issued during Year 880,000 0 0 1,525,000 0 0 Totals £1,610,000 0 0 £2,260,000 0 0

8.—6

No. 1. ACCOUNT for the Y ear ended 31st March, 1898, compared with the Financial Year ended 31st March, 1897.

1896-97. EXPENDITURE. 189 '-98. £ s. d. 24,168 9 2 1,709,469 5 10 193,334 9 7 63,812 10 8 40,634 11 -6 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— New Plymouth Harbour Board Greymouth Harbour Board Westport Harbour Board .. ■• ■■ ... ...... £ s. d. 24,205 4 11 1,741,412 18 5 196,985 Hi 6 70,262 6 2 37,133 4 8 £ s. d. 6,302 4 11 11,066 14 1 23,639 5 11 5,179 7 5 11,146 11 6 25,391 3 9 2,112,216 9 4 2,072,427 11 .8 20,328 8 4 101,921 13 0 29,835 4 2 123,294 5 0 352,386 7 6 91,050 0 7 22,380 14 2 428,129 12 0 54,513 10 1 7,206 4 6 18,106 14 7 50,033 9 2 776,747 17 6 45,370 17 7 68,551 9 10 101,330 6 1 116,668 19 10 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 for Agriculture XL —Working Railways XII. —Minister for Public Works XIII.—Defence Department XIV. —Police Department XV. —Minister of Lands XVI.—Valuation Department „ XVII.—Rates on Crown Lands Services not provided for .. 15,998 17 9 74,100 13 3 23,535 4 4 122,479 18 11 362,867 10 1 66,190 14 0 23,041 9 1 435,019 18 1 57,304 14 4 6,869 13 10 15,556 9 5 54,408 12 1 849 ,-923 8 9 42,603 5 11 72,452 15 9 105,974 9 9 122,584 2 9 37,126 18 10 154 5 5 1,962 3 2 508 9 11 3,188 17 7 2,490,155 5 6 2,411,553 1 5 Amount transferred to the Public Works Fund in terms of seotion 16 of "The Appropriation Act, 1897 " .. 300,000 0 0 150,000 0 0 % Purchase of the Patent and other Rights authorised by "The Cyanide Process Goldextraction Act, 1897 " Net amount advanced to Government Advances to Settlers Office Management Account in terms of section 49 of " The Government Advances to Settlers Act, 1894" .. .. .. .. •• •• 10,000 0 0 26,000 0 0 4,659,980 13 1 354,286 4 3 Balancje at End op Year .. .. .. 4,912,371 14 10 521,144 6 10 5,433,516 1 8 5,014,266 17 4 22,968 0 0 4,700 0 0 35,000 0 0 Debentures redeemed, — " Consolidated Stock Act, 1884 " (Colonial Issue) " Lyttelton and Christchurch Railway Loan Ordinance, 1860," due 1st Jan., 1897 " District Railways Purchasing Act, 1885," due 1st Oct., 1896 Released Sinking Funds transferred to Deposit Suspense Account 6,934 0 0 4,500 0 0 0 3 4 11,434 3 4 62,668 0 0 Temporary advanoe to the Public Works Fund 50,000 0 0 £5,494,950 5 0 Totals £5,076,934 17 4 ACCOUNT. Treasury Bills paid off during Year 880,000 0 0 1,530,000 0 0 254,000 0 0 476,000 0 0 Treasury Bills outstanding at end of Year,— In anticipation of Revenue In redemption of Guaranteed Debentures 254,000 0 0 476,000 0 0 730,000 0 0 730,000 0 0 Totals £1,610,000 0 0 £2,260,000 0 0

8.—6

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

RECEIPTS. 1897-98. 1896-97. £ s. d. 7,192 8 6 Balance at beginning of Year, — Cash in the Public Account Advances in the hands of Officers of the Government, — In the Colony £ s. d. 11,036 4 9 £ s. d. 188 0 9 11,224 5 6 1,032 11 2 5,471 13 8 Rents from Lands set apart Miscellaneous 918 0 1 10,077 13 0 10,995 13 1 6,504 4 10 £13,696 13 4 Totals £22,219 18 7 ACC UNTS OF 5,910 18 4 1 19 10 Balance at beginning of Year, — Cash in the Public Account Advances in the hands of Officers of the Government, — In the Colony 9,885 4 9 269 1 6 5,912 18 2 Revenue received for Local Bodies, — Fees, Fines, &c. .. .. .. Endowments of Land, &o. Goldfields Revenue Gold Duty 10,154 6 3 2,329 12 11 9,370 3 5 59,809 14 4 9,387 12 10 3,070 6 2 12,199 16 2 47,281 9 5 10,849 1 8 73,400 13 5 80,897 3 6 Counties Separate Accounts, — Revenue of Counties in which " The Counties Act, 1886," is not in full operation 382 17 2 380 14 0 43,300 18 5 71 7 0 Advance Account, — Amount repaid by Local Bodies Ditto on account of Unauthorised Expenditure of previous years 39,042 6 3 84 16 6 39,127 2 9 43,372 5 5 £130,565 4 3 Totals £123,062 16 5 DEPOSIT 62,439 14 4 150 0 0 33,559 16 8 Balance at beginning of Year, — Cash in the Public Account Advances in the hands of Officers of the Government, — In the Colony In London 80,000 5 6 300 0 0 34,811 3 9 115,111 9 3 96,149 11 0 6,425 0 0 25 0 0 973 9 11 4 13 6 458 0 0 81 17 9 117,183 10 11 14,900 0 0 25 0 0 434 18 10 800 0 0 64 0 0 24,371 13 10 129 11 0 293 19 8 14 10 0 Lodgments,— Cyanide Process Gold Extraction Act, 1897 Emigrants' Deposits .. .. .. General Assembly Library Fund .. .. .. Government of South Australia Hospitals and Charitable Institutions Act, 1885 Land Transfer Act, 1885 .. .. .. Mining Districts Land Occupation Act, 1894 Miscellaneous Money-order Settlement Native Land Act, 1878 (No. 2) Native Land Purchases Native Township of Pipiriki Nelson Rifle Prize Fund Investment Nelson Rifle Prize Fund New Zealand Midland Railway New Zealand University Endowment, Canterbury New Zealand University Endowment, Taranaki New Zealand University Endowment, Westland .. .. North Island Experimental Dairy Sohool North Island Main Trunk Railway Loan Application Act 1886 Amendment Act, 1889 .. .. .. .. .. .. .. • Permanent-way Material for Open Lines of Railway Property Law Consolidation Act 1883 Amendment Act, 1895 Railways Released Sinking Funds Suspense Tauranga Educational Endowment Reserves Act, 1896 Thermal -springs Districts Act, 1881 Trustee Act, 1883 676 17 1 3,324 15 0 25 0 0 4 0 2 9 3 5 225 18 3 313,960 3 7 6,000 0 0 25 0 0 413 19 8 74 7 0 23 0 0 20,716 13 3 129 11 0 228 12 2 10 0 0 438 18 0 10,254 18 11 347 5 5 400 0 0 12,137 0 0 6,415 1 11 0 3 4 1,192 19 7 1,172 12 5 2,507 19 5 894 12 9 353,595 16 7 194,198 1 2 £290,347 12 2 Totals £468,707 5 10

8.—6

No. 1—continued. FUND for the Year ended 31st March, 1898, compared with the Financial Year ended 31st March, 1897. ACCOUNT.

1896-97. EXPENDITURE. 1897-98. 11,036 4 9 £ s. d. 2,472 7 10 Annual Appropriations,— Vote 110—State Forests Branch Balance at end of Year, — Cash in the Public Account Advances in the hands of Officers of the Government, — In the Colony £ s. d. 16,417 17 3 £ s. d. 5,802 1 4 16,417 17 3 188 0 9 11,224 5 6 Totals £13,696 13 4 £22,219 18 7 LOCAL B DIES. 2,246 15 0 7,084 19 7 58,179 13 9 9,461 4 11 Revenue paid over to Local Bodies, — Fees, Fines, &c. Endowments of Land, (fee. .. Goldfields Revenue Gold Duty .. 3,138 12 7 10,647 13 11 49,389 12 3 10,478 12 10 73,654 11 7 76,972 13 3 Counties Separate Accounts, — Amount distributed amongst Road Boards where "The Counties Act, 1886," is not in full operation 358 4 0 363 4 2 43,075 0 7 Advance Accounts, — Payments on behalf of Looal Bodies 38,861 16 0 9,885 4 9 Balance at end of Year, — Cash in the Public Account Advances in the hands of Officers of the Government, — In the Colony 7,754 1 2 10,188 4 10 269 1 6 2,434 3 8 10,154 6 8 Totals £130,565 4 3 £123,062 16 5 ACCOUN S. 6,375 0 0 25 0 0 753 9 7 8 13 9 968 4 0 120,447 19 0 3,650 0 0 38 15 1 434 1 0 66 0 0 27,895 3 0 Withdrawals, — Emigrants' Deposits General Assembly Library Fund Government of South Australia Hospitals and Charitable Institutions Act, 1885 Land Transfer Act, 1885 .. .. ... .. .. Miscellaneous Money-order Settlement Native Land Act, 1878 (No. 2) Native Land Purchases Nelson Rifle Prize Fund Nelson Rifle Prize Fund Investment New Zealand Midland Railway New Zealand University Endowment—Taranaki Ngatirahiri Compensation North Island Main Trunk Railway Loan Application Act 1886 Amendment Act, 1889 .. North Island Experimental Dairy School Permanent-way Material for Open Lines of Railway Property Law Consolidation Act 1883 Amendment Act, 1895 Railways Released Sinking Funds Suspense Thermal-springs Districts Act, 1881 Trustee Act, 1883 3,530 0 0 3 17 6 311,985 6 7 16,550 0 0 434 5 9 43 0 0 400 0 0 17,706 6 11 10 19 4 67 17 5 90 6 1 11 10 3 3 0 0 347 5 5 400 0 0 12,114 16 8 0 9 4 10 0 2,020 0 0 0 8 3 45 11 1 175,236 2 11 Balances at end of Year, — Cash in the Public Aocount Advances in the hands of Officers of the Government, — In the Colony In London .. 351,192 3 1 80,000 5 6 91,175 15 4 300 0 0. 34,811 3 9 194 15 0 26,144 12 5 117,515 2 9 115,111 9 3 Totals £290,347 12 2 £468,707 5 10

8.—6

Table STATEMENT of the RECEIPTS and EXPENDITURE of the PUBLIC WORKS

1896-97. RECEIPTS. . 1897-98. £ s. d. £ s. d. £ s. d. 4,811 14 7 10,588 14 6 15,749 10 3 Balance at beginning of Year, — Cash in Public Account Advances in the hands of Officers of the Government, — In the Colony In London Investment Account 63,642 13 10 18,198 2 0 5,521 16 5 70,000 0 0 157,362 12 3 31,149 19 4 Balances as on 31st March, 1897, transferred hereto in terms of section 17 of " The Appropriation Act, 1897," — Lands Improvement Account .. ... Native Lands Purchase Account 231,795 19 0 136,573 3 10 95,222 15 2 375,000 0 0 5 12 6 The Aid to Public Works and Land Settlement Act, 1896,— Proceeds of Debentures .. .. • . • Premium received in respect of same Temporary advance on security of short-dated debentures 125,000 0 0 100,000 0 0 225,000 0 0 375,005 12 6 Amount transferred from the Consolidated Fund in terms of section 16 of " The Appropriation Aot, 1897 " .. 300,000 0 0 150,000 0 0 Temporary advance from the Consolidated Fund (repaid as per contra) 50,000 0 0 1,674 3 8 Special Receipts in connection with the Ellesmere and Forsyth Reclamation and Akaroa Railway Trust 1,639 5 8 365 0 5 334 0 0 Recoveries, — In respect of Debentures issued under "The Roads and Bridges Construction Act, 1882" In respect of Expenditure oharged in previous years 365 0 5 365 0 5 699 0 5 Sinking Funds released under " The Consolidated Stock Act, 1884," in respect of— " The New Zealand Loan Act, 1860 " " The New Zealand Loan Act, 1856 " " The Auckland Loan Ordinance, 1863 " 36 13 4 12,859 12 9 872 7 6 872 7 6 12,896 6 1 £571,425 2 0 Totals £967,035 4 10

8.—6

No. 1—continued. FUND for the Year ended 31st March, 1898, compared with the Financial Year ended 31st March, 1897.

1896-97. EXPENDITURE. 1897-98. £ s. d. 301 6 3 14,891 16 6 193,307 13 1 64,236 12 3 10,508 2 11 Cr. 37 2 0 36,791 8 11 70,578 15 10 11,600 7 5 331 19 3 10,553 16 9 Annual Appropriations,— Class I. —Immigration II.—Public Works, Departmental III. —Railways .. IV.—Roads V. —Development of Goldfields VI.—Purchase of Native Lands VII. —Telegraph Extension .. „ VIII.—Public Buildings IX.—Lighthouses, Harbour-works, and Harbour Defenoes X.—Rates on Native Lands XI.—Contingent Defence .. £ s. d. 69 15 5 9,688 13 2 351,600 6 8 290,777 9 11 33,117 7 5 60,333 13 8 29,384 2 11 73,584 19 5 5,295 1 8 156 9 9 10,360 7 7 £ s. d. 413,064 17 2 864,368 7 7 942 9 3 Unauthorised, — Services not provided for .. Repayment of temporary advanoe from Consolidated Fund 1,169 4 9 50,000 0 0 51,169 4 9 The Aid to Publio Works and Land Settlement Act, 1896,— Charges and expenses of raising loan .. .. .. 5 5'0 ' Local Bodies' Finance and Powers Act 1885 Amendment Act, 1887, — Moiety of subsidy to Waipa County 55 3 4 Balance at end of Year, — Cash in the Public Account Advances in the hands of Officers of the Government — In the Colony In London .. .. .. •. ■ • Investment Account 17,408 19 10 63,642 13 10 18,198 2 0 5,521 16 5 70,000 0 0 18,595 2 11 15,488 4 9 51,492 7 6 157,362 12 3 Totals .. ... £967,035 4 10 £571,425 2 0

8.—6

Table STATEMENT of the RECEIPTS and EXPENDITURE of the LANDS IMPROVEMENT

1896-97. RECEIPTS. "1897-98. £ s. d. £ s. d. £ s. d. 19,523 5 1 Balance at beginning of Year, — Cash in the Public Account Advances in the hands of Officers of the Government, — In the Colony 130,130 5 11 136,578 3 10 11,901 10 1 6,442 17 11 31,424 15 2 21,200 0 0 187,500 0 0 2 16 3 Proceeds of Debentures created under — " The Lands Improvement and Native Lands Acquisition Act, 1894 " .. "The Aid to Public Works and Land Settlement Act, 1896" (proportion) Premium received in respeot of ditto 208,702 16 3 Recoveries on acoount of expenditure of previous years 3,375 4 6 £243,502 15 11 Totals £136,573 3 10 STATEMENT of the RECEIPTS and EXPENDITURE of the NATIVE LANDS PURCHASE 4,354 19 10 Balance at beginning of Year, — Cash in the Public Account Advances in the hands of Officers of the Government, — In the Colony 93,959 12 1 1,263 3 1 1,564 18 11 95,222 15 2 5,919 18 9 30,800 0 0 187,500 0 0 2 16 3 Proceeds of Debentures created under — " The Lands Improvement and Native Lands Acquisition Act, 1894 " .. "The Aid to Public Works and Land Settlement Act, 1896" (proportion) Premium received in respect of ditto 218,302 16 3 Totals £224,222 15 0 £95,222 15 2 STATEMENT of the RECEIPTS and EXPENDITU: IB of the CHEVIOT ESTATE Balance at beginning of Year, — Cash in Public Account Advances in the hands of Offioers of the Government, — In the Colony 55 16 8 324 10 9 480 16 10 13,833 8 2 4 6 9 869 i 10 45 0 0 100 11 6 Receipts under " The Cheviot Estate Disposition Act, 1893,"— Land Sales for Cash Rents from Lands Rent of Buildings Shipping and Port Charges Interest on Advances Miscellaneous 1,024 8 6 14,385 1,6 3 380 7 5 806 8 1 45 0 0 15 7 9 16,277 0 7 15,333 8 1 Totals £15,333 8 1 £16,657 8 0

8.—6.

No. 1 — continued. ACCOUNT for the Year ended 31st March, 1898, compared with the Financial Year ended 31st March, 1897.

2—P. 6.

1896-97. EXPENDITURE, 189 '-98. £ s. d. £ s. d. £ s. d. Balance as on 31st Maroh, 1897, transferred to Public Works Fund in terms of section 17 of " The Appropriation Act, 1897 " .. 136,573 3 10 106,929 12 1 Annual Appropriations,— Vote —Roads and Bridges 130,130 5 11 Balance at end of Year, — Cash in the Public Account Advanoes in the hands of Officers of the Government, — In the Colony 6,442 17 11 136,573 3 10 Totals £243,502 15 11 £136,573 3 10 it March, 1897. .CCOUNT for the Year ended 31st March, 1898, compared with the Financial Year ended 31: Balance as on 31st March, 1897, transferred to Public Works Fund in terms of section 17 of " The Appropriation Act, 1897 " 95,822 15 2 128,999 19 10 Annual Appropriations, — Vote —Native Land Purchases 93,959 12 1 Balance at end of Year, — Cash in the Public Account Advances in the hands of Officers of the Government,— In the Colony 1,263 3 1 95,222 15 2 £224,222 15 0 Totals £95,222 15 2. CCOUNT for the Year ended 31st March, 1898, compared with the Financial Year ended 31i it March, 1897. 11,979 15 5 2,966 1 3 Expenditure, — Interest on Debentures Surveys, Roading, &c. 12,115 16 3 753 18 7 12,869 14 10 14,945 16 8 7 4 0 Appropriations, — Vote 111 —Cheviot Estate Expenses 3,787 13 2 55 16 8 324 10 9 Balance at end of Year, — Cash in the Public Account Advances in the hands of Officers of the Government, — In the Colony 380 7 5 Totals £15,333 8 1 £16,657 8 0

8.-6

Table STATEMENT of the RECEIPTS and EXPENDITURE of the LAND FOR SETTLEMENTS

1896-97. RECEIPTS. 1897-98. £ s. d. 1,357 11 9 Balance at beginning of Year, — Cash in the Public Account Advances in hands of Offioers of the Government, — In the Colony £ s. d. 3,751 9 2 963 2 7 £ s. d. 4,714 11 9 Proceeds of Debentures created under— " The Land for Settlements Act, 1894 " 135,000 0 0 305,990 0 0 27,667 0 10 19,628 19 6 Receipts derived from Rents and Lease-fees Totals £326,976 11 3 £167,381 12 7

8.-c

No. 1—continued. ACCOUNT for the Year ended 31st March, 1898, compared with the Financial Year ended 31st March, 1897.

1897-98. 1896-97. EXPENDITURE, £ s. d. £ s. d. £ s. d. £ s. d £ s. d. Annual Appropriations, — Vote 112—Land for Settlements Expenses 1,759 3 2 2,099 5 9 Acquirement of Estates, — Name of Estate. Purchase-m Purchase-money. lonej iy. ExpenS' 07Q Expenses. 273 11 10 39 8 7 112 7 3 ses. n in Total. 273 11 10 39 8 7 112 7 3 65,803 17 10 37,828 7 6 29,247 3 2 41 2 0 422 6 3 14 19 0 46,072 5 4 27 9 0 11,165 0 9 59,606 6 7 20,119 3 1 4 5 3 6 11 11 95 12 2 1,553 2 8 3 2 6 574 8 7 15 11 3 43 15 7 1 3 10 2,043 8 8 11 0 3 6 0 0 170 2 0 Albury Ardgowan ArowhenuaV. Ashley Gorge .. .. ■• •• •• Beaumont (Trustees, W. Stevens) .. .. 10,482 1 Blind River.. Braco Elsthorpe Hatuma Hawkesbury .. •• •• •• •• Hekeao (Trustees, W. S. Peter) .. •■ 10,545 Highbank Horsley Down Kapua Maerewhenua .. .. • • • • • • Marawiti (J. C. Wason) .. •• ■■ 14,200 1 Merrivale .. .. • ■ • • • • • • Myrtle Bank (Momona), W. Thomson .. 3,608 1 Omaka .. .. ■ • • • ■ • • • Okania (Assets Realisation Board) .. .. 4,14d l Opouriao Omihi Stock Reserve Orakipaoa Otaio .. .. •. • • • • • ■ Otahu (Batger and Menzies) .. .. •■ 7,555 Otarakaro .. .. .. • • • • • • Paparangi (W. Drake) .. •• •• 3,875 Pareora Patoa .. .. .. • • • • • • Pawaha (C. Menzies) .. .. •• 1,823 1 Poerua Pomahaka Pouparae .. .. .. • • • • •• Puhipuhi (J. A. Parsons) .. •■ •• 320 Puketapu .. .. .. •• •• •• Rangiatea (Assets Realisation Board) .. .. 14,014 Raureka Roimata Rural Section 1862, Nimrod Survey District, Block TV. (N.Z. and A. Land Company) .. 60 Studholme Junction.. y\ n i*flj ki •hi *•■ • • * • Tokarahi (A. A. McMaster) .. .. •• 77,360 1 Tomoana Waimarie Waihemo Grange (Makareao) Wharenui Land Exchanges .. 147,990 10,482 11 3 10,545 5 0 14,200 18 10 3,608 19 3 4,143 12 1 7,555 4 6 U i 5 ( L8 1( 19 I L2 ] 4 ( 8 ( 12 ( 0 ( 0 ( 0 ( L7 1( 9 ; 3 0 .0 3 1 6 0 6 0 0 0 .0 3 273 39 112 55 17 815 248 : 127 394 59 : 36 ; 176 . 122 : 22 71 4 167 2 72 362 : 6 785 : 67 13 175 517 : 25 : 3 18 12 53 : 4 112 11 1,634 : 2 2,054 130 22 8,835 55 13 0 17 13 6 815 9 9 248 17 6 127 4 0 394 3 7 59 13 5 36 18 3 176 8 11 . 122 10 2 22 5 1 71 7 6 4 3 8 167 1 11 2 5 10 72 1 1 362 17 11 6 9 9 785 17 0 67 5 0 11 10 8 7 7 3 13 0 13 6 9 9 17 6 4 0 3 7 13 5 18 3 8 11 10 2 5 1 7 6 3 8 1 11 5 10 1 1 17 11 9 9 17 0 5 0 7 1 16 2 14 8 17 1 16 0 6 11 16 5 16 1 3 0 9 4 12 0 12 0 7 2 10 5 15 10 4 6 19 2 10,538 4 3 17 13 6 815 9 9 10,794 2 6 127 4 0 394 3 7 59 13 5 36 18 3 14,377 7 9 122 10 2 3,631 4 4 71 7 6 4,147 15 9 167 1 11 2 5 10 72 1 1 7,918 2 5 6 9 9 4,661 5 0 67 5 0 3,875 8 0 1,823 12 6 13 7 1 175 16 2 517 14 8 25 17 1 3 16 0 18 6 11 1,836 19 7 175 16 2 517 14 8 25 17 1 323 16 0 18 6 11 14,014 0 0 12 16 5 53 16 1 708 15 0 454 6 6 7,779 12 6 320 0 0 39 6 10 14,014 0 0 208 17 7 334 11 7 12 16 5 53 16 1 60 0 0 4 3 0 112 9 4 11 12 0 1,634 12 0 2 7 2 64 3 0 112 9 4 11 12 0 78,995 9 10 2 7 2 122 14 4 77,360 17 10 . 8,678 16 3 12,361 6 7 4,799 18 2 2,054 10 5 130 15 10 22 4 6 2,054 10 5 130 15 10 22 4 6 156,826 8 5 147,990 9 3 8,835 19 310,364 10 6 342 12 10 120 0 0 550 0 0 95 10 5 Unauthorised, — Ardgowan Estate Albury „ Elsthorpe „ Opouriao „ 1,108 3 3 311,472 13 9 8,690 0 0 Debentures matured 31st March, 1897, and reissued • • 3,751 9 2 Balance at end of Year, — Cash in the Public Account Advances in the hands of Officers of the Government,— In the Colony 8,689 18 10 106 2 2 8,796 1 0 963 2 7 4,714 11 9 Totals £167,381 12 7 £326,976 11 3

8.-6

Table STATEMENT of the RECEIPTS and EXPENDITURE of the CONVERSION

1896-97. RECEIPTS. 1897-98. ' £ s. d. Dr. 1,595 5 3 Balance at beginning of Year, — Cash in the Public Aocount In the hands of Stock Agents— Cash In the hands of the Agent-General— 3J-per cent. Inscribed Stock £ s. d. 1,103 10 6 £ s. d. 1,054 10 5 469 9 11 1,573 0 5 61,017 3 2 60,476 8 4 3-per-cent. Inscribed Stock, — Issued for redemption of Debentures Issued in exchange for Debentures 190,000 0 0 364,392 0 0 26,620 0 0 554,392 0 0 30,271 0 0 3J-per-cent. Inscribed Stock, — Issued in exchange for Debentures In reduction of Conversion Expenses,— Premium on sale of Inscribed Stock sold above par .. 847 19 6 3,012 1 9 Total £120,379 10 1 £556,812 19 11

8.-6.

No. 1—continued. ACCOUNT for the Year ended 31st March, 1898, compared with the Financial Year ended 31st March, 1897.

1896-97. EXPENDITURE. 1897-98. £ s. d. £ s. d. £ s. d. Original .mount. -r. 0+a Pre- Converted -" ate - mium. Stock. Debentures converted into 3-per-cent. £ £ £ £ £ Inscribed Stock, — Consolidated Loan Act, 1867 .. 2,000 105 100 2,100 3,800 106J 247 4,047 6,500 107 455 6,955 17.100 108 i 1.368 18.468 £ 2,000 3,800 6,500 17,100 £ j 105 106J 107 108 £ 100 247 455 1,368 £ 2,100 4,047 6,955 18,468 jLYjIUU 1U8 : l,bt>8 IS,408 29,400 New Zealand Loan Act, 1863 (1914) 200 120 40 240 2,600 121 546 3,146 2.800 200 2,600 29,400 120 121 40 546 240 3,146 2,800 z, ouu Otago Loan Ordinance, 1862, due 1st July, 1898 .. .. .. .. 900 100 .. 900 900 900 100 Immigration and Public Works Loan Aot, 1870, due 15th April, 1913 .. .. 9,000 108 720 9,720 9,000 108 720 9,720 Consolidated Stock Act, 1884 (Colonial issue), due 28th May, 1897 .. 218,816 Due 28th May, 1898 .. .. 100,000 318.816 100 .. 318.816 218,816 100,000 26,620 0 0 318,810 1UU .. 318,810 Land for Settlements Act, 1894, due 30th April, 1926 360,916 .. 3,476 318,816 100 318,816 364,392 0 0 364,392 0 0 360,916 3,476 Debentures converted into 3J-per-cent. Stock, — Consolidated Loan Act, 1867 New Zealand Loan Act, 1863 (1914) .. Otago Loan Ordinance, 1862, due 1st July, 1898 27,061 0 0 1,554 0 0 1,656 0 0 30,271 0 0 Debentures redeemed, — Consolidated Loan Act, 1867, 5 per cent. Lands Improvement and Native Lands Acquisition Act, 1894, 4 per cent., due 30th September, 1908 Consolidated Stock Act, 1884 (Colonial issue), due 28th May, 1897 Five-per-cent. 10/40 Loan (outstanding debentures) .. .. Auckland Loan Act, 1863, 6 per cent., due 1st June, 1896 40,800 0 0 42,586 0 0 16,200 0 0 100,000 0 0 44,216 0 0 200 0 0 185,216 0 0 58,786 0 0 54 10 0 1,337 11 3 1,044 9 2 329 8 9 363 10 6 Expenses Account, — Brokerage and Commission Stamp Duty Interest (including overlap of interest) Office Expenses Printing and Advertising Miscellaneous 332 0 0 3,466 10 0 321 6 7 327 6 10 72 9 2 143 5 0 4,662 17 7 3,129 9 8 1,103 10 6 Balance at end of Year, — Cash in the Public Account In the hands of Stock Agents— Cash 2,288 6 11 ■ 469 9 11 253 16 5 2,542 2 4 1,573 0 5 Totals .. .. .. .. £556,812 19 11 £120,379 10 1

8.—6

Table STATEMENT of the RECEIPTS and EXPENDITURE of the LOANS TO LOCAL BODIES

RECEIPTS. 1897-98. 1896-97. £ s. d. 858 13 7 Balance at beginning of Year, — Cash in the Public Account £ s. d. £ s. d. 3 10 1 The Government Loans to Local Bodies Act, 1886,— Debentures created 111,400 0 0 93,800 0 0 78 1 11 1,711 13 1 500 0 0 Repayments under section 8 of " The Government Loans to Local Bodies Act Amendment Act, 1896," — Counties, — Horowhenua Kiwitea Pahiatua Patea Stratford Wairarapa North Road Boards, — Featherston Parihaka Manawatu .. 137 8 11 3,576 0 0 793 6 4 150 0 0 55 0 0 94 9 3 4,601 4 6 2,494 15 0 • Totals Totals £116,004 14 7 £97,153 8 7

8.—6.

No. 1— continued. ACCOUNT for the Year ended 31st March, 1898, compared with the Financial Year ended 31st March, 1897.

1896-97. EXPENDITURE. 189 '-98. £ s. d. 1,225 0 0 3,046 0 0 3,190 0 0 1,550 0 0 730 0 0 6,000 0 0 1,150 0 0 5,733 0 0 1,760 0 0 4,701 0 0 2,412 0 0 Grants to— Counties — Cheviot Clifton Cook Hawera Hawke's Bay Horowhenua Hutt Kiwitea Manawatu Ohinemuri Pahiatua Patea Pohangina Rangitikei Raglan Stratford Waipawa Wairarapa North Wairoa Waitotara Waitaki £ s. d. 1,100 0 0 100 0 0 3,178 0 0 3,898 0 0 6,000 0 0 470 0 0 9,365 0 0 4,800 0 0 5,000 0 0 750 0 0 £ s. d. 6,000 0 0 580 0 0 600 0 0 5,410 0 0 3,868 0 0 175 0 0 1,360 0 0 50 0 0 700 0 0 1,000 0 0 264 0 0 200 0 0 38,650 0 0 100 0 0 1,800 0 0 2,558 0 0 300 0 0 2,500 0 0 610 0 0 165 0 0 1,970 0 0 1,778 0 0 100 0 0 1,030 0 0 2,890 0 0 290 0 0 1,055 0 0 Road Boards— Arai Arch Hill Egmont Ekotahuna Featherston Fitzherbert Frankley Manawatu Manchester Manganui Masterton Mauku Mauriceville Moa Otaki Parihaka Pouawa Seatoun Taratahi-Carterton Te Horo Turanga Upper Taueru Waimate Waipipi Waiwakaiho Wirokino 500 0 0 463 0 0 250 0 0 754 0 0 1,670 0 0 800 0 0 775 0 0 1,569 0 0 550 0 0 400 0 0 40 0 0 2,000 0 0 267 0 0 47,715 0 0 670 0 0 50 0 0 388 0 0 1,772 0 0 300 0 0 1,122 0 0 650 0 0 650 0 0 995 0 0 20,026 0 0 395 0 0 160 0 0 300 0 0 2,000 0 0 Boroughs— Dannevirke Feilding Pahiatua Patea Petone 13,755 0 0 2,000 0 0 2,800 0 0 2,855 0 0 100 0 0 300 0 0 Town Boards — Clyde Stratford 4,800 0 0 300 0 0 570 0 0 3,000 0 0 200 0 0 280 0 0 400 0 0 Drainage Boards — Akaaka Aorangi Land Manawatu Land Otakia Sluggish River Tepuke Land 493 0 0 1,495 0 0 3,000 0 0 200 0 0 600 0 0 4,050 0 0 5,788 0 0 152 0 0 Unauthorised — Pohangina County Wainono Drainage Board 2,899 0 0 75,257 0 0 66,133 0 0 Appropriations,— Vote 113.—Roads to open up Crown lands Balance at end of year,— Cash in the Public Account Advances in hands of Officers of the Government, — In the Colony 31,016 18 6 18,769 11 8 3 10 1 21,826 19 11 151 3 0 21,978 2 11 £97,153 8 7 Totals £116,004 14 7

8.—6.

Table STATEMENT of the RECEIPTS and EXPENDITURE of the NEW ZEALAND CONSOLS

The Treasury, Wellington, 22nd April, 1898.

1896-97. RECEIPTS. . 1897-98. £ s. d. 90 0 0 161,300 0 0 Balance at beginning of Year, — Cash in Deposit Account .. Investment Account £ s. d. 5 0 0 297,400 0 0 £ s. d. 297,405 0 0 161,390 0 0 136,015 0 0 Deposits inscribed 58,780 0 0 £297,405 0 0 Total £356,185 0 0

8.—6

3—B. 6.

No. 1—continued. ACCOUNT for the Year ended 31st March, 1898, compared with the Financial Year ended 31st March, 1897.

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

1896-97. EXPENDITURE. 1897-98. £ a. d. 5 0 0 297,400 0 0 Balance at end of Year, — Cash in Deposit Account.. Investment Account £ s. d. 85" 0 0 356,100 0 0 £ s. d. 356,185 0 0 £297,405 0 0 Totals £356,185 0 0

8.—6

SUMMARY OF BALANCES ON 31st MARCH, 1898.

* Against th Treasury bills amounting to £730,000 are outstanding.

Advances. Balances. Cash. Investments. Total. £ s. d. £ s. d. £ s. d. £ s. d. £ s. d. £ s. d. Consolidated Fund :—• Ordinary Revenue Account State Forests Account Accounts of Local Bodies Deposit Accounts 1,251,144 6 10* 16,417 17 3 10,188 4 10 117,515 2 9 1,395,265 11 8 Consolidated Fund :— Ordinary Revenue Account State Forests Account.. Accounts of Local Bodies Deposit Accounts 780,580 3 7 16,417 17 3 7,754 1 2 91,175 15 4 49,164 3 3 2,434 3 8 26,339 7 5 421,400 0 0 1,251,144 6 10 16,417 17 3 10,188 4 10 117,515 2 9 •• 895,927 17 4 77,937 14 4 421,400 0 0 1,395,265 11 8 Public Wobks Fund 51,492 7 6 Public Works Fund 17,408 19 10 34,083 7 8 51,492 7 6 Land foe Settlements Account.. Conversion Account Loans to Local Bodies Account New Zealand Consols Account .. Remittances to London Account 8,796 1 0 2,542 2 4 21,978 2 11 356,185 0 0 Dr. 770, 000 0 0 Land for Settlements Account .. Conversion Account Loans to Local Bodies Account New Zealand Consols Account.. Remittances to London Account 8,689 18 10 2,288 5 11 21,826 19 11 85 0 0 0.770,000 0 0 106 2 2 253 16 5 151 3 0 8,796 1 0 2,542 2 4 21,978 2 11 356,185 0 0 Cr.770,000 0 0 356,100 0 0 Totals .. 1,066,259 5 5 Totals ■ .. .. 176,227 1 10 112,532 3 7 777,500 0 0 1,066,259 5 5

8.—6

Table No. 2. COMPARATIVE STATEMENT of the Estimated and Actual Receipts and Expenditure of the Consolidated Fund (Revenue Account) for the Financial Year ended 31st March, 1898.

£ s. d. £ s. d. Actual receipts, 1897-98.. .. ■ • 6,079,829 17 5 Actual expenditure, 1897-98 ■. 4,912,371 14 10 Surplus at 31st March, 1897 .. • • • • ■ • • • 354,286 4 3 Surplus at 31st March, 1898 .. .. • • £521,144 610

Estimated. Actual. Differences. More Less than Estimate, than Estimate. Differences. RECEIPTS. Revenue Account :— Customs Stamps Land- and Income-tax Property-tax Beer Duty Railways Registration and other Fees Marine Miscellaneous Territorial £ s, d. 1,880,000 0 0 721,000 0 0 365,000 0 0 66,000 0 0 1,275,000 0 0 50,500 0 0 20,900 0 0 95,000 0 0 250,000 0 0 £ s. d. 1,935,251 16 1 780,231 11 6 382,496 19 4 10 8 3 72,179 5 0 1,370,571 14 8 51,288 13 0 23,959 18 8 108,343 8 8 263,296 2 3 £ s. d. 55,251 16 1 59,231 11 6 17,496 19 4 10 8 3 6,179 5 0 95,571 14 8 788 13 0 3,059 18 8 13,343 8 8 13,296 2 3 £ s. d. Sinking Fund Increases Advances repaid 4,723,400 0 0 4,987,629 17 5 264,229 17 5 69,600 0 0 69,600 0 0 22,000 0 0 22,000 0 0 Totals J4,793, 000 0 0 5,079,229 17 5 286,229 17 5 EXPENDITURE. £ s. d. Revenue Account :— Permanent Appropriations, — Civil List Interest and Sinking Fund Under Special Acts Subsidies Territorial Revenue paid over Endowments Annual Appropriations,— Legislative Colonial Secretary Colonial Treasurer Minister of Justice Postmaster-General Commissioner of Trade and Customs Commissioner of Stamps Minister of Education Minister of Mines Minister for Agriculture Working Railways Public Buildings Defence Department Police Department Department of Lands and Survey Valuation Department Rates on Crown Lands Services not provided for £ s. d. 25,700 0 0 1,769,122 0 0 198,072 0 0 65,000 0 0 31,600 0 0 41,300 0 0 19,678 0 0 76,750 0 0 24,922 0 0 124,075 0 0 368,580 0 0 75,241 0 0 25,290 0 0 506,233 0 0 18,434 0 0 58,464 0 0 822,127 0 0 53,400 0 0 82,536 0 0 109,163 0 0 132,945 0 0 39,542 0 0 900 0 0 £ s. d. 24,205 4 11 1,741,412 18 5 196,985 12 6 70,262 6 2 37,133 4 8 42,217 2 8 15,998 17 9 74,100 13 3 23,535 4 4 122,479 18 11 362,867 10 1 66,190 14 0 23,041 9 1 499,194 6 3 15,556 9 5 54,408 12 1 849,923 8 9 42,603 5 11 72,452 15 9 105,974 9 9 122,584 2 9 37,126 18 10 154 5 5 1,962 3 2 £ s. d. 5,262 6 2 5,533 4 8 917 2 8 1,494 15 1 27,709 1 7 1,086 7 6 3,679 2 3 2,649 6 9 1,386 15 6 1,595 1 1 5,712 9 11 9,050 6 0 2,248 10 11 7,038 13 9 2,877 10 7 4,055 7 11 27,796 8 9 10,796 14 1 10,083 4 3 3,188 10 3 10,360 17 3 2,415 1 2 745 14 7 1,962 3 2 Special Appropriations — In aid of Public Works Fund Cyanide gold extraction, patent rights 4,669,074 0 0 4,602,371 14 10 41,471 5 5 108,173 10 7 300,000 0 0 10,000 0 0 300,000 0 0 10,000 0 0 41,471 5 5 108,173 10 7 • 41,471 5 5 Totals .. 4,979,074 0 0 4,912,371 14 10 66,702 5 2

8.—6

Table No. 3. The PUBLIC DEBT of NEW ZEALAND on 31st March, 1898.

, ; : ! : : : ; : : , ; : \ • Only £200,000 bas actually been issued to the public; the unsold debentures are available for the purpose of obtaining temporary advances from time to time. + Further contributions of Sinking Fund not required.

Annual Charge. Amount outstanding. Due Date. Sinking Funds accrued. Indebtedness. REMARKS. Bate. Amount. When payable. Int. j S.F. £ £ £ £ % % £ i New Zealand Loan Act, 1863 271,000 15 July, 1914 112,292 158,708 5 1 16,260 15 Jan. and 15 July. Consolidated Loan Act, 1867 482,300 Ann. drawing 482,300 5 24,115 Quarterly, 15 Jan., &c. Immigration and Public Works Loan Act, 1870 .. 1,000,000* 1 June, 1907 522,096 477,904 4 2-4 64,000 1 June and 1 Dec. Sinking Fund payable 13 Mar. and 13 Sept. Canterbury Loan Ordinance, 1862 .. j 3,800 12,200 I 16,000 I 2 Jan., 1915 \ 2 July, 1916 I 10,382 5,618 6 1 1,120 30 June „ 31 Dec. Otago Loan Ordinance, 1862 71,300 1 July, 1898 101,804 Cr. 30,504 6 t 4,278 1 Jan. „ 1 July. Consolidated Loan Act, 1867 13,000 15 April, 1913 13,000 4 520 15 April „ 15 Oct. Immigration and Public Works Loan Act, 1870 \ 363,100 27,900 ) 391,000 (15 April, 1913 (15 April, 1913 363,100 27,900 4 •• 14,524 1,256 15 April » 15 Oct. 15 April „ 15 Oct. Defence and Other Purposes Loan Act, 1870 \ 25,000 75,000 } 100,000 f Uuly, 1910 (15 April, 1913 25,000 75,000 4 1,125 3,000 30 June „ 31 Dec. 15 AprH „ 15 Oct. General Purposes Loan Act, 1873 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 » 15 Oct. 15 May „ 15 Nov. 15 May „ 15 Nov. District Railways Purchasing Aots, 1885-86 35,000 40,000 101,600 47,000 [ 223,600 (28 May, 1898 J 1 July, 1909 1 1 April, 1905 ( 1 April, 1899 35,000 40,000 101,600 47,000 6 4 5 1,225 2,400 4,064 2,350 1 April „ 1 Oct. Carried forward 2,653,700 144,204 746,574 1,907,126

8.—6.

Table No. 3 — continued. The PUBLIC DEBT of NEW ZEALAND on 31st March, 1898—continued.

Treasury bills amounting to £730,000 are not included.

Annual Charge. Amount outstanding. Due Date. Sinking Funds accrued. Net Indebtedness. Remarks.. .te. Amount. When payable. Int. S.F. Brought forward £ £ 2,653,700 £ 746,574 £ 1,907,126 % % £ 144,204 •• Government Loans to Local Bodies Act, 1886 253,200 31 Dec, 1900 135,329* 117,871 3* 1* 26,344t 1 Mar. and 1 Sept. 'Represents the accrued Sinking Fund in respect of the total amount issued under " The Government Loans to Local Bodies Act, 1886," of which £912,300, has been converted into Consolidated Stock debentures. Consolidated Stock Act, 1877 29,150,302 6,161,167 2,081,012 1 Nov., 1929 1 Jan., 1940 1 April, 1945 29,150,302 6,161,167 2,081,012 4 Si 3 1,166,013 215,640 62,430 J 1 May „ 1 Nov. 1 Jan. „ 1 July 1 April „ 1 Oct. Consolidated Stock Act, 1884 — Colonial Issue .. .. J 40,000 1,199,166 253,200 628,200 I 2,120,566 (22 May, 1898 28 May, 1898 " 28 May, 1898 28 May, 1898 ) 1,239,166 253,200 628,200 H i 3* 55,763 10,128 21,987 28 May „ 28 Nov. 28 May „ 28 Nov. 28 May „ 28 Nov. +The Sinking Fund is payable on £1,165,500; the Land Assurance Fund is also charged with £ per cent, as a contribution towards Sinking Fund. Naval and Military Settlers' and Volunteers' Land Act, 1892 27,226 31 Oct., 1899 27,226 H 1,225 30 April „ 31 Oct. Native Land Purchases Act, 1892 j 140,000 9,700 l 149,700 (31 Oct., 1899 (31 Oct., 1899 140,000 9,700 5 6,300 485 30 April „ 31 Oct. 30 April „ 31 Oct. J£45,000 of this amount will be recouped by the Government Advances to Settlers Office. Land for Settlements Act, 1892 45,276 31 Oct., 1899 45,276 4. 2,037 30 April „ 31 Oct. Land for Settlements Act, 1894 .. j 134,100 455,990 | 590,090 (31 Oct., 1899 (31 Oct., 1899 134,100 455,990 4 3i 5,364 15,960 I 30 April „ 31 Oct. 30 April „ 31 Oct. ' Lands Improvement and Native Lands Ao- j quisition Act, 1894 { 283,000 117,000 } 400,000 30 Sep., 1908 (283,000 (117,000 4 3* 11,320 4,095 31 Mar. „ 30 Sept. 31 Mar. „ 30 Sept. New Zealand Consols. Act, 1894 .. 356,185 1 Feb., 1910 356,185 3i 12,467 1 Feb. „ 1 Aug. §Loan may be paid off at any time after 15th February, 1907, on six months' notice being given. Aid to Public Works and Land Settlement Act, 1896, and Amendment Act, 1897 250,000 500,000 100,000 125,000 975,000 ( lFeb., 1902 |15Aug.,1921§ 121 Feb., 1899 { 3Mar., 1899 250,000 500,000 100,000 125,000 3* 34 3ill 3 8,750 17,500 3,250 3,750 1 Feb. „ 1 A . 15 Feb. „ 15 Aug. 1 Feb. „ 1 Aug. 1 Feb. „ 1 Aug. ||One-quarter per cent, over bank rate: varying interest, calculated at 3J per cent. Totals .. 44,963,424 881,903 44,081,521 1,795.012

8.—6

Table No. 4. STATEMENT of the Estimated Liabilities chargeable on the Consolidated Fund (Revenue Account) outstanding on the 31st March, 1889, 1890, 1891, 1892, 1893, 1894, 1895, 1896, 1897, and 1898.

31st March, 1889. 31st March, 1890. 31st March, 1891. .31st March, 1892. 31st March, 1893. 31st March, 1894. 31st March, 1895. 31st March, 1896. 31st March, 1897. 31st March, 1898. Revenue Account. Permanent Appropriations, — Civil List Interest and Sinking Fund Under Special Acts of the Legislature Subsidies payable to Local Authorities Under the Land Acts, payable to Local Authorities £ s. d. 491 18 8 I 4,220 3 0 £ s. d. I 240 0 0 550 0 0 442 4 9 £ s. d. 351 12 3 167 1 4 £ s. d. 275 0 0 106 3 0 £ s. d. 150 0 0 82 0 0 £ s. d. 370 0 0 22 18 10 £ s. d. 437 0 0 9 4 6 £ s. d. 350 0 0 155 2 0 £ s. d. 894 11 8 163 4 6 £ s. d. 950 0 0 214 8 0 I 24,677 4 8 24,563 0 0 | 4,104 0 0 2,227 0 0 1,042 0 0 897 16 4 959 3 10 1,170 3 0 651 15 0 631 5 0 8,243 18 3 5,613 13 3 3,188 1 5 3,014 10 2 2,693 6 1 2,553 2 1 2,553 2 1 2,553 2 1 4,228 7 1 2,553 2 1 1,824 17 2 37,633 4 7 31,408 18 0 7,810 15 0 3,843 17 3 3,958 10 5 4,262 13 3 3,620 10 2 5,622 13 2 3,967 6 1 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 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 0 576 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 0 618 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 10 13 0 2,689 17 9 150 0 0 2,525 6 2 19,460 0 0 2,837 0 1 282 17 0 2,333 8 7 15 17 7 3,876 19 10 23 9 0 3,974 13 2 15,912 0 0 3,936 1 8 219 2 7 1,268 8 9 6,430 5 9 2,550 0 0 3,590 0 0 17,452 0 0 3,469 1 2 451 2 0 1,361 4 7 87 4 11 3,083 0 0 812 6 11 3,605 0 . 0 22,689 3 2 6,218 8 4 346 1 0 418 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 14 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 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 57 7 4 1,936 10 7 61,912 6 2 413 12 3 1,000 0 0 6,535 0 0 184 4 7 815 10 5 2,037 4 3 52,542 7 4 108 14 4 4,000 0 0 6,659 0 0 100 0 0 213 10 10 2,266 17 3 65,971 3 1 181 14 9 3,463 0 0 4,142 10 9 60 0 0 149 19 7 2,521 16 10 74,818 16 6 2,556 5 4 7,580 0 0 15,008 10 10 • 94,451 1 6 96,960 1 4 102,328 3 6 139,894 13 5 Services not provided for 114,874 18 9 ;104,685 5 9 114,480 6 0 101,246 6 8 95,489 8 11 111,602 10 2 343 14 1 66 1 3 22 9 6 814 2 9 420 4 9 522 8 0 Totals 152,551 17 5 '136,160 5 0 122,313 10 6 06,868 19 10 98,418 7 7 101,618 1 4 99,717 16 0 116,387 11 5 143,515 '3 7 |106,706 18 8

8.—.6.

Table No. 5. STATEMENT of the Estimated Liabilities chargeable on the Public Works Fund outstanding on the 31st March, 1889, 1890, 1891, 1892, 1893, 1894, 1895, 1896, 1897, and 1898.

♦ Now included in Public Works Fund.

31st March, 1889. 31st March, 1890. 31st March, 1891. 31st March, 1892. 31st March, 1893. 31st March, 1894. 31st March, 1895. 31st March, 1896. 31st March, 1897. 31st March, 1898. £ s. d. £ s. d. £ s. d. £ s. d. £ s. d. £ s. d. £ s. d. £ s. d. £ s. d. £ s. d. Annual Appropriations — Immigration Railways Roads Waterworks on' Goldfields Land-purchases Telegraph Extension Public Buildings Lighthouses and Harbour-works Thermal Springs Rates on Native Lands Contingent Defence Services not provided for 1,200 0 0 207,483 11 2 120,945 4 3 5,499 3 8 3,591 0 0 23,453 18 10 6,466 2 3 2,200 0 0 198,862 5 7 94,524 18 2 240 12 8 236 6 10 5,107 0 0 10,086 9 8 1,850 4 7 30 0 0 1,000 0 0 126,181 19 1 79,396 4 10 3,005 14 5 27,082 3 11 3,710 9 0 10 10 10 177,367 4 7 102,579 0 9 2,500 0 0 8,142 0 0 22,782 8 9 248 0 0 101,436 0 0 104,581 9 7 1,795 17 8 6,716 0 0 13,635 0 0 763 0 0 103,344 1 8 116,237 18 10 900 0 0 9,581 0 0 12,407 0 0 954 0 0 127,972 16 10 60,101 7 10 7,860 19 7 13.987 0 0 29,336 15 11 3,626 8 3 96,998 2 11 34,886 17 0 15,265 10 10 4,000 0 0 33,044 18 3 6,573 19 2 106,312 8 4 85,552 6 0 29,910 16 10 16,283 0 0 24,180 7 10 1,884 2 2 77,167 7 4 268,798 12 2 7,135 6 7 11,722 0 0 14,806 5 2 3,229 12 9 " 500 0 0 185 0 0 185° 9 7 287 14 5 iio o o 110* 0 0 11,550 0 0 439' 1 2 11,129 0 0 •• ■ 1,794 7 11 I •• •• •• • • Totals 368,639 0 2 314,932 5 5 240,387 2 1 313,870 14 1 229,360 7 3 243,609 10 1 243,173 2 10 190,879 8 2 275,783 1 2 194,427 5 2 . ' i STATEMENT of the Estimaoutstanding on tl ■ED Liabilities chargeal L e 31st March, 1894, 189. ile on the under-mentioned Accounti i, 1896, 1897, and 1898. 31st March, 1894. 31st March, 1895. 31st March, 1896. 31st March, 1897. 31st March, 1898. £ s. d. £ s. d. £ s. d. £ s. d. £ s. d. State Forests Account Cheviot Estate Account Land for Settlements Account Lands Improvement Account Native Lands Purchase Account .. Loans to Local Bodies Account 3,000' 0 0 400 0 0 2,400 0 0 101,121 0 0 131,379 9 2 24,137 7 2 130 0 0 160,171 19 9 113,988 2 6 25,768 13 3 574 9 7 3,492 16 0 104,951 15 11 128,304 5 1 31,549 11 4 21,058 9 8 454 19 7 21,83316 1 * * 27,238 1 2 i

8.—6

Table No. 6. STATEMENT showing the Total Ways and Means of the Public Works Fund and the Total Net Expenditure to the 31st March, 1898.

* Has been reduced by £89,800 received under section 31 of " The Government Loans to Local Bodies Act, 1886."

WAYS AND MEANS. Loans :— Immigration and Public Works Loan, 1870 Immigration and Public Works Loan, 1873 Immigration and Public Works Loan, 1874 General Purposes Loan Act, 1873 New Zealand Loan Act, 1876 New Zealand Loan Act, 1877 New Zealand Loan Act, 1879 New Zealand Loan Act, 1882 New Zealand Colonial-inscribed Stock Loan Act, 1882 North Island Main Trunk Railway Loan Act, 1882 .. New Zealand Loan Act, 1884 .. ,. New Zealand Loan Act, 1886 District Railways Purchasing Acts, 1885-86 New Zealand Loan Act, 1888 Native Land Purchase Act, 1892 Lands Improvement and Native Lands Acquisition Act, 1894 Aid to Public Works and Land Settlement Acts, 1896 and 1897 £ s. d. 4,000,000 0 0 2,000,000 0 0 4,000,000 0 0 750, COO 0 0 750,000 0 0 2,200,000 0 0 5,000,000 0 0 3,000,000 0 0 250,000 0 - 0 1,000,000 0 0 1,500,000 0 0 1,325,000 0 0 479,487 7 11 1,000,000 0 0 149,700 0 0 £ s. d. NET EXPENDITURE. Expenditure on — Immigration... Public Works, Departmental Railways, including Surveys of New Lines Roads Land Purchases Development of 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. d. 2,147,015 4 0 423,722 1 2 15,658,173 18 9 4,667,996 7 4* 1,851,299 14 7 631,276 0 9 800,735 4 9 2,165,592 11 9 934,408 2 11 455,633 3 7 62,461 19 0 14,599 13 2 1,027,764 13 0 10,835 8 0 218,500 0 0 £ s. d. 500,000 0 0 31,070,014 2 9 975,000 0 0 28,879,187 7 11 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 1898 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 1,330,000 0 0 56,000 0 0 264,657 16 4 19,963 1 3 4,963 7 4 60,616 3 0 22,894 15 9 Balance on 31st March, 1897, — Cash in the Public Account .. .. .. Advances in the hands of officers of the Government 2,257 1 9 17,408 19 10 34,083 7 8 17,581 5 0 463,385 11 11 2,242,319 2 4 51,492 7 6 £31,121,506 10 3 £31,121,506 10 3

8.—6,

Table No. 7. ESTIMATED Expenditure of the Consolidated Fund (Revenue Account) for 1898-99, compared with Actual Expenditure of 1897-98.

Table No. 8. STATEMENT of the Estimated Revenue of the Consolidated Fund (Revenue Account) for 1898-99, compared with the Actual Revenue of 1897-98.

4—B. 6.

Estimate for 1898-99. Actual of 1897-98. Diffe Increase. Differences. 'erences. Decrease. Revenue Account. £ 25,700 1,795,012 350,988 £ 24,205 1,741,413 346,598 £ 1,495 53,599 4,390 £ Civil List Interest and Sinking Fund Under special Acts 2,171,700 2,112,216 59,484 Annual Appropriations,— Legislative Departments Colonial Secretary's Department Colonial Treasurer's Department Justice Department Postal and Telegraph Department Customs and Marine Department Stamps and Deeds Department Education Department Lunacy and Charitable Department Department of Labour Mines Department Department of Agriculture Working Railways Department Public and School Buildings and Domains Defence Department Police Department Lands and Survey Department Valuation Department Rates on Crown lands 17,075 69,345 36,789 123,445 385,821 73,911 25,325 443,569 58,277 6,859 16,110 57,235 871,000 42,225 98,349 113,529 109,264 23,148 900 15,999 . 74,101 23,535 122,480 362,867 70,794 23,041 435,020 57,305 6,870 15,556 54,409 849,923 38,001 72,453 105,975 122,584 37,127 154 1,076 13,254 965 22,954 3,117 2,284 8,549 972 554 2,826 21,077 4,224 25,896 7,554 11 41756 131320 13,979 "746 2,572,176 116,048 32,066 Services not provided for Purchase of the Cyanide Process Gold-extraction Patent 2,488,194 1,962 10,000 1,962 10,000 175,532 44,028 44,028 Total 131,504 4,743,876 4,612,372

Estimate for 1898-99. Actual of 1897-98. Increase. Decrease. Differences. Revenue Account. £ 1,935,000 770,000 390,000 £ 1,935,252 780,232 382,497 10 72,179 1,370,572 51,289 23,960 108,343 263,296 £ £ 252 10,232 Customs Stamps Land- and Income-tax Property-tax Beer Duty Railways Registration and other Fees Marine Miscellaneous Territorial Revenue .. .. .... 71,000 1,370,000 74,000 23,000 109,000 227,000 7' 503 22j 711 10 1,179 572 °960 657 36j 296 Debentures for Sinking Fund increases.. 4,969,000" 54,300 4,987,630 69,600 30,871 49,501 15,300 64,801 30,871 Total 33,930 5,023,300 5,057,230

8.—6

Table No. 9. STATEMENT showing the Amount charged to Unauthorised in each Financial Year from 1st July, 1875, to 31st March, 1898.

Authority: John Mackay, Government Printer, Wellington.—lB9B.

Consolidated Fund.—Kevence Account. Financial Yeah. Other Accounts. Public Works Fund. Total. Ser ;ted n f 0 or Pr0 " E-ess of 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 1894-95 1895-96 1896-97 1897-98 £ s. d. 13,167 4 8 18,397 17 1 19,079 12 6 11,413 16 1 5,818 9 9 6,151 13 9 3,899 16 3 4,473 15 8 7,293 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 8,985 3 7 22,422 16 10 3,188 17 7 2,258 19 7 £ s. d. 19,195 17 1 13,398 7 0 58,709 17 2 47,466 4 5 18,466 2 1 37,825 6 6 38,474 18 9 64,631 0 2 45,284 2 6 39,039 17 11 47,106 10 3 38,117 13 5 42,104 15 10 35,157 16 5 43,257 1 0 76,778 5 11 21,026 16 4 28,283 15 11 7,376 7 4 9,148 0 5 16,229 5 9 24,195 2 9 39,314 13 4 £ s. d. 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 18,133 4 0 38,652 2 7 27,384 0 4 41,573 12 11 £ s. d. 3,155 9 2 3,490 6 1 653 6 5 3,938 14 8 1,005 3 10 13,443 11 3 13,590 6 10 12,343 2 2 9,003 18 7 7,163 15 3 13,965 10 1 6,212 16 7 27,821 16 11 13,506 2 8 23,631 7 1 5,459 18 11 9,183 10 6 4,754 17 10 522 12 2 1,890 7 5 16,995 9 9 24,726 3 6 4,743 17 10 £ s. d. 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 11 330 8 1 33,245 2 4 7,051 0 8 53,648 14 0 £ s. d. 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 20,353 19 6 88,892 14 8 59,161 4 6 99,966 4 9

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FINANCIAL STATEMENT (In Committee of Supply, 9th August, 1898) BY THE COLONIAL TREASURER, THE RIGHT HON. R.J. SEDDON., Appendix to the Journals of the House of Representatives, 1898 Session I, B-06

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FINANCIAL STATEMENT (In Committee of Supply, 9th August, 1898) BY THE COLONIAL TREASURER, THE RIGHT HON. R.J. SEDDON. Appendix to the Journals of the House of Representatives, 1898 Session I, B-06

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FINANCIAL STATEMENT (In Committee of Supply, 9th August, 1898) BY THE COLONIAL TREASURER, THE RIGHT HON. R.J. SEDDON. Appendix to the Journals of the House of Representatives, 1898 Session I, B-06

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FINANCIAL STATEMENT (In Committee of Supply, 9th August, 1898) BY THE COLONIAL TREASURER, THE RIGHT HON. R.J. SEDDON. Appendix to the Journals of the House of Representatives, 1898 Session I, B-06

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FINANCIAL STATEMENT (In Committee of Supply, 9th August, 1898) BY THE COLONIAL TREASURER, THE RIGHT HON. R.J. SEDDON. Appendix to the Journals of the House of Representatives, 1898 Session I, B-06

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