FINANCIAL STATEMENT (In Committee of Supply, 1st August, 1899) BY THE COLONIAL TREASURER, THE RIGHT HON. R.J. SEDDON.

Appendix to the Journals of the House of Representatives, 1899 Session I, B-06

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1899. NEW ZEALAND.

FINANCIAL STATEMENT (In Committee of Supply, 1st August, 1899) BY THE COLONIAL TREASURER, THE RIGHT HON. R.J. SEDDON.

Me. Guinness, — I am in the happy position of being able to reiterate the announcement I have made each year since I have had the honour of being Colonial Treasurer —namely, that the past year closed with a surplus or credit balance (call it which you will) of a very substantial amount—in the present instance, of £495,861. The statement of the receipts and expenditure of the various accounts forming the Public Accounts of the colony having been gazetted, honourable members have of course made themselves acquainted with the figures, and it only remains for me to make some comments upon them for the information of members and the public at large. The ordinary revenue exceeded my estimate to the extent of £217,428, of which, in round figures, Customs contributed £30,000; Land- and Income-tax, £23,500 ; Railways, £95,500 ; and Territorial, £46,800 : other heads of revenue contributed nearly £22,000. The only item which fell short was " Registration and other Fees," which did not reach the estimate by £178. Adverse criticism has occurred because my estimate of revenue was not much larger, and it is seriously asserted that the balance at the end of the year has been increased (relatively, I suppose) by reason of the underestimate. How this could be possible I leave to the quidnuncs to explain. So far as concerns the estimate of Customs revenue, I was content to adopt the figures representing the actual receipts of the previous year. These figures have been exceeded by £30,000, largely owing to the increased spending-power of the people and the general prosperity we continue to enjoy. To get at an absolutely accurate forecast of the receipts under the land- and incometax is almost impossible. The income-tax came in to an amount similar to that of the preceding year, but the land-tax produced a larger revenue than was anticipated. The largest increase in the revenue items took place in the railway receipts, and, as I have already stated, these exceeded the estimate by £95,500. An extraordinary expansion in the goods and passenger traffic accounts for most of this; also sheep, cattle, chaff, minerals, &c, were carried largely in excess of the business done the preceding year, the only decreases being in wool, grain, timber, and pigs. It is necessary to explain that the falling-off in grain may be accounted, for by the lateness of the season and the low prices ruling. Since the end of the financial year there has been a large increase over and above what we carried during the corresponding period of last year. The last revenue item showing a substantial increase is under the head of " Territorial," and arises from the fact that settlers with perpetual leases (having a right of purchase) converted their properties into freeholds, and thus enlarged the amount of cash land-sales to an extent which was not anticipated when the estimate was prepared. The item £17,500, "Advances repaid," representing the net transactions with the Advances to Settlers Office, is, I am informed, not likely to recur, as i—B, 6,

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the office anticipates being able to repay the Treasury during the current year the whole amount required for interest on the loans (£2,000,000) which have been raised for the purpose of making advances. Table No. 2 accompanying this will show honourable members the exact figures, comparing the actual receipts with the estimates. Compared with the result of the preceding year, the revenue for 1898-99 shows an increase of .£198,799, indicating a most gratifying expansion in the resources of the colony. Eeferring to the expenditure side of our accounts, the following remarks may help to explain the difference between the actual expenditure and the estimate. In the case of the permanent appropriations my estimate was for £2,171,700, while the actual expenditure has been* £2,162,106, or £9,594 less than the estimate. Interest and Sinking Fund charges did not reach the estimated amount by £27,544, arising chiefly from recoveries for interest on the Cheviot Estate debentures, and by an overestimate of interest payable in respect of debentures to be issued for land-purchases and loans to local bodies. On the other hand, several of the remaining permanent accounts show an excess of expenditure, but individually the amounts are not large. The actual expenditure on permanent charges during 1898-99 compared with 1897-98 shows an increase of £49,889, of which £26,055 belongs to interest and sinking fund. An unforeseen refund of £13,250 legacy duty in respect of the estates of Dilworth and Carter had to be made. These items, and increased endowments of local authorities, and the new item for oldage pensions account for the increase. The annual appropriations show a net increase of £15,093 over the estimate. In ten classes there has been an under-expenditure of £51,628, and in seven classes an over-expenditure of £66,721, and an additional sum of £3,182 for services not provided for. In connection with the under-expenditure, the class for Trade and Customs shows that £5,564 was underspent, arising chiefly from items provided for miscellaneous services which were not paid during the year. In the class for education asylums, and other services there has been an under-expenditure of £12,038. The Defence Department shows an apparent saving of £12,061, caused partly by the failure of Volunteers to qualify for daylight parades, in connection with which £3,000 was saved. There was also practically no expenditure incurred on the item £6,200 for camp-equipage and stores, the war-scare having passed over. The balance was saved on small services. Amongst the departments whose expenditure exceeded the estimate may be mentioned the Treasury Department, to the amount of £4,095, arising from extra charges for exchange and discount upon our remittance business. The new issue of stamps, and extra work in the Land Transfer Office, is responsible for £5,003 extra expenditure under the Commissioner of Stamps. £52,917 is the amount of excess expenditure over the estimate required for the working railways. An extra amount of track was relaid, bridges have been strengthened, and additions and improvements to the lines and structures have been made, so as to efficiently provide for the largely increased traffic on the opened lines : all this cost money, and at least £30,000 could have been fairly charged to Capital Account. The increased ordinary expenditure produced some £95,500 of revenue in excess of the estimate, as I have already stated. Taking the net result of the expenditure on permanent and annual services, the difference amounts to £8,681 in excess of the estimates given. Full particulars of the differences will be found in Table No. 2. The result of the transactions within the Ordinary Eevenue Account of the Consolidated Fund at the close of last financial year may be summarised thus : — £ £ Balance on 31st March, 1898 ... ... ... 521,144 Out of which there was transferred to the Public Works Fund ... ... ... ... 425,000 Leaving ... ... ... ... 96,144 Eeceipts, 1898-99 ... ... ... ... ...5,258,228 Expenditure, 1898-99 ... ... ... ...4,858,511 Excess of revenue over expenditure ... ... ■-. 399,717 Balance on 31st March, 1899 ~, ... ... £495,861

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PUBLIC WORKS FUND. Turning now to the Public Works Account (the particulars of which are given in Table No. 1), honourable members will find that £465,000 was received on loan account, £43,360 from surplus released sinking funds, and £425,000 transfers from the Consolidated Fund, which, with some miscellaneous receipts (£2,330), made up a total of £935,690, to which has to be added the balance at close of the preceding year —namely, £51,492. The expenditure out of these moneys amounted to £916,326, leaving a balance of £70,856 at credit of the account. The fund has yet to be credited with £310,000 derived from the late loan, less, of course, the costs and charges of raising; and, as we may not have so much available money to transfer from the Consolidated Fund, it follows that a curtailment of the expenditure for roading, railing, and landsettlement services will have to take place if other provision is not made to prevent a stoppage of these most necessary works. The particulars given in Table No. 1 concerning the transactions in the Cheviot Estate Account, the Land for Settlements Account, the Conversion Account, the New Zealand Consols Account, and the Government Advances to Settlers Office Loan Account speak for themselves, and do not seem to require any further explanation by me. THE LOANS TO LOCAL BODIES ACCOUNT. The balance in hand to credit of this account at the commencement of last year was £21,978, and during the year £73,900 of debentures were created and issued, and refunds were received amounting to £871. These sums, amounting in all to £96,749, have enabled loans to be made during the year to the amount of £75,428 to local bodies, and £16,971 towards opening up blocks of land for settlement, leaving a balance of £4,350 to the credit of the account. The total amount of debentures created and issued, and carried into this account up to 31st March last, was £1,239,400. The total disbursements up to 31st March last have been —to local authorities, £931,648 ; to Lands and Survey Department, towards opening up blocks of land for settlement, £213,602 ; and by transfer to credit of Public Works Fund, £89,800. THE " ABSTRACT " FOR 1898-99. Upon making his annual examination of the Public Accounts, as required by section 4 of " The Public Eevenues Acts Amendment Act, 1896," the Controller and Auditor-General has thought it necessary to repeat his objection to the two matters mentioned last year, and he has also referred to three other subjects. The first is a sort of saving-clause concerning receipts which are not examined in his office. The second states that he is unable to satisfactorily verify the receipts of gold revenue because the Mines Department does not supply a certified statement of the amounts collectible. The Public Accounts Committee last session went very exhaustively into this matter, and the previous law was amended by section 315 of " The Mining Act, 1898," to meet the requirements of the Audit Office, but it appears that the Controller and Auditor-General is not yet satisfied, and still insists that the Wardens shall furnish returns which the law does not require them to do. With regard to the new " tags," the first one relates to the amount of advances in the hands of officers of the Government in connection with accounts received at the Treasury before the close of the financial year. The Audit Office acknowledges that these outstandings may be unavoidable, and have been of invariable occurrence; it remains for me to add that I think the amount quoted (£2,876) is the smallest sum that has been left at debit of imprestees for many years past. The Treasury uses every effort to have this class of expenditure brought into the books before they are finally closed. To show that this is so I may mention that the imprest advances on the 31st December, 1898, amounted to no less than £159,451. The next "tag" relates to the Conversion Account' being overdrawn £2,211. This is the bald statement, and is quite obvious to any one who might look at the balance of the account. The conversion operations are

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carried on in London by the Stock Agents, and it sometimes happens that they inscribe stock without advising us at the time the charges are entered, or do not inscribe sufficient stock to meet the expenses incurred on the conversion operations, or that inscribed stock held by the Agents has not been sold in time to meet the charges; hence an overdraft in our account, which does not, however, exist in their books. The last remarks of the Controller relate to the inclusion in the expenditure under Class VIII., Public Works Fund, of the sums paid in respect of grants to technical schools, which were not covered by the appropriations of Parliament. These sums were charged in the accounts in the months of June and July, 1898, and you may remember that in November last, when I drew attention to the proposed new clauses in the Technical Education Bill, contained in the Supplementary Order Paper, I distinctly stated that <£1,500 had been paid to the Wellington Technical School and £911 to the Dunedin Technical Classes Association. These sums were, of course, charged against the vote of £25,000 which had been provided on the estimates, but which was subsequently struck out. On the 16th-December last the Audit Office reported to the Treasury that these two sums were not providedior, and requested that they might be transferred to " Unauthorised." Their request was referred to the Education Department on the 20th idem for necessary action, and it was only on the 10th May last that the Treasury became aware that the Audit requirement had not been attended to, and that the Audit Office had taken the opportunity of affixing a " tag " on the subject to the Public Accounts. The omission to carry out the wish of the Audit Office was certainly unknown to me, and it is not unreasonable for me to state that the Treasury officials should have been afforded a further opportunity to see that the request of the Audit Office, made so far back as the month of December last, was duly complied with. If this had been done the payments mentioned would have been charged to " Unauthorised," and there would have been no necessity for a " tag " in respect thereto. THE ONE-MILLION LOAN OP LAST YEAE. Towards the end of last year it became evident that the authorities to issue a fresh loan would require to be exercised, and the Loan Agents were accordingly instructed to watch the market with the view of making a public issue of the loan at the first favourable opportunity. The unsettled state of affairs in the East and at other points rendered the prospects somewhat unfavourable, and at the commencement of 1899 several of the colonial Governments came into the market for loans, while it was known that Victoria and the Cape were both watching for a suitable opportunity to issue loans of considerable amount. At this time, also, there was a strong determination shown on the part of the moneylenders not to have any dealings with colonial loans without they were underwritten by the market at 1 per cent. The old syndicate system had resulted, it was asserted, in loss, and so the investors were determined to make a sure profit by underwriting. My Government were, and are, very averse to this underwriting commission. The Bank of England, the leading brokers, and financial agents were approached on the subject, but there seemed a consensus of opinion that the proposed loan must be issued at a ridiculously low figure or else the underwriting commission must be paid to insure a higher quotation. After very careful consideration and considerable negotiation it was decided to issue one million at a minimum of 96. The Bank of England undertook the flotation, as they had heretofore done, and the issue was fixed for the 9th February, 1899, on the following terms: namely, 5 per cent, upon allotment, 45 per cent, on the 20th February, 25 per cent, on the 25th April, and 25 per cent, on the 23rd June; six months' interest being payable on Ist April, 1899. The Agent-General thought it wise upon this occasion, as with former loans, to issue with the Bank prospectus a statement giving very clear information concerning the finances and resources of the colony. This statement was very widely circulated throughout the United Kingdom, and had the effect of bringing in a large number of tenders direct from bond fide investors. The issue of the loan was attended with great success, the amount being covered to the extent of

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£3,027,500, at prices varying from 101 to 96, the minimum. Tenders at £96 Bs. received about 37 per cent., and those above that figure received in full, the average price at which the loan was placed being £96 11s, There were 424 tenders, a number exceeding that of any of the other colonial loans issued during the present year. There were several influences of a discouraging nature which had to be faced in floating this loan. The market was decidedly hostile, as their demand for a 1-per-cent. underwriting commission had been refused; the influence of the debenture-holders in the Midland Eailway, there is not the slightest doubt, was used to the very utmost extent to depreciate the credit of the colony, even to the length of approaching the Stock Exchange Committee with the view of obtaining their refusal to grant a quotation for the loan, concerning which the Economist writes, on the 15th April last, " The petition to " the Stock Exchange asking that any future New Zealand loans should be " boycotted is a request which is seldom made to the Committee, even in " regard to the most hardened of defaulting States; and while no doubt can be " entertained as to the response which will be made to the petition, the fact " that it should have been presented while the matters in dispute are subjudice " is not calculated to impress disinterested observers with the strength or the " justice of the debenture-holders' position." Upon the same subject Commerce writes as follows: " They (the Midland Railway Company) took the extraordinary " —the almost unparalleled—course of petitioning the Committee of the Stock " Exchange in London that it should refuse to give an official quotation to any " further loan or loans which the Government of New Zealand may attempt to " raise in future. Was anything so utterly peevish, so consummately impudent, " ever before heard of, we wonder, in the annals of finance ?" Another leading journal made remarks evidently written for the express purpose of bringing about a feeling of want of confidence as to the reception of the loan. Notwithstanding all this, the flotation has been regarded as a distinct success; and in this connection Finance says, "Truly a very excellent result, and one " on which the Agent-General for the colony, the Hon. W. Pember Reeves, "isto be congratulated." It will not be out of place to add my congratulations to the Agent-General and to the Loan Agents for the success achieved, and I am quite satisfied that the result compares most favourably with the issues of the other colonies who have recently come into the market for loan purposes. I append a few particulars of colonial 3-per-cent. loans recently issued compared with previous flotations : — Amount Amount Mini- Lowest Price Average t, , ~ offered. applied for. mum. tendered. - Price. -Redeemable. New Zealand — £ £ £ £ s. d. £ s. d. New loan ... 1,000,000 3,027,500 96 96 9 0 96 11 0 ) IQ ., Previous loan, 1895 1,500,000 5,960,400 90 94 8 0 94 8 9 } 194 °- Cape— New loan ... 3,107,400 5,147,200 97 97 0 0 97 2 3 ) , QQ ,, .„ Previous loan, 1898 1,250,000 4,654,300 100 102 18 6 102 18 9 ] IMd_W ' NatalNew loan ... 1,000,000 1,639,200 94 94 0 0 94 5 0 1929-49. Previous 10an,1893* 890,000 1,963,400 91 95 2 0 95 5 5 1939. South Australia— New loan ... 1,500,000 2,378,250 94J+ 94 11 6 94 17 10 ) IQl< , Previous loan, 1897 1,000,000 4,784,500 95" 96 16 6 97 13 8 ) Iyib, Victoria— New loan ... 1,600,000 3,568,500 95 95 2 0 95 3 6 19490r1929. Previous loan, 1892* 2,000,000 2,000,000 92 92 0 0 92 1 5 1921. LAND- AND INCOME-TAX. The revenue derived under the head of land-tax was £298,052, being considerably over the estimate owing to the fact that although the valuation was finished the results as they affected the taxpayers were not known at the time the estimate was supplied. The receipts from income-tax were £115,480, being almost the same as in the previous year. Business incomes generally manifested the same increase as in former years, but the effect on the revenue in this respect was neutralised chiefly by the falling-off in the receipts from fire insurance companies, whose profits were largely below those of previous years.

* Issued at 3J per cent. f Underwritten at 1 per oent.

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THE PUBLIC DEBT. On the 31st March, 1898, the gross public debt was £44,963,424, while on the 31st March last the debt had increased to £46,938,006, representing an addition of £1,974,582 during the year. This is a large increase, arising principally from the settlement of very large land-purchase transactions being effected at the same time as we placed our new loan upon the market. The reproductive portion of the additional debt may be stated as under : — Loan q, . , Costing Earning raised. ° ' per Annum, per Annum. £ £ £ £ For purchase of land for settlements ... 499,000 ... 18,337 24,950 For advances to settlers ... ... 500,000 ... 15,000 25,000 For loans to local bodies ... ... 73,900 ... 3,695 3,695 For New Zealand Consols deposits ... 29,740 ... 1,041 1,307 1,102,640 For aid to public works and land settlements — For additions to open lines ...£400,000 ... ... 13,000 13,168 For roading to open up new blocks 180,000 . ... 5,675 9,000 56,748 77,120 For construction of railways ... 230,000 — For schools ... ... 50,000 ■ 860,000 Sinking-fund debentures... ... ... 54,300 Increase of debt by conversion ... ... 19,384 933,684 Less debentures redeemed ... 61,742 871,942 Total increase during 1898-99 £1,974,582 With regard to the increase owing to conversion operations, £2,581,108 ol 3-per-cent. stock was inscribed for the purpose of converting £2,249,524 debentures, and to provide funds to pay off £312,200 of debentures under various Acts and at varying rates of interest. These transactions have added £19,384 to the debt, but have resulted in a material saving of something like £21,000 for interest-charges. The net debt at the close of last year had been increased by £1,999,206. Table showing the Inckease of Debt during the Liberal Administration, and the Cost per Annum of the Direct Interest-earning Debt, and the Amount earned per Annum by the Outlay of such Debt.

Purpose for which Debt was raised. Amount. Costing per Annum. Earning per Annum. Direct interest-earning— Land-settlement Advances to settlers ... Loans to local bodies Lands-improvement ... Bank of New Zealand, preferred shares... New Zealand Consols District railways Additions to open lines £ 1,408,566 2,000,000 914,400 500,000 500,000 385,925 47,000 400,000 £ 51,364 60,000 42,834 17,958 17,500 13,507 2,350 13,000 £ 70,428 100,000 45,720 25,000 17,500 13,507 1,547 13,168 6,155,891 £218,513 £286,870 Non-direct interest-earning— Purchase of Native lands Public works Increase by conversion Sinking Fund accretions Naval and military settlers 649,700 935,000 626,728 1,304,500 27,226 Less redemption— Consolidated Stock Act, 1884 £1,260,420 Other debentures ... 330,969 9,699,045 1,591,389 Increase of the public debt, 1891-99 £8,107,656

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CONCESSION OF BATE OF INTEEEST, AND EEBATE ON BENTS OF CEOWN TENANTS. In respect of the above excess of earning over the cost per annum of loans, I ought to mention that it is proposed to reduce by one-half per cent, per annum the interest charged upon advances to settlers, and also to allow a rebate of the same amount upon rents payable by Crown tenants, if, in both cases, the instalments are paid within a certain number of days of the proper due date. There is also likely to be a reduction made in the interest charged for loans under the Government Loans to Local Bodies Acts, as proposals will probably be placed before you to enable local authorities to obtain these loans under alternative schemes at lower rates. These concessions will materially reduce the earning which is shown in the table just referred to. 1899-1900. To these particulars and those given in the several returns relating to the finance of the past year which are already in the possession of honourable members, there is little further to add, and I think you will be more interested in ascertaining what are the prospects of, and what finance we propose for, the year which is now current. The expenditure for the present year is estimated at £5,059,729, which is .£201,218 in excess of the actual ordinary expenditure of the past year, and £209,899 in excess of the estimate for that year. I shall only very briefly refer to the increases, as I have no desire to weary honourable members with the figures which they will be able to see for themselves when they examine the tables appended to this Budget, and the details supplied in the estimates which will presently be laid on the table. The estimate of the charges for interest and sinking fund is practically the same as last year's expenditure, arising principally from our probably being able to recover the amount of interest required for debentures issued for the purchase of estates for land-settlements, which about covers the extra interest payable upon the additional loans. Under the permanent Acts a large additional expenditure is shown, caused by £150,000 for old-age pensions, and another new item of £4,000 for compensation for stock destroyed. The estimate for departmental votes is stated at £2,761,195. In respect to these increases £20,000 belongs to the Colonial Secretary's Department, in connection with the coming general election and licensing expenses. The Education Department absorbs an additional sum of about £15,000, and we must expect to provide for an increased vote as long as settlement keeps increasing and education has to be provided. In the Defence Department, the necessity for a high state of efficiency and preparedness has been obvious for some time past. Greater activity amongst the Volunteers has led to additions to the numerical strength, and consequently increased capitation-grants are applied for. The increase in this class is over £7,000. It was determined last year that the Police Force must be strengthened and made more efficient, and an increase of some £5,000 has therefore to be faced. In addition to this the sum of £1,500 is required as a first and annual contribution to the Police Superannuation Fund which Government consider should be established. The Lands and Survey Department shows an increase in the estimate for this year of £17,000 as against the expenditure made last year; but this excess is chiefly owing to the much smaller sum, treated as "credits," set down in reduction of the expenditure. Last year the amount received in this way was £36,092, including over £26,000 from the North Island Main Trunk Eailway Loan Deposit Account, while this year " credits " are not estimated to produce more than £17,000. With the increasing demand for land, and roading of same, it follows as a natural sequence that more surveyors must be employed, and exception to the increased expenditure under this head cannot be reasonably taken. I can assure honourable members that great care has been taken in the preparation of the estimates so as to secure the utmost economy, and very few increases have been allowed on salaries of £200 and upwards, except such as are governed and allowed by the Classification Acts ; and, speaking of these Acts, I may mention that the classification of the Postal, Telegraph, and Working Eailways Departments has resulted in increases to salaries to the amount of

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between £16,000 and £18,000. It is, of course, abundantly clear that our annual expenditure is rapidly growing, and has already assumed large proportions in comparison with our population; but it must at the same time be remembered that this population is very widely scattered, and there are so many large centres all requiring up-to-date conveniences which cannot be supplied without cost to the taxpayers: we must therefore be prepared to see increase and diffusion of population go hand-in-hand with increased expenditure, and we should not complain as long as there is every evidence that this expenditure is being wisely and economically made, and that taxation does not unduly press upon those least able to bear it. Turning now to our ways and means for the year, I find that after a very careful estimate I am able to set down our receipts from all sources at £5,300,000, or £59,272 more than was received last year. The principal increases are derived from the Customs, £15,000; stamps, £20,000; railways, nearly £10,000 (the increase under this head would have been at least £50,000, but concessions have been made on previous rates amounting to £40,000, thus leaving the estimated increase only £10,000); and miscellaneous, £62,000. I may as well explain that this last increase arises from a "windfall" in the shape of the recoupment of interest paid on loans raised for the purpose of purchasing estates under the Land for Settlements Acts, and which is only now being charged against the separate account. I have placed the revenue from the Land- and Income-tax for the present year at £8,500 less than the receipts of last year. In doing this lam guided by the fact that the land-tax on several large estates recently purchased by the Government will not be received, in addition to which it has been found that the mortgage-tax on the Common Fund of the Public Trust Office is not payable. Further, from other causes, which need not be specified, I do not anticipate that the income-tax will exceed that of last year. With regard to the mortgage-tax on the Public Trust Office Common Fund mortgages, it may be stated that, as the profits of the office reach the Consolidated Fund ultimately, the revenue as a whole does not suffer. The territorial revenue is estimated to fall short of last year's receipts to the amount of nearly £36,000, and the marine revenue to the extent of some £1,500. Estimated Ebsult at the End op 1899-1900. Balance to begin the year with ... ... ... £495,861 Less transfer to the Public Works Fund ... ... 450,000 £45,861 Expenditure during current year ... ... ... 5,059,729 Eevenue and other receipts ... ... ... ... 5,300,000 Excess revenue ... ... ... — 240,271 Estimated balance on 31st March, 1900 ... ... ... £286,132 These figures are subject, of course, to provision being made for the usual supplementary estimates, and the provision required in respect to opening up markets for our products, improved mail-services, and the Pacific cable and other contingent liabilities. As previously stated, the utmost care and economy have been observed in preparing the estimates, and if efficiency in the public service is to be maintained, and the conveniences and growing requirements of the people are to be provided for, no considerable reduction can be effected. Adjustment of taxation must therefore be the order of the day. The form of such adjustment will depend upon the result of the investigation that is to be made, and it will be for the next Parliament to determine whether any material alteration in the system, or reduction, of taxation is to be effected. ADDITIONAL FUNDS. I have already mentioned that the ways and means of the Public Works Fund for the current year are not likely to be sufficient to meet the normal expenditure required to keep pace with the legitimate demands made in every direction to provide for the opening-up of new country and to give access to

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land-settlements. In addition to this, we cannot allow the completion of our arterial and greatly wanted railways to lag behind; and, further, my colleague the Minister for Eailways daily presses upon me the necessity for finding money for additional rolling-stock to properly equip the lines in order to meet the requirements of our producers and to enable the result of their industry to be carried to an early market. Our policy hitherto has been one of progress, and we must not now hesitate to continue on the same lines; there must be no going backward. At the same time it is apparent to every one that in order to push on settlement successfully we must be equipped with those sturdy weapons, Jβ s. d. ; and it goes without saying, additional funds are required. After very careful consideration of our present wants, and also taking into account that our expenditure must be provided for up to at least the end ot next financial year, I am of opinion that it will be necessary to ask Parliament to authorise the issue of a further loan of one million; and the following indicates what is considered by the Government a fair allocation :— Additions to Open Lines. It is well known in respect to our railways that additional rolling-stock is required, also that, if some of the lines are to be improved, and if speed and economy are to be possible, relaying with heavy rails and the building of new bridges must be done. New stations are required, and the comfort of those travelling second-class has a right to be considered, and this cannot be done out of revenue, and for what is rightly chargeable to capital we ask to raise £226,000. Eailway-consteuction. Then, again, m respect to railway-construction greater expedition in construction is required, especially with the North Island Trunk, Otago Central, and Midland lines, whilst the construction of the Blenheim-Awatere and other lines demands attention. The completion of the construction of the Thames-Paeroa, Seaward Bush, and Forest Hill lines will allow, out of moneys available, more to be allocated for the lines hereinbefore mentioned, but, notwithstanding this, more will be required, and for construction of railways we ask £300,000. Roads to Back-block Settlements. In many parts of the colony we have settlers who have been placed on the land for years, but have no roads leading to their homes, and the privations and difficulties they have to encounter are heartrending to endure. Having personally made myself acquainted with the true condition of affairs, I feel this standing reproach should be removed, and every expedition exercised in making roads next summer to the back-block settlements. The settlers have a right to insist that .the State shall keep good faith. Their lands have been loaded—in some cases to the extent of ss. per annum per acre, and this has been paid for years —yet, owing to want of funds, no roads or reasonable access have been given, and in the winter time these settlers are completely isolated from the outside world. To enable good faith to be kept, and to make these roads quickly and well, £150,000 is required. Eoads to Ceown and Native Lands, and Main Eoads. In some of the sparsely and newly settled districts, apart altogether from the roads required in the back blocks, good roads are requisite if the settlers in these localities are to get their produce to market under reasonable conditions. We have purchased large areas of Native lands, these require to be roaded and thrown open for settlement without delay. Take the North of Auckland, the Gisborne district, and districts similarly situated where there are no railways. The residents in years past have contributed to the loss on the working of our railways, whilst they have not had the semblance of a road. Abstract justice demands that their wants in respect to roads should have attention, and for this purpose, out of the moneys to be raised, £150,000 should be set apart, ii—B. 6.

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Permanent Woeks on Goldfields. The development and extension of our goldfields require attention, and the gold-mining industry is playing no unimportant part in producing our present prosperous state. Considering the present and the past yield of gold, relatively speaking, there has been less spent by the State in developing this industry than in any other gold-producing country in the world. It is essential that works of a permanent character should be taken in hand, producing collateral and general advantages, rather than yielding direct returns, and which private enterprise could not be expected to undertake. For permanent work on the goldfields £50,000 is required. Public and Technical School Buildings. The necessity for due provision being made for public and technical school buildings forces itself upon us day by day, and it is a matter of impossibility for the Boards of Education, especially in those districts where settlement is progressing so rapidly, to provide necessary accommodation; and it adds to the hardships of the hardy pioneers in the back blocks to see their children denied the benefits of education, and made to suffer a serious drawback in the battle of life; and I feel sure that, in asking that £50,000 be raised for the purpose of public and technical school building, all will admit that such moneys will be profitably and prudently spent. PUECHASE OF NATIVE LANDS. To complete the purchase of Native lands now under negotiation, and to obtain lands required, so that our purchases to date may be placed in a satisfactory position for settlement, £50,000 is required. For some time past we have been tapering off, and I anticipate that ere long moneys for the purchase of Native land will not require to be raised. Contingent Habboub-defence. To bring our harbour-defences into a reasonably complete state further expenditure is required. Commitments under the advice of the Commander of the Forces have been made, and these are properly chargeable to Capital Account. I must confess that the expenditure of large sums of money for defence-works and for arms and munitions which become so quickly obsolete is open to question, especially seeing the roadless condition in which our settlers are placed. However, it is well to be prepared for any emergency, and the amount of £25,000 asked for can with advantage be expended. Briefly summarised, I deem it advisable that we should raise £1,000,000 for the purposes hereinbefore mentioned; and, considering the necessities therefor, and the pressure brought to bear on the Government by the people, the Press, and by members, the moderation of the proposals will commend itself to all well-wishers of the colony. CONCLUSION. In conclusion, it is a matter for sincere congratulation that we are possessed of one of the fairest spots on the face of the earth. Our climate is congenial and equable ; the productiveness of our soil is unequalled ; our mountains within the auriferous and argentiferous belts contain rich lodes of the precious metals, and the valleys and river-beds are yielding gold in large quantities ; our scenery is unsurpassed in grandeur, beauty, and variety; our thermal springs are a great boon to the afflicted, and attract visitors from all parts of the globe. With such vast wealth of natural endowments, and with the energy, pluck, and determination of our people, it is not to be wondered at that in New Zealand life is worth living, and that we enjoy advantages denied to those of our own race in other parts of the world. Whilst ungrudgingly giving, in the first place, every credit to the people as being chiefly instrumental in promoting the present satisfactory condition of the colony, I claim that the progressive policy of the Government for the

xi

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last eight years has in some degree contributed to the prosperity, comforts, and good things which we possess to-day. Opportunities have been given to our colonists which previously were denied them; the Crown lands have been thrown open to all on advantageous and easy terms; private lands for settlement have been purchased, and the advantage of close settlement demonstrated thereby; improved means of communication by road and rail have been effected; freights have been reduced, though in this respect there is still room for improvement ; our dairy products have increased in quantity and improved in quality; the development of our goldfields and coal-mines has steadily progressed; labour has been protected; our industries have been fostered and improved; capital has been led into safe and profitable channels ; cheap money is obtainable from the State ; a moderate and necessary expenditure out of borrowed moneys has taken place; the indebtedness of the colony has been increased, yet a large share of the moneys raised is directly and profitably remunerative; the additioi : the debt is more apparent than real, as the annual charge thereon is recouped by the interest on advances and rents from lands, while as a set-off against the actual increase of indebtedness must be reckoned the relatively very much larger increase in the value of our national assets, which afford additional security to the public creditor; provision has also been made for the deserving aged poor, and that without increasing taxation. This humane and beneficent act of the Legislature commends itself to all right-thinking minds, and has earned the admiration and emulation of the other colonies and older nations of the world. I have endeavoured to make this Budget short, plain, and explicit, and have put the finances of the colony before members in such a way that all who read may understand them; reference to abstract subjects has been avoided, so that the attention of members shall be devoted to that which is necessary and essential. The present policy of a prudent and strong finance will, I sincerely hope, be continued. The good times we are enjoying are real and general; there has been no boom or undue inflation ; our prosperity is founded on a sure and sound basis, and has come to stay. The outlook is promising, and unless something of an extraordinary and unprecedented nature occurs, next year's results should be equally satisfactory. I trust, however, that continued prosperity may not lead the people into public or private extravagance, for they should ever remember that it is a duty they owe themselves not to forget in bright and prosperous times to lay something by for a rainy day.

APPENDIX.

TABLES TO ACCOMPANY THE FOREGOING STATEMENT. PAOJS Table No. I.—Abstract of Receipts and Expenditure op the Financial Year ended 31st March, 1899 .. .. .. .. .. .. .. .. .. .. 2 TAt B No. 2.—Comparative Statement of the Estimated and Actual Receipts and Expenditure of the Consolidated Fund for the Financial Yeak ended 31st March, 1899 .. 1Y Table No. 3. —The Public Debt on 31st Maech, 1899 .. .. .. .. .. 18 Table No. i. —Statement of the Estimated Liabilities op the Consolidated Fund outstanding on 31st March, from 1890 to 1899, inclusive .. .. .. .. .. 20 Table No. s.—Statement of the Estimated Liabilities of the Public Works Fund outstanding on .jIST March, from 1890 to 1899, 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, 1899 .. .. .. .. 22 Table No. 7. —Estimated Expenditure of 1899-1900 compared with the Actual Expenditure of 1898-99 .. .. .. .. .. .. .. ..23 Table No. 8. —Estimated Revenue of 1899-1900 compared with the Actual Revenue of 1898-99 .. 23 Table No. 9.—Statemfnt showing the Amount charged to Unauthorised in each Financial Year from Ist July, 1875, to 31st Maboh, 1899 .. .... .. .. 21

I—B. 6.

8.—6

2

Table STATEMENT of the RECEIPTS and EXPENDITURE of the CONSOLIDATED REVENUE

1897-98. RECEIPTS. £ s. d. 354,286 4 3 £ s. d. £ s. d. 521,144 6 10 Balance at Beginning of Yeah 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 Ordinary Revenue, — Customs Stamps, including Postal and Telegraph Cash Receipts Land-tax Income-tax Property-tax Beer Duty Railways Registration and other Fees Marine Miscellaneous 1,965,017 14 9 779,399 4 6 298,052 14 4 115,480 2 0 76,213 4 8 1,465,507 6 9 73,821 13 1 25,489 10 9 113,647 4 7 4,724,333 15 2 Territorial Revenue, — Cash Land Sales .. .. .. ■• •• •• 81,384 0 1 Deferred-payment Land Sales .. .. .. .. 21,910 18 2 Pastoral Runs, Rents, and Miscellaneous .. .. .. 170,504 9 1 4,912,628 15 5 66,622 7 1 25,956 9 1 170,717 6 1 273,799 7 4 263,296 2 3 5,186,428 2 9 4,987,629 17 5 Receipts in Aid, — Debentures issued under " The Consolidated Stock Act, 1884 " — For Increases of Sinking Fund 54,300 0 0 69,600 0 0 22,000 0 0 Temporary advances repaid,— Net amount recovered from the Government Advanoes to Settlers Office Management Account 17,500 0 0 \ 5,433,516 1 8 4,500 0 0 2,063 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, 1863 " " The Otago Loan Ordinance, 1862 " " The Lyttelton and Christchurch Railway Loan Ordinance, 1860" 2,146 0 0 61,742 0 0 5,779,372 9 7 4,871 3 i 11,434 3 4 63,888 0 0 Amount received from Conversion Account to make good repayment of advance on security of short-dated debenture (as per contra) Repayment of advance made to the Public Works Fund 100,000 0 0 50,000 0 0 55,494,950 5 0 Totals £5,943,260 9 7 TREASURY BILLS 254,000 0 0 476,000 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 0 730,000 0 0 150,000 0 0 730,000 0 0 Treasury Bills issued during Year, — In anticipation of Revenue In renewal of Bills matured 300,000 0 0 1,190,000 0 0 1,490,000 0 0 880,000 0 0 Totals £1,610,000 0 0 £2,220.000 0 0

3

8.—6

No. 1

FUND for the Year ended 31st March, 1899, compared with the Financial Year ended 31st March, 1898. ACCOUNT.

1897-98. EXPENDITURE. 189 1-99. £ s. d. 24,205 4 11 1,741,412 18 5 196,985 12 6 70,262 6 2 37,133 4 8 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 Old-age pensions £ s. d. 26,775 11 0 1,767,467 15 7 208,258 16 7 72,640 4 3 37,775 12 0 £ s. d. 5,179 7 5 11,146 11 6 25,391 3 9 6,325 17 11 10,462 10 7 29,275 1 10 3,124 1 8 2,162,105 11 5 2,112,216 9 4 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 Annual Appropriations,— Class I. —Legislative II.—Colonial SecretaryIll.—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 XI.—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 21,265 4 1 71,290 18 2 43,191 14 6 123,801 1 11 388,520 13 6 70,568 7 3 30,423 14 0 438,259 9 7 57,383 9 8 6,461 13 1 16,959 2 4 60,792 3 8 968,917 0 3 40,945 18 7 98,618 11 9 114,193 17 8 114,280 12 11 26,720 12 9 628 14 7 3,182 8 11 2,490,155 5 6 2,696,405 9 2 300,000 0 0 Amount transferred to the Public Works Fund in terms of section 17 of " The Appropriation Act, 1898 " .. .. ' Purchase of the Patent and other Rights authorised by "The Cyanide Process Goldextraction Act, 1897 " 425,000 0 0 10,000 0 0 521,144 6 10 , Balance at End of Yeab 495,861 9 0 5,779,372 9 7 5,433,516 1 8 Debentures redeemed,— " Consolidated Stock Act, 1884 " (Colonial Issue) " Lyttelton and Christchurch Railway Loan Ordinance, 1860," due 1st Jan., 1897 Released Sinking Funds transferred to Deposit Suspense Account .. 61,742 0 0 6,934 0 0 4,500 0 0 0 3 4 2,146 a 0 11,434 3 4 • 63,888 0 0 Repayment of advance made on security of Short-dated Debenture No. 5, issued under the Aid to Public Works and Land Settlements Acts 1896 and 1897 100,000 0 0 50,000 0 0 Temporary advance to the Public Works Fund £5,494,950 5 0 Totals £5,943,260 9 7 ACCOUNT. 150,000 0 0 730,000 0 0 Treasury Bills paid off during Year Treasury Bills renewed during Year .. 320,000 0 0 1,190,000 0 0 880,000 0 0 1,510,000 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 234,000 0 0 476,000 0 0 710,000 0 0 730,000 0 0 Totals £2,220,000 0 0 £1,610,000 0 0

B.—G

4

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

1897-98. RECEIPTS. 1898-99. £ s. d. 11,036 4 9 188 0 9 Balance at beginning 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. 16,417 17 3 11,224 5 6 918 0 1 10,077 13 0 Rents from Lands set apart Miscellaneous 3,176 4 4 2,668 2 2 10,995 13 1 5,844 6 6 £22,219 18 7 Totals £22,262 3 9 ACC UNTS OF 9,885 4 9 269 1 6 Balance at beginning of Year, — Cash in the Public Account .. .. .. ., Advances in the hands of Officers of the Government, — In the Colony .. .. .. .. .. ■ .. .. 7,754 1 2 2,434 3 8 10,154 6 3 Revenue received for Local Bodies, — Fees, Fines, &e. Endowments of Land, &c. Goldnelds Revenue Gold Duty 10,188 4 10 3,070 6 2 12,199 16 2 47,281 9 5 10,849 1 8 3,453 14 5 11,246 12 8 33,363 1 6 14,818 8 11 73,400 13 5 62,881 17 6 380 14 0 Counties Separate Accounts, — Revenue of Counties in which " The Counties Act, 1886," is not in full operation 321 14 6 39,042 6 3 84 16 6 Advance Account, — Amount repaid by Local Bodies Ditto on account of Unauthorised Expenditure of previous years 48,002 4 10 63 2 0 48,065 6 10 39,127 2 9 fc123,062 16 5 Totals £121,457 3 8 DEPOSIT 80,000 5 6 300 0 0 34,811 3 9 Balance at beginning of Year, — Cash in the Public Account Advances in the hands of Officers of the Government, — In the Colony In London 91,175 15 4 194 15 0 26,144 12 5 117,515 2 9 115,111 9 3 • 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 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 Native Township of Tokaanu 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 School North Island Main Trunk Railway Loan Application Act 1886 Amendment Act, 1889 .. .. .. .. f Railways Released Sinking Funds Suspense Tauranga Educational Endowment Reserves Act, 1896 .. .. Thermal -springs Districts Act, 1881 Trustee Act, 1883 .. .. .. .. ... 1,098 1 6 6,301 17 6 75 0 0 14 2 0 402 14 10 240 13 5 87,759 13 0 50,640 0 0 391 1 5 140 2 5 110 16 5 26 1 5 21,713 9 3 242 1 0 364 2 6 2 10 0 41 10 10 6,415 1 11 12,546 13 3 3,550 0 0 2,146 0 0 112 2 5 1,469 0 9 527 13 9 0 3 4 894 12 9 189,915 7 8 353,595 16 7 Totals !468,707 5 10 £307,430 10 5

5

8.—6

No. 1—continued. FUND for the Year ended 31st March, 1899, compared with the Financial Year ended 31st March, 1898.

1897-98. EXPENDITURE, 1898-99. £ s. d. 5,802 1 4 Annual Appropriations,— Vote 110—State Forests Branch £ s. d. £ s. d. 3,340 6 10 16,417 17 3 Balance at end of Year, — Cash in the Public Acoount 18,921 16 11 Totals £22,219 18 7 , £22,262 3 9 LOCAL BODIES. 3,338 12 7 10,647 13 11 49,389 12 3 10,478 12 10 Revenue paid over to Local Bodies, — Fees, Fines, &c. Endowments of Land, &c. Goldfields Revenue Gold Duty 3,450 17 7 9,545 12 10 36,109 0 9 15,339 6 2 73,654 11 7 Counties Separate Accounts, — Amount distributed amongst Road Boards where " The Counties Act, 1886," is not in full operation 64,444 17 4 358 4 0 283 3 0 Advance Accounts, — Payments on behalf of Local Bodies Payments on behalf of Local Bodies charged to " Unauthorised " 47,952 17 7 600 0 0 38,861 16 0 48,552 17 7 7,754 1 2 Balance at end of Year, — Cash in the Public Account Advances in the hands of Officers of the Government, — In the Colony 8,020 14 5 2,434 3 8 155 11 4 8,176 5 9 10,188 4 10 Totals £123,062 16 5 £121,457 3 8 ACCOUNTS. 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 Withdrawals, — Emigrants' Deposits .. .. .. .. General Assembly Library Fund Hospitals and Charitable Institutions Act, 1885 Mining District Lands Occupation Act, 1894.. Miscellaneous Money-order Settlement Naval Depot, Auckland 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 Property Law Consolidation Act 1883 Amendment Act, 1895 Railways Released Sinking Funds Suspense Thermal-springs Districts Act, 1881 Trustee Act, 1883 5,896 12 6 100 0 0 13 2 10 272 1 10 69,507 17 1 41,490 0 0 1 6 11 379 4 0 37 0 0 300 0 0 24,829 11 0 27 9 2 11 10 3 3 0 0 400 0 0 26,200 0 0 3 0 0 0 8 3 45 11 1 2,732 10 0 90 6 6 487 19 5 351,192 3 1 Balances at end of Year, — Cash in the Public Account Advances in the hands of Officers of the Government, — In the Colony In London .. ... 172,368 1 3 95,170 15 9 91,175 15 4 135,062 9 2 194 15 0 26,144 12 5 39,891 13 5 117,515 2 9 Totals £468,707 5 10 £307,430 10 5

8.—6

6

Table STATEMENT of the RECEIPTS and EXPENDITURE of the PUBLIC WORKS

STATEMENT of the RECEIPTS and EXPENDITURE of the CHEVIOT ESTATE

1897-98. RECEIPTS, £ s. d. £ s. d. £ s. d. 63,64.2 13 10 18,198 2 0 5,521 16 5 70,000 0 0 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 17,408 19 10 18,595 2 11 15,488 4 9 51,492 7 6 157,362 12 3 125,000 0 0 The Aid to Public Works ana Land Settlement Acts, 1896, 1897, and 1898 — Proceeds of Debentures issued under the above Act Temporary advances on security of short-dated debentures Nos. 1, 5, 6, and 7 (£200,000 repaid through Conversion Account) Instalments in respect of new loan of £500,000 10,000 0 0 350,000 0 0 105,000 0 0 465,000 0 0 100,000 0 0 225,000 0 0 Amount transferred from the Consolidated Fund in terms of section 17 of " The Appropriation Act, 1898" .. 300,000 0 0 425,000 0 0 Special Beeeipts in connection with the Bllesmere and Forsyth Reclamation and Akaroa Railway Trust 1,740 8 11 1,639 5 8 365 0 5 Recoveries, — In respect of Debentures issued under "The Roads and Bridges Construction Act, 1882" In respect of Expenditure chargea in previous years (purchase of Native Lands) 365 0 5 225 8 1 590 8 6 365 0 5 872 7 6 Sinking Funds released under " The Consolidated Stock Act, 1884," in respect of— " The New Zealand Loan Act, 1860 " " The Otago Loan Ordinance, 1862 " 416 7 0 42,943 10 8 43,359 17 8 872 7 6 Temporary advance from the Consolidated Fund 50,000 0 0 95,222 15 2 136,573 3 10 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 Totals £987,183 2 7 £967,035 4 10

55 1C 8 Balance at beginning of Year, — Cash in Public Account Advances in the hands of Officers of the Government — In the Colony 324 10 9 380 7 5 1,024 S 6 14,385 16 3 806 8 1 45 0 0 15 7 9 Receipts under " The Cheviot Estate Disposition Act, 1893,"— Cash Land Sales Rents from Lands Shipping and Port Charges Interest on Advances Miscellaneous .. 3,413 18 10 13,515 0 7 69 8 8 45 0 0 17,043 8 1 16,277 0 7 Totals £17,043 8 1 £16,657 8 0

8.—6

7

No. 1—continued. FUND for the Year ended 31st March, 1899, compared with the Financial Year ended 31st March, 1898.

ACCOUNT for the Year ended 1st March, 1899, compared with the Financial Year ended 31st March, 1898.

1897-98. EXPENDITURE. 1898-99. £ s. a. 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 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 Defences X.—Rates on Native Lands , XI. —Contingent Defence £ s. d. 104 16 10 10,090 1 8 374,141 2 3 295,483 7 2 17,354 10 2 53,182 16 10 28,550 14 0 107,266 14 5 15,662 10 1 347 11 10 13,866 12 11 £ s. a. 864,368 7 7 916,050 17 9 Unauthorised, — Services not provided for .. .. Repayment of temporary advance from Consolidated Fund 50 17 6 1,169 4 9 50,000 0 0 50 17 6 51,169 4 9 5 5 0 The Aid to Public Works and Land Settlement Acts, 1896-97,— Charges and expenses of raising loan 225 1 0 17,408 19 10 Balance at ena of Year, — Cash in the Public Account Aavances in the hanas of Officers of the Government — In the Colony In Lonaon 31,794 6 9 18,595 2 11 15,488 4 9 16,509 13 0 22,552 6 7 70,856 6 4 51,492 7 6 Totals £967,035 4 10 £987,183 2 7

12,115 16 3 753 18 7 Expenditure, — Interest (including arrears) Surveys, Roading, &c. 15,849 10 2 534 5 3 16,383 15 5 12,869 14 10 Appropriations, — Vote 111—Cheviot Estate Expenses 3,787 13 2 113 1 7 Balance at ena of Year, — Cash in the Public Account 546 11 1 Totals £16,657 8 0 £17,043 8 1

8.—6

8

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

1897-98. RECEIPTS. 1898-99. £ s. d. 3,751 9 2 Balance at beginning of Year, — Cash in the Public Account Advances in hands of Officers of the Government, — In the Colony £ s. d. 8,689 18 10 £ s. d. 963 2 7 106 2 2 8,796 1 0 4,714 11 9 Proceeds of Debentures created under— The Land for Settlements Acts, 1894 and 1897 135,000 0 0 499,000 0 0 Rents and Lease-fees 38,304 10 0 27,667 0 10 Recoveries from Pomahaka Estate, sale of produce, etc. 500 0 2 :i67,381 12 7 Totals £546,600 11 2

8.—6

9

No. 1—continued. ACCOUNT for the Year ended 31st March, 1899, compared with the Financial Year ended 31st March, 1898.

2—B. 6.

1897-98. EXPENDITURE 1898-99. £ s. d. £ s. d. £ s. d. £ s. d. £ s. d. 1,759 3 2 Annual Appropriations,— Vote 112—Land for Settlements Expenses • • 3,476 18 2 Acquirement of Estates, — Name of Estate. Purchase-m noney. Expenses. 181 3 3 20 6 2 1 16 0 18 3 8 53 11 3 6 8 3 3xpenB' B68. 181 3 3 20 6 2 1 16 0 18 3 8 53 11 3 6 8 3 Purchase-money. Total. 273 11 10 39 8 7 112 7 3 10,538 4 3 17 13 6 Albury Ardgowan Arowhenua (Rakitairi) Beaumont Blind River^. Braco Elephant Hill (part of, joined to Waikakahi), (J. Douglas) .. .. .. .. 366 Elsthorpe .. .. .. .. Epworth Hatuma Hekeao Highbank Horsley Down Kapua Karapiro (Assets Realisation Board) .. .. 8,364 Kereta Maerewhenua Mahora (J. W. Williams) .. .. .. 31,178 Marawhiti Merrivale Momona (Myrtle Bank) Okauia Omaka Opouriao Omihi Stock Reserve Orakapaoa .. .. .. .. •• Otaio Otarakaro Otahu Paparangi .. .. _ Pareora Pawaho Poerua Pomahaka Pouparae Puhipuhi Puketapu Rangiatea Raureka Richmond Brook (F. H. Richmond) .. .. 21,9211 Roimata Rosebrook Rural Section 1862, Nimrod Survey District, Block IV. Rural Section 2682 (J. Rutherford) .. .. 105 Starborough (Executors of R. Beaumont) .. 99,350 Studholme Junction.. Tamai (A. McLean) .. .. .. •• 2,662 1 Teanaraki Tokarahi Tomoana Waihemo Grange (Makareao) Waimarie Waikakahi (A. McLean) .. .. .. 323,090 Wharenui .. .. •■ •• •• •• Willows (Bank of New Zealand) .. .. 14,734 1 Land Exchanges 7 6 4 6 2 6 10 0 0 0 0 0 11 3 9 7 10 0 lit A 1 1 4 1 1 o 181 20 1 18 53 6 201 : 0 33 679 : 4 : i : 79 : 0 3 112 : 0 : 5 51 : 590 32 i : 5 322 : 1,919 1 : 105 319 : 152 6 : 190 0 37 : 3 : 0 "i : 1,355 0 36 82 : 16 : 1,685 101 L,693 : 63 : 23 > nnn 3 3 6 2 16 0 3 8 11 3 8 3 17 2 9 0 6 6 14 4 12 6 14 4 12 0 9 0 4 2 15 10 15 0 6 6 10 0 5 2 7 9 10 0 1 3 18 7 9 2 10 1 5 8 10 0 9 8 14 9 4 10 10 7 19 0 14 2 9 0 18 0 4 6 8 0 3 4 15 0 12 3 9 10 2 2 10 9 11 8 4 9 n m 815 9 9 366 7 6 201 17 2 0 9 0 33 6 6 679 14 4 4 12 6 1 14 4 366 7 6 201 17 2 0 9 0 33 6 6 679 14 4 4 12 6 1 14 4 10,794 2 6 127 4 0 394 3 7 59 13 5 8,364 4 6 79 12 0 0 9 0 3 4 2 112 15 10 0 15 0 5 6 6 51 10 0 590 5 2 32 7 9 8,443 16 6 0 9 0 3 4 2 31,290 18 4 0 15 0 5 6 6 51 10 0 590 5 2 32 7 9 36 18 3 31,178 2 6 14,377 7 9 122 10 2 3,631 4 4 4,147 15 9 71 7 6 167 1 11 2 5 10 1 10 0 'i 10 0 72 1 1 6 9 9 7,918 2 5 4,661 5 0 67 5 0 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 5 13 322 18 7 1,919 9 2 1 10 1 105 5 8 319 10 0 152 9 8 5 13 322 18 7 1,919 9 2 1 10 1 105 5 8 319 10 0 152 9 8 21,921 10 0 6 14 9 190 4 10 0 10 7 37 19 0 3 14 2 0 9 0 6 14 9 190 4 10 0 10 7 21,959 9 0 3 14 2 0 9 0 53 16 1 64 8 0 105 0 0 99,350 0 0 4 13 0 1,355 4 6 0 8 0 109 13 0 100,705 4 6 0 8 0 2,662 11 3 36 3 4 82 15 0 16 12 3 4,685 9 10 101 2 2 324,784 0 4 63 11 8 14,757 14 9 112 9 4 2,662 11 3 ii 12 o 78,995 9 10 2 7 2 2,054 10 5 36 3 4 82 15 0 16 12 3 4,685 9 10 101 2 2 1,693 10 9 63 11 8 23 4 9 323,090 9 7 130 15 10 14,734 10 0 22 4 6 156,826 8 5 501,772 1 501,772 15 4 13,209 9 10 5,209 514,982 5 2 8,689 18 10 Balance at end of Year, — Cash in the Public Account Advances in the hands of Officers of the Government,— In the Colony 27,532 5 8 106 2 2 609 2 2 28,141 7 10 8,796 1 0 Totals £546,600 11 £167,381 12 7

8.—6

10

Table STATEMENT of the RECEIPTS and EXPENDITURE of the CONVERSION

I i £ s. d. 1,103 10 6 469 9 11 Balance at beginning of Year, — Cash in the Public Account In the hands of Stock Agents— Cash £ s. d. 2,288 5 11 253 16 5 £ s. d. 2,542 2 4 1,573 0 5 3-per-cent. Inscribed Stock, — Issued for redemption of Debentures Issued in exchange for Debentures (as per contra) Issued for payment of Stamp Duty .. .. 190,000 0 0 864,392 0 0 315,000 0 0 2,251,107 10 0 15,000 0 0 2,581,107 10 0 554,392 0 0 847 19 6 I . In reduction of Conversion Expenses,— Premium on sale of Inscribed Stock sold above par .. • Balance at end of Year, — Cash overdrawn Less advances in hands of Stock Agents,— Cash 2,537 6 6 325 13 9 2,211 12 9 Totals £556,812 19 11 £2,585,861 5 1

11

8.-6

No. 1—continued. ACCOUNT for the Year ended 31st March, 1899, compared with the Financial Year ended 31st March, 1898.

1897-98. EXPENDITURE. 189 :-99. £ s. d. £ s. a. £ s. a. Original Amount. Eate ' rrfium. Converted Stock. Debentures converted into 3-per- £ £ £ £ £ cent. Inscribed Stock, — Consolidated Loan Act, 1867,5 per ! 1,100 104 44 1,144 cent. .. .. ..i 9,700 105 485 10,185 in.800 £ £ £ £ £ ! 1,100 f 9,700 10,800 104 105 44 485 1,144 10,185 29,400 0 0 3,894 1,071 11,329 0 0 2,800 0 0 j.u,auu New Zealand Loan Act, 1863, 5 1 3,300 118 594 3,894 per cent., due 15th July, 1914.. j 900 119 171 1,071 4.200 1 3,300 ) 900 118 119 594 171 4,200 4,965 0 0 900 0 0 a.auu Otago Loan Ordinance, 1862, 6 per cent., due 1st July, 1898 .. .. 1,200 103$ 42 1,242 1,200 103$ 42 1,242 1,242 0 0 318,816 0 0 Consolidated Stock Act, 1884 (Colonial issue), — Due 22nd May, 1898,4$ per cent. 40,000 Due 28t,h May, 1898, 4$ per cent. 1,181,829 Due 28th May, 1898, 4 per cent. 251,137 Due 28th May, 1898, 3$ per cent. 585,858 2.058.824 par .. 2,058,824 40,000 1,181,829 251,137 585,858 2,058,821 par .. 2,058,824 2,058,824 0 0 Z,UOO,OZ!l ptbl •• A,\JOiJ ,<J&± District Railways Purchasing Aot 1885 Amendment Act, 1886, — Due 28th May, 1898,3$ per cent. 35,000 .. par .. 35,000 Due 1st April, 1905, 4 per cent. 4,500 .. 105$ 247$ 4,747 10s, 39.500 35,000 4,500 par 105$ .. 35,000 247$ 4,747 10s. oy,uuv Aid to Public Works and Land Settlement Acts, 1896, 1897,— Due 3rd March, 1899, 3 per cent. .. .. .. 125,000 Due 11th Maroh, 1899,3 per cent. 10,000 135.000 par .. 135,000 39,500 247$ 39,747 10 0 125,000 10,000 135,000 0 0 135,000 135,000 9,000 0 0 Immigration and Public Works Loan Aot, 1870, due 15th April, 1913 par 3,476 0 0 Premium in respect of same .. .. .. •• 1,583$ 2,249,524 1,588$ 2,249,524 2,251,107 10 0 364,392 0 0 Debentures redeemed, — Consolidated Loan Act, 1867, 5 per cent. .. .. .. ,. Otago Loan Ordinance, 1862, due 1st July, 1898 Aid to Public Works and Land Settlement Acts, 1896 and 1897 (Nos. 1 and 5) .. Lands Improvement and Native Lands Acquisition Act, 1894 Consolidated Stook Act, 1884 (Colonial issue), due 28th May, 1897 Five-per-cent. 10/40 Loan (outstanding debentures) 42,500 0 0 69,700 0 0 200,000 0 0 40,800 0 0 100,000 0 0 44,216 0 0 200 0 0 312,200 0 0 185,216 0 0 332 0 0 3,466 10 0 321 6 7 327 6 10 72 9 2 143 5 0 Expenses Account, — Brokerage and Commission Discount Stamp Duty Interest (including overlap of interest) Office Expenses Printing and Advertising Miscellaneous 882 15 0 3,780 0 0 15,285 12 6 1,740 4 7 185 12 0 26 18 6 652 17 6 22,553 15 1 4,662 17 7 2,288 5 11 Balance at end of Year, — Cash in the Publio Account .. .. .. •» •• In the hands of Stock Agents— Cash 253 16 5 2,542 2 4 Totals £556,812 19 11 £2,585,861 5 1

8.—6

12

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

1897-98. RECEIPTS. 1898-99. £ s. d. 3 10 1 Balance at beginning of Year, — Cash in the Public Account Advances in hands of Officers of the Government— In the colony £ s. d. 21,826 19 11 £ s. d. 151 3 0 21,978 2 11 111,400 0 0 The Government Loans to Local Bodies Act, 1886, — Debentures issued .. 73,900 0 0 137 8 11 3,576 0 0 793 6 4 Repayments under section 8 of "The Government Loans to Local Bodies Act Amendment Act, 1896," — « Counties, — Horowhenua Kiwitea Pahiatua Stratford Road Boards, — Featherston Manchester Drainage Board, — Wainono Land 147 1 8 299 10 2 94 9 3 276 16 5 147 18 3 4,601 4 6 871 6 6 £116,004 14 7 Totals £96,749 9 5

13

fe.—6

No. 1—continued. ACCOUNT for the Year ended 31st March, 1899, compared with the Financial Year ended 31st March, 1898.

189 '-98. £ 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 6,000 0 0 580 0 0 600 0 0 5,410 0 0 Grants to — Counties— Ashburton Cheviot Clifton Cook Hawera Hawke's Bay Hobson Horowhenua Hutt Kiwitea Mackenzie Manawatu Ohinemuri Pahiatua Pohangina Rangitikei Raglan Stratford Tuapeka Waipa Waipawa Wairarapa North Wairarapa South Waitaki £ s. d. 4,555 0 0 1,200 0 0 1,655 0 0 6,000 0 0 350 0 0 128 0 0 5,087 0 0 850 0 0 1,250 0 0 2,000 0 0 330 0 0 6,000 0 0 1,500 0 0 £ s. d. 2,800 0 0 4,500 0 0 250 0 0 1,250 0 0 2,990 0 0 3,200 0 0 264 0 0 200 0 0 45,895 0 0 47,715 0 0 500 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 Road Boards— Egmont Eketahuna Featherston Fitzherbert .. Kaiti Manawatu Manchester Manganui Mangorei Masterton Mauriceville Moa Otaki Parihaka Porangahau Pouawa Seatoun Takapau Taratahi-Carterton Turanga Upper Hurford Upper Taueru Waimate Waipipi Waiwakaiho Wirokino 100 0 0 816 0 0 300 0 0 1,300 0 0 241 0 0 300 0 0 432 0 0 568 0 0 1,000 0 0 22 0 0 1,162 0 0 1,790 0 0 3,000 0 0 40 0 0 2,000 0 0 1,000 0 0 496 0 0 1,920 0 0 50 0 0 700 0 0 30 0 0 3,000 0 0 50 0 0 65 0 0 267 0 0 300 0 0 1,122 0 0 650 0 0 650 0 0 995 0 0 13,755 0 0 Boroughs— Dannevirke Feilding Greytown Petone Te Aroha Timaru 18,342 0 0 2,000 0 0 2,800 0 0 737 0 0 495 0 0 600 0 0 1,900 0 0 1,000 0 0 2,000 0 0 6,732 0 0 4,800 0 0 493 0 0 1,495 0 0 3,000 0 0 200 0 0 300 0 0 Town Boards— Bull's Ngaruawahia Stratford . Drainage Boards— Akaaka Aorangi Land Manawatu Land Otakia Sluggish River Te Puke Land 99 0 0 2,360 0 0 100 0 0 300 0 0 300 0 0 300 0 0 600 0 0 600 0 0 2,859 0 0 5,788 0 0 2,899 0 0 River Boards— Spring Creek Unauthorised— Wainono Drainage Board 1,000 0 0 75,257 0 0 Appropriations,— Vote 113.—Roads to open up Crown lands Balance at end of year,— Cash in the Public Account 75,428 0 0 18,769 11 8 2,808 7 1 16,971 12 3 21,826 19 11 151 3 0 Advances in hands of Offioers of the Government, — In the Colony 1,541 10 1 4,349 17 2 21,978 2 11 £116,004 14 7 Totals £96,749 9 5

14

8.—6

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

STATEMENT of the RECEIPTS and EXPENDITURE of the GOVERNMENT ADVANCES

1897-98. RECEIPTS. 189 I-99. £ s. d. 5 0 0 297,400 0 0 Balance at beginning of Year, — Cash in Deposit Account .. Investment Aocount £ s. d. 85 0 0 356,100 0 0 £ s. d. 356,185 0 0 297,405 0 0 58,780 0 0 Deposits inscribed 29,740 0 0 5356,185 0 0 Totals £385,925 0 0

RECEIPTS. 189 1-99. Advanced by the Bank of England on seourity of 3-per-oent. Inscribed Stook 150,000 u 0 Totals .. £150,000 0 0

8.—6.

No. 1—continued. ACCOUNT for the Year ended 31st March, 1899, compared with the Financial Year ended 31st March, 1898.

TO SETTLERS OFFICE LOAN ACCOUNT for the Year ended 31st March, 1899.

15

1897-98. EXPENDITURE. 1898 99. £ s. d. 85 0 0 356,100 0 0 Balance at end of Year, — Cash in Deposit Account.. Investment Account £ s. d. 25 0 0 385,900 0 0 £ s. d. 385,925 0 0 Totals £356,185 0 0 £385,925 0 0

EXPENDITURE. 189 :-99. I Amount paid over to Government Advances to Settlers Office Account 150,000 0 0 Total £150,000 0 0 JAMES B. HEYWOOD Secretary to tht a Treasury. ROBERT J. COLLINS, Accountant to t ;he Treasury.

8.—6

16

Table No. 1— continued. SUMMARY of BALANCES on 31st MARCH, 1899.

Balances. Cash. Advances. Investments. Total. Consolidated Fund: — Orainary Revenue Acoount State Forests Account Accounts of Local Boaies Deposit Accounts £ s. d. 1,205 861 9 0* 18,921 16 11 8,176 5 9 135,062 9 2 £ s. d. Consolidated Fund :— Ordinary Revenue Account State Forests Account Accounts of Local Bodies Deposit Accounts £ s. a. 801,799 17 6 18,921 16 11 8,020 14 5 95,170 15 9 £ s. d. 62,961 11 6 £ s. d. 341,100 0 0 £ s. a. 1,205,861 9 C 18,921 16 11 8,176 5 J 135,062 9 S 1,368,022 0 10 155 11 i 39,891 13 5 923,913 4 7 103,008 16 3 341,100 0 0 1,368,022 0 1( Public Wobks Fund 70,856 6 4 Public Wobks Fund 31,794 6 9 39,061 19 7 70,856 6 Cheviot Estate Account Land foe Settlements Account Convebsion Account Loans to Local Bodies Account New Zealand Consols Account Remittances to London Account 546 11 1 28,141 7 10 Dr. 2,211 12 9 4,349 17 2 385,925 0 0 Dr.200,000 0 0 Cheviot Estate Account Land fob Settlements Account Convebsion Account Loans to Local Bodies Account New Zealand Consols Account Remittances to London Account 546 11 1 27,532 5 cf Gr. 2,537 6 6 2,808 7 1 25 0 0 Cr. 200,000 0 0 609 2 2 325 13 9 1,541 10 1 546 11 28,141 7 1 Cr. 2,211 12 ! 4,349 17 : 385,925 0 i 0.200,000 0 I £1,655,629 10 i 385,900 0 0 Totals £1,655,629 10 6 Totals £784,082 8 8 £144,547 1 10 £727,000 0 0 * Against this Treasury Bills amounting to £710,000 are outstanding.

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,

£ s. d. £ v. d. Surplus, 31st March, 1898 .. .. -> ■■ 521,144 6 10 Less— Amount applied in aid of Public Works Fund .. .. 425,000 0 0 Actual receipts, 1898-99 .. .. .. .. ... 5,258,228 2 9 Actual expenditure, 1898-99 . 4,858,511 0 7 Surplus at 31st March, 1899 .. .. .. £495,861 9 0

3—B. 6.

17

DlFFEBENCES. Estimated. .CTUAL. More Less than Estimate, than Estimate. RECEIPTS. Revenue Account: — Customs Stamps .. .; Land- and Income-tax Beer Duty .. ,. Railways Registration and other Fees .. Marine Miscellaneous Territorial Revenue £ s. d. 1,935,000 0 0 770,000 0 0 390,000 0 0 71,000 0 0 1,370,000 0 0 74,000 0 0 23,000 0 0 109,000 0 0 227,000 0 0 £ s, d. 1,965,017 14 9 779,399 4 6 413,532 16 4 76,213 4 8 1,465,507 6 9 73,821 13 1 25,489 10 9 113,647 4 7 273,799 7 4 £ s. d. 30,017 14 9 9,399 4 6 23,532 16 4 5,213 4 8 95,507 6 9 £ s. d. 178 6 11 2,489 10 9 4,647 4 7 46,799 7 4 Sinking Fund Increases Advances repaid 4,969,000 0 0 5,186,428 2 9 217,606 9 8 178 6 11 54,300 0 0 54,300 0 0 17,500 0 0 17,500 0 0 235,106 9 8 178 6 11 178 6 11 Totals 5,023,300 0 0 5,258,228 2 9 234,928 2 9 EXPENDITURE. Revenue Account :— Permanent Appropriations, — Civil List Interest and Sinking Fund Under Special Acts Subsidies Territorial Revenue paid over Endowments Old-age Pensions 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 1,795,012 0 0 199,988 0 0 73,000 0 0 34,000 0 0 44,000 0 0 21,073 0 0 73,676 0 0 39,096 0 0 125,250 0 0 386,800 0 0 76,133 0 0 25,420 0 0 514,143 0 0 17,916 0 0 59,373 0 0 916,000 0 0 42,725 0 0 110,680 0 0 119,619 0 0 123,978 0 0 25,348 0 0 900 0 0 £ s. d. 26,775 11 0 1,767,467 15 7 208,258 16 7 72,640 4 3 37,775 12 0 46,063 10 4 3,124 1 8 21,265 4 1 71,290 18 2 43,191 14 6 123,801 1 11 388,520 13 6 70,568 7 3 30,423 14 0 502,104 12 4 16,959 2 4 60,792 3 8 968,917 0 3 40,945 18 7 98,618 11 9 114,193 17 8 114,280 12 11 26,720 12 9 628 14 7 3,182 8 11 £ s. d. 1,075 11 0 8,270 16 7 3,775 12 0 2,063 10 4 3,124 1 8 192 4 1 4,095 14 6 1,720 13 6 £ s. d. 27,544 4 5 359 15 9 2,385 1 10 1,448 18 1 5,003 14 0 5., 564 12 9 12,038 7 8 956 17 8 1,419 3 8 52,917 0 3 1,779 1 5 12,061 S 3 5,425 2 4 9,697 7 1 1,372 12 9 271 5 5 3,182 8 11 » 88,213 3 3 79,532 2 8 79,532 2 8 Totals 4,849,830 0 0 4,858,511 0 7 8,681 0 7

-G.

Table No. 3. The PUBLIC DEBT of NEW ZEALAND on 31st March, 1899.

18

Annual Charge. Amount outstanding. Due Date. Sinking Funds accrued. Indebted- T>. t . ness. Eate - ! Int. | S.F. Eemarkk. Amount. When payable. £ £ £ £ % % £ New Zealand Loan Act, 1863 266,800 15 July, 1914 116,685 150,115 5 1 16,008 15 Jan. and 15 July. Consolidated Loan Act, 1867 .. .. 429,000 Ann. drawing 429,000 5 21,450 Quarterly, 15 Jan., &c. Immigration and Public Works Loan Act, 1870 .. 1,000,000* 1 June, 1907 564,460 435,540 4 2'4 64,000 1 June and 1 Dec. Sinking Fund payabl e 13 M ar. and 13 Sept. Canterbury Loan Ordinance, 1862 .. 1 3,800 12,200 1 16,000 | 2 Jan., 1915 ( 2 July, 1916 I 11,041 4,959 6 1 1,120 30 June , 31 Dec. Otago Loan Ordinance, 1862 .. 400 1 July, 1898 400 Debentures not presented for payment. Consolidated Loan Act, 1867 13,000 15 April, 1913 13,000 4 520 15 April „ 15 Oct. Immigration and Public Works Loan Act, 1870 I - 363,100 27,900 I 391,000 f 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 j 25,000 75,000 1 100,000 f Uuly, 1910 115 April, 1913 25,000 75,000 4 1,125 3,000 30 June „ 31 Dec. 15 April , 15 Oct. ' General Purposes Loan Act, 1873 18,500 12,300 54,700 1 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 Acts, 1885-86 • 40,000 97,100 47,000 184,100 ( 1 July, 1909 \ 1 April, 1905 I 1 April, 1899 40,000 97,100 47,000 6 4 5 2,400 3,884 2,350 [ 1 April „ 1 Oct. ■ I •' . 2,485,800 135,604 » Carried forward 692,186 1,793,614 * Only £200,000 has actuall; been issued to the public: the unsold debentures are available for the purpose of obtaining temporary advances from time to time.

19

8.—6

Table No. 3 — continued. The PUBLIC DEBT of NEW ZEALAND on 31st March, 1899— continued.

Annual Charge. Due Date. Sinking Funds accrued. Indebtedness. Remarks. Amount outstanding. Bate. When payable. Int. S.P. £ £ 2,485,800 £ 692,186 £ 1,793,614 % % £ 135,604 Brought forward Government Loans to Local Bodies Act, 1886 . 327,100 31 Dec, 1900 165,093* 162,007 3i 1$ 30,039t 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 i 29,150,302 6,161,167 5,662,120 1 Nov., 1929 1 Jan., 1940 1 April, 1945 29,150,302 6,161,167 5,662,120 4 3 1,166,012 215,641 169,864} 1 May „ 1 Nov. 1 Jan. „ 1 July 1 April „ 1 Oct. Consolidated Stock Act, 1884 — Colonial Issue 54,300 1 Sept., 1905 54,300 3$ 1,900 1 Mar. „ 1 Sept. fThe Sinking Fund is payable on £1,239,400; 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 M 1,225 30 April „ 31 Oct. Native Land Purchases Act, 1892 j Land for Settlements Act, 1892 .. 140,000 9,700 | 149,700 45,276 (31 Oct., 1899 (31 Oct., 1899 31 Oct., 1899 140,000 9,700 45,276 5 H 6,300 485 2,037 30 April „ 31 Oct. 30 April „ 31 Oct. 30 April „ 31 Oct. {£60,000 of this amount will be recouped by the Government Advances to Settlers Office. Land for Settlements Act, 1894 .. -j 134,100 605,990 349,000 I 1,089,090 (31 Oct., 1899 \ 31 Oct., 1899 ( 1 April, 1909 134,100 605,990 349,000 4 3$ 3| 5,364 21,210 13,088 30 April „ 31 Oct. 30 April „ 31 Oct. 1 April „ 1 Oct. •• Lands Improvement and Native Lands Ac- J quisition Act, 1894 ( 283,000 117,000 I 400,000 30 Sep., 1908 (283,000 (117,000 4 3$ 11,320 4,095 31 Mar. „ 30 Sept. 31 Mar. „ 30 Sept. §Loan may be paid off at any time after 15th February, 1907, on six months' notice being given. New Zealand Consols Act, 1894 385,925 1 Feb., 1910 I 385,925 j 3$ 13,507 1 Feb. „ 1 Aug. Aid to Public Works and Land Settlement Act, 1896, and Amendment Act, 1897 250,000 500,000 100,000 150,000 1,000,000 ( 1 Feb., 1902 |15Aug.,1921§ 1 31 Oct., 1903 ( 4 Jan., 1904 250,000 500,000 100,000 150,000 3$ 3$ II II 8,750 17,500 3,500 5,250 1 Feb. „ 1 Aug. 15 Feb. „ 15 Aug. Totals .. .. .. : 857,279 IjOne-quarter per cent, over bank rate: varying interest, calculated at 3$ per cent. 46,938,006 46,080,727 1,832,691 Tr< lasur bills amounting to £710,000 are not included.

8.—6

20

Table No. 4. STATEMENT of the Estimated Liabilities chargeable on the Consolidated Fund (Revenue Account) outstanding on the 31st March, 1890, 1891, 1892, 1893, 1894, 1895, 1896, 1897, 1898, and 1899.

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. 31st March, 1899. - 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. 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 i £ s. d. 950 0 0 214 8 0 £ s. d. I 24,563 0 0 I i 4,104 0 0 2,227 0 0 1,042 0 0 897 16 4 I 959 3 10 1,170 3 0 651 15 0 631 5 0 160 17 11 5,613 13 3 31,408 18 0 3,188 1 5 7,810 15 0 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 1,824 0 6 1,984 18 5 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 Valuation Department 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 45 5 10 2,247 17 3 50 0 0 3,789 12 2 17,830 0 0 4,564 12 3 745 3 11 651 17 4 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 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 4.1 i 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 56 2 8 2,633 18 10 66,169 16 11 4,500 0 0 10,175 11 4 735 18 4 460 0 0 - •• - 104,685 5 9 114,480 6 0 101,246 6 8 94,451 1 6 96,960 1 4 102,328 3 6 420 4 9 95,489 8 11 111,602 10 2 139,894 13 5 114,655 16 10 Services not provided for 66 1 3 22 9 6 814 2 9 522 8 0 •■ •• ■■ Totals 136,160 5 0 122,313 10 6 106,868 19 10 98,418 7 7 101,618 1 4 106,706 18 8 99,717 16 0 116,640 15 3 116,387 11 5 143,515 3 7

8.—6

Table No. 5. STATEMENT of the Estimated Liabilities chargeable on the Public Works Fund outstanding on the 31st March, 1890, 1891, 1892, 1893, 1894, 1895, 1896, 1897, 1898, and 1899.

STATEMENT of the Estimated Liabilities chargeable on the under-mentioned Accounts outstanding on the 31st March, 1894, 1895, 1896, 1897, 1898, and 1899.

21

31st March, 1890. 31st March, 1891. 31st March, 1892. 31st March, 1893. 31st March, 1894. 31st March, 31st March, 1895. 1896. 31st March, 1897. 31st March, 1898. 31st March, 1899. £ s. d. £ s. d. £ s. d. £ s. d. £ s. d. £ s. d. £ s. d. £ s. d. £ s. a. £ 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 Contingen t Defence Services not provided for 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 77,870 15 4 310,764 9 3 6,625 15 8 28,030 0 0 3,826 0 0 500 0 0 185 0 0 185' 9 7 287 14 5 110 0 0 110* 0 0 11,550 0 0 439 1 2 11,129 0 0 715' 18 11 18,450 0 0 1,794' 7 11 ■• •• •■ ■• - Totals 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 2 394,427 5 2 446,282 19 2

31st March, 1894. 31st March, 1895. 31st March, 1896. 31st March, 1897. 31st March, 1898. 31st March, 1899. £ s. a. £ s. a. £ s. d. £ s. a. £ 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 21,833 16 1 723 17 7 3,67l' 6 4 * * 27,238 1 2 34,7W 16 6 * Now included in Public Works Fund.

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, 1899.

22

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, 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, 1897, and 1898 Temporary advances on security of short-dated debentures £ 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 0 479,487 7 11 1,000,000 0 0 149,700 0 0 £ s. d. 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. 2,147,120 0 10 433,812 2 5 16,032,365 18 6 4,963,114 14 1* 1,904,257 3 4 648,630 10 11 829,285 18 9 2,272,859 6 2 950,070 13 0 469.499 16 6 62,809 10 10 14,599 13 2 1,027,989 14 0 10,835 8 0 218.500 0 0 £ s. d, 500,000 0 0 31,985,750 10 1,190,000 0 0 250,000 0 0 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 handea 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 29,344,187 7 11 1,755,000 0 0 56,000 0 0 264,657 16 4 19,963 1 3 4,963 7 4 60,616 3 0 24,635 4 8 Balance on 31st March, 1899, — Cash in the Public Account Advances in the hands of officers of the Government 2,257 1 9 17,581 5 0 J6,745 9 7 31,794 6 9 39,061 19 7 2,712,419 8 11 70,856 6 £32,056,606 16 10 £32,056,606 16 II * Has been reaucea by £89,800 receivea under section 31 of " The Government Loans to Local Boaies Act. 1886."

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B—6.

Table No. 7. ESTIMATED Expenditure of the Consolidated Fund (Revenue Account) for 1899-1900, compared with Actual Expenditure of 1898-99.

Table No. 8. STATEMENT of the Estimated Revenue of the Consolidated Fund (Revenue Account) for 1899-1900, compared with the Actual Revenue of 1898-99.

Actual Differences. Estimate for 1899-1900. 1898-99. Increase. Decrease. Revenue Account. Civil List Interest and Sinking Funa Unaer special Acts £ 25,700 1,768,992 503,842 £ 26,776 1,767,468 367,862 £ £ 1,076 1*524= 135,980 2,298,534 2,162,106 137,504 1,076 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 19,938 92,035 47,404 122,582 391,826 72,700 25,300 453,113 61,055 6,480 16,891 62,524 967,320 42,575 106,042 119,620 131,582 20,858 1,350 21,265 71,291 43,192 123,801 388,521 70,568 30,424 438,259 57,384 6,462 16,959 60,792 968,917 40,946 98,618 114,194 114,281 26,720 629 20*744 4,212 3*305 2,132 14,854 3,671 18 1,327 i - 219 5^124 1,732 68 1*597 1,629 7,424 5,426 17,301 51862 721 2,761,195 2,693,223 83,169 15,197 Services not provided for 3,182 3,182 220,673 19,455 19,455 Total 5,059,729 4,858,511 201,218

Estimate for 1899-1900. Differences. Actual of 1898-99. Increase. Decrease. £ £ £ £ Revenue Account. I 1,980,000 799,600 405,000 78,000 1,475,000 74,000 24,000 176,000238,000 1,965,018 779,399 413,533 76,213 1,465,507 73,822 25,490 113,647 273,799 14,982 20,201 Customs Stamps .. Land- and Income-tax Beer Duty Railways Registration and other Fees Marine Miscellaneous .. Territorial Revenue 1,787 9,493 178 8 [533 62,353 1,490 85,799 Debentures for Sinking Fund increases.. 5,249,600 50,400 5,186,428 54,300 108,994 45,822 3,900 108,994 49,722 49,722 Total 5,300,000 5,240,728 59,2'

8.—6.

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Table No. 9. STATEMENT showing the Amount charged to Unauthorised in each Financial Year from 1st July, 1875, to 31st March, 1899.

By Authority: John Maokay, Government Printer, Wellington.—lB99.

Financial Year. Consolidated Fund.—Revenue Account. Ser "v\Sfor Pr0 " Ex06SB of Votes - Total - Other Accounts. Public Works Fund. 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 .. 1898-99 .. £ s. a. 13,167 4 8 18,397 17 1 19,079 12 6 11,413 16 1 5,818 9 9 6,151 13 9 3,899 16 3 4,473 15 8 7,293 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 3,305 15 11 £ 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 36,468 0 10 £ 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 39,773 16 9 £ 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 4,7§4 17 10 522 12 2 1,890 7 5 16,995 9 9 24,726 3 6 4,743 17 10 2,304 8 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 8,222 10 6 £ 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 50,300 16 1