Papers Past | Parliamentary Papers | Appendix to the Journals of the House of Representatives | 1903 Session I | FINANCIAL STATEMENT (In Committee of Supply, 11th...

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CONTENTS

PAGE Prefatory .. .. .. .. .. .. .. .. i Beoeipts during the Year 1902-3 .. .. .. .. .. .. ii Expenditure during the Year 1902-3 .. .. .. .. .. ii Results of the Year .. .. .. .. .. .. .. ii Public Debt.. .. .. .. .. .. .. .. iii Publio Works Fund .. .. .. .. .. .. .. iii Land for Settlements Account .. .. .. .. .. .. iv Cheviot Estate Account .. .. .. .. .. .. iy Conversion Account .. .. .. .. .. .. .. iv Loans to Local Bodies Acoount .. .. .. .. .. .. iv New Zealand Consols Account .. .. .. .. .. .. v The Government Insurance Department .. .. .. .. .. v Public Trust Office .. .. .. .. .. .. .. v Customs Duties .. .. .. .. .. .. .. vi Land and Income Tax .. .. .. .. .. .. .. vii Absentee Land-tax .. .. .. .. .. .. .. vii Valuation of Land Department .. .. .. .. .. .. vii Government Advances to Settlers .. .. .. .. .. .. viii Department of Labour .. .. .. .. .. .. .. viii Public Health .. .. .. .. .. .. .. viii Hospitals and Charitable Aid .. .. .. .. .. .. ix Hospital for the Mentally Afflicted .. .. .. .. .. ix Farms for Social Outcasts .. .. .. .. .. ix The Tourist Department .. .. .. .. .. .. x Post-Office Savings-Banks .. .. .. .. .. .. x Old-age Pensions Department .. .. .. .. .. .. x Working Railways .. .. .. .. .. .. .. xi Education .. .. .. .. .. .. .. .. xi Farming Industries .. .. .. .. .. .. .. xii Land for Settlements .. .. .. ... .. .. .. xiii Fruit Preserving and Canning .. .. .. .. .. .. xiii Forests and Plantations .. .. .. .. .. .. xiv Gold-mining.. .. .. .. .. .. .. .. xiv State Coal-mines .. .. .. .. .. .. .. xiv Natural Power generating Eleotrioity .. .. .. .. .. xv Manufactures .. .. .. .. .. .. .. xv New Zealand Intercolonial Fair .. .. .. .. .. .. xvi Paoific Cable .. .. .. .. .. .. .. xvii Ocean Hail-servioes .. .. .. .. .. .. .. xvii South African Trade .. .. .. .. .. .. .. xvii Immigration : Increased Population .. .. .. .. .. xviii Bank of New Zealand .. .. .. .. .. .. .. xix Midland Railway .. .. .. .. .. .. xx New Markets: Expansion of Trade .. .. .. .. xx Suggested Eastern Service .. .. .. .. .. .. xxi Preferential Trade .. .. .. .. .. .. .. xxii Imperial Conference .. .. .. .. .. .. .. xxiii Intercolonial Conference .. .. .. .. .. xxiv Reduced Prioes of Consols and other Stocks .. .. .. .. .. xxiv Our Late Loan Transactions .. .. .. .. .. .. xxv Review : Twenty Years, 1882-1902— Finance, Reoeipts and Expenditure .. .. .. .. .. xxvi Population .. .. .. .. .. .. .. xxvi Private Wealth .. .. .. .. .. .. .. xxvii Accumulation, Deposits, &o. .. .. .. .. .. .. xxvii Trade and Manufacture .. .. .. .. .. .. xxvii Imports and Exports .. .. .. .. .. .. xxvii Increase of Shipping .. .. .. .. .. .. xxviii Crown and Native Land and Crown Tenants .. .. .. .. xxviii Private Landowners .. .. .. .. .. .. xxviii Capital Value of Land in New Zealand .. .. .. .. .. xxviii Increase in Live-stock .. .. .. .. .. .. xxviii Occupied Holdings.. .. .. .. .. .. .. xxviii Revenue: Twenty Years .. .. .. .. .. .. xxix Direct Taxation and its Incidence .. .. .. .. .. xxix Public Debt .. .. .. ~ .. .. .. xxix Public Works .. .. .. .. .. .. .. xxx Summary of Developments .. .. .. .. .. .. xxxi Some of our Assets, 1902 .. .. .. .. .. .. xxxi Aid to Public Works .. .. .. .. .. .. .. xxxii Estimated Expenditure for 1903-4 .. .. ~ .. .. xxxii Estimated Revenue for 1903-4 .. .. .. .. .. .. xxxiii Conclusion .. .. .. .. .. .. .. .. xxxiv

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1903. NEW ZEALAND.

FINANCIAL STATEMENT (In Committee of Supply, 11th August, 1903) BY THE COLONIAL TREASURER, THE RIGHT HON. R. J. SEDDON, P.C., LL.D.

Me. Millab,— I bring before the Committee the Budget for the year with confidence, believing that honourable members will accept the assurance that, consistently with meeting the requirements of the colony, strict economy has been observed. In proof of this, the total increase on the annual appropriations is only £31,000, and this in the face of new Departments, increasing population, greater conveniences, and extensive development. I estimate a considerable increase of revenue, and believe that after providing for all charges there will be a substantial balance to the good. The financial position of the colony is sound and satisfactory. There is a buoyancy in the revenue from the Customs and Railways—barometers that never fail to faithfully mark the prosperity and well-being of the people. Prudent administration is essential, and we must not, merely because we have an increasing revenue, deem it proper on that account to increase our expenditure; quite the reverse, as the surest protection against adversity is to practise economy during prosperity. Every year since the Liberal party came into office the Government, by their prudent administration in maintaining a strong finance and increasing and insuring the spending-powers of the people, have been able to announce a surplus on the year's transactions. This year is no exception to the rule, and, as members are already aware from the Public Accounts, which are before them, we closed the past year with a credit balance of £803,905; and for the current year I later on in the Budget show a substantial surplus, which I am positive will be realised, if not exceeded. Honourable members must, like myself, feel disappointed at the price of our stock on the London markets; and considering our ability not only to meet our every engagement, but after doing so to devote annually to development purposes large sums of money, the situation is the more inexplicable. The cause of the low price of colonial stock is far afield from New Zealand, and the reasons therefor are fully dealt with later on. The best way to improve our position is to keep public-works expenditure within reasonable limits, practise the strictest economy, prove ourselves selfcontained, and seek as little . money outside the colony as possible. The collateral and other advantages of raising the money in the colony, and keeping the principal and interest within ourselves, are strikingly apparent, and the lesson for the moment will prove of lasting good. It is much better that the time for the completion of some of our railways should be extended, the erection of public works be postponed, and conveniences stand over, than to receive £91 15s. net for every hundred-pound debenture. I will avoid as far as possible wearying members with a mass of figures, but will ask them to refer to the tables which accompany this Statement, confining myself to the most important details only. In this my seventh Budget, i.—B. 6,

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as heretofore, I have aimed at dealing with the finance of our colony in a practical and lucid way, so as to be easily understood and grasped by all. Subjects cognate to finance, and having a direct influence in maintaining the present and promoting the future prosperity, are shortly and succinctly referred to. EECEIPTS DUEING THE YEAE 1902-3. As regards the receipts of the past year, it was estimated that the revenue proper would produce £6,026,000. The actual figures, however, reached £6,386,609, or £360,609 in excess of the estimate. Of this amount of excess, Customs has yielded £115,643, Railways £107,551, Stamps £80,939, other items of revenue show increases totalling £62,014; while only in the two. items of Land-tax and Beer Duty the receipts fell short of the estimate by £5,538. The Customs revenue was estimated at £2,220,000, being nearly £19,000 in excess of the previous year's revenue. The actual receipts were £2,335,643. Railways produced £1,982,551, while the receipts from Stamps amounted to £978,939. The receipts under the head of Land-tax fell short of the estimate by £3,938; the amount actually received from the increased valuations was £1,000 more than expected, but the remission of revenue owing to the reduction of the mortgage-tax was £30,000, instead of £25,000 as anticipated. The Income-tax produced £15,684 more than the estimate, the two heads of revenue together exceeding expectations by £11,746. The Territorial Revenue, which was set down as £230,000, produced £252,277, or £22,277 more than expected. Comparing the actual receipts with those of the preceding year, honourable members will find that the revenue of the year just closed is better by the sum of £333,539, made up as follows: Customs, £134,527 ; Railways, £113,062; Stamps, £70,268 ; Land and Income Tax, £4,513; Beer Duty, £166; Registration and other Fees, £7,389 ; Marine, £1,512 ; and Territorial, £2,659 : the only falling-off being a small sum of £557 in Miscellaneous Revenue. In addition to the receipts above mentioned, £57,500 came to credit in respect of the proceeds of debentures issued against sinking-fund accretions, and a recovery of £3,326 on account of expenditure of previous years was received, making the total receipts for the year from all sources £6,447,435. EXPENDITUEE DUEING THE YEAE 1902-3. The expenditure of the year out of the Ordinary Revenue Account amounted to £6,214,019. The charges authorised by the permanent appropriations show, as compared with the estimates, an over-expenditure of £65,192. Of this sum Hospitals and Charitable Institutions are responsible for £20,274, Subsidies to Local Bodies for £4,049, " Thirds " and " Fourths " for £5,161, and Endowments for £2,056, while the payment of two years' contribution in respect of the Australian Naval Defence within the year is answerable for £21,493. Coming to the departmental expenditure, the amount shown as underspent is £78,323; but of this amount.Railways are credited with £54,689, being the balance unspent after the excess of revenue as allowed by law was added to the appropriation, so that by eliminating the Railways we have a direct saving for the year of £23,634 on our departmental votes. It is unnecessary for me to deal in detail with the different classes, as the table showing the actual expenditure of each class compared with the estimate will be found attached hereto. EESULTS OF TfJE YEAE. The results of the transactions within the Ordinary Revenue Account for the year may be set forth as under: — £ £ Balance on 31st March, 1902 ... ... ... 270,489 Out of which there was transferred to Public Works ... 200,000 Leaving ... ... ... ... ... 70,489 Actual receipts for 1902-3 ... ... ... ... 6,447,435 Actual expenditure for 1902-3 ... ... ... 6,214,019 Excess of revenue over expenditure ... ... 233,416 Surplus at 31st March, 1903 ... ... £303,905

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PUBLIC DEBT. The gross public debt on the 31st March last was £55,899,0U, showing a total increase for the year of £2,932,572. Of this sum £1 ,750,000 were raised under the Aid to Public Works and Land Settlement Act of last session, the requirements of the Advances to Settlers Office caused the raising of £450,000 (including £200,000 obtained on short-dated debentures and since paid off), and for the acquisition of land for close settlement we raised a further sum of £338,700. Grants to local authorities required £278,000 under " The Local Bodies' Loans Act, 1901," and for the purpose of purchasing and managing coalmines £52,000 had to be borrowed under " The State Coal-mines Act, 1901," £4.232 of" New Zealand Consols were inscribed, and £57,500 debentures for accretions of sinking funds were created under " The Consolidated Stock Act, 1884." The conversion operations for the year were very few, the increase to the debt by conversion being £12,240. On the other hand, a small parcel of debentures (£10,100) under " The Land for Settlements Act, 1897," falling due ou the Ist April, 1902, was paid off. Of the increase, at least the following items may be set down as of a directly reproductive character. £ For purchase of land for settlements ... ... ... ... 338,700 For advances to settlers ... ... ... ... ... 450,000 For loans to local bodies ... ... ... ... ... 278,000 For New Zealand Consols deposits ... ... ... ... 4,232 For purchasing and developing State coal-mines ... ... 52,000 Total... ... ... ... ... £1,122,932 During the year £250,000 debentures under " The Land for Settlements Act, 1897," fell due, and were renewed by the proceeds of a sale of a like amount at a small premium above par. On the 31st March, 1902, the net debt was shown as £5.1,837,631, and on the 31st March, 1903, the net debt is set down in the Public Debt Table as £53,585;780. I desire to explain that, in addition to the customary deduction made for sinking funds accrued, I have this year included the accrued sinking fund of the Government Advances to Settlers Act, an item heretofore not shown in the table. I have also further reduced the gross debt by taking off the amount of Government securities in which the New Zealand Consols deposits are invested, as both amounts appear in the table of the public debt. For the same reason I have taken off £500,000 held by the Public Trustee in trust for the payment at maturity of the stock inscribed for the purchase of the preferred shares of the Bank of New Zealand, represented by debentures of like amount issued under " The Aid to Public Works and Land Settlement Act, 1899." PUBLIC WOEKS FUND. Turning now to the Public Works Fund (the particulars of which will be found in Table 1), honourable members will lind that £187,334 came to credit in respect of the loan of the previous year. We also received £750,000, being the proceeds of debentures issued in the colony under " The Aid to Public Works and Land Settlement Act, 1902," besides instalments to the amount of £260,000 on account of the million loan recently raised in London. To these add £200,000, transfer from revenue, together with a small receipt of £1,616, which, with the balance brought forward to begin the year with of £454,059, made a total available ways and means of £1,853,009. Out of these moneys £ 1,426,264 were spent on railways, roads, and other public works, and £88,180 for charges and expenses of raising loans, leaving a balance to be carried forward to this year of £338,565. It will be seen from this that the amount received in respect of the new loan has fortunately not been trenched on, and is available for this ye.ir's expenditure. The expenditure on railways, roads, and especially public Buildings must be curtailed, notwithstanding that our ability to meet interest

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charges is much better than in the years gone by, when much larger sums were borrowed. In the curtailment a discrimination for such works as the North Island Trunk Railway should be made; and in respect to the other railways, roads, and other works the decreased expenditure should be spread evenly throughout the colony. LAND FOE SETTLEMENTS ACCOUNT. The account had a balance of £382,692 to start the year with, debentures amounting to .£338,700 were created and sold in the colony, £ 109,820 were received from rents and lease fees, £10,335 from interest on Investment Account, and £846 from miscellaneous receipts. On the other hand, .£353,462 were expended in the purchase of estates, and £10,521 in roading, survey, and other expenses, and £93,599 were recouped to the Consolidated Fund in respect of interest paid on debentures issued. A parcel of .£260,100 debentures fell due on Ist April, 1903; £10,100 were paid off from cash in hand, and the balance (£250,000) was redeemed from the proceeds of a like amount of new debentures created and sold for .£250,625. The balance carried forward to this year was £366,075. CHEVIOT ESTATE ACCOUNT. The rents and other receipts amounted to .£14,609, which, added to the balance of .£16,861 from last year, makes a total of £31,470, of which £9,037 were expended in payment of interest and other charges, leaving a balance of .£22,433 at the close of the year. CONVEESION ACCOUNT. The transactions of this account during the past year have not been very numerous. £230,040 of 3-per-cent. stock have been inscribed, of which £229,000 were sold and the proceeds used to redeem £52,000 5-per-cent. 1867 debentures, and to pay off the advance of £165,000 obtained on the security of short-dated debentures under " The Aid to Public Works and Land Settlement Act, 1899." A small parcel of 6-per-cent. debentures under Canterbury Loan, 1862, came in for conversion, and £1,040 stock was issued in exchange. Detailed particulars will be found in table appended. LOANS TO LOCAL BODIES ACCOUNT. The balance at credit of the Loans to Local Bodies Account on the 31st March, 1902, was £2,770. Debentures for £278,000 were created and issued during the past year, and refunds of unspent balances of grants amounting to £1,836 were received. Payments on account of loans were made during the year —to local bodies £234,870, and towards opening up blocks of land for settlement £18,578, leaving at the end of last year a balance of £29,158 to the credit of the account. Up to the 31st March last the total amount of debentures created and issued and carried into this account was £2,022,100, and the total disbursements have been —to local bodies, £1,581,898; to Lands and Survey Department towards opening up blocks of land for settlement, £332,913 ; and to Public Works Fund, £89,800, in exchange for debentures under " The Roads and Bridges Construction Act, 1882." It will be recognised that the transactions in connection with this account have been considerably increased, the total of payments made to local authorities on account of loans during the past year being the largest since the passing of the Government Loans to Local Bodies Act in 1886. Applications for loans for the construction of abattoirs under " The Slaughtering and Inspection 'Act, 1900," and for drainage and sanitary works under " The Public Health Act, 1900," are constantly being received. This is no doubt attributable to the fact that the local authorities are compelled under these Acts to borrow for the purposes above mentioned. These grants, although proving of great benefit in respect of the public health, tend very materially to swell the amount it becomes necessary for the Treasury to borrow in order to provide the loans authorised by these Acts.

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Of the total inscribed debt of local bodies, amounting to £1,669,480, the following figures will indicate to what extent the local authorities have availed themselves of the reduced rates of interest: at 4 J per cent., £964,361 ; at 4 per cent., £30,480 ; at HJ per cent., £674,(589. Seeing that the rate of interest is now higher than when the Act was passed fixing the rate at 3£ per cent., it may become necessary to raise the interest chargeable. I am pleased to be able to report that the payments of interest by the various local bodies on the inscribed debts continue to be fully and punctually made. NEW ZEALAND CONSOLS ACCOUNT. The deposits received during the year were the smallest since the account was opened, the amount being only £4,232. The reason for this is no doubt due to the fact, as stated in last year's Budget, that a better rate of interest is obtained by purchasing other Government securities. The total amount now inscribed is £472,500, which has been invested in Government and other securities, yielding a rate of interest to the colony equal to about 3| per cent, per annum. THE GOVEENMENT INSUEANCE DEPARTMENT. During the twenty years ended on the 31st December, 1902, the Government Insurance Department has made great progress. The new policies issued during the period were 66,375, representing a sum assured of £14,561,581. The business in force at the end of the twenty years increased from £5,176,217 at the beginning to £9,896,572, representing a net increase of £4,720,355. The income from premiums during the twenty years amounted to £4,841,651, while that from interest amounted to £1,995,565. The amount paid to policyholders or their representatives during the twenty years was £3,054,773. The amount added to the funds was £2,677,928, while the total accumulated funds at the end of the twenty years was £3,382,817. The following table shows the position at the end of the respective tenyearly periods —viz., 1892, 1902 :—

In connection with the above table it should be borne in mind that during the decade ended the 31st December, 1902, the amount paid to policyholders or their representatives has very greatly increased, owing to the larger number of insurances maturing and the increased deaths and surrenders occasioned by the larger number of policies in force. PUBLIC TBUST OFFICE. This institution has outgrown the troubles of infancy and reached a vigorous manhood. By comparing the figures of the years 1882 and 1902, its rapid growth can be seen at a glance.

N .New Business each Number of Policies. sew Busine on. during Period. Uubi..eb6 in ioj each ■ce at the End of Period. ea Number c Sum assured. Number of Policies. Sum assured. Policies. 'en years ended 31st December, 1892 ... 'en years ended 31st December, 1902 ... 33,958 32,417 & 7,776,713 6,784,868 30,316 42,406 £ 8,036,220 9,896,572 Income during each Period from Paid to Polieyholders during each Period. Added to Funds during each Period. Interest. Premiums. 'en years ended 31st December, 1892 ... 'en years ended 31st December, 1902 ... 708,001 1,287,564 2,068,264 2,773,387 £ 1,023,250 2,031,523 £ 1,275,409 1,402,519

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The powers of the Public Trustee have been from time to time enlarged, with much benefit to his clients. In dealing with the property of lunatics, winding up estates, applying income or capital to the maintenance or advancement in life of infants, and in many other ways, he has now much greater powers than private trustees. The management of Native lands, especially under '' The West Coast Settlement Eeserves Act, 1892," by the office has been very successful. The increase in land-values, owing to the rise of the dairy industry, has no doubt contributed to this; but the granting by a public officer of simple, inexpensive leases, with security for improvements and a right to renewal, has been a great aid to the settlement of these lands. The total area of reserves vested in the office under the Act is 186,489 acres: 128,176 acres are leased; 18,952 acres are held by Native owners under occupation licenses, which require them to fence boundaries, pay rent to other Natives who have interests in the land, &c. The sum of £23,001 Is. 6d. was last year paid from rents to the Native owners, after deducting all expenses. The office has been very fortunate in its investments. Prior to 1891 about £4,000 had been lost. The amount is small when the number of loan transactions is considered, and is creditable to the office lending Board. The losses were, of course, met out of profits, and did not cost the colony anything. There have been no losses during the last twelve years. The office Assurance and Eeserve Fund now amounts to £10,279 12s. 3d., a sum probably sufficient to meet any future losses. Last year a substantial reduction was made in the scale of charges, and as the business of the Department grows there will be further reductions. The State guarantee as a security for the acts of the Public Trustee should gain for the office the confidence of the most timid possessors of property. It is satisfactory to note that wills deposited in the office by which the Public Trustee is appointed executor have increased so largely. The number has nearly doubled during the past three years. The accumulated profits now in the office, apart from the Assurance and Eeserve Fund, amount to £30,954 3s. 7d., no portion of such profits having been paid to the Consolidated Fund since the year 1888. When the proper time arrives, the amount now in the Eeserve Fund could with advantage be expended in building a suitable office in Wellington for this important and useful institution. CUSTOMS DUTIES. The buoyancy in the revenue derived from Customs duties, notwithstanding the large reductions which were made during the session of 1900, will be readily seen by the following figures : — Year 1899-1900 ... ... ... ... ... ... £2,107,566 „ 1902-1903 ... ... ... ... ... ... £2,335,643 Increase during the three years = 10 # 8 per cent. If the duties on tea, currants, raisins, candles, and kerosene had remained unaltered, revenue would have been derived from these articles to the extent of £156,459 more than was actually received in 1902-3, the total revenue for which year would have been £2,492,102, equal to an advance of 18 - 2 per cent, on the revenue for 1899-1900. As compared with the previous year, there is a uniform increase in nearly all the principal items, a slight decrease being shown in tobacco and Australian wine. The increase in goods liable to ad valorem duty, such as apparel, textiles, boots, fancy goods, hardware, &c, amounts to £74,579 (equal to 178 per cent.), and in goods charged by weight (such as candles, fruits, fish, jams, leather, paper, &c.) there is an increase of £26,491 = 9\l per cent. These increases are greater than that in spirits—viz., £12,743 = 2*7 per cent. Cigarettes show a considerable increase—viz., £9,152 = 15*2 per cent. Tea remains at the same level, and in sugar there is an increase of £8,366 = 4 - 5 per cent. These increases represent an increased public expenditure on personal

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and household requirements, a result which is in keeping with the known general prosperity of the colony. . The following figures show the revenue per head of population on certain lines of goods in the years 1891 and 1902 :— 1891. 1902. Per Head. Per Head. £ s. d. £ s. d. Spirits .... .... .... 1 17 3 1 18 11 Tobacco .... ... .... 13 7 1 3 7J Cigars and cigarettes .... .... 0 4 7 0 7 8| Wine .... .... .... 0 17 0 1 3J Beer .... .... .... 0 0 11 0 0 8| Beer (New Zealand) .... .... 0 2 9| 0 3 2 Sugar .... .... .... 0 3 4J 0 4 3| Tea .... .... .... 0 3 0J 0 10 Coffee and cocoa .... .... 0 0 2| 0 0 \\ Currants and raisins .... .... 0 0 11 0 0 5| The taxation through the Customs per head of population was ten years ago £2 7s. 10d.; it was in 1902 £2 13s. 9|d. From the above table it will be seen that spirits, tobacco, cigars, cigarettes, and beer account for an increase of 4s. Bd. per head : this may be termed voluntary taxation on luxuries. The increase per head, therefore, in ten years, if no remissions on the necessaries of life had been granted, would have been 7s. llfd. per head; but from the above table it will be seen that the revenue per head for the necessaries of life has been reduced by nearly 2s. LAND AND INCOME TAX. The receipts under the head of land-tax fell short of the estimate by £4,000. The income-tax produced £16,000 more than the estimate, the two heads of revenue together exceeding expectations by £12,000. The receipts from income-tax for the current year I place at £210,000, a sum slightly under the actual revenue of last year, and yet a substantial amount when compared with the £68,000 received ten years ago, when the tax was first imposed. ABSENTEE LAND-TAX. The colony has the name of imposing a graduated absentee land-tax without the gain. For the year 1902-3 this tax amounted to the munificent sum of £922 12s. 2d. The Legislature, when deciding some years ago upon the imposition, intended it to be something substantial, and rightly so. Those absent from the colony do not contribute to the indirect taxation or otherwise help the revenue, and it is not unreasonable to ask them to bear a fairer share of the burdens of State. The present method of levying the graduated tax is not fair in its incidence, and the following table explains clearly the position: — £ £ b. a. Taxpayer A pays graduated tax on 9,980 —-amount of tax at Is. Bd. ... 5 4 0 B „ 10,010 „ 2s. Bd. ... 10 8 7 C „ 49,727 „ 7s. Bd. ... 181 6 0 D „ 50,173 „ Bs. Bd. ... 209 1 1 E „ 187,839 „ 14s. Bd. ... 1,369 13 2 F „ 197,329 „ 15s. Bd. ... 1,54112 8 The above are actual cases, and this being so it is intended to ask Parliament to amend the law so that the increase in the scale of graduation shall bear more evenly, and in doing so care will be exercised to see there is no decrease in the revenue from this source. VALUATION OP LAND DEPAETMENT. During the past year the valuations of the four large cities and several smaller boroughs have been revised. The capital value of these has been increased by £6,250,000, and the unimproved value by £4,000,000.

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Owing to the system of rating on unimproved value having been adopted in Wellington and Christchurch and some of the other boroughs much keener interest has been taken in the proceedings of the Assessment Courts than heretofore. In the country districts the results of the operations will, it is expected, when the figures are made up after the Assessment Courts are over, also show considerable increase of values, as well as equalising those which were previously uneven. During the coming summer it is intended to revise as many as possible of the districts which have not yet been valued under the Act of 1900. GOVEENMENT ADVANCES TO SETTLEES OFFICE. The business of this office continues on much the same lines as in previous years. The amount at credit in the Public Trust Office of the Sinking Fund Account was on the 31st March last £125,867 7s. 10d., and of the Assurance Fund Account £67,911 16s. Bd. The success of this office is a subject-matter for sincere congratulation. DEPAETMENT OF LABOUE. The wages of male workers in New Zealand have risen considerably during the last twenty years, and the wages of women workers during the last five. In manufactories the average male worker (including youths) received about £6 10s. per annum more than in 1892, and the woman worker (including girls) about £2 15s. per annum more than in 1895. This gives the large sum of £1,118,325 as being gained by the male factory workers in the last ten years above the amount they would have received had the wage-rate remained on the scale of that of ten years ago, and it leaves the amount gained by women and girls out of notice. The Labour Department lias not at present the means to collect statistics showing the wages of persons working outside factories. Carpenters., plumbers, engineers, painters, carters, sailors, miners, agricultural and pastoral labourers are all outside the present range of accurate wage-returns. Speaking generally, however, there has been a considerable rise in wages. Thus masons, who in 1892 received from about 10s. a day, now get from 10s. to 145.; plasterers, who received about Bs., now get from 10s. to 14s. ; farm labourers, formerly 15s. per week, get from 1.55. to 255. ; ploughmen, who were at 205., get from 20s. to 255. ; married couples (servants), formerly at from £50 to £70, now get from £60 to £80. This will give some idea as to the general rise in value of the earnings of the working-classes; although at the same time it may be noticed that commodities (especially meat) have risen in price. The actual gain in wages is by no means the only improvement visible in the condition of the industrial classes. By means of awards, agreements, &c, in many trades the hours of labour have been considerably shortened and holidays allowed for. Overtime also (which has not been computed in the advances above spoken of) has been fixed, and is paid for beyond the ordinary rates of wages. The improved sanitation in workshops, insuring better health to the inmates, also adds to the earning-capacity. Therefore, speaking generally, the life of the worker has been sensibly brightened during the passage of the last ten years. PUBLIC HEALTH. In view of the appearance of small-pox in Tasmania, elaborate and careful supervision of all passengers from the Australian Commonwealth has again been instituted, in addition to a measure of quarantine against vessels coming direct from Tasmania. This inspection, I am pleased to say, is being conducted free of cost to the State. By an arrangement entered into by the shippers and the Health Department, the expense attendant upon this extra work is being defrayed by the shipping companies. The colony is to be congratulated upon the fact that, although isolated cases of plague have occurred, the disease

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has not been permitted to spread. The occurrence of two cases of small-pox upon a ship within our own waters points to the necessity of a more''stringent enforcement of the law with regard to vaccination, as well as the expenditure of a considerable sum upon our sanitary defences. HOSPITALS AND CHAEITABLB AID. The colony last year granted by way of subsidies £100,274 to the hospitals and charitable institutions, and yet had no say whatever in respect to the expenditure. It is true we have an Inspector-General, but his power of control is nil. The position is almost farcical. Members review and criticize the expenditure of those Departments directly controlled by the State, but in this, which to all intents and purposes is a Department of State, neither the House nor the Government has any voice in the administration and cost, although providing bj' far the largest share of the money. The local bodies, who find, next to the Government, the largest share of the money, have a little say in the management, seeing they nominate members to the Charitable Aid Boards and Hospital Trustees. A change is necessary, and the moneys required should be annually voted. The Government should have a responsibility—the Inspector-General and other Inspectors should, where they see administration defective, patients not medically or otherwise properly treated, where persons are refused admission or improperly admitted and retained, or where waste or extravagance obtain, and where in case of charitable aid the expenditure is excessive, have power to call upon the Board or Hospital Trustees to effect reforms and improvements ; and, should this not be done, the Government should be empowered to stop further payments to the Boards and Hospital Trustees until effect be given to the recommendations of the Inspectors. The law in this respect, and in respect to the constitutions of the Boards and Trustees, requires amendment, and either the representation of the Government and the local bodies should be on the basis of the moneys contributed, or the controlling bodies should be wholly elected by the persons in the district who are on the electoral roll. HOSPITALS FOE THE MENTALLY AFFLICTED. The question of increasing the accommodation for those whose mental condition warrants their detention was brought before the House some time ago. My worthy colleague, the Minister in charge of hospitals, having on that occasion, with myself, fully stated the intentions of the Government in respect to this important matter, there is nothing further to add beyond stating that ample provision will be made to fully meet the pressing requirements of the case. The erection of one or more hospitals for first treatment on the lines of the Bethlehem Hospital deserves our earnest attention. As soon as the necessary accommodation is provided, classification of the inmates is another essential. The commitment to our hospitals of persons should be jealously guarded. Information has reached me to the effect that patients are sent to the hospitals for the insane who should, for a time at" least, be sent to the ordinary hospitals. There are also, it is alleged, hundreds of persons in our hospitals for mental diseases suffering only from senile decay. During the last five years no less than £86,000 was spent in erecting buildings and furnishing the same. Last year the salaries and allowances, and cost of maintenance, &c, amounted to £74,799. This year you will be asked to provide £75,895 out of the Consolidated Fund for the same purpose, and in addition a large sum for buildings, &c, out of the Public Works Fund. FARMS FOE SOCIAL OUTCASTS. Year by year, members are fully aware, large sums of money are spent in the maintenance of persons in our gaols who are really not criminals in the full acceptance of the term; they are simply derelicts of society. Drink, evil companions, old age, physical incapability, lack of mental strength to resist temptation to do wrong, all conduce to a breaking of the law. They must live, and when not in gaol they prey upon society. ii.—B. 6.

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The time has arrived when the colony should have, as in Germany and other countries, farms to which these outcasts could be committed. If these farms were on bush land they could clear the bush, stump and grub, cultivate food for themselves, and the surplus could be utilised to supply other State institutions. They would thus be self-supporting, and an eyesore would be removed from our midst which is now ever visible, and does not do credit to our boasted higher civilisation. To send these persons to gaol is a mistake : they are not really criminals. Some have the taint, it is true, but may not this have arisen from the first contact in the gaol? There are men and women who are unable to look after themselves ; but given a home, work, and food they would be quite happy and contented. The initial cost would be the only one, and it is worth incurring, if only to prevent the undue swelling of the criminal records of our colony, with the attendant unmerited reflection on the people. THE TOUEIST DEPARTMENT. The Tourist Department has completed its second year of life, and has completely justified its existence. Never in the records of the colony has such a large number of tourists readied our shores as during the past year. The advertising now being carried on, in addition to attracting tourists, is also designed to attract settlers of the best kind. The Te Aroha Hot Springs, heretofore administered by a Domain Board, is now brought under control of this Department. An accommodation-house has been opened at Waikaremoana, and other accommodation-houses have been provided. The revenue received from resorts under the control of the Department for the year was £8,401, as against £5,491 for the previous year, an increase of £2,910; but, as the Department is not one directly revenue-producing, these figures do not in any way gauge its value to the colony. POST-OFFICE SAVINGS-BANK. The progress of the Post-Office Savings-Bank and the large accumulation of deposits may be accepted as evidence of the continued prosperity and thrift of the wage-earners of the colony, who represent about 96 per cent, of the depositors. Although more particularly referred to in the Annual Report of the Post and Telegraph Department, it may here be mentioned that the excess of deposits over withdrawals in 1902 was £360,847, an increase equal to 534 per cent, over the excess in 1892. During the decennial period 1892-1902 the number of depositors increased by 102 per cent., the number of deposits by 120 per cent., the amount at credit of depositors by over 140 per cent., the amount deposited by 170 per cent., and the average amount at credit of each depositor increased from £25 9s. to £30 ss. 3d., or 19 per cent. The total amount at the credit of depositors on the 31st December last was £6,883,787, compared with £6,350,013 at the end of the previous calendar year. OLD-AGE PENSIONS DEPARTMENT. Last year the amount estimated as required for old-age pensions was £215,000, while the sum actually paid was £209, 156 ss. sd. It is estimated that £215,000 will be sufficient to meet- all claims this year. When introducing the Bill I stated that a time would arrive when a maximum would be reached, and for some time there would not be a very large increase : from the present outlook the amount required will not vary much. During the past year it was found necessary to introduce a new method of examining applicants for pensions, which is of a-more searching character than the one in vogue in previous years. The system is working smoothly, and doingall that was expected of it in preventing persons not entitled to pensions from receiving them. While upon this subject, permit me to say that it should always be borne in mind that, where there is a large sum of public money to be had by application, the greatest care must be given to all claims, otherwise persons not entitled thereto may obtain pensions. In the last Statement mention was made of the fact that the two largest States of the Commonwealth had, by inaugurating old-age-pensions schemes,

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followed New Zealand's humane action of 1888. It is 'gratifying now to record the fact that a similar measure has been introduced into the House of Commons. WOEKING EAILWAYS. I am pleased to be able to place on record the fact that the traffic on the Railways during the past year has shown a very marked increase over that for any previous year. The year's business shows an increase of 219,254 passengers, 19,000 head of cattle, 6,685 pigs, 1,096,473 sheep, and an increased tonnage of 201,217 tons. The gross revenue, as given by the Railway Department, amounted to £1,974,038 — an increase of £99,452 over the previous year. As showing the increase in the number of passengers and sheep carried, and the increase of revenue, since the railways were handed over by the Commissioners, the following comparative figures are very interesting : — 31st March, 1895. 31sfc March, 1903. Increase. Passengers .... 3,905,578 7,575,390 3,669,812 Sheep .... .... 1,519,921 3,821,333 '2,301,412 Revenue.... t1,150,851 £1,974,038 £823,187 The Railways gave employment to no less than 8,875 men, and last year paid £3 6s. Id. per cent, on the capital cost, £19,081,735. The value of concessions in fares and freights made since the Government resumed control of the Railways amounted on 31st March, 1903, to £588,000. The highly satisfactory condition of the Railway business is a matter for sincere congratulation, as it is undoubtedly one of the safest indications of the continued prosperity of the country. I confidently anticipate that the satisfactory condition of tbe colony which has been so marked during the past ten years will continue for a very considerable time to come. EDUCATION. Tbe past year has been marked by a great advance in the work of education in tbe colony, both in regard to the number of schools and institutions and pupils, and in regard to the extension of tbe held of operations. The progress has been more pronounced in respect to manual and technical education than in any other branch, the total number of recognised classes having increased from 425 at work at the end of 1901 to 911 at tbe end of 1902. Of the latter, 568 are classes for manual work in schools ; 279 are technical classes, properly so called for adults, and 64 are continuation classes. The total number of classes is now 1,629. The work is being taken up in the smaller as well as in the larger centres, and to an increasing extent in the country districts as well as in the towns. This entails a larger expenditure, not only for the capitation payable under the Manual and Technical Instruction Act, but in the form of grants for buildings and apparatus, and of such concessions as free railway passes. The number of primary schools open has increased from 1,715 at end of 1901 to 1,754 at the end of 1902. It is especially evident that, owing to the spread of education and the rapid growth of settlement, the sum voted last year for new school buildings will not be sufficient to meet the needs for the current year, and it will consequently be necessary to take a more liberal vote for that purpose on the public-works estimates. During the year a new departure has been made in the direction of providing free secondary and technical education for those boys and girls who are qualified to profit by it. The steps already taken include the granting of free tuition in secondary schools, and of free scholarships in technical schools on certain conditions. The Government's scheme for free secondary education has been accepted by sixteen out of the twenty-five secondary schools of the colony. A few of the larger schools and one or two of the smaller have not yet seen their way to fall into line with the rest. Parliament will be asked to meet the contingency, and ere the year ends it is to be hoped all the secondary schools will throw open their doors to qualified pupils, and thus make the valuable endowments they possess of the greatest possible benefit to the community at large. Tbe same end is attained in country places by the establishment of district high schools, the number of which is nearly sixty, as against the fifteen in existence two years ago.

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It is not the intention of the Government to stop here, but to go on until the way is open for any boy or girl of promise in New Zealand to receive the highest education which the colony has in its power to give. With this end in view the Government has determined to provide house allowance for one year for two pupils in the Fifth Standard in each educational district —twenty-six in all —who are specially gifted, and have received the highest number of marks, but who are from outside causes unable to continue their school course ; and to establish twenty-four "National Scholarships," the object of which will be to enable the holders to go from the primary schools to the secondary schools and thence to the university, full provision being made for the cost of tuition and for their maintenance. One important need of the educational system cannot be overlooked—namely, that in order to obtain the greatest possible value for the large amount of money spent in education it will be necessary in the near future to make more complete provision for the thorough training of our teachers. The programme which I have sketched out may seem ambitious—it will certainly entail a large increase of expenditure; but it must not be forgotten that an educated democracy is the safest and freest, because in it all have an equal chance; and it is, too, the highest form of democracy, insomuch as its individual members best know how to use their liberty intelligently. Therefore I do not for a moment believe that either the country or this Committee will begrudge the large sums of money which are spent from year to year in carrying out this most important function of the State. FAEMING INDUSTEIES. There is a considerable increase in the quantity of wool exported, and the prices realised are an improvement on those for the previous year. Tallow and sheepskins also show satisfactory advances, both in quantity and total value. The export of frozen meat exhibits a large increase in quantity, the figures being 2,454,000 cwt. for the year 1902-3, as against 1,871,000 cwt. for the year 1901-2. The total value of this export has also grown from £2,232,000 in 1901-2 to £3,229,000 in 1902-3. The quantity and total value of the cheese sent out of the colony shows a decrease, but this is far more than counterbalanced by the great increase in both quantity and total value of the butter exported. At the beginning of the season the London prices of butter were equal to those of the previous year, but, unfortunately, as the season advanced a considerable fall in the prices of all butters on the market was experienced. On the other hand, the price of our cheese has continued very high. The area under grain, especially oats and wheat, was larger than last season, and, although the crops ripened later than usual, the yield per acre was the most abundant for some years. As the prices of grain continue high, farmers have every reason to regard the harvest as a very satisfactory one. The quantity and total value of hemp exported show satisfactory growth, and the prices have remained at a high figure. The large recent development of this industry is undoubtedly due in some measure to the institution of Government grading. The fruit and poultry industries are making rapid strides, and the time is not far distant when the export of these commodities will assume important dimensions. Good progress has been made with the preparation of the experimental farms for the purpose for which they are intended. The cultivation of vines at Waerenga has again given excellent results, and the viticultural expert engaged by the Government last year predicts a great future for the wine industry in New Zealand. Public abattoirs have been established at several more of the larger towns, and the improvement thereby effected in the meat-supply is undoubted. The outbreak of anthrax has given grave cause for anxiety, and every effort is being made to stamp out this fell disease. There can be no doubt whatever as to the source of the trouble, which undoubtedly came with some bonedust from India. The only safe precaution is for the Government to erect sterilising-

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works: this has been authorised, an expert has been appointed, and the erection of works at Bluff and Auckland will soon be in hand. LAND FOE SETTLEMENTS. About 150 properties were offered for sale to the Government under the Land for Settlements Act, and twenty-three were acquired, the aggregate area being 151,940 acres, valued at .£569,927. The purchase-money paid during the year for 70,866 acres was £353,452, and the total sum paid to the end of last year is £2,598,112 for 122 estates, aggregating 539,374 acres. Owners' values were generally higher than the Board of Land Purchase Commissioners considered it prudent to go. On the 115 estates reported upon there are 2,335 selectors, who have already built 1,785 residences, and only three settlements show unsatisfactory progress. The accumulated arrears of unpaid rents are less than 10 per cent, of the year's actual collections. Since the inauguration of the policy by the Government of acquiring freehold estates for close settlement 116 properties have been secured, aggregating 475,223 acres and 19 perches, upon which the Government have settled 2,335 tenants, who contribute rentals to the amount of £116,979 ss. Bd. Notwithstanding the somewhat unseasonable weather which prevailed, very considerable progress has been made throughout the settlements, and in nearly every instance their position and future welfare are assured. The object-lesson which these properties generally afford of prosperous and happy homes is doubtless accountable for the keen demand which still prevails among the people of the colony for an opportunity of acquiring holdings in like manner. Whilst dealing with this subject I desire to call attention to the Cheviot Estate of 84,000 acres, which was acquired by purchase under a special Act, and constituted the great type of all succeeding settlements. It was acquired by the Crown in 1893 at a cost of £324,908 19s. 7d., though the market value at the present time is considerably in excess of the original cost to the colony. The number of selectors within the estate is 334, and the annual rental receivable from them is £14,434 13s. 5d., which at 5 per cent, represents a capital value of £288,693 Bs. 4d., exclusive of £37,355 received on account of cash and other sales, which necessarily had to be effected at the time of the acquisition of the estate. According to the census of March, 1901, the population of the settlement is 1,026, as compared with the small number represented in 1892 by the owner and his employees. FBUIT PEESEBVING AND CANNING. The waste that goes on in this colony year by year in that which bountiful nature has given us in the shape of fruit is little less than scandalous, and for the colony to be importing dried and tinned fruits to the value of thousands of pounds annually is a reflection upon some one. Where the fault lies it is hard to say. Common-sense dictates to me that it is of little use having pomologists here to encourage fruit-growing if the fruit when grown is not to be used. In respect to the fruit industry, I am of opinion that a course should be adopted similar to that with dairy factories, and the State should assist the fruit-growers by establishing factories at given centres, and by advancing on safe conditions the moneys to erect the buildings and to obtain the necessary machinery and appliances. There should be instructors in the art of preserving, drying, and tinning, who should go round the country and instruct the fruitgrowers in the same way as the dairy experts have done in the case of outlyingdairy farms. At the Cork Exhibition I was surprised to see what could be done in this direction, and how, with the aid of machinery obtainable at a small cost, every farmer's wife could preserve and tin the fruit from her own orchard. The Agent-General was instructed to engage the expert who was in charge of the fruit-preserving exhibits at this Exhibition. It was found, however, that his services had been previously secured by the Agricultural Department of Ireland. I anticipate, however, having experts here before next fruit season sets in. This will be adding somewhat to our administrative expenses, but the direct and

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collateral advantages will much more than compensate therefor. I hope the day is not far distant when the present waste will cease, and good profits be secured to the fruit-growers of our colony. FOEBSTS AND PLANTATIONS. As announced in the last Financial Statement, the officers of the Lands and Forest Department have given special attention to the conservation of the indigenous forests of the colony, and to the disposal of milling timber and other products. Additional areas of forest lands have been selected by the Commissioners of Crown Lands in various land districts, to be duly reserved as soon as the necessary explorations and surveys are sufficiently advanced. During the year 18,046 acres were gazetted, bringing up the total area set apart and gazetted to 2,570,113 acres. The gross revenue from the sale of timber and other products amounted to £15,916 6s. 10d., of which £12,045 12s. was transferred to Territorial Account. The sum now standing to the credit of the State Forests Account is over £31,000. The total expenditure upon the State forests and also upon the nurseries, and the various services rendered to other departments and local bodies, amounted to .£ll,OlB. It is proposed to approve of considerable increase in the expenditure for the current year, to defray the cost of freehold lands acquired for extension of nurseries and planting operations, especially in the vicinity of Waiotapu (in the Eotorua district), one near Kamo (Whangarei district), one Dumgree (Marlborough), one Hanmer (Canterbury), and one Tapanui (Otago), where areas are being fenced in and prepared for planting with selected trees suitable for replacing in some measure the waning indigenous timber-supplies of the colony. GOLD-MINING. This industry is steadily increasing, and I am pleased to be able to state that, notwithstanding the decreased yield from some of the quartz-mines referred to last year, the returns from this class of mining for the past year show a considerable increase. The yields from alluvial mining and gold-dredging also continue to increase. The total export of gold for the year 1902 amounted to 507,858 oz., valued at £1,951,426, being the highest for any year since 1873. The figures for the seven months of 1903 show an increase of 33,647 oz., valued at £120,355, as compared with the corresponding period of 1902. It is therefore fair to assume that the twelve months' export will exceed £2,000,000, a position not reached since 1871. The opportunity was taken of the forced sale by the law-courts to purchase the machinery and pumping plant at the Thames belonging to the ThaniesHauraki Goldfields (Limited), and the Government are now the owners of the property. Had this plant not been acquired by the Government as a whole it would have been dispersed, and the object for which the extensive pumping machinery was erected would have been frustrated. This would, in all probability, have resulted in the operations for prospecting for gold at the lower levels at the Thames being for all time abandoned. STATE COAL-MINES. The development of the Seddonville State Coal-mine and the mine at Coal Creek is rapidly approaching completion, and by the end of the year it is anticipated that coal will be put on the market. The outlook is very cheering, and the quality of the coal exceedingly good, whilst the quantity, especially at Coal Creek, far exceeds anticipations, and the easy and inexpensive method of working the same will enable, if thought desirable, the coal to be sold at much less than the prices now ruling. A matter that requires to be considered is the transit by steamers to the several markets, and unless private enterprise provides steamer freights at low rates Government may be compelled to have their own steamers.

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The winding gear, ropes, machinery, &c, have been ordered from England, and a contract let in the colony for the manufacture of mine-tubs. Pressing inquiries are already made for coal from our mine. The Luge demands for the Royal Navy and otherwise made prevented the Railway Department from receiving offers from the private mine-owners for the coal required, and the development, even to meet our own State requirements, will not be a day too soon. Information as to these works will be found in the report of the Manager of the State Coal-mines, which will be presented to Parliament in due course. NATUEAL POWER GENERATING ELECTRICITY. The conservation to the State of the natural power in our rivers and waterfalls is a matter of grave importance, and I fear we have not done our duty hitherto in conserving to the people those rights which Nature in her bounty has endowed us with It is true that in the year 1896 we passed an Act under which local authorities could not grant the rights of rivers to corporations or private individuals without the consent of the (lovernor in Council ; beyond that Parliament has done nothing. More recently some of the local authorities applied to the Government for expert assistance, and a preliminary report was obtained on the natural motive powers of the Waimakariri and Jiakaia Kivers, the Huka Palls, and other rivers. It was subsequently decided, considering the importance of the matter, that experts should be asked to report on the question. Negotiations were accordingly entered into by the Agent-General with electrical and hydraulic experts on the Continent and also in America. The terms and limitations of time stipulated by the experts on the Continent practically debarred their acceptance. I am happy to say that arrangements are almost completed for Mr. Handcock, one of the best American experts, to visit the colony. It was he who installed the system from West County to San Francisco ; more recently he has been engaged on installation at the Niagara Falls. A report from him can therefore be safely relied upon, and be of the best advantage to the colony. In the meantime, the Surveyor-General has obtained from the Chief Surveyors in each district the names, the powers, and approximate falls of the various rivers throughout the colony. An officer has been told off to prepare details, so that when Mr. Handcock arrives, we shall be able to place before him in concrete form valuable information respecting the volume and fall of the different rivers. This will enable him to form a general opinion as to the position. Finally, no one can deny the importance of this matter. Nature has been bountiful in respect to raw products and natural motive powers, and has destined this country to be a self-sustaining one. We have iron, copper, tin, timber, coal, wool, and every essential to the well-being of an industrial world. By utilising the natural motive power in our rivers and streams, this may be developed with enormous results for the good of the country. There is no other country more naturally adapted for industries than New Zealand; it rests with those administering its affairs to aid that which Nature has given us. MANUFACTURES. Turning now to what New Zealand has made for her own use (that is, goods in the manufacture of which several articles are employed in combination), as well as by the great primary industries : The census of 1886 (the first census at which the information was obtained) shows a total value of .£7,436,649 of manufactures produced in the previous year, and that of 1901 a total amounting to £17, 141,14 m for the year 1900. It must not be lost sight of that the great primary industries of meat-freezing, butter-making, flax and timber millingaxe included, and that their produce goes to swell the exports already alluded to. A complete table showing the increase of industries from 1885 to 1900 will be found in the Schedules. The following short table will give an idea of the vast strides industries and manufactures have made dixring the last sixteen years :—

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Table showing the Increases in the undermentioned Industries for the Years 1885 to 1900.

NEW ZEALAND INTEECOLONIAL FAIE. It is now some years since the colony promoted a national exhibition. In several of the large centres industrial exhibitions have been successfully held, and this is a. good augury for holding a Fair, and on a scale unprecedented south of the Line. This is requisite if full justice is to be done to the settlement and development of the colony, its resources and manufactures, its commerce, its grand, unique, and beautiful scenery, and its arts and products. Next year the St. Louis Exposition, to which we propose this colony shall send exhibits, takes place, and an Exhibition is also to be held at Cape Town, and an Industrial Exhibition is to be held at Wellington. And to hold an Intercolonial Fair in New Zealand in 1905-6 would be most opportune. It is hoped that by that time railway connection between Auckland and Wellington may be effected, and that Christchurch may have complete connection by rail with Cheviot. The selection of the place in which the Exhibition should be held has given the Government much concern. Finally we came to the conclusion that Hagley Park, Christchurch, is the most fitting place. There space is available, the lake and Eiver Avon lend themselves to gondola, water-chute, and switchback, and with the electrical installation of the city and the electric city trams the means of transit are provided. It is now nearly twenty years since the last colonial Exhibition was held in the City of the Plains, and under all the circumstances I refer the suggestion herein contained to the favourable consideration of honourable members, feeling assured they will not from local considerations object to that which will prove to be of immense benefit to our colony. The necessity for giving timely notice, and for obtaining shortly the opinion of the House upon the matter, arises from the fact that it will be necessary to communicate with the Imperial Government, the Governments of other countries, India, Canada, South Africa, the Commonwealth and State Governments of Australia, and inform them of the time fixed for holding a grand Intercolonial New Zealand Fair.

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PACIFIC CABLE. The completion of the Pacific cable on the 31st October last was a matter of extreme satisfaction to the Government and people of the colony, both on account of the consummation of this highly important undertaking in which widely separated members of the Empire are partners and because the cable has been the direct means of largely reducing the cost of oversea telegraphing. The lowering of the rates has brought about a considerable increase in the volume of cable messages; but the failure of the Pacific Cable Board at the outset to counteract the strong efforts made in the interests of the rival cable to secure business by the appointment of canvassers has resulted in the loss of business which otherwise would have been secured by the Pacific cable. This, however, is now being remedied. A disturbing feature, and one which has given much concern to the Government, is the determination of the Commonwealth Government to conclude an agreement for a long term with the Eastern Extension Telegraph Company under which the company secures advantages which militate against the Stateowned cable, and will require considerable expenditure by the Pacific Cable Board to minimise. This matter is dealt with fully in a paper which has been laid before Parliament. The share of the loss to be made good by New Zealand on the working of the cable for the year will be between £9,000 and £10,000, which is much in excess of anticipations. Unforeseen factors have no doubt helped to swell the deficiency, but it is hoped that the energy now displayed by the Board to conserve and increase its traffic will materially reduce the loss year by year. The reduction of rates, it is estimated, means an annual saving of about £50,000 on New Zealand business to the users of the cables. OCEAN MAIL-SEEVICES. The eighteen months' renewal of the Ban Francisco service expired in May. A temporary extension has been arranged with the Oceanic Steamship Company until the House of Representatives has had an opportunity of considering the question of the continuance of the service, proposals for which the Government intends to submit to the House at an early date. It has not been practicable, up to the present, to arrange for the inclusion of a New Zealand port as a calling-place for the Vancouver service. The Commonwealth Government of Australia and the Government of Canada have recently extended the present Vancouver contract for two years. Negotiations were opened with a view of getting this colony included, but the other parties would not concede the extra time it would take to call at New Zealand. It seems as though Queensland is not over-anxious to retain the connection, and there is some hope we may yet get the Vancouver service restored. SOUTH APEICAN TRADE. I am exceedingly pleased to say that, although the first two or three steamers of the subsidised line did not take away much cargo, the development has been such that the contract made with the New Zealand and African Steamship Company has been more than justified, the last three or four steamers having gone away crammed with cargo and with decks full of live-stock. The opening-up of the South African market has relieved the colony of immense quantities of frozen meat, and the taste of our fellow-colonials appears to be for a lighter sheep than is suitable for the London market. The large quantity of beef for which there was no demand in the Home market has found ready sale in Africa. Again, very large quantities of small goods, for which no market whatever could be found elsewhere, are being taken at good prices. Butter is going forward in large and increasing quantities, while for poultry an unlimited demand exists at top figures. Several shipments of frozen fish have been sent, with the result that large orders are on the way. Our oats have found a splendid market this year in Africa, no less than 175,969 sacks having gone forward in the subsidised steamers up till the 14th of last month. Pork, cheese, preserved meats, potatoes, bran, pollard, oatmeal, iii. —B. 6.

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grass-seed, fruit-pulp, leather, milk, and various other of our products have been taken in larger or smaller quantities, and the possibilities of trade in many of these articles are very great. " The vessel at present loading in these waters has on board some 70 tons of ground pumice, which is being taken as a trial shipment for insulation purposes. Another order has been placed for this article. The same vessel has loaded from Auckland about 50,000 ft. of kauri, in which a good trade is almost sure to result. Africa is also taking as much live-stock as the boats can carry, no fewer than 12,750 sheep, besides horses and cows, having left our shores up to date, while the space is engaged in the vessel at present loading for 4,000 sheep and 80 cows. Passengers to the number of 130 have availed themselves of the subsidised line. The nine steamers which have been despatched have made no less than forty-seven calls at New Zealand ports at which to load, visiting x\frican ports for discharge twenty-eight times. The expenditure of money in New Zealand in connection with the running of the new line of steamers means considerable gain to the colony. The different Harbour Boards will benefit to the extent of about £7,500 per annum. The boats are disbursing at the yearly rate of £7,000 for labour and £6,000 for stores. Besides the African trade, the steamers under contract to the Government have developed a considerable business with Western Australia. Several lines of live and frozen sheep have been landed at Fremantle, and the export of produce generally to that seaport has been stimulated. One satisfactory feature of the African trade is that virtually all the money paid in exchange for our products has been transferred to the colony before the goods actually left our shores. It may be noted that the " Essex," which sailed in June, carried away one of the largest cargoes, if not the very largest, which has ever left New Zealand, measuring between 11,000 and 12,000 tons, exclusive, of course, of live-stock, the total value being about £70,000. The steamers engaged in the service have all been fine ships, with abnormally large accommodation for frozen meat. Two of the later ones, and the next steamer (the " Suffolk"), are twin-screw boats, over 7,000 tons register, fitted with roomy up-to-date passenger accommodation, and it is hoped that the trade will have so developed that these larger vessels will be justified in continuing in the service. A commercial agent for New Zealand is now permanently residing in South Africa, with headquarters at Durban, where his services are available for supplying commercial information relative to trade between New Zealand and South Africa. The values of shipments to South African ports were as follows—Frozen cargo, £334,267; general cargo, £78,340; live-stock, £9,922: and to Western Australia, £8,533. Further particulars appear in the tables appended hereto. IMMIGRATION: INCREASED POPULATION. The advantage of having an increased population no well-wisher of our colony can deny. How this can be obtained without resorting to an assistedimmigration scheme demands our immediate and best attention. As the result of meeting Indian officers, both here and during my return journey from London, and of correspondence which I opened up with retired officers with reference to settling here, a few pioneers have already arrived, and are settling in the North; and lam sure if our climate and its adaptability were better known in India a much larger number would come. As these officers enjoy pensions and have moderate means, it is well to encourage this class of settler. To further this, lam of opinion that communication should be opened up with the principal military stations in India. The fullest information should be supplied, and I am satisfied there are many who would be only too glad to make New Zealand their home, for the reason that they have a difficulty in maintaining their station in England, whilst here they could live for much less and enjoy better health and more comfort. Our handbook is in great demand in military quarters.

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As regards settlers of the agricultural class from England, there are very few, comparatively speaking, that find their way to this colony. The cheap fares to Canada and America and other inducements held out to them cause the flow of immigration from the United Kingdom to those countries. xlt the present time our Agent-General has done his best, but he has only the one central office from which information can be disseminated, and this does not meet the necessities of the case; the cost of coming to London to make inquiries is too great, and as a consequence in most cases the only information obtainable is from the handbook. What is really wanted is to have agents in England, Ireland, and Scotland, farmers and pastoralists, who are personally acquainted with our lands and land laws, and the assistance given here to settlers, and who could give detailed information that would attract intending immigrants of the farming class. These agents should be New-Zealanders who had returned and settled in the Mothercountry. Their remuneration would be nominal —the honour of the position and recognition by the colony which had done well for them would be held a sufficient reward. Again, something might be done in the way of lessening the cost of passages The shipping companies have in the past met the Government, and, as honourable members are aware, settlers with a given amount of capital come here at reduced passage rates. More should be done in this direction, for after satisfying the earth-hunger of our own people there remains plenty of good land for others who come to us with the requisite energy and means to properly cultivate it. BANK OF NEW ZEALAND. The balance-sheet of the Bank of New Zealand, and the statement submitted to the shareholders by the chairman of directors, must be satisfactory to honourable members, and especially to those who with myself had the grave responsibility of bringing the colony to the rescue of the bank some years ago. What we then stated, and is now demonstrated, was that the colony would not be called upon to pay anything, and that the bank would in the course of time work out its own salvation. It was not then anticipated that at the close of the ten years for which the guarantee was given the bank would be in a position to dispense with it. Proposals will shortly be submitted to the House providing for further guarantee for a specified period, but for a less amount than that previously given. At the time the colony gave its assistance the bank's condition would not warrant anything being paid to the State for the guarantee, and accordingly nothing was asked. Things now, I am happy to say, are different, and it is only reasonable that some direct return should be received. It has been suggested that the guarantee should be given on the same terms as before ; it has also been strongly urged that the bank should be converted into a State bank. The Government consider the wisest course would be to establish as between the bank and the colony a limited partnership for a stated period, which would be to the advantage of both, and legislation giving effect to that proposal will be submitted in due course. The administration of the Assets Eealisation Board has been adversely criticized. That criticism, however, is made by those who are not fully acquainted with the facts, or with what the Board has done in the way of realisation. As will be seen from the statement and balance-sheet submitted to the House, and from the statement to the shareholders of the bank, the charges levelled at the Board are unwarranted. To have forced the whole of the real estate on the market would have meant a heavy loss, certainly to the bank and probably to the colony. To sell as opportunity arose, and at best obtainable prices, has proved to be the most prudent and businesslike course, and the value of the real estate now in the hands of the Assets Board as compared with its market and book value at the time the estates were handed over to the Board shows an increase of at least half a million sterling During this time the management of the estates has shown a considerable profit, which has been used to reduce the liability incurred by the colony on behalf of the bank,

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Again, it is not generally known that among these estates were a number of sheep-runs and pastoral properties entirely unfitted for close settlement — of such area and value that no private individuals could purchase them. These would not cut up to advantage. Not being suitable for close settlement and small pastoral runs, they have remained in the hands of the Board, and I am happy to say they have been worked at considerable profit. These are in. a better condition to-day than they were at the time they were handed over. It is only fair to the Board to state that the whole of the real estates in its hands have been offered to the Government and have always been open to private purchasers. The prices offered by the Government Land Purchase Board, when the offers by the Government had been refused, have in every case, when the land was sold privately, been considerably in excess of the Government's offer —in some instances by more than £1 per acre. Take, for instance, the Rangiruru Kstate. Government offered £25,950 ; it was sold privately at net .=£31,086, or £5 786 more. Then, also, the Carnarvon Estate : Government offered £39,072 ; it was sold privately for £47,226, or £8,154 more. To have sold at the prices first offered would have been unfair to the shareholders of the bank, and would not have reduced the liability of the colony. MIDLAND BAIL WAY. Last session an Act was passed under which Parliament authorised the sum of £150,000 being paid to the debenture-holders and shareholders of the Midland Kailway Company. The manner of payment was to be by the creation of debentures at par, bearing 3J per cent, interest. The proceeds of the sale of debentures was to be paid into the Public Works Fund, out of which payment would be made to the debenture-holders and shareholders. Nothing has yet been done. It was no doubt anticipated that, the 3^-per-cent, debentures being at the time considerably over par, the 3J per cent, would easily realise par. On making inquiries it was found the debentures would not realise par. The debenture-holders claimed that they were entitled to £150,000 in cash. A meeting was called and a strong protest made against acceptance of payment in debentures. Subsequently another meeting was held, when, under protest, the debenture-holders and shareholders agreed under protest to accept debentures. As the amount they were to receive was fixed at £150,000 as mentioned in the Act, being the sum which at a meeting in London I promised to recommend Parliament to provide for, I am constrained to advise that an amendment of the Act should be made, and that stocks should be sold sufficient to realise £150,000. I am advised that stock bearing the unusual rate of 3j per cent, interest would be an undesirable innovation ; and, in order to relieve irritation and to remove all grounds for grievance, I strongly recommend the course indicated, so that there may be now and for all time a satisfactory settlement of this long-standing dispute. NEW MARKETS: EXPANSION OF TEADE. In my Financial Statement of 1897 1 drew attention to the necessity for extending our trade eastwards and to the Pacific islands. The following passage is worth repeating : — " I have drawn attention to tins matter for the purpose of comparison, and to show the keen competition that exists in the other colonies, tending to keep down the rates of freight, and giving greater facilities for communication. " In the report of the "Victorian Government on the despatch of the Secretary of State for the Colonies detailed information is given in respect to subsidies to steamship lines, and I find that the payment to the German line of steamers is £200,000 a year, and to the French line £L 20,000. The P. and O. and the Orient lines each receive £85,000 per annum for the weekly service to Australia; and £245,000 is also received by the P. and (). Company for the Indian service." I also called attention to the action of the United States in proposing to annex the Hawaiian Islands. That annexation has taken place. I also called attention to the fact that the United States was then anxious to with-

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draw from the triple control of Samoa. The Hawaiian Islands now form part of America ; Samoa belongs to the United States and to Germany. The coastwise laws of America prevent this colony doing any trade whatever. America is further encroaching upon our trade owing to an arrangement being made between the French Government and the Oceanic Steamship Company for a steamship service from San Francisco to Tahiti, and from this centre goods are distributed to the various islands. The coastwise laws will soon apply to the Philippines ; and there can be little doubt, as things are going, but that President Roosevelt's statement, that America would dominate the trade of the Pacific, may, unless some change takes place, be much nearer than is anticipated. Honourable members are aware that w 7 e have subsidised steamer service to the Cook Islands and to Fiji. Further extension lias been deemed advisable; and, after conferring with the manager of the Union Steamship Company, he has intimated that his company is prepared to give a steam service between the colony and Noumea for £2,400 a year. As this service would be of mutual advantage to the French Government and the colony, correspondence has taken place, and the Government of France has been asked to contribute; if not prepared to contribute, then to grant concessions in the way of admitting the products of New Zealand on as favourable terms as those conceded to other countries. SUGGESTED EASTERN SERVICE. I also, in my Budget in 1897, made the following statement: — " In order to encourage and open up direct trade and passenger traffic with Queensland, the Motherland Indies, Straits Settlements, Burmah, and India, it would be worth while entering into negotiations with the New South Wales, Qiieensland, and Indian Governments, to see whether they would be prepared to join this colony in subsidising a good and fast monthly service, with Wellington and Calcutta as terminal ports. " A through service between New Zealand and Queensland would be a matter of great importance, there being many interchangeable products between this colony and the tropical portion of Queensland; but, owing to the combinations between the shipping companies, all Queensland cargo for New Zealand has to be transhipped at Sydney, and necessarily the through rates for passage and freight are high, and obstruct trade. The route I would propose from Brisbane to India would be, in the first instance, up the Queensland coast, calling at intermediate ports as far as Thursday Island; thence to Batavia (Java), Singapore, Penang, Rangoon, and Calcutta. " In order to profitably carry out this service it would be necessary to negotiate with the Dutch authorities at Batavia to allow the steamers to call and permit trade; and from what I can learn I think this concession would be granted, as it is already in the case of the Queensland Royal Mail service. A monthly line of large up-to-date steamers, with a speed of not less than fourteen knots, fair passenger accommodation, refrigerating machinery, and good cargocarrying capacity, would be required. " A brief glance at the population along the proposed route may be of interest. The population of the Islands of Java and Mildura (50,554 square miles) was estimated in 1894 at 25,067,471, or, adding that of adjacent islands, 32,800,000, of which about 60,260 were Europeans; the great commercial centre of Singapore has a population of about 184,554 ; Penang has a considerable trade, with a population of about 235,618; Rangoon (population 180,324), the capital of Burmah (population 7,605,560), and centre of a large trading country, has an immense trade; while the final port, Calcutta (population 861,764), forms a good base to tap a small portion of the trade of British India, with its population of upwards of 220,000,000. " There is a large intermediate trade all along the proposed route. Our fresh and tinned meats, dairy-produce, horses, temperate fruits, grain, &c, would soon be appreciated in the tropics, and in return wool-packs, corn-sacks, tea, coffee, rice, rubber, tobacco, indigo, spices, and other tropical products would be brought here at low freights and direct trade be induced.

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"I have no hesitation in saying that New Zealand would be benefited, for there are great possibilities by going off the beaten track and entering commercial regions, which, properly exploited, may result iti opening up fresh markets for our produce. I feel quite sure these suggestions are practicable, and every attempt should be made to carry them to a successful issue." Since calling attention to this, time has proved the accuracy of the views then expressed, and the necessity for something being done. We may naturally look forward in time to there being no increase in our export trade to South Africa and Australia, and for our increased products, which must inevitably follow increased settlement and development, it is to the East and to the Mothercountry and Canada we must look as our surest and best markets. PREFERENTIAL TRADE. Members are aware that the question of preferential trade is exciting a great amount of attention. It was discussed at the Colonial Conference in 1897. The revenue required by the various colonies render free trade as between Great Britain and her colonies impossible ; but preferential trade given to the Mothercountry by the dominions over the seas would help her trade and industries, and might lead to reciprocity later on. At the Conference of Premiers in 1897, the Premiers unanimously recommended the denunciation of treaties then existing which barred the way to preference being given by the colonies to manufactures of the United Kingdom. The treaties have been denounced, with the general concurrence of this colony. That is now five years ago, and, to be consistent, the preference then indicated should now be consummated. South Africa has declared for and Canada has already given preference, and this colony, I anticipate, will not hesitate to do the same. Care must be taken not to injure our own local industries, but by making a carefully selected list of articles, and imposing on them a substantial duty when of foreign manufacture, preference may be given to the Home trade without injury to our own industries. The concession proposed is on a broad basis, and without stipulating for any direct return from the Mother-country, but leaving it to her to respond as she thinks fit. At present the United Kingdom is not in a position to approach the colonies ; but for us on our part to give the preference now proposed as an earnest of more to follow would prove to our kindred there that we are acting unselfishly and, as we honestly believe, in the best interests of the Empire. Should, however, the Mother-country respond, it will then be necessary for us to recast our scheme and give her something more substantial. Ido not anticipate that the preference proposed will either increase or decrease our revenue materially. In regard to the way of doing it, I should prefer the lines adopted by Canada —namely, to raise the total, and then give a rebate to the British manufacturer. It will be seen that while imports from the United Kingdom decreased 9-() per cent, during the first ten years and increased 48 - 7 per cent, during the last ten years, the imports from America decreased 9-9 per cent, and increased 245 - 6 per cent, respectively for the same periods. But the most remarkable expansion is seen in the trade with foreign European countries, the increase in which was 289 - 5 per cent, for the first ten years and 2271 per cent, for the last ten years. Those intrusted with responsibility in the Mother-country, and supported by others with whom free-trade is a fetish, have agreed that full, impartial, and searching inquiry should be made. As to the result of that inquiry, I have no doubt whatever it will stagger every well-wisher of the Empire, and will conclusively prove that industrially the United Kingdom has lost considerably, and is losingground rapidly, as compared with Germany and America, especially seeing that in many of the principal industries there are only the manufacturers' profits, the raw material having been imported from America and elsewhere. We in New Zealand desire to enter into a closer relationship with the Mother-country, and it is not gain, but patriotism, country, and love of kindred that impel us to offer assistance. We helped in the emergency in South Africa, and, taking the rapidly increasing volume of trade and home industries of

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America and Germany, and the ever-increasing exports of the products of thesd countries to British communities as gauged by the increased import to this colony as hereinbefore mentioned, are prepared again to give generous help, for we feel the danger to the Empire to be much greater than any reverse that could have happened in respect to the war in South Africa. Statesmanship and prudence are essential in this trying epoch within the Empire. Country, not party, should be the watchword. With this obtaining all will be well. Alien countries whose fiscal barriers obstruct British trade may take exception from a business standpoint. They would prefer present conditions, but otherwise will admire those in the British colonies endeavouring to bringabout closer trade relationship with their kindred in the parent land. Are we in our friendly desires to be repelled by our own countrymen ? Time will determine. IMPEEIAL CONFEBENCE. Members are now fully conversant with the result of the recent Conference held in London, and matters of a far-reaching and important character were considered and dealt with. Summarised they were as follows : — 1. Conferences to be held every four years. 2. Views of the colonies to be obtained prior to entering on treaties that affect such colonies. 3. System for the mutual protection of patents to be devised. 4. In future agreements as to cable communications, the right of purchase be reserved to Government or Governments concerned. 5. Facilities to be provided for admission to the skilled professions in the new colonies in South Africa. 6. The protection and safeguarding of the coastwise trade of the Empire ; also a revision of the shipping laws of the Empire with a view to the promotion of Imperial trade. 7. Revision of the mail-services within the Empire : such steamers as may be suitable to be at service of His Majesty's Government as cruisers in time of war. 8. Preference to be given to colonial products in Imperial army and navy contracts. 9. The adoption of the metric system of weights and measures within the Empire. 10. Cheap postage on newspapers and periodicals within the Empire. 11. Increased number of colonial commissions in the navy and the army. 12. The adoption of preferential trade within the Empire. I have in another part of the Statement dealt separately with the question of preferential trade. A Bill giving effect to the metric system of weights and measures has been passed. A Bill giving effect to the Australian and New Zealand naval agreement will shortly be placed before you, and, I am assured, will be approved. Of the twelve subjects dealt with in the above resolutions, six were submitted by this colony, amongst them being that of holding periodical Conferences, which it has now been decided shall take place not later than every four years. This will lead ultimately to the establishment of an Imperial Council, in which the oversea dominions of the Empire will be represented, and at which they can bring to bear their local knowledge on matters of importance to the Empire. They will also be able to advise in respect to conditions obtaining and appertaining to subjects demanding the attention of the Imperial and Colonial Governments. The question of the islands of the Pacific was introduced by the Secretary of State, and subsequently it was concluded that the matter was not one for the Conference to deal with. The question of Imperial charges on colonial bonds was not proceeded with. The question of army and navy contracts was dealt with, and I am happy to state that as a result the supplies, as far as possible, are being obtained from the colonies.

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INTBBOOLONIAL CONFERENCE. It will be within the recollection of honourable members that a Conference of Premiers took place at Hobart in 1897. At the conclusion of that Conference there was a general understanding that the next Conference should take place in New Zealand. A great constitutional change has taken place since then, in the inauguration of the Australian Commonwealth. There are many matters of great interest to the Commonwealth, and also of Australian inter-State importance, which could be dealt with should a Conference be held, especially the question of trade reciprocity and defence. Our business connection with South Africa is very large, and is growing. The leading public men of South Africa have had no opportunity of meeting those of this colony or Australia. Again, there is a possibility of inter-trade with Canada. We are now partners with that great Dominion in the Pacific cable. We were formerly, and with advantage to both, connected in respect to the Vancouver mail-service. At the recent Colonial Conference held in London the proposal was made for a direct all-British service from Australia, New Zealand, Canada, and the United Kingdom; and, subject to an 18-knot-boat service being established, the New Zealand Government undertook to submit to Parliament the granting of a subsidy of £20,000 per annum. So far, nothing has been done beyond the extension of the present contract for the service between Australia and Vancouver. It would be an advantage to both Canada and this colony if the Premier or some other Canadian statesman could attend the Conference to be held in this colony, there to meet the statesmen of Australia and New Zealand and to discuss with them matters of grave moment not only to the overseas dominions but to the Mother-country. I feel firmly convinced that such a Conference would do an immense amount of good. It would bring public men into closer touch, tend to reciprocity of trade, and add to the stability of the Empire. Such a Conference would not be complete unless the Imperial Government were represented, and an invitation should be extended to the Secretary of State for the Colonies to attend and preside. He has a thorough knowledge of South Africa, and this would give him the opportunity of making himself acquainted ~ with Canada, Australia, and New Zealand. If he could not come himself, some other member of the Imperial Government might take his place; and this would also be a good opportunity for the Imperial Government to permit Lord Roberts to visit the colonies, who could advise in respect to defence matters, and it would not be out of place for one of His Majesty's Lords of the Admiralty to visit the colonies and the islands, and thus from personal knowledge be in a better position to deal with the question of naval defences. KEDUCED PEICES OF CONSOLS AND OTHER STOCKS. In a recent issue of the National Beview it will be found that Sir Edgar Vincent has compiled the following tables showing the price of Consols and of the securities of the more important foreign nations in 1895 to 1898, and at the present time: — i Average Present Prices Percentage of Name of Stock. of Mean Prices, /Qru , *,r lO nQ\ Fall from Average 1895-98. dUtm Ma - rcil > to Present Prices. British Consols, 2-J- per cent. ... ... 109J 90f 21-1 French 3-per-cent. Eentes ... ... ... 101 99 I*9B German 3-per-cent. Eentes ... ... ... 96-J 92 4*BJ Italian 3-per-cent. Eentes ... ... ... 83£ 102 Eise 15-7J Austrian 4-per-cent. Gold Eentes ... ... 102f 101 I*7 Eussian 4 per cent. ... ... ... 103 102 0-98 Egyptian 4-per-cent. Unified ... ... 105 107 J Eise 2-5 These figures show that Consols have fallen 21 per cent., whereas the largest fall in any foreign securities is less than 5 per cent. French and Russian securities are at substantially the same prices as in 1895 to 1898, while there has

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been a considerable rise in Italian stocks. The attempt to attribute the fall in Consols to the reduction in the rate of interest from 2f to 2J per cent, can hardly be successful in view of the fact that this reduction has been announced for fifteen years, and certainly during the past five years no serious investor has regarded Consols " as other than a 2j-per-cent. security, with J per cent, bonus up to 190 H. They have been bought and sold on a basis by all except the pure amateur." If the present value of the Jper-cent. bonus had been deducted from the price of Consols in 1897 it would still have left the price at 108, and the percentage of fall to the present figure would be 20 per cent. The table as under should not be lost on our colonial fellow-subjects.

Since period 1895 to 1898, colonial stocks have been placed on the trustees list, which under ordinary circumstances should have led to a rise in their price, while it would also tend to lower Consols. If we find that in spite of this change in the conditions the price of colonial securities has fallen about 10 per cent., as compared with the 20 per cent, fall in Consols, we may tentatively draw the conclusion that the fall in colonial stocks and in Consols would have been similar but for the new class of investors admitted to the colonial market and diverted from Consols. Sir Edgar Vincent thus interprets the figures : — " The figures appear to me to favour the opinion that the fall in Consols is not due to any special cause affecting one particular stock, but is a result of flooding the market with high-class British securities to such an extent that the capacity for absorption of the British public has been overtaxed. It is hardly necessary to observe that large municipal issues are a contributing cause." OUK LATE LOAN TRANSACTIONS. During last session authority was obtained from Parliament to raise £1,750,000 for public works, under " The Aid to Public Works and Land Settlement Act, 1902." A million of the loan so authorised, together with a quarter-million authorised by "The Government Advances to Settlers Extension Act, 1901," was placed upon the London money-market in February last, the price of issue being fixed at £94 10s., or ten shillings better than the loan of the previous year. The Government considered the time a favourable one to float the loan, but unfortunately an unexpected slump in colonial stocks set in immediately after our arrangements for flotation had been completed, and spoilt the market. This was caused chiefly by the virulent attack made by one of the London daily papers on the finances of several of the Australian States. The attack on Australia was unwarranted, and, for us, most unfortunate—all the more unfortunate as its effects were not manifest till it was too late for us to do anything. To withdraw the loan would have involved a blow to our credit far heavier than any effect of a small subscription. "We were not urgently in want of money, and could have postponed the placing of the loan without disturbing our finance had we realised the turn the market would take. Ido not regard the loan as by any means the failure which some of our opponents have thought fit to call it. The truth is, we have got a million and a quarter at a price which, considering the state of the market, is an exceedingly good one. iv— B. 6

Name of Stock. Average of Mean Prices, 1895-98. Present Price (30tli March, 1903). Percentage of Fall from Average to Present Price. British Consols, 2f per cent. Canada, 3 per cent. Cape, 4 per cent. New South Wales, 3 per cent. New Zealand, 3 per cent. India, 3 per cent. ... 109$ 103 115J 99f 97| 1081 90| 102$ 1031 86$ 91f 98£ ai-i 0-24 11-6 14-5 6-2-10-0

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No person with any expert knowledge expects to see an underwritten loan subscribed to by the public and the dealers anything like as heavily as one issued at a time when underwriting is not necessary. In the absence of the Loan Agents' accounts, which have not yet been received in the colony, I am unable to state the precise net price realised, but, as there is no reason to anticipate that the cost of raising will be any greater than that of the previous issue, the net result to the two accounts should be about =£91 15s. per cent. —a very satisfactory result indeed. The over-counter sales of 4-per-cent. short-dated debentures in the colony have now become a very popular investment. Over a million has been taken up in this manner during the past year. £750,000 were issued under the authority of " The Aid to Public Works and Land Settlement Act, 1902," and £338,700 to provide ways and msans for the acquirement of estates under " The Land for Settlements Consolidation Act, 1900." As in the case of similar sales made last year, purchasers had the option of having the principal made payable either in the colony, Australia, or London. In all 243 parcels were sold, ranging from £100 to £100,000. Of the debentures thus disposed of, £546,500 were made payable in the colony, £386,500 in Australia, and £155,700 in London. As this method of investment becomes better known a larger demand for this class of security may be looked for. EEVIEW : TWENTY YEAES, 1882-1902. It is not out of place for me to put before members the financial position of the colony twenty years ago and our position to-day, and also to recapitulate in categorical form the lines on which progress has gone. Finance, Eeceipts and Expenditure. In 1882 the receipts for the year were £3,805,23 ? , and the expenditure £3,616,896. In 1902 the receipts were £6,152,839, and the expenditure £5,895,914. The public debt twenty years ago was £28,479,111; in 1902 it was £52,966,447. In 1882 the interest charges and sinking fund amounted to £1,500,989; in 1902 it amounted to £1,803,939. Having shown the increased expenditure and receipts, the increased public debt, and interest required to be paid, I will proceed to show that the security now existing to the public creditor and the ability of the colony to meet its engagements are far superior to what they were twenty years ago. In 1882 there was a deficit of £1,628,316; in 1902 we closed the year with a surplus of £270,489. During the ten years from 1892 to 1902 the total net surpluses amounted to £3,279,914, and of this amount £3,205,000 was transferred to the Public Works Fund and expended on public works and for development purposes. On that sum no interest is payable, whilst the public creditor has the security. A survey of the development and the improved position to meet our obligations as contrasted with that existing twenty years will show— Population. The population, other than Maoris, numbered 517,707 in December 1882, as against 807,929 persons in 1902, an increase of more than two hundred and ninety thousand persons, or 56 per cent., being a yearly average of 2-25 per cent. Of this the natural increase amounted to 261,048 persons, an average of 12,431 per annum, showing that, whatever may be said of the birthrate, there has been a satisfactory margin between that and the death-rate, which in New Zealand is admittedly low. The increase by births over deaths in 1882 was 13,308 ; in 1892 11 417 • and in 1902 ; 12,280. Besides 807,929 persons, the populations of the recently annexed islands, 12,292 persons, and 43,143 Maoris, have to be added to make the full population of the colony on the 31st December last, which amounted to 863,364.

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Pbivate Wealth. The private wealth was estimated by the probate method to have been £110,789,000 in the year 1882. It rose to £240,000,000 in 1902, or at the rate of 117 percent. In 1895, shortly after the financial crisis in Australia, the rate per head of population had fallen to ,£219 (two years previously it was £232), but the figures for the last year under consideration (1902) give an average of £297. The private wealth consists of personal and real estate. The real estate may amount to about £130,000,000 sterling, and, accepting this, there remains £110,000,000 of personal estate. Considering the immense growth in the amount paid as income - tax, which rose 93 per cent, between the years 1895-96 and 1901-2, while the population increased at the lesser rate of Yh\ per cent., there are grounds for believing the personal estate is not being given at an extravagantly high figure. For 1888 the sum was estimated by the then Property-tax Commissioner at over fifty millions sterling. The above results, coupled with others shown further on, all tend to the conclusion that the development of wealth, privately owned, is very great.. Accumulation, Deposits, etc. It may be shown that large developments have taken place in trade, manufactures, occupation of lands, and live-stock. While this has been going on a process of accumulation in moneys on deposit in both classes of banks is noticeable. Savings going hand in hand with enterprise can scarcely be objected to. The deposits in the banks of issue (average of four quarters) were very nearly doubled in the twenty years under notice. The amounts are £8,945,346 for 1882, against £17,231,767 for 1902. But the amounts to credit in the savingsbanks (Post Office and. private) show a far higher rate of progress—viz., from £1,832,047 to £7,876,877, or a rate of 330 per cent. The depositors grew in number from 68,358 to 261,948, showing a distribution of the savings which must be regarded as eminently satisfactory. Teade and Manufactube. The statement in respect to the great increase of private wealth during the last twenty years is supported by the increase in respect to the external trade and internal manufactures, and by the general increase of trade, production, and shipping. The increase in the principal manufactures from 1885 to 1900 amounts to nearly £10,000,000. Imports and Bxpobts. During the first half of the period the population increased by 202 per cent., and the volume of import and export trade by 93 per cent.; but during the second half the increase was, population 24• 2 per cent., and volume of trade 516 per cent. Since 1892 the imports show an increase of 63" 1 per cent., and the exports 43-1 per cent. The unexampled increase of trade during the last ten years is proved by the value of some of the principal exports. The frozen-meat industry began in 1882, and in 1892 the export value reached the large amount of £1,033,371, but in 1902 it had increased to £2,718,763. The export of butter rose from £42,020 in 1883 to £227,162 in 1892, and £1,205,802 in 1902. A very large increase in the value of gold exported has taken place: In 1883, £892,445; 1892, £951,963; and 1902, £1,951,426. The very great increase of trade indicated by the foregoing facts has resulted in a corresponding expansion of the revenue derived from Customs duties. During the ten years ending with 1892 the increase was 17 - 0 per cent.; but that for the ten years ending with 1903 was 381 per cent., notwithstanding the remission of Customs duties in 1895 and 1900 on tea, dried fruits, rice, raw coffee, salt, sheep-dip, agricultural implements, fencing-wire, kerosene, &c.

XXVII

8.—6.

XXVIII

Increase of Shipping. The total volume of shipping, inwards and outwards, of foreign-going shipping has decreased as regards the number of vessels, being 1,656 in 1883, 1,375 in 189:4, and 1,219 in 1902 ; but the tonnage has increased enormously. Between 1883 and 1892 it had increased 32-8 per cent., and between 1892 and 1902 60 - 6 per cent. The total volume of coastwise shipping shows a similar result as to tonnage, but the number of vessels also shows an increase, though not in the same proportion as the tonnage. These figures point to the tendency, both in the foreign-going and coastwise trade, towards the employment of vessels of larger carrying capacity. In 1883 there were 579 registered vessels ; in 1892, 491; and in 1902, 549; but there was an increase of tonnage between 1883 and 1892 of 19-1 per cent., and between 1892 and 1902 of 46 - l per cent. Cbown and Native Land and Crown Tenants. Twenty years ago the total Crown lands occupied and unoccupied amounted to 25,000,000 acres. This area has been increased by the purchase under the Land for Settlements Acts of 483,384 acres, at a cost of £2,252,690, and of 4,185,740 acres of Native land, at a further cost of £1,097,155. Exclusive of hilltops, pumice, and other lands more or less sterile, there are now available for immediate settlement 2,957,504 acres, or, including those for pastoral purposes, 4,290,463 acres. In addition to the Crown lands, there are some 6,000,000 acres owned by the Natives, a great portion of which is suitable for settlement. The number of Crown tenants is 18,813, and the annual rental amounts to £340,340. Pbivate Landowners. In 1883 there were 71,200 private landowners, in 1893 91,500, and in 1903 they had increased to 115,700. Capital Value of Land in New Zealand. £ £ 1883 ... ... ... ... 74,000,000 1886 ... ... ... ... 116,000,000 1889 ... ... ... ... 111,000,000 1893 ... ... ... ... 122,000,000 Increase in ten years ... ... ... 48,000,000 1898 ... ... ... ... 139,000,000 1903 ... ... ... ... 165,000,000 Increase in ten years ... ... ... 43,000,000 Increase in twenty years ... ... ... £91,000,000 Increase in Live-stock. There has been a most substantial development in flocks and herds, in face of the great requirements of the frozen-meat trade. To give an idea of this, the number of carcases of frozen sheep exported in 1892 at the different works was returned at 1,316,758, of lambs 290,996, and beef 55,020 cwt. ; and in 1902, 2,058,622 sheep, 1,852,055 lambs, and 286,699 cwt. of beef. The living sheep in New Zealand in 1882 numbered twelve millions and a half, against twenty millions and a qxiarter in 1902. The cattle were six hundred and ninety-eight thousand in the earlier year, and close on to one million and a half in the latter. The horses are nearly double what they were in 1882. Occupied Holdings. There were 27,352 of these, omitting holdings under one acre, in 1882, and in 1902 the number had risen to 65,034 holdings. Between 1882 and 1892 the increase was 15,416, and in the last decennium, 22,266. The land in sown grasses, under crop, or in fallow was returned in the latter part of the year 1902 at 13,357,700 acres, of which 4,558,346 acres were laid down in grasses after ploughing, and seven and a quarter millions of acres

8.—6.

surface-sown. There were also 53,788 acres planted with forest-trees. Ten years previously the total of land in crop and sown grasses was only 9,713,745 acres, and in 1882 it stood at 5,651,255 acres. It cannot be asserted that the area in grain-crop increased vastly between 1882 and 1892, or between 1892 and 1902; but green and root crops show an acreage growing from 394,473 to 768,308 in the twenty years, and for land in sown grasses the increase is very striking, taking surface-sown with land previously ploughed. The figures are—in 1882, 4,322,562 acres ; 1902,11,808,215 acres. For the feeding of cattle and sheep, turnips are required, besides grasses, and here is found an acreage of 285,679 for the year 1882, extending to 512,686 in 1902. Eevenue: Twenty Yeaes, 1883-1903. A marked feature of the progress of the colony is the phenomenal increase of revenue which has taken place, particularly in the last decade. In 1882-83 the revenue from all sources totalled £3,742,556, ten years later it reached £4,329,891, and for the last year (1902-3) we have received no less a sum than £6,386,610, or £2,644,054 more than we received twenty years ago. The following will show the receipts under the principal heads for the years indicated :— 1882-83. 1892-93. 1902-3/ Customs ... ... 1,494,463 ... 1,642,590 ... 2,335,643 Eailways ... ... 954,741 ... 1,174,099 ... 1,982,551 Stamps ... .... 537,525 ... 658,424 ... 978,940 Taxes (property or land and income) ... 157,793 ... 381,674 ... 496,746 Territorial ... ... 410,878 ... 300,675 ... 252,278 DiKECT Taxation and its Incidence. In 1882 the property-tax was in force, but I find it difficult to make any comparison, inasmuch as the rates of the tax varied in many years. I think, however, I am under the mark when I say that the value of the taxable property in the colony has more than doubled. The value of freehold land at the first valuation was £122,000,000, while the value on the 31st March last was £165,000,000. The exemption of improvements less the increase from the graduated tax means a loss of £20,000 a year, the mortgage-tax £30,000, and the resumed estates a further £20,000, or £70,000 altogether. If the same rates had prevailed last year as in 1892-93, and the same land been taxable at present-day valuations, the land-tax revenue would have been £366,000 instead of £296,062. The income-tax rates have remained unaltered since the imposition of the tax. The first year's collection amounted to about £68,000, this year my estimate is £210,000, and the actual receipts last year were £200,683. The receipts for each year and the number of taxpayers are shown below :— V Amount. Number of Taxpayers £ (approximately). 1892-93 ... ... ... ... ... 68,000 3,400 1896-97 105,000 4,200 1900-01 ... ... ... ... ... 174,000 5,600 1901-02 ... ... ... ... ... 179,000 6,500 1902-03 ... ... ... ... ... 201,000 7,500 1903-04 (estimate) ... ... ... ... 210,000 8,500 This may be taken as an index of the progress the country has made and is making, and I have little doubt that at the present rate those of us who live to the end of another eight years will see the income-tax receipts reach £300,000 a year. Public Debt. Having thus cast a glance at the field of development in its various aspects, it remains to refer to the public indebtedness, and with it to the degree of pressure on the people caused by the burden of the annual charge in respect of the debt, for interest and sinking fund.

XXIX

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XXX

The net indebtedness of New Zealand in March, 1882, stood at £27,315,593, or £54 Is. lid. per head of population, and had increased by March, 1902, to <£51j837,631, or £65 12s. 4d. per head —an increase for the twenty years of £24,522,038. This twenty-four millions and a half of money (which was not all raised outside the colony), as is shown above, only had the effect of raising the debt per head by £11, on account of the increase which has taken place in the population. The debt of the local bodies adds to the liability. It increased from £3,277,584 in 1882 to £7,839,695 in 1902, or a sum of four millions and a half sterling. The burden of the public debt expressed by the degree of its pressure upon the taxpayers is illustrated by comparing the actual amounts paid out of the revenue of the Consolidated Fund for annual charge, which consists of interest and sinking fund, and the proportion of the revenue which is absorbed by these charges. A comparison can be made for the years 1895 and 1902, which shows a movement entirely satisfactory in its direction. Year ending Year ending March, 1895. March, 1902. 1. Amount actually paid for charges of debt ... £1,716,889 £1,803,939 2. Bate per head of mean population ... ... £2 10s. 3d. £2 6s. 2d. 3. Percentage of revenue absorbed by public debt charges ... ... ... ... 38-96 29-80 The amounts shown above as interest and sinking fund do not comprise the whole of the interest and sinking fund paid by the Government in respect of moneys raised by the issue of loans. Thus, in respect of loans raised under the Land for Settlements Acts, the Government Advances to Settlers Acts, and for the purchase of the Cheviot Estate, the interest, although made a charge upon the Consolidated Fund, is recovered from the receipts derived from the leasing of the lands or, in the case of moneys borrowed, from instalments paid by borrowers. The amount of interest thus charged and recovered during the year 1902 was £148,691. Such interest does not become a burden upon the taxpayer, and consequently is not included in the figures upon which the rate per head of mean population is calculated. Public Woeks. The expenditure on our public works during the last twenty years, though considerable, was less than during the preceding thirteen years, which carries us back to the initiation of the public-works policy. During the thirteen years ended the 31st March, 1883, the gross total public-works expenditure amounted to £19,054,018, while during the twenty years between that date and the 31st March last the amount was £18,890,811. The yearly average during the former period was considerably larger than during the latter, the respective figures being £1,465,694 and £944,541. The expenditure on the different classes of works was as follows :— £ Kailways ... ... ... ... ... 8,970,074 Eoads ... ... ... ... ... 4,364,423 Development of goldfields ... ... ... ... 208,288 Telegraphs ... ... ... ... ... 567,780 Public buildings ... ... ... ... ... 1,713,527 Purchase of Native lands ... ... ... ... 1,101,800 Miscellaneous ... ... ... ... ... 1,964,919 Total... ... ... ... ... £18,890,811 The total length of Government railways opened for traffic during the period under review is 933 miles, in addition to which 194 miles of private lines have been acquired. The amount expended under the head of Native-land purchase has resulted in an addition to the public estate of no less than 4,185,740 acres of land.

8.—6

XXXI

Summary of Development. (a.) Imports and Exports, — The value of imports increased—from £6,943,056 to £11,326,723, or a rate of 63-14 per cent. The value of New Zealand produce exported—from £9,365,868 to £13,498,599, or 44-13 per cent. (b.) Banking and Insurance, — Deposits in banks of issue (average of four quarters) —from £13,587,062 to £17,231,767, or 26-82 per cent. Deposits in savings-banks—from £3,580,544 to £7,876,877, or 119-99 per cent. (c.) Transport and Communication, — Shipping (international and intercolonial only) entered inwards—from 675,223 tons to 1,089,179 tons, or 61-31 per cent. Shipping entered outwards—from 656,100 tons to 1,048,770 tons, or 59-85 per cent. Miles of railway (State) open for traffic —from 1,886 miles to 2,291 miles, or 21-47 per cent. Eailway receipts—from £1,181,522 to £1,974,038, or 67-08 per cent. Miles of telegraph-line open—from 5,479 to 7,632, or 39-29 per cent. Telegraph revenue, including telephone — from £103,813 to £222",495, or 114-32 per cent. (d.) Occupied Lands, — Holdings occupied, number of—from 42,768 to 65,034, or 52-06 per cent. Land in cultivation, including sown grasses—from 9,713,745 acres to to 13,357,700 acres, or 37-51 per cent. (c.) Live-stock, — Horses, number of—from 211,040 to 286,955, or 35-97 per cent. Cattle, number of—from 831,831 to 1,460,663, or 75-60 per cent. Sheep, number of—from 18,570,752 to 20,342,727, or 9-54 per cent. (/".) Yield of Income-tax, — From £67,367 to £200,684, or 197-9 per cent., the rate of taxation beinguniform. (g.) European Population,— From 650,433 persons to 807,929 persons, or 24-21 per cent. SOME OP OUE ASSETS, 1902. Railways. —The profits last year amounted to £630,623 ; original cost, £19,081,735'; would fetch in the open market at least £27,000,000, or equal to half the public debt. Grown Lands. —Let to Crown tenants last year, 16,329,620 acres. Rents therefrom, £338,399 per annum. The present values based on a 4-per-cent. value on the rentals received, £8,459,975. Unoccupied Crown Lands. —Exclusive of mineral-bearing lands, 585,513 acres ; valued at £1 per acre. Auriferous, Argentiferous, and Goal-bearing Land. —£so,ooo,ooo. Post-offices, Telegrajih-lines. —Capital cost, £1,312,498; last year's profits (inclusive of State services), £172,954, which on a 4-per-cent. basis fixes the value of the Post and Telegraphs at £4,323,850. State Public Buildings and Land upon which they are erected. — Crown, local authorities, educational, church, and other lands (with improvements), £25,053,840. Harbour Defences: Lands. —Occupied therefor, £30,700.

8.—6

Lighthouses and land occupied therefor, and which are practically selfsupporting, £129,505. " Land, Valves and Private Wealth. —The total value of private lands in the colony is set down as on the 31st March, 1902, at £120,981,599, of which amount £'70,524,604 is the unimproved value, and £50,450,995 represents the value of improvements, and during the past financial year these totals have increased considerably. The private wealth of the colony is £240,000,000. The approximate value of the foregoing assets amount to £355,583,383. Our net public debt amounts to £53,585,780. We have, therefore, in the assets above enumerated no less than £301,000,000 approximately in excess of the amount that the colony owes. AID TO PUBLIC WOEKS. As previously stated herein, there was to the credit of the Public Works Fund on the 31st March last £323,000, of which £260,000, part of the million obtained under the million-and-a-quarter loan received last year, fortunately remained intact. As circumstances transpired, it was a good thing for the colony that our public-works expenditure was less than the appropriations. The cause of this arose from the fact that the appropriations were passed late in the year, and during the summer months employment was very plentiful. 'A moderate rate of public-works expenditure has since been maintained, and we are now in a position to carry on public works for some months to come without further aid, other than the transfer of a portion of last year's surplus to the Public Works Fund. It will be necessary, however, to take the requisite powers to raise sufficient to carry on the public works after the 31st March next, and you will be asked to give the necessary power to raise one million for that purpose. I do not think, however, from present appearances, that, although taking the authority now, there will be any necessity to raise the money till after the end of this year. I do not anticipate we shall require to go outside the colony to raise this sum, as it is in the best interests of the colony that we should refrain from going on the London market, and I do not expect there will be any necessity for so doing. There is a collateral advantage in raising the money within the colony, even though we pay a higher rate of interest, for we get the full amount of the debentures issued, and the less interest we have to send out cf the colony the stronger is our financial position. ESTIMATED EXPENDITURE FOE 1903-4. The expenditure for the present year is estimated at £6,255,857, representing an increase of £41,838 on the expenditure of the previous year. The permanent charges are estimated to exceed the actual payments of last year by the sum of £19,579, while departmental appropriations show an increase of £31,286. Of the permanent charges, interest on the public debt is answerable for the additional sum of £39,672 ; but this may be reasonably accounted for, provision having to be made for interest on the recent million loan, as well as on moneys borrowed for lending to local authorities under special Acts. If honourable members will refer to Table No. 7 which accompanies this Statement they will find certain classes under departmental appropriations show an increase of expenditure totalling £162,682; but, when you take into consideration the growth of our population and. the requirements of the people, it must be expected that our annual charge will increase. I have, with a view to a better comparison between the different classes of departmental expenditure, caused the Departments which have been inaugurated during recent years to be shown under new classes in the estimates, as their inclusion in same class with Executive Departments tended to show an abnormal increase of expenditure which was somewhat misleading to the uninitiated. .

XXXII

8.—6.

The greater portion of the increase asked for under the annual appropriation is absorbed by no less than sixaDepartments, as under :— Estimate, Actual, T Department. 1903-4. 1902-3. increase. £ £ £ Industries and Commerce and Tourist 43,377 18,680 24,697 Department Post and Telegraph Department .... 524,670 485,860 38,810 Education Department .... .... 555,440 526,820 28,620 Working Railways Department .... 1,360,000 1,354,151 5,849 Police Department .... .... 127,433 123,699 3,734 Lands and Survey Department .... 169,410 129,443 39,967 Honourable members will admit that these are Departments which cannot be allowed to suffer for want of funds. Other classes show a reduction of expenditure to the extent of £131,396; and lam sure members will be pleased to find that this year there is a reduction in the Defence expenditure i.f no less a sum than .£56,992, while the Colonial Secretary's class shows a reduction of .£65,825. In going through the estimates, members will find that substantial increases have been given to the Magistrates and to several heads of Departments and to experts. This is in keeping with increases granted to heads of the classified Departments under existing law. On comparing the salaries of the heads of our railway service, Secretary of Customs, the Commissioner of Insurance, the railway, insurance, and other experts, with what is paid in other colonies and countries, and what is paid by corporations and private companies, it will be found we have men with equal, if not superior, capacity, yet their salaries are very much below those paid for similar service outside. The inevitable result follows, and the colony has lost, and will lose, its most capable public servants. It is false economy not to pay well trained, brainy men whose experience and technical knowledge ever commfcd good salaries. In submitting these increases we have not omitted to recognise that with the increased cost of living, and having given faithful service, those receiving lower salaries in the unclassified Departments are entitled to consideration, and the increases to them we submit to your approval. I sincerely hope the time is not far distant when the whole of the public service may be classified, and that superannuation or insurance may be provided for the school-teachers and for the highest to the most humble of our State servants. ESTIMATED EEVENUE, 1903-4. Turning now to our ways and means for the year, I have, after careful consideration, set down our receipts from revenue proper as £6,468,000. In addition, the revenue will be aided by £60,600, being the proceeds of debentures issued in respect of the accretions of sinking funds for the current year, thus making a total available ways and means receipt from all sources of £6,528,600, or £84,491 more than was received last year. For the Customs revenue I have estimated to receive £2,400,000. Though the receipts of last year were very large, I do not see any ground for anticipating a retrograde movement, and in view of the good prices for wool and dairy-produce now obtainable I anticipate the revenue will be better than that of the previous year by nearly £65,000. The Railway revenue is expected to reach £2,000,000, or nearly £17,500 in ■excess of last year's receipts. From Stamps an additional sum of £4,061 is anticipated, while Land-tax is expected to realise £4,000 more than the previous year. The estimate for Income-tax is set down as £210,000, or nearly £10,000 better than the preceding year. Registration and other fees shows a small increase, but there is an allowance made for a shrinkage in Marine and Miscellaneous of £4,171. The Beer Duty will no doubt to some extent be affected by the extended area of no-license districts, and I have therefore discounted last year's receipts v—B. 6.

XXXIII

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by the sum of £1,400. The Minister of Lands anticipates a falling-off in the Territorial Eevenue of over £12,000, and I have therefore set down the revenue derived from that source as £240,000, or £12,278 less than the amount received last year.

Estimated Revenue of the Consolidated Fund (Revenue Account) for 1903-4, compared with the Actual Revenue of 1902-3.

Summarising the estimated receipts and expenditure for the year, the results may be set forth as follows : — £ Estimated revenue .... .... .... .... 0,528,600 Estimated expenditure .... .... .... 6,255,857 Excess of revenue .... .... .... 272,743 to which we must add the balance, £303,905, brought forward from last year, making a credit balance of £576,648. This is ample to provide for supplementary estimates, and also for a handsome amount as usual to be transferred to the Public Works Fund. CONCLUSION. I have now placed before honourable members many important matters affecting the colony. I have proved incontestably that financially our position is sound and strong. The figures given as to our public debt as compared with our assets, public and private, give £6 for every £1 we owe. Our population is fast increasing, and the indebtedness per head is more likely to decrease than to increase. The people in the United Kingdom fail to recognise the fact that the railways here are the property of the State, and that if sold to-morrow would fetch nearly half the money we owe as a public debt. They also fail to realise that the occupied Crown lands, from which a rental of nearly half a million per annum is received, are worth fifty millions; they are oblivious of the fact that the unsold Crown lands are worth another ten millions. The value of the auriferous and argentiferous lands of the colony it is almost impossible to estimate, but I shall be well within the mark by putting the value of them down at fifty millions. Then, again, there are the public buildings, and the post and telegraph asset, all State-owned. In addition to this there is the private wealth of the colony, amounting to over £240,000,u00, equal to £293 2s. per head of our population. There are in the colony approximately 437,000 adults, who, gauged by their earning and spending values, are equal to £200 per head of realised invested wealth. On this basisthe colony has in its adult population a commercial value of £87,400,000.

XXXIV

Differences. Estimate for 1903-4. Actual for 1902-3. Increase. Decrease. Revenue Account. £ 2,400,000 2,000,000 983,000 300,000 210,000 89,000 84,000 32,000 130,000 240,000 2,335,643 ! 1,982,551 978,939 296,062 200,684 90,400 88,881 32,968 133,203 252,278 £ 64,357 17,449 4,061 3,938 9,316 "ll9 £ Customs Railways Stamps Land-tax Income-tax Beer Duty Registration and other Pees Marine Miscellaneous Territorial Revenue 1,400 908 3,203 12,278 Sinking Fund increases 6,468,000 ! 6,386,609 '■ 99,240 60,600 i 57,500 3,100 102,340 17,849 17,849 Total 6,528,600 ! 6,444,109 84,491

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XXXV

Land settlement and development generally are proceeding at a rapid rate. The output of gold has been more than it has been for the last thirty years. The revenue is ever increasing, and the principal sources from which it is obtained —namely, our railways and Customs —proves the colony to be in a most prosperous condition. The remarkable increase in our exports, attributable to the spread of settlement and development and the industry of our colonists, the vast increase in manufactures, and the increase in the number of employed are factors which bear evidence that our industries are nourishing, and employment is plentiful with good wages obtaining. The education of our youth, and their complete equipment for life, is a claim we cheerfully admit and provide for. The deserving aged are relieved from anxiety, and the pensions given insure their requirements being fairly met. The construction of our railways and roads provide arterial communication, so that our products from the interior reach the ports of shipment at a reasonable cost. The grading of dairy-produce and flax give confidence to purchasers, and the inspection of meat has proved a great boon to both producers and purchasers. The success attendant upon having secured markets in South Africa warrants further effort, and the distribution of our meat over a wider service in the Mother-country than at present obtains, by opening emporiums in the various industrial centres, is an experiment that will cost little, yet still have the most beneficial results to the New Zealand producer. The Budget now submitted, I trust, may be taken as a chart which, if adhered to, will guide the good ship New Zealand safely into port. To announce that there is available from the Consolidated Fund over half a million sterling, after providing for everything on the estimates, makes one feel lighthearted ; and to have one million sterling on the i>l st March last available for public works, thus obviating the necessity for going on the London market for a considerable time, is most satisfactory and cheering. I enjoin economy in respect to departmental expenditure, a moderate expenditure on public w T orks, strenuous efforts to increase our population by attracting to our shores those who will lessen our responsibility, promote settlement, and bask in that sunshine of ideal progress, contentment, happiness, and prosperity we now enjoy. New r Zealand justly merits being termed " The Paradise of the Great British Empire," and, in the language of the poet Bracken, " God's own country."

TABLES TO ACCOMPANY THE FOREGOING STATEMENT,

Page Table No. I.—Abstract op Receipts and Expenditure of the Financial Year ended 31st March, 1903 .. .. .. .. .. .. .. .. .. .. 2 Table No. 2.—Comparative Statement of the Estimated and Actual Receipts and Expenditure of the Consolidated Fund for the Financial Year ended 31st March, 1903 .. 21 Table No. 3.—The Public Debt on 31st March, 1903 .. .. .. .. .. .. 2 Table No. 4.—Statement of the Estimated Liabilities of the Consolidated Fund outstanding on 31st March from 1894 to 1903 inclusive .. .. .. .. .. 24 Table No. 6.—Statement of the Estimated Liabilities of the Public Works Fund outstanding on 31st March from 1894 to 1903 inclusive .. .. .. .. .. 25 Table No. 6.—Statement showing the Total Ways and Means of the Public Works Fund and the Total Net Expenditure to 31st March, 1903 .. .. .. .. 20 Table No. 7. —Estimated Expenditure of 1903-4 compared with the Actual Expenditure of 1902-3 27 Table No. B.—Estimated Revenue of 1903-4 compared with the Actual Revenue of 1902-3 .. 27 Table No. 9.—Statement showing the Amount charged to " Unauthorised " in each Financial Year from Ist July, 1875, to 31st March, 1903 .. .. .. .. 28 Table No. 10.—Statistics for 1883-1892-1902 .. .. .. .. .. .. 29 Table No. 11.— Value of some of the Principal Exports .. .. .. .. .. ..29 Table No. 12.—Trade Exchange between New Zealand and other Countries .. .. 29 Table No. 13.—Development of Shipping trading to and from Places beyond New Zealand .. 30 Table No. 14. —Registered Vessels belonging to New Zealand .. .. .. .. 30 Table No. 15.—Increases for Two Decennial Periods, 1882-1892 and 1892-1902 .. .. ..30 Table No. 16. —Statement showing Total Shipments to South African Ports by Subsidised Steamers from November, 1902, to 14th July, 1903 .. .. .. .. 31 Table No. 17.—Statement showing Shipments to Western Australia by Subsidised Steamers from November, 1902, to 14th July, 1903 .. .. .. .. .. 32 Table No. 18.—Table showing the Increases in Industries for the Years 1885 to 1900 .. .. 33 Table No. 19. —Post and Telegraph Department : Comparison of Business for the Decennial Periods 1882-1892 and 1892-1902.. .. .. .. .. .. ..33 Table No. 20.—Comparison of the Railway Traffic and Rolling-stock Accommodation for Twenty Years .. .. .. .. .. .. .. .. .. ..34 Table No. 21. —Comparative Statement of the Public Trust Office Transactions for the Year 1882 with the Year 1902 .. .. .. .. .. .. .. ..34

I—B. 6.

8.—6

Table STATEMENT of the RECEIPTS and EXPENDITURE of the CONSOLIDATED REVENUE

19O1-19O2. RECEIPTS. 19O29O3. £ s. a. 532,564 8 11 £ s. d. £ s. d. 270,488 17 9 Balance at beginning of Year 2,201,116 I 7 90S,671 8 0 312,835 9 11 179,397 7 7 90,233 9 6 1,869,488 13 6 76,491 15 11 31,456 0 11 133,760 13 1 Ordinary Revenue, — Customs Stamps, including Postal and Telegraph Cash Receipts Land-tax Income-tax Beer Duty Railways Registration and other Pees Marine Miscellaneous 2,335,643 1 3 978,939 11 2 296,062 1 9 200,683 16 8 90,399 15 9 1,982,550 15 9 83,881 2 4 32,968 8 5 133,203 12 0 5,803,451 0 0 Territorial Revenue, — Cash Land Sales .. .. .. .. .. .. £37,445 17 1 Deferred-payment Land Sales .. .. .. .. 6,702 2 2 Pastoral Runs, Rents, and Miscellaneous .. ,. .. 208,129 15 10 6,134,332 0 1 59,576 0 8 8,434 11 3 181,608 9 7 252,277 15 1 249,619 1 6 6,386,609 15 2 6,053,070 1 6 Receipts in Aid, — Debentures issued under " The Consolidated Stock Act, 1884," — For Increases of Sinking Fund 57,500 0 0 57,000 0 0 36,991 7 0 Recoveries in respect of Expenditure of previous years,— South Africa Conting«nts .. Cost and expenses in connection with the issue of Debentures under the Dairy Industry Act Unauthorised (purchase of oats, &c.) 3,248 10 7 3,325 16 7 5,777 12 6 77 6 0 42,768 19 6 Totals £6.685,403 9 11 £6,717,924 9 6 I I L I ,C7i*t ;7 TREASURY BILLS £ s. d. 700,000 0 0 £ s. d. £ s. d. 700,000 0 0 Treasury Bills outstanding at beginning of Year 440,000 0 0 940,000 0 0 Treasury Bills issued during Year, — In anticipation of Revenue In renewal of Bills matured .. 400,000 0 0 1,000,000 0 0 1,400,000 0 0 1,380,000 0 0 Totals :2,080,000 0 0 £2,100,000 0 0

B—6

No. 1

FUND for the Year ended 31st March, 1903, compared with the Financial Year ended 31st March, 1902. ACCOUNT.

19O1-19O2. EXPENDITURE. 19O2-19O3. £ s. d. £ s. d. £ s. d. 32,258 9 1 1,803,939 2 4 198,455 0 10 63,470 3 10 30,483 2 7 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 .. E ndowments— New PJymouth Harbour Board Greymouth Harbour Board Westport Harbour Board Old-age pensions 32,269 6 8 1,900,978 19 4 272,948 17 10 71,048 17 1 33,161 1 1 4,801 11 10 20,993 4 10 35,799 13 8 207,468 8 5 3,602 7 1 16,607 12 4 39,646 9 5 209,156 5 5 2,397,668 17 5 2,579,419 16 3 22,382 8 2 229,717 7 2 41,537 0 1 131,456 13 7 463,817 2 0 89,404 14 8 27,106 5 2 502,872 15 6 65,343 4 8 9,932 14 10 21,158 18 5 101,284 12 9 1,280,771 10 8 47,852 5 9 193,183 18 8 120,932 9 7 120,180 3 1 25,407 2 3 418 0 9 3,486 7 0 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.—Education Department IX.—Lunacy and Charitable Aid Department X.—Department of Labour » XI.—Minister of Mines XII. —Minister for Agriculture XIII.—Working Railways XIV.—Minister for Public Works XV. —Defence Department .. XVI.—Police Department „ XVII. —Minister of Lands „ XVIII.—Valuation Department XIX.—Rates on Crown Lands Services not provided for 19,735 0 7 198,159 0 9 38,753 16 8 136,922 2 11 485,860 6 0 87,028 12 7 27,584 13 2 526,820 5 1 74,798 9 6 8,530 19 2 18,999 6 0 99,427 13 8 1,354,150 19 2 51,848 7 2 217,104 13 11 123,698 19 2 129,443 4 4 26,248 3 6 457 2 1 9,027 5 4 3,498,245 14 9 3,634,599 0 9 500,000 0 0 Amount transferred to the Public Works Fund in terms of section 17 of " The Appropriation Act, 1902 " .. 200,000 0 0 Debentures redeemed— "Land for Settlements Consolidation Act, 1900" 19,000 0 0 end of Yeab 303,905 12 6 £6,685,403 9 11 Totals £6,717,924 9 6 ACCOUNT, £ s. d. 440,000 0 0 Treasury Bills paid off during Year 940,000 0 0 Treasury Bills renewed during Year .. £ s. d. 400,000 0 0 .. I 1,000,000 0 0 £ a. d. rt f\ I 1,400,000 0 0 1,380,000 0 0 ,380,000 0 0 700,000 0 0 700,000 0 0 Treasury Bills outstanding at end of Year 700,000 0 0 1,080,000 0 0 Totals £2,100,000 0 0 £2,080,000 0 0 I » i ! • ' y *J U i

£.—6

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

19O1-19 I o . £ s. d. £ s. d. £ s. d. 31,823 2 3 Balance at beginning of Year, — Cash in the Public Account Advances in hands of the Officers of the Government, — In the Colony 38,299 8 2 377 11 11 38,677 0 1 31,823 2 3 6,430 17 9 10,757 13 8 Rents from Lands set apart Miscellaneous 2,278 19 2 1*591 15 8 3,870 14 10 17,188 11 5 Totals .. .. £49,011 13 8 £42,547 14 11 STATE COALB s. d. £ s. d. £ s. d. " The State Coal-mines Act, 1901," — Debentures created .. ;. 52,000 0 0 Totals £52,000 0 0 ACC UNTS OF £ s. d. 11,611 19 5 Balance at beginning of Year, — Cash in the Public Account Advances in the hands of Officers of the Government, — In the Colony £ s. d. 17,700 14 8 £ s. d. 15 2 i 11 12 5 17,712 7 1 11,627 1 9 7,524 5 7 17,455 13 10 28,064 14 2 19,785 1 10 Revenue received for Local Bodies, — Fees, Fines, &c. Endowments of Land, &c. .. Goldfields Revenue Gold Duty 6,966 9 9 19,052 15 2 24,964 2 8 22,399 7 1 73,382 14 8 72,829 15 5 Counties Separate Accounts, — Revenue of Counties in which " The Counties Act, 1886," is not in full operation 586 14 5 334 2 2 31,230 13 1 114 8 4 Advance Account, — Amount repaid by Local Bodies Ditto on account of Unauthorised Expenditure of previous years 39,161 19 6 67 4 8 39,229 4 2 31,345 1 5 Totals .. *.. £116,388 13 0 £130,658 8 1

8.—6

No. 1 — continued. FUND for the Year ended 31st March, 1903, compared with the Financial Year ended 31st March, 1902. ACCOUNT.

19O1-19O2. EXPENDITURE. 1902-1903. £ s. d. 10,334 13 7 Annual Appropriation,— Vote 111—State Forests Branch £ s. d. £ s. d. 11,017 19 6 38,299 8 2 Balance at end of Year, — Cash in the Public Account Advances in the hands of Officers of the Government, — In the Colony 31,364 13 8 31,529 15 5 377 11 11 165 1 9 38,677 0 1 Totals £42,547 14 11 £49,011 13 8 MINES Ai COUNT. £ s. d. £ s. d. £ s. d. Annual Appropriation— Vote 112—State Coal-Mines 39,423 10 0 Balance at end of Year — Cash in the Public Account Advances in the hands of Offioers of the Government— In the Colony In London 1,076 10 0 1,500 0 0 10,000 0 0 12,576 10 0 Totals £52,000 0 0 LOCAL B DIES. £ s. d6,902 6 6 13,675 5 8 26,508 11 8 19,673 0 4 Revenue paid over to Local Bodies, — Pees, Pines, &o. Endowments of Land, &o. Goldfields Revenue Gold Duty £ s. d. 6,871 1 1 17,086 3 9 26,234 7 3 16,642 4 3 £ s. d. 66,759 4 2 66,833 16 4 Counties Separate Accounts, — Amount distributed amongst local bodies where "The Counties Act, 1886," is not in full operation .. .. .. .. .. .. • 311 19 10 624 15 8 31,292 6 1 Advance Aocounts, — Payments on behalf of Local Bodies 39,136 3 6 17,700 14 8 Balance at end of Year, — Cash in the Public Account Advances in the .hands of Officers of the Government— In the Colony 24,224 12 9 24,376 8 5 11 12 5 151 15 8 17,712 7 1 Totals £116,388 13 0 £130,658 8 1

8.—6

Table STATEMENT of the RECEIPTS and EXPENDITURE of the CONSOLIDATED DEPOSIT

STATEMENT of the RECEIPTS and EXPENDITURE of the PUBLIC WORKS

£ s. d. 157,129 12 6 18,841 11 9 52,999 6 3 Balance at beginning of Year, — - Gash in the Public Account Advances in the hands of Officers of the Government, — In'the Colony .. In London £ s. d. 128,303 1 10 60,858 17 1 27,811 16 3 £ s. d. 216,973 15 2 228,970 10 6 879 4 2 14,049 15 1 75 0 0 19 1 5 325,834 0 2 24,422 2 9 264,307 4 2 3,170 10 6 651 12 4 16,715 G 1 37,400 0 0 694 7 6 332 10 2 51 11 10 154 1 6 65 6 3 Lodgments,— Cyanide Process Gold-extraction Act, 1897 Emigrants' Deposits General Assembly Library Fund Hospitals and Charitable Institutions Act, 1885-1886 Imperial Government (South Africa Contingents) Imperial Government (Balances, Fourth and Fifth Contingents) Imperial Government (Purchase of Oats) Land Transfer Act, 1885 .. Miori Land Admini-itriti in Suspense Account Mining Districts Land Occupation Act, 1894 Miscellaneous Money-order Settlement Moiety of Rotorua Bath Fees Native Land Purchases Native Township of Hokio Parata „ Pipiriki Potaka Botoiti Tβ Araroa Tβ Puia „ Tokaanu Tuatine Nelson Rifle Prize Fund 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 .. Public Health Aot, 1900 .. Public Trust Office Remittance Account Railways Tauranga Educational Endowment Reserves Act, 1896 Thermal-springs Districts Act, 1881 Trustee Act, 1883 1,009 4 1 13,892 1 6 45 0 0 7 15 11 424,132 8 8 2,702 5 9 188 10 6 924 12 5 60,485 13 4 1,400 0 0 1,068 7 0 148 7 2 2 2 0 94 9 3 148 3 0 73 5 3 35 7 6 71 0 3 28 8 9 175 13 1 73 13 9 341 11 2 162 5 6 360 1 0 22 10 0 41 10 9 42 19 9 3 10 0 155 4 9 24 9 0 35 11 0 129 11 0 306 9 10 41 10 9 8,238 12 5 300 0 0 18,987 16 1 5,220 0 0 16 1 2 717 4 2 212 16 4 10,317 4 3 2,611 14 6 17,239 6 2 11,020 0 0 58 10 5 77 4 9 332 12 6 723,253 10 2 Totals 549,291 0 2 £766,264 15 4 £952,224 0 8

£ s. d. £ s. d. £ s. d. 7,991 6 5 42,845 4 5 181,679 7 3 Balance at beginning of Year, — Cash in Public Account Advances in the hands of Officers of the Government, — In the Colony .. .. .. .. .. .. £5,544 11 3 In London .. .. .. .. .. .. 42,592 0 4 405,922 16 5 48,136 11 7 454,059 8 0 232,515 18 1 The Aid to Public Works and Land Settlement Acts, — Loan of £1,000,000 of 3 per-oent. Stock issued in London under the Act of 1901 .. .. .. .. .. £1,000,000 0 0 Less amount brought to charge in previous year .. 812,666 13 4 187,333 6 8 812,666 13 4 500,000 0 0 Instalments in respect of £1,000,000 Loan of 3-per-cent. Stook issued in London uuder the Act of 1902. .. Proceeds of sale of 4-per-oent. Debentures issued under the Act of 1902 (Colonial issue) Amount received from Conversion Account for repayment of advance made on security of short dated Debentures (as per contra) .. Interest on overdue instalments, Loan of 1901 Prooeeds of sale of £500,000 4-per-cent. Debentures issued under the Aot of 1900 (London issue) Proceeds of sale of £500,000 4 per-oent. Debentures issued under the Act of 1900 (Colonial issue) .. Proceeds of sale of £250,000 4-per-cent. Debentures issued under the Act of 1901 (Colonial issue) Temporary advances on security of short-dated Debentures 260,000 0 0 750,000 0 0 165,000 0 0 10 6 500,513 19 2 250,000 0 0 200,000 0 0 2,263,180 12 6 1,362,334 7 2 Amount transferred from the Consolidated Fund in terms of section 17 of " The Appropriation Act, 1902 " .. 200,000 0 0 500,000 0 0 1,615 12 2 Special Receipts in connection with the Ellesmere and Forsyth Reclamation and Akaroa Railway Trust .. .. 1,616 4 7 Totals !2,997,312 2 9 £2,018,009 19 9

8.—6

No. 1 — continued. FUND for the Year ended 31st March, 1903, compared with the Financial Year ended 31st March, 1902. ACCOUNTS.

FUND for the Year ended 31st March, 1903, compared with the Financial Year ended 31st March, 1902.

19O1-19O2. EXPENDITURE. 19O2-19O3. £ s. d. 13,659 15 1 75 0 0 5 18 5 333,990 12 8 24,422 2 9 264,307 4 2 Withdrawals, — Emigrants' Deposits General Assembly Library Fund Hospitals and Charitable Institutions Act, 1885-1886.. Imperial Government (South Africa Contingents) Imperial Government (Balances, Fourth and Fifth Contingents) Imperial Government (Purchase of Oats) Imperial Government (Purchase of Meat and Potatoes) Imperial Government (Passages of Surveyors for Gold Coast) .. Imp: rial Government (Passages of Teachers for Concentration Camps) Land Transfer Act, 1883-85 Mining Districts Land Occupation Act, 1894.. Miscellaneous Money-order Settlement Native Land Purchases Native Township, Parala .. Pipiriki Potaka .. „ Tokaanu.. Nelson Rifle Prize Fund New Zealand University Endowment, Taranaki Ngatirahiri Compensation North Island Main Trunk Railway Loan Application Act 1886 Amendment Act, 1889 .. Public Health Act Public Trust Office Remittance Account Railways Thermal-springs Districts Act, 1881 Trustee Act, 1883 .. £ s. d. 14,232 1 6 45 0 0 £ s. d. 472,088 17 1 1,961 10 6 180 13 9 41,796 19 6 26,606 17 0 350 5 6 15,002 13 10 873 17 8 1,381 1 2 3,586 5 9 517 13 1 59,218 9 0 18,400 0 0 150 17 4 42 13 1 109 10 4 74 19 9 62 5 0 338 0 0 18 11 6 139 11 1 88 0 3 217 17 6 44 16 0 20 2 10 11,011 9 9 14,563 11 11 717 19 2 562 3 11 527 13 9 4,590 6 2 2,911 7 0 19,250 19 3 0,253 2 11 11 8 0 212 16 4 619,373 15 9 735,250 5 6 128,303 1 10 Balances at end of Year, — Cash in the Public Account Advances in the hands of Officers of the Government, — In the Colony In London .. .. .. .. 131,362 7 3 60,858 17 1 27,811 16 3 5,522 6 3 10,006 6 1 146,890 19 7 216,973 15 2 Totals £952,224 0 8 £766,264 15 4

£ s. d. £ s. d. £ s. d. 16,404 5 1 1,333,940 13 1 145,599 11 8 12,158 17 0 11.260 0 10 139 14 2 402,260 4 4 15,325 6 11 18.261 9 10 31,728 16 2 570 9 4 146,875 13 1 1,677 7 1 Annual Appropriations,— Class XX.—Public Works, Departmental XXI. —Railways XXII.—Public Buildings .. XXIII. —Lighthouses, Harbour-works, and Harbour Defences XXIV.—Tourist and Health Resorts .. „ XXV. —Immigration XXVI.—Roads „ XXVII.—Development of Goldfields .. „ XXVIII.—Purchase of Native Lands XXIX.—Telegraph Extension XXX.—Rates on Native Lands „ XXXI.—Contingent Defence „ XXXII.—Lands Improvement 12,818 18 5 759,752 12 3 197,455 2 3 13,581 3 4 10,948 14 5 141 15 5 281,388 14 5 24,212 15 4 15,782 13 5 68,578 7 8 471 8 9 37,003 11 4 2,348 9 7 2,136,202 8 7 1,424,484 6 7 Unauthorised, — Services not provided for 1,780 6 3 1,430 8 2 400,000 0 0 5,619 18 0 The Aid to Public Works and Land Settlement Acts, — Repayment of advances made on security of short-dated Debentures Charges and Expenses of raising Loans— In respect of £1,000,000 Loan .. .. .. .. £87,997 2 8 On account of Colonial issue . .. .. .. 182 10 2 165,000 0 0 283,179 12 10 88,179 12 10 405,619 18 0 405,922 16 5 Balance at end of Year, — Cash in the Public Account .. .. .. Advances in the hands of Officers of the Government, — In the Colony In London 287,342 2 0 5,S44 11 3 42,592 0 4 16,467 7 11 34,756 4 2 338,565 14 1 454,059 8 0 Totals £2,997,312 2 9 £2,018,009 19 9

£.—6

Table STATEMENT of the RECEIPTS and EXPENDITURE of the CHEVIOT ESTATE

STATEMENT of the RECEIPTS and EXPENDITURE of the LAND FOR SETTLEMENTS

3. £ s. d. £ s. d. £ s. a. 11,680 16 6 Balance at beginning of Year, — Cash in Public Account .. .. 16,860 14 8 14,007 14 6 45 0 0 8 6 2 Receipts under " The Cheviot Estate Disposition Act, 1893," — Rents from Lands Interest on Advances Miscellaneous 14,602 10 4 6 19 5 14,609 9 9 14,061 0 8 Totals £25,741 17 2 £31,470 4 5

£ s. d. Balance at beginning of Year, — Cash in the Public Account Advances in hands of Officers of the Government, — In the Colony Investment Account £ s. d. £ s. d. 92,021 8 7 32,070 19 1 1,328 3 7 621 7 2 350,000 0 0 382,692 6 8 93,349 12 2 897,150 0 0 15 0 The Land for Settlements Consolidation Act, 1900,— Proceeds of Sorip and Debentures Proceeds of £250,000 Debentures issued in renewal of like amount falling due .. Premium received 338,700 0 0 250,624 19 0 589,324 19 0 897,151 5 0 Eeceipts derived from Estates, — Rents, Lease-fees, &o. 90,053 5 6 109,819 18 8 Other B9ceipts,— Interest on Investments held by the Land for Settlements Investment Account.. 10,335 1 9 36 15 6 Credits in reduotion, — Opouriao Estate Paparangi Estate Pomahaka Estate Bangiatea Estate Windsor Park Estate 0 4 9 12 7 10 0 8 6 21 10 11 37 4 0 Recoveries, — Hatuma Estate, on account of purchase-money Raincliff Estate, proceeds of sale of land 34 3 6 224 14 9 812 10 0 812 10 0 Carried forward ,080,816 1 5 1,093,018 19 2

B.^-6

No. 1 — continued. ACCOUNT for the Year ended 31st March, 1903, compared with the Financial Year ended 31st March, 1902.

ACCOUNT for the Year ended 31st March, 1903, compared with the Financial Year ended 31st March, 1902.

a—Ji. 6.

i. 19OM9O2. EXPENDITURE. £ s. d. 8,866 2 6 Interest 15 0 0 Surveys, Boading, Ac. " : 19O2-19O3. £ s. d. £ s. d. 8,866 2 6 170 10 0 9,08ti 12 6 8,881 2 6 Balance at end of Year, — 16,860 14 8 Cash in the Public Account 22,433 11 11 £25,741 17 2 , Totale £31,470 4 5 I ; ; I

£ s. d. £ s. a. £ s. d. £ s. d. £ a. d. £ s. d. 3,584 10 11 Annual Appropriations,— Vote 113—Land for Settlements Expenses 3,740 16 1 Acquirement of Estates, — Name of Estate. Purchaae-money. Purchaae-money. Expenses. 10 13 4 Total. 10 13 4 Total. 30 16 2 781 1 1 22 10 0 Albury Aorangi Ardgowan Argyll (Milbourne), (P. Green and G. E. Du Croz) 142,262 0 0 „ (Te Reinga), (M. Mason) .. .. 15,762 10 0 Barnego .. .. .. .. Beaumont Chamberlain (A. L. Haylook).. .. .. 148 1 6 (J.S.Rutherford) .. .. 41,715 14 0 Oradock .. ■ .. .. .. Duncan (J. Graham) .. .. .. 4,09111 9 Earnscleugh Eccleston (E. P. Chapman) .. .. .. 10,593 2 6 Elderslie Elsthorpe Epuni Fencourt Forest Gate Georgeton .. .. .. .. I Glenham .. .. .. .. .. j Hatuma .. .. .. .. .. j Hetana .. .. .. .. .. j Horsley Down .. .. .. Highbank .. .. .. .. .. [ Janefield .. .. .. .. .. j Kaimahi Kapua Kapuatohe .. .. .. .. .. Kereta Kitchener Kohika .. .. .. .. .. I Kohika No. 2 Kokatahi (H. Diedriohs) .. .. .. 4,709 0 8 Kumeroa Langdale .. Linton (R. Linton) .. .. .. .. 6,846 1 10 Longbush (H. T. Mahupuku).. .. .. 13,424 0 0 (Tully Bros.) .. .. .. 572 0 0 (Rihara te Tarera) .. .. .. 2,392 0 0 Lyndon Lyndon No. 2 Maerewhenua Mahora .. .. .. .. .. I Makareao (Waihemo Grange) .. .. j Manga-a-toro Mangawhata Maungaraki Maytown Mead (S. Bealey) .. .. .. .. 18,319 2 5 292 2 2 142,262 0 0 15,762 10 0 693 0 1 76 9 0 28 6 11 3 18 10 142,955 0 1 15,838 19 0 28 6 11 3 18 10 148 1 6 41,715 14 0 294 0 0 17 19 6 97 4 6 8 10 0 96 12 5 J 42,157 15 6 1,000 0 0 17 19 6 4,188 16 3 8 10 0 10,689 14 11 4,091 11 9 a 2 5 82 8 2 10,593 2 6 10,032 1 2 90 12 10 49,209 1 6 17 19 0 37,512 13 4 2,944 1 9 4,925 5 3 20 0 0 165 17 1 820 0 10 44 7 8 87 15 1 165 17 1 820 0 10 44 7 8 87 15 1 305 10 7 2,830 13 3 29 14 6 305 10 7 2,830 13 3 29 14 6 1 12 6 i 12 6 7 2 6 4,752 5 2 8 7 1 6 13 5 80 0 0 0 13 6 14 9 0 10 14 9 8 7 1 6 13 5 80 0 0 0 13 6 14 9 0 10 14 9 2,293 18 8 876 9 8 28,700 14 4 19 16 3 29,551 8 0 31,291 5 4 72 2 6 828 17 2 17 3 6 27 8 0 4,781 3 2 828 17 2 17 3 6 6,873 9 10 I 16,388- 0 0 262 4 4 43,868 14 0 6 1 6 819 7 9 215 14 0 819 7 9 215 14 0 4,461 17 1 88,759 8 1 16,598 7 8 774 14 4 5,307 8 0 44 6 6 1,723 16 11 920 12 3 90 6 9 804 7 6 98 18 0 320 2 10 44 6 6 1,723 16 11 920 12 3 90 6 9 804 7 6 98 18 0 18,639 5 3 364,536 9 9 Carried forward .. .. .. 260,835 4 8 11,716 7 6 272,551 12 2 3,740 16 1

8.-.6

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

1901-1902. " RECEIPTS. 19O2-19O3. £ i. d. 1,080,816 1 5 g. a. £ s. a. £ i. a. 1,093,018 19 2 816 1 1 5 Brought forwara 0 ,816 : 1 5 Totals I £1,080,816 1 5 £1,093,018 19 -2

8.—6

No. 1 — continued. ACCOUNT for the Year ended 31st March, 1903, compared with Financial Year ended 31st March, 1902— continued.

19O1-19O2. EXPENQITURE. 19O2-19O3. £ B. d. 364,536 9 9 Brought forward .. .. .. 260,835 4 8 Acquirement of Estates— continued. Name of Estate. Purchase-money. £ s. d. 260,835 4 8 £ s. a. 11,716 7 6 11,716 Expense 7 6 ee. £ s. a. 272,551 12 2 £ s. d. 3,740 16 1 1 9 10 3,528 16 10 0 12 6 Merrivale Metliuen Momona (Myrtle Bank) Normandale (W. A. Fitzherbert) .. .. 4,000 0 0 North Bank Omaka Opawa Opouriao Orakipaoa Otahu Papaka (Levels Valley) .. .. .. i Papaangi .. .. .. .. .. j Pareora No. 2 Patoa .. .. .. .. .. I Pawaho .. .. .. .. .. I Plutner .. .. .. .. .. j Poraahaka .. .. .. .. Pouparae Puhuka Punaroa (Three Springs), (Maokenzie County) .. 10 0 0 Raincliff Rapuwai Raureka Rautawiri Richmond Brook Ringway .. .. .. .. .. Rosebrook Rural Section 36278 Snotswond (Bayly and Mills) .. .. .. 15,201 6 2 Scarborough Squire's Homestead (G. W. Squire) .. .. 92 16 6 Tablelands (H. T. Mahupuku) .. .. 25,349 0 0 Takitu Tamai Tarawahi Teanaraki Toka-ora Tokarahi .. .. .. .. .. Waari Waikakahi Waimarie Waipapa Run Wharenui .. .. .. .. Whitehall .. Willows Windsor Park (B. Menlove) .. .. .. 31,528 4 1 Windsor Park No. 2 (E. Menlove) .. ..; 16,445 15 9 353 4fi2 7 2 Purchase-money. 4,000 0 0 Expenses. 4 14 3 162 1 0 0 13 4 » ' flh \-i » % i.' V. 4 1 162 0 1 158 2 188 1 10 1 24 1 1 1 16 1 93 55 12 i 46 210 15 0 3 211 1 0 77 ] 34 32 55 ] 48 1 704 ] 0 ] 96 1 98 ] 1 19 866 548 15.521 1 14 3 1 0 13 4 0 7 5 0 19 0 12 10 14 1 11 0 19 10 4 0 0 0 1 6 4 0 3 0 9 0 5 0 8 6 9 9 10 9 5 0 17 10 5 9 9 0 17 6 14 7 14 2 18 0 4 10 5 9 13 1 4 0 8 0 0 6 2 0 13 11 Total. 4 14 3 162 1 0 0 13 4 4,000 0 0 158 0 7 2 5 0 188 19 0 251 11 11 20 10 0 158 0 7 2 5 0 188 19 0 19 0 8 •24 2 6 15 9 10 6 0 330 11 0 10 12 10 24 14 1 1 11 0 10 12 10 24 14 1 1 11 0 103 17 3 888 0 0 33 .19 7 2 7 6 1,088 19 10 247 13 6 2,489 3 0 9,158 5 2 2 7 6 15 8 653 17 6 8,121 17 1 16 19 10 93 4 0 55 0 0 12 1 6 16 19 10 93 4 0 55 0 0 12 1 6 10 0 0 14 0 46 3 0 14 0 46 8 0 10 0 0 210 9 0 15 5 0 0 8 6 3 9 9 211 10 9 0 5 0 210 9 0 15 5 0 0 8 6 3 9 9 211 10 9 0 5 0 487 0 9 15,201 6 2 77 17 10 34 5 9 j 1,635 16 6 171 0 2 94 14 8 131 19 0 92 16 6 25,349 0 0 32 9 0 55 17 6 48 14 7 704 14 2 0 18 0 96 4 10 15,279 4 0 34 5 9 92 16 6 25,381 9 0 55 17 6 48 14 7 704 14 2 0 18 0 96 4 10 32,006 9 8 45 1 10 860 13 0 5 8 0 2 7 6 193 7 11 40 0 0 10 7 15 9 98 13 1 14 0 1 5 9 98 13 1 1 4 0 31,528 4 1 16,445 15 9 19 8 0 866 0 6 548 2 0 19 8 0 32,394 4 7 16,993 17 9 427,191 9 11 353,462 7 2 15,521 13 11 368,984 1 1 Interest recouped to'Consolidated Fund in respect of Debentures issue j ed 10,021 J 13 11 368,984 1 1 93,599 7 6 66,834 18 6 Redemption of Debentures due 1st April, 1902 2(50,100 0 0 512 15 10 Charges and Expenses on issue of Debentures under the Act 319 14 9 Unauthorised— . Services not provided for 200 0 0 200,000 0 0 Repayment of Advances made on seourity of short-dated Debentures Balance at end of Year, — Cash in the Public Account Advances in the hands of Officers of the Government, — In the Colony Investment Account 38,352 1 5 32,070 19 1 621 7 2 350,000 0 0 2,722 18 4 325,000 0 0 366,074 19 9 382,692 6 3 Totals 1,080,816 1 5 £ 1,093,018 19 2

8.-6

Table STATEMENT of the RECEIPTS and EXPENDITURE of the CONVERSION

STATEMENT of the RECEIPTS and EXPENDITURE of the NEW ZEALAND CONSOLS

19O1-19O2. RECEIPTS. 19O2-19O3. £ s. d. Balance at beginning of Year, — Cash in the Public Account In the hands of Stock Agents— Cash In the hands of the Agent-General— Cash £ s. d. £ s. d. 3,706 19 3 901 0 8 180 5 4 1,910 3 1 1,892 9 0 4,703 12 9 3,887 4 7 3-per-cent. Inscribed Stock, — Issued for redemption of Debentures Issued for payment of conversion expenses .. Issued in exchange for Debentures .. 50,000 0 0 7,000 0 0 327,147 0 0 229,000 0 0 1,040 0 0 230,040 0 0 384,147 0 0 _,-- Totals £888,081 4 7 £234,743 12 9

£ s. d. Balance at beginning of Year, — Cash in Deposit Aooount .. Investment Aooount £ a. d. £ s. d. 2,989 7 1 456,400 0 0 224 7 1 468,100 0 0 468,324 7 1 459,389 7 1 8,935 0 0 Deposits inscribed 4,231 14 0 £468,324 7 1 Totals £472,556 1 1

8.—6

No. 1— continued. ACCOUNT for the Year ended 31st March, 1903, compared with the Financial Year ended 31st March, 1902.

ACCOUNT tor the Year ended 31st March, 1903, compared with the Financial Year ended 31st March, 1902.

19O1-19O2. EXPENDITURE. 19O2-19O3. i. s. d. 50,900 0 0 30 0 0 400 0 0 £ s. a. Debentures redeemed, — Consolidated Loan Act, 1867, 5 per cent. .. .. .. .. .. 52,000 0 0 The Aid to Public Works and Land Settlement Act, 1899— Amount transferred to Public Works Fund for repayment of advances on security of short-dated Debentures .. .. .. .. .. 165,000 0 0 Naval and Military Settlere and Volunteers Land Act, 1892 Otago Loan Ordinance, 1862, 6 per cent. £ s. d. 217,000 0 0 51,330 0 0 I 39,900 0 0 285,000 0 0 2,247 0 0 Debentures converted into 3-per-cent. Inscribed Stock,— Canterbury Loan Ordinance, 1862, 6 per cent., due 1915-16 .. .. .. 800 0 0 Land for Settlements Aot, 1894 Aid to Public Works and Land Settlement Acts Premium paid in respect of conversions .. .. .. .. .. 240 0 0 j327,147 0 0 1,040 0 0 135 0 0 1,690 1 0 838 12 9 231 5 6 90 0 0 348 0 0 1,458 4 7 62 8 0 Expenses Account, — Brokerage and Commission .. .. .. .. .. .. 574 10 0 Discount.. .. .. .. .. .. .. .. .. 11,104 7 6 Stamp Duty .. .. .. .. .. .. .. .. 3,032 0 0 Office Expenses .. .. .. .. .. .. .. .. 140 11 1 Rente .. .. .. .. .. .. .. .. .. 90 0 0 ' Honorarium to officers .. .. .. .. .. .. .. 100 0 0 Interest (including overlap of interest) Law charges 4,853 11 10 15,041 8 7 901 o a 1,910 8 1 Balance at end of Year, — Cash in the Public Aocount .. .. .. .. .. .. 1,216 2 2 In the hands of Stock Agents— Cash .. .. .. .. .. .. .. .. .. 446 2 0 In the hands of the Agent-General— Cash .. i 1 1,892 9 0 1,662 4 2 4,703 12 9 ! Totals £234,743 12 9 £388,034 4 7

£ s. d. Balanoe at end of Year, — Gash in Deposit Account.. Investment Account £ s. d. ] £ s. d. 224 7 1 468,100 0 0 56 1 1 ! 472,500 0 0 472,556 1 1 468,324 7 1 Totals £468,324 7 1 £472,556 1 1

8.—6.

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

9O1-19O2. RECEIPTS. 1902-1903. £ s. d. 20,881 9 0 Balance at beginning of Year, — Cash in the Public Account .. .... Advances in bands of Officers of the Government— In the colony £ R. d. 1,254 6 11 £ s. d. 7,091 2 6 1,515 10 4 2,769 17 3 27,972 11 6 72,000 0 0 141,200 0 0 Debentures created, — Under " The Lnoal Bodies'Loans Act, 1901" Under " The Govomment Loans to Local Bodies Act, 1886 " .. 278,000 0 0 278,000 0 0 113,200 0 0 59 7 4 998 6 5 220 5 8 421 11 4 Repayments under section 8 of "The Government Loans "to Local Bodies Act Amendment Act, 1896," — CountiesBruce Eketahuna Horowhenua Kiwitea Masterton Pohangina Rangitikei Stratford Road Boards— Arch Hill Eden Terrace Ngatapa Pukekohe West i Boroughs— Hastings Stratford Temuka Town Board— Bull's Drainage Board— Aorangi .. .. .. .... 71 4 1 49 5 11 500 0 0 699 18 3 49 8 11 563 16 2 3 16 6 38 15 10 100 0 0 6 18 . 1 66 2 10 0 4 7 40 3 3 241 2 10 12 16 3 1,886 7 10 2,106 16 5 i Carried forward !43,279 7 11 282,666 5 1

8.—6

No. 1— continued. ACCOUNT for the Year ended 31st March, 1903, compared with the Financial Year ended 31st March, 1902.

19O1-19O2. EXPENDITURE. 19O2-19O3. i_ £ s. d. 2,700 0 0 1,350 0 0 l,5U0 0 0 1,700 0 0 1,000 0 0 2,025 0 0 1,850 0 0 320 0 0 4,000 0 0 8,000 0 0 5,900 0 0 6,000 0 0 4,950 0 0 1,218 0 0 6,000 0 0 5,789 0 0 £ s. d. 2,700 0 0 1,350 0 0 ; l,5U0 0 0 I 1,700 0 0 ' 1,000 0 0 2,025 0 0 1,850 0 0 320 0 0 ; 4,000 0 0 8,000 0 0 5,900 0 0 6,000 0 0 4,950 0 0 1,218 0 0 ! 6,000 0 0 5,789 0 0 j 6,000 0 0 6,000 0 0 5,777 0 0 6,000 0 0 600 0 0 1,736 0 0 150 0 0 ■ Grants under " The Local Bodies' Loans Act, 1901," Counties — Ashburton Bruce Clifton Clntha Collingwood Cook Coromandel Eketahuna Featherston Hawera Hobson Horowhenua Inaogahua Kairanga Kiwitea .. ■ Manawatu Masterton .. Pahiatua Patangata Pohangina Raglan Rangitikei Stratford Taieri Vincent Waiapu Waipa Waipawa Wairarapa South Waitotara Woodville • • i ■■ ■ ' ! £ s. d. 1,200 0 0 4,000 0 0 2,416 0 0 3,000 0 0 3,800 0 0 7,000 0 0 760 0 0 1,275 0 0 5,375 0 0 200 0 0 500 0 0 1,000 0 0 3,690 0 0 5,757 0 0 260 0 0 355 0 0 7,200 0 0 1,066 0 0 2,700 0 0 6,000 0 0 6,000 0 0 1,200 0 0 4,000 0 0 1,497 0 0 800 0 0 800 0 0 £ B. d. 6,000 0 0 6,000 0 0 5,777 0 0 6,000 0 0 600 0 0 1,736 0 0 150 0 0 '•" I 71,851 0 0 80,565 0 0 379 0 0 3,000 0 0 1,400 0 0 2,000 0 0 5,500 0 0 5,000 0 0 379 0 0 3,000 0 0 1,400 0 0 2,000 0 0 5,500 0 0 5,000 0 0 J 350 0 0 2,000 0 0 ! 2,500 0 0 \ 1,100 0 0 500 0 0 ■" ■ Boroughs— Akaroa Alexandra South Blenhein Cambridge Carterton Christohurch Peilding Grey Lynn Hamilton Hastings Hawera Hokitika Lower Hutt Lyttelton Masterton Napier New Brighton New Plymouth Oamaru Palmerston Petone Port Chalmers Ross Stratford Temuka Timaru Westport Wliangarei Woodville 1,000 0 0 7,000 0 0 3,000 0 0 6,000 0 0 5,000 0 0 10,000 0 0 6,150 0 0 5.0C0 0 0 1,100 0 0 2,000 0 0 1,000 0 0 2,000 0 0 2,000 0 0 8,000 0 0 1,000 0 0 7,000 0 0 1,000 0 0 2,000 0 0 1,000 0 0 6,600 0 0 2,500 0 0 16,500 0 0 5,000 0 0 900 0 0 6,670 0 0 109,420 0 0 350 0 0 2,000 0 0 2,500 0 0 1,100 0 0 500 0 0 23,729 0 0 13,729 0 0 800 0 0 300 0 0 210 0 0 300 0 0 300 0 0 Town Boards— Bull'a Clyde Geraldine Halcombe Havelock Otautau 300 0 0 300 0 0 2,750 0 0 300 0 0 300 0 0 300 0 0 300 0 0 2,750 0 0 3,950 0 0 210 0 0 300 0 0 300 0 0 810 0 0 1,454 0 0 500 0 0 600 0 0 3,000 0 0 800 0 0 810 0 0 Road Boards— Arai Arch Hill Avon Drury Eden Terraoe Frankley ... Heathcote Hunua 600 0 0 355 0 0 300 0 0 1,000 0 0 1,500 0 0 600 0 0 355 0 0 300 0 0 1,000 0 0 1,500 0 0 VJ \J \J **J V 6,354 0 0 6,354 0 0 Carried forward ' • I 3,755 0 0 3,755 0 0 185,221

8.—6.

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

RECEIPTS. 19O2 ■19O3. 19O1-19O2. £ s. d. t s. a. 282,606 5 1 £ s. d. 243,279 1 11 Brought forward I ! i Totals i j £282,606 5 1 £243,279 7 11

B.—fi

No. 1— continued ACCOUNT for the Year ended 31st March, 1903, compared with the Financial Year ended 31st March, 1902— continued.

3—B. 6.

19OI-I9O2. EXPENDITURE. 1902' ■19O3. £ s. d. 6,854 0 0 Brought forward Grants under "The Local Bodies' Loans Act, 1901 " — continued. Road Boards— continued. Mataongaonga Manawatu Manchester Manganui .. .. .. ,. , ; Moa .. .. ,, '' Mount Eden Mount Roskill .. .. .. .. ' Okato .. .. .. . ' One-tree Hill .. .. .. .. ,. \\ Opaheke Otaki .. .. .' \\ Paparata Parihaka Pollok Settlement .. .. .. .. .. \\ Porangahau Pukekohe East Pukekohe West .. .. .. .' \\ \\ Seatoun Taratahi-Oarterton Upper Wangaehu Waimate Waipipi Wairau Waitara West .. .. .. .. .. \\ Waitotara-Momohaki Waiuku Waiwakaiho Weber .. .. .. .. \\ Wirokino £ B. d. 3,755 0 0 600 0 0 760 0 0 1,800 0 0 2,950 0 0 3,000 0 0 3,000 0 0 500 0 0 1,000 0 0 1,901 0 0 150 0 0 2,000 0 0 900 0 0 775 0 0 700 0 0 2,500 0 0 658 0 0 200 0 0 150 0 0 600 0 0 650 0 0 1,000 0 0 3,200 0 0 £ s. d. 185,221 0 0 300 0 0 2,786 0 0 1,650 0 0 830 0 0 500 0 0 1,500 0 0 100 0 0 500 0 0 3,000 0 0 1,200 0 0 2,750 0 0 700 0 0 2,910 0 0 100 0 0 400 0 0 100 0 0 650 0 0 1,200 0 0 650 0 0 2,000 0 0 997 0 0 32,749 0 0 31,177 0 0 River Boards— Henley Hutt .. .. .. . \ \\ Lochiel 5,000 0 0 800 0 0 — 500 0 0 5,000 0 0 5,800 0 0 5,500 0 0 100 0 0 400 0 0 300 0 0 800 0 0 200 0 0 Drainage Boards— Aorangi Berwick Mangahoe Maungatua .. .. . OtaJria West Taieri 100 0 0 400 0 0 400 0 0 900 0 0 1,800 0 0 19,000 0 0 Water-supply Board— Manukau 2,000 0 0 3,100 0 0 10,000 0 0 2,000 0 0 2,500 0 0 3,600 0 0 9,000 0 0 10,100 0 0 3,650 0 0 Grants under "The Government Loans to Local Bodies Act Amendment Act, 1898," — County — Wairarapa South Boroughs— Akaroa Lyttelton Masterton Petone Stratford Westport Whangarei Wocdville River Board— Loohiel 7,000 0 0 3,000 0 0 j 224,670 0 0 : 10,000 0 0 200 0 0 45,950 0 0 Annual Appropriation,— Vote 114.—Roads to open up Grown lands 234,870 0 0 31,978 10 8 18,578 10 3 1,254 6 11 1,515 10 4 Balance at end of year,— Cash in the Public Account .. .. .. .. I Advances in hands of Officers of the Government, — In the Colony 23,138 9 5 6,019 5 5 J 23,138 9 5 29,157 14 10 6,019 5 5 2,769 17 8 Totals £243,279 7 11 £282,606 5 1

8.—6

Table STATEMENT of the RECEIPTS and EXPENDITURE of the GOVERNMENT ADVANCES TO SETTLERS

19O1-19O2. RECEIPTS. 19O2-19O3. £ s. d. 406,333 6 8 The Government Advances to Settlers Act, 1894, — Loan of £500,000 3 per cent. Stock issued in London, 1902 .. £500,000 0 0 Less amount brought to charge in previous year .. .. 406,333 6 8 £ s. d. 93,666 13 4 £ s. a. 180,000 0 0 Instalments received in respect of £250,000 3-per-oent. Stook Loan issued in London, 1903 .. .. .. Temporary advances on security of short-dated Debentures Interest on overdue instalments, Loan of 1902 Received from Advances to Settlers Office to pay off advances 65,000 0 0 200,000 0 0 0 10 2 358,667 3 6 140,000 0 0 726,333 6 8 Totals :726,333 6 8 £358,667 3 6

B.—(i

No. 1 — continued. OFFICE LOAN ACCOUNT for the Year ended 31st March, 1903, compared with the Financial Year ended 31st March, 1902.

ROBERT J. COLLINS, Assistant Secretary to the Treasury and Accountant.

19O1-19O2. EXPENDITURE. 19O2-19O3. £ p. d. £ s. d. Amount paid over to Government Advances to Settlers Office Account, — In respect of £500,000 3-per-cent. Stock Loan In respect of Temporary Advances 49,713 11 7 200,000 0 0 £ s. d 226,333 6 8 180,000 0 0 249,713 11 7 406,333 6 8 Charges and expenses of raising Loans, — In respect of £500,000 Loan 43,998 11 3 320,000 0 0 Temporary advances repaid Balance at end of year— Cash in the Public Account 64,955 0 8 £726,333 6 8 Total £358,667 3

8.—6

SUMMARY of BALANCES on 31st MARCH, 1903.

Balances. % Cash. Advances. Investments. Total. II £ s. a. 800,248 4 5 31,364 13 8 1,076 10 0 24,224 12 9 131,362 7 3 £ s. a. 103,657 8 1 165 1 9 ! 11,500 0 0 151 15 8 15,528 12 4 £ s. d. 100,000 0 0 I . I . . I Consolidated Fund : — Ordinary Revenue Account State Forests Account State Coal-mines Account Accounts of Local Bodies Deposit Accounts £ s. d. 1,003,905 12 6 31,529 15 5 12,576 10 0 24,376 8 5 146,890 19 7 Consolidated Fund :— Ordinary Revenue Account State Forests Account State Coal-mines Account Accounts of Local Bodies Deposit Accounts £ s. d. £ s. d. 1,003,905 12 6* 31,529 15 5 12,576 10 0 24,376 8 5 146,890 19 7 1 1,219,279 5 11 988,276 8 1 131,002 17 10 ; 100,000 0 0 988,276 8 1 131,002 17 10 100,000 0 0 I 1,219,279 5 11 Public Works Fund 338,565 14 1 Public Wobks Fund 287,342 2 0 : 51,223 12 1 338,565 14 1 Cheviot Estate Account Land for Settlements Account Conversion Account Loans to Local Bodies Account New Zealand Consols Account Remittances to London Account govehnmknt advances to settlers Office Loan Account .. 22,433 11 11 366,074 19 9 1,662 4 2 29,157 14 10 472,556 1 1 Dr.300,000 0 0 64,955 0 8 Cheviot Estate Account Land for Settlements Account Conversion Account Loans to Local Bodies Account New Zealand Consols Account Remittances to London Account Government Advances to Settlers Office Loan Account .. [ 22,433 11 11 38,352 15 2,722 18 4 325,000 0 0 1,216 2 2 446 2 0 23,138 9 5 6,019 5 5 56 1 1 .. 472,500 0 0 0.800,000 0 0 .. .. i 22,433 11 11 366,074 19 9 1,662 4 2 29,157 14 10 472,556 1 1 Or. 300, 000 0 0 64,955 0 8 64,955 0 8 Totals J 2,214,684 12 5 1,684 12 5 Totals .. .. I 1,125,769 16 9 , 191,414 15 8 Totals 897,500 0 0 2,214,684 12 5 i * Against this Treasury Bills amounting to £700,000 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, 1903.

& s. d. £ s. d. Surplus, 31st March, 1902 .. .. .. .. 270,488 17 9 Less — Amount applied in aid of Public Works Fund .. .. 200,000 0 0 70.488 17 9 Actual receipts. 1902-3 .. .. .. .. 6,447,435 11 9 Actual expenditure, 1902-3 .. .. .. .. 6,214,018 17 0 Surplus at 31st March, 1903 .. .. .. £303,905 12 6

Differences. Estimated. Actual. ,, T More Less than Estimate, than Estimate. RECEIPTS. Revenue Account: — £ s. d. £ a, d. £ s. d. £ g. d. Customs .. .. .. .. 2,220,000 0 0 2,335.643 1 3 115,643 13 Railways .. .. .. .. 1,875,000 0 0 1,982,550 15 9 107,550 15 9 Stamps' .. .. .. .. 898,000 0 0 978,939 11 2 80,939 11 2 Land-tax .. .. .. .. 300,000 0 0 296,062 19 .. 3,937 18 8 Income-tax .. .. .. .. 185,000 0 0 200,683 16 8 15,683 16 8 Beer Duty .. .. .. .. 1)2,000 0 0 90,399 15 9 .. 1,600 4 8 Registration and Fees .. .. 70,000 0 0 83,881 2 4 13,881 2 4 Marine .. .. .. .. 31,000 0 0 32,968 8 5 1,968 3 5 Miscellaneous .. .. .. 125,000 0 0 133,203 12 0 ' 8,203 12 0 Territorial Revenue .. .. .. 230,000 0 0 252,277 15 1 22,277 15 1 6,026.000 0 0 16,386,609 15 2 ! 366,147 17 8 ! 5,538 2 6 Sinking Fund Increases .. .. .. 57,500 0 0 57,500 0 0 5,538 2 6 366,147 17 8 5,538 2 6 5,538 2 6 , 5,538 2 6 Recoveries in respect of Expenditure of \ 360,609 15 2 previous years .. .. .. .. 3,325 16 7 | 3,325 16 7 360,609 15 2 3,325 16 7 i 3,325 16 7 ! '! I Totals .. .. .. 6,083,500 0 0 6,447,435 11 9 363,935 11 9 . EXPENDITURE. Revenue Account :— Permanent Appropriations, £ S. d. £ s. d. £ s. d. £ s. d. Civil List .. .. .. .. 33,100 0 0 i 32,269 6 8 .. 830 13 4 Interest and Sinking Fund .. .. 1,893,194 0 0 jl,900,978 19 4 7,784 19 4 Under Special Acts .. .. 220,133 0 0 272,948 17 10 52,815 17 10 Subsidies paid to Local Bodies .. 67,000 0 0 71,048 17 1 4,048 17 1 Territorial Revenue paid over .. j 28,000 0 0 : 33,161 1 1 5,161 1 1 Endowments .. .. .. 57,800 0 0; 59,856 8 10 I 2,056 8 10 Old-age Pensions .. .. .. 215,000 0 0 209,156 5 5 j .. 5,843 14 7 Annual Appropriations,— Legislative .. .. .. 22,067 0 0 19,735 0 7 .. 2,881 19 5 Colonial Secretary .. .. .. 210,621 0 0 198,159 0 9 .. 12,46119 3 Colonial Treasurer .. .. .. 42,968 0 0 38,753 16 8! .. 4,214 8 4 Minister of Justice.. .. .. 142,127 0 0 136,922 2 11 I .. 5,204 17 1 Postmaster-General .. .. 491,892 0 0 ' 485,860 6 0 .. 6,031 14 0 Commissioner of Trade and Customs 87,090 0 0J 87,028 12 7 .. 61 7 5 Commissioner of Stamps .. .. 27,059 0 0 27,584 13 2, 525 13 2 Minister of Education .. .. 535,681 0 0 526,820 5 1 .. 8,860 14 11 Lunacy and Charitable .. .. 70,926 0 0 74,798 9 6 3,872 9 6 Department of Labour .. .. 9,585 0 0 8,530 19 2] .. 1,054 0 10 Minister of Mines .. .. ..I 20,906 0 0 18,999 6 0 .. 1,906 14 0 Minister for Agriculture .. .. 92,123 0 0J 99,427 13 8: 7,304 13 8 Working Railways .. .. ..jl,408,840 0 0 1,354,150 19 2 .. 54,689 0 10 Public Buildings .. .. ..I 50,800 0 0 51,848 7 2 1,048 7 2 Defence Department .. .. 219,863 0 0 217,104 13 11 .. 2,758 6 1 Police Department .. .. j 124,063 0 0 : 123,698 19 2 .. 364 0 10 Department of Lands and Survey .. j 128,996 0 0 129,443 4 4 447 4 4 Valuation Department .. .. 26,415 0 0 26,248 3 6 .. 166 16 6 Rates on Crown Lands .. .. 900 0 0 457 2 1 .. 442 17 11 Services not provided for .. .. .. 9,027 5 4 9,027 5 4 94,092 17 4 : 107,223 0 4 94,092 17 4 94,092 17 4 107,223 0 4 94,092 17 4 Totals .. .. .. 6,227.149 0 0 6,214,018 17 0 .. 13,130 3 0 13,130 3 0

8.—6

Table No. 3. The PUBLIC DEBT of NEW ZEALAND on 31st March, 1903.

annual Charge. Amount outstanding. Due Date. Sinking Funds accrued. Net Indebtedness. Bate. Kemabks. Int. I S.F. Amount. When payable. ■ .. £ £ 266,300 £ 146,492 £ 119,808 % 5 % 1 £ 15,978 New Zealand Loan Act, 1863 15 July, 1914 15 Jan. and 15 July. Consolidated Loan Act, 1867 236,400 Ann. drawing 756,158 236,400 243,842 5 j 4 2-4 11,820 64,000 Quarterly, 15 Jan.,&c. 1 June and 1 Dec. Sinking Fund payable 13 Mar. and 13 Sept. Immigration and Public Works Loan Act, 1870 .. 1,000,000* 1 June, 1907 Canterbury Loan Ordinance, 1862 .. j 3,000 12,200 ! - 15,200 I 2 Jan., 1915 \ 2 July, 1916 I 14,258 942 6 1 1,120 30 June „ 31 Dec. 'Only £200,000 haa actually been issued to the public. Consolidated Loan Act, 1867 13,000 15 April, 1913 13,000 4 520 15 April „ 15 Oct. Immigration and Public Works Loan Act, 1870 j Defence and Other Purposes Loan Act, 1870 j General Purposes Loan Act, 1873 .. j District Railways Purchasing Acts, 1885-86 363,000 27,900 25,000 75,000 17,400 10,800 54,700 40,000 97,100 I 390,900 J. 100,000 1 82,900 [ 137,100 1 15 April, 1913 \ 15 April, 1913 ( Uuly, 1910 '(15 April, 1913 15 Oct., 1913 \ 15 May, 1914 (28 Nov., 1914 ( 1 July, 1909 1 1 April, 1905 363,000 27,900 25,000 75,000 17,400 10,800 54,700 40,000 97,100 4 4 I 4 4 5 6 4 14,520 1,256 1,125 3,000 69G 432 2,735 2,400 3,884 15 April „ 15 Oct. 15 April „ 15 Oct. 30 June „ 31 Dec. 15 April ., 15 Oct. 15 April „ 15 Oct. 15 May . 15 Nov. 15 May „ 15 Nov. I 1 April „ 1 Oct. fThe Sinking Fund is payable on £2,022,100 (1J per cent. on £1,402,435, 1 per cent, on £35,225, and J per cent, on £584,440); the Land Assurance Fund is also charged with J per cent, as a contribution towards Sinking Fund. J£89,700 of this amount will be recouped by the Government Advances to Settlers Office. Government Loans to Local Bodies Act, 1886 250,300 1 Sept., 1907 250,300 H t 33,071 1 Mar. , 1 Sept. Consolidated Stock Act, 1877 .. .. i !«9,150,302 6,161,167 9,512,997 [ 44,824,466 I 1 Nov., 1929 ■I 1 Jan., 1940 [ 1 April, 1945 29,150,302 6,161,167 9,512,997 4 3 1,166,012 215,641 285, 390 J 1 May* „ 1 Nov. 1 Jan. „ 1 July 1 April „ 1 Oct. Consolidated Stock Act. 1884— 272,000 509,300 J 781,500 I 1 Sept.,1905 (31 Dec, 1907 I 781,500 31 27,352 1 Mar. „ 1 Sept. Colonial Issue .. .. .. J Native Land Purchases Act, 1892 (Kenewed under the Aid to Public Works and L/and Settlement Act, 1899) 125,000 31 Oct., 1906 125,000 31 4,375 30 April „ 31 Oct. Land for Settlements Act, 1892 (Renewed under the Land for Settlements Acts Amendment Act, 1899) 45,276 31 Oct., 1906 45,276 1,585 30 April „ 31 Oct. 3* Lands Improvement and Native Lands Acquisi-| tion Act, 1894 } New Zealand Consols Act, 1894 400,000 30 Sep.. 1908 ( 283,000 I 117,000 472,556 4 11,320 4,095 16,540 31 Mar. » 30 Sept. 31 Mar. „ 30 Sept. 1 Feb. „ 1 Aug. 472,556 1 Feb., 1910 Carried forward 49,140,898 1,888,867 916,908 48,223,990

Table No. 3— continued. The PUBLIC DEBT of NEW ZEALAND on 31st March, 1903— continued.

B.—(S

Amount outstanding. Sin kino Funds ACCRUED. Net Indebtedness. Ei ,te. Annual Cj I When payable. Kkhahkx. Duk Date. S.F. Amount. Int. Brought forward I £ £ ,9,140,898 £ 916,908 48,223,990 .. % £ 1,888,867 26,932 13,088 2,170 2,240 350 21,118 840 13,528 73 4,000 6,476 10,000 17,500 525 5,250 Land for Settlements Acts, 1894, 1897,1899, and -{ 1900 769,490 349,000 ■ 62,000 56,000 10,000 527,950 21,000 412,900 2,100 100,000 161,900 250,000 500,000 15,000 150,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 465,000 500,000 250,000 750,000 2,722,340 f 31 Oct., 1906 1 April, 1909 1 April, 1909 1 April, 1905 lAprii,]906 1 May, 1904 H 1 Nov., 1904 1 Feb., 1905 1 Feb., 1905 1 Dec, 1906 1 Feb., 1908 [ 1 April, 1904 f 15 Aug., 1921* 31 Oct., 1903 4 Jan., 1904 15 Jan., 1905 15 Feb., 1905 15 Mar., 1905 17 April, 1905 ■\ 15 May, 1905 15 June, 1905 16 July, 1905 15 Aug., 1905 1 Apr., 1903 1 Apr., 1904 1 Dec, 1904 I. 1 Dec, 1906 769,490 3J 349,000 ; 3| 62,000 i 3£ 56,000 4' 10,000 34 527,950 4 21,000 4 412,900 I 4 2,100 3$ 100,000 ! 4 161,900 ' 4 250,000 4 500,000 3£ 15,000 : 3§ 150,000 3J 30 April and 31 Oct. 1 April „ 1 Oct. 1 April „ 1 Oct. 1 April , 1 Oct. 1 April „ I Oct. 1 May „ 1 Nov. 1 May „ 1 Nov. 1 Feb. „ 1 Aug. 1 Feb. „ 1 Aug. 1 June „ 1 Dec. 1 Feb. . 1 Aug. 1 April „ 1 Oct. 15 Feb. . 15 Aug. 1 Feb. „ 1 Aug. 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 Acts,-j 1896, 1897, 1898, 1899, 1900, 1901, and 1902 3,430,000 500,000 f fNo interest paid. 1 300,000 J 10,500 31 Mar. „ 30 Sept. JOne-quarter per cent, over bank rate: varying interest, calculated at 3£ per cent. + + 465,000 I 4 500.000 4 250,000 4 750,000 4 200,000 § 4 4 4 4 18,600 20,000 10,000 .50,000 7,000 1 April „ 1 Oct. 1 April . 1 Oct. 1 June „ 1 Dec. 1 June „ 1 Dec. Government Advances to Settlers Act, 1894 200.000J §Short-dated debentures since paid off. Dairy Industry Act, 1898 .. .. j Government Accident Insurance Act, 1898 Local Bodies' Loans Act, 1901 State Coal-mines Act, 1901 438 843 500 [ 1,781 ( 1 Aug., 1908 J Uan., 1911 { Uan., 1916 1 Feb., 1911 1 Jan., 1909 1 Apr., 1907 [ 1,781 3J 3J 62 1 Feb. „ 1 Aug. 2,000 350,000 52,000 2,000 3 J 350,000 3J 52,000 ; 3£ H 3J 70 12,520 1,820 1 Feb. . 1 Aug. 1 Mar. . 1 Sept. 1 April „ 1 Oct. ||Bepresentsthe accrued Sinking Fund held by Public Trustee in respect of the total amount issued under the Government Loans to Local Bodies Acts, of which £1,421,800 has been converted into Consolidated Stock. Add— Accrued Sinking Fund in respeot of the Government Loans to Local Bodies Acta Sinking Fund, Government Advances to Settlers Office Account Investments in Securities included above on account New Zealand Consols Investment Account Debentures held by Public Trustee as security for Stock issued in respect of Preferred Shares 916,908 314,964|| 125,867 54,982,111 I 455,500 •• 500,000 2,313,239 i Totals 55,899,019 ! 53,585,780 2,123,529 Treasury bills amounting to £700,000 are not included

8.—6

Table No. 4. STATEMENT of the Estimated Liabilities chargeable on the Consolidated Fund (Revenue Account) outstanding on the 31st March, 1894, 1895, 1896, 1897, 1898, 1899, 1900, 1901, 1902, and 1903.

31st March, 1894. 31st March, 1895. \ 31st March, 1896. 31st March, 1897. 31st March, 1898. 31st March, 1899. ' 31st March, 1900. 31st March, 1901. 31st March, 1902. 31st March, 1903. 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. £ s. d. £ s. a. £ s. d. £ s. d. £ s. d. J £ s. d. £ s. d. £ s. d. £ s. d. £ S. d. 370 0 0 437 0 0 350 0 0 894 11 8 950 0 0 .. 991 15 0 505 0 0 505 0 0 793 6 6 622 14 5 15,000 0 0 '■ 22 18 10 9 4 6 959 3 10 155 2 0 l,170"3 0 163 4 6 214 8 0 .. 731 14 11 930 1 4 930 1 4 881 7 0 36 3 4 897 16 4 651 15 0 1 631 5 0 160 17 11 867 12 6 , 136 18 0 136 18 0 313 1 0 126 0 0 2,553 2 1 2,553 2 1 I 2,553 2 1 2,553 2 1 1,824 17 2 1,824 0 6 ■ 1,757 0 1 1,757 0 1 1,757 0 1 1,757 0 1 3,744 14 7 1,757 0 1 3,843 17 3 3,958 10 5 1 4,228 7 1 4,262 13 3 3,620 10 2 1,984 18 5 4,348 2 6 3,328 19 5 3,620 10 2 1,984 18 5 I 4,348 2 6 3,328 19 5 17,541 17 10 Annual Appropriations,— Legislative Colonial Secretary Colonial Treasurer Minister of Justice Postmaster-General Commissioner of Customs Commissioner of Stamps Minister of Education Minister of Labour Minister of Mines Minister for Agriculture Working Railways Public Buildings Minister of Defence* Minister of Lands Kates on Crown Lands Valuation Department 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 ] 87 4 11 45 5 10 i 33 19 4 51 1 2 6,430 5 9 3,083 0 0 I 2,247 17 3 6,583 4 6 12,893 9 7 2,550 0 0 812 6 11 50 0 0 70 0 0 2,653 0 0 3,590 0 0 3,605 0 0 3,789 12 2 2,397 14 3 2,542 4 7 17,452 0 0 22,689 3 2 I 17,830 0 0 21,247 0 0 28,276 0 0 3,469 1 2 6,218 8 4 4,564 12 3 4,646 10 9 5,750 17 1 451 2 0 346 1 0 745 3 11 529 16 8 506 14 2 1,361 4 7 418 0 0 651 17 4 1,970 19 7 1,724 2 11 ■1 -1 n -tr\ r> 87 4 11 1 45 5 10 3,083 0 0 I 2,247 17 3 812 6 11 50 0 0 3,605 0 0 3,789 12 2 22,689 3 2 17,830 0 0 6,218 8 4 4,564 12 3 346 10 745 3 11 418 0 0 651 17 4 33 19 4 6,583 4 6 70 0 0 2,397 14 3 21,247 0 0 4,646 10 9 529 16 8 1,970 19 7 51 1 2 12,893 9 7 2,653 0 0 2,542 4 7 28,276 0 0 5,750 17 1 506 14 2 1,724 2 11 112 19 6 6 0 11 3,202 6 2 90,777 9 3 81 0 0 44,050 0 0 9,587 1 9 280 0 4 980 0 0 85 11 8 10,604 5 11 87 0 4 2,155 10 5 34,029 0 0 3,662 1 1 1,054 9 7 1,411 10 7 390 14 2 2,033 16 0 3,673 5 6 95,972 4 10 312 16 6 21,856 8 9 I 2,131 2 4 ! 278 9 1 ! 836 17 11 91 10 2 6,991 15 7 144 2 11 1,901 0 7 32,902 0 0 2,990 19 6 473 15 7 724 11 8 629 15 4 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 0 112 19 6 213 10 10 149 19 7 56 2 8 42 9 0 6 0 11 2,266 17 3 2,521 16 10 2,633 18 10 4,335 1 5 3,202 6 2 65,971 3 1 74,818 16 6 66,169 16 11 74,911 6 6 90,777 9 3 181 14 9 2,556 5 4 .. 185 0 0 81 0 0 3,463 0 0 7,580 0 0 4,500 0 0 9,925 0 0 44,050 0 0 4,142 10 9 15,008 10 10 10,175 11 4 4,908 10 5 9,587 1 9 60 0 0 .. 735 18 4 838 7 9 280 0 4 149 19 7 56 2 8 2,521 16 10 2,633 18 10 74,818 16 6 66,169 16 11 2,556 5 4 7,580 0 0 4,500 0 0 15,008 10 10 10,175 11 4 735 18 4 460 0 0 42 9 0 4,335 1 5 74,911 6 6 185 0 0 9,925 0 0 4,908 10 5 838 7 9 600 0 0 8,390 2 0 109,375 4 0 470 5 7 I 10,740 12 3 \ 6,029 1 10 296 6 10 811 19 2 .. 460 0 0 600 0 0 j 980 0 0 96,960 1 4 102,328 3 6 814 2 9 420 4 9 95,489 8 11 111,602 10 2 139,894 13 5 114,655 16 10 133,225 0 2 203,474 7 5 139,894 18 5 114,655 16 10 133,225 0 2 203,474 7 5 (180,575 4 8 182,963 3 0 Services not provided for 522 8 0 .. .. 3 7 6 25 0 0 3 7 6 25 0 0 [ 206,828 6 10 184,319 19 3 •• Totals 99,717 16 0 116,387 11 5 143,515 3 7 116,640 15 3 137,576 10 2 206,828 (i 10 200,505 0 10 101,618 1 4 106,706 18 8 143,515 3 7 116,640 15 3 137,576 10 2 * Includes Police liabilities.

8.—6

Table No. 5. STATEMENT of the Estimated Liabilities chargeable on the Public Works Fund outstanding on the 31st March, 1894, 1895, 1896, 1897, 1898, 1899, 1900, 1901, 1902, and 1903.

4—B. 6.

31st March, 1894. 31st March, 1895. 31st March, I 31st March, 1896. 1897. 31st March, : 31st March, 1898. 1899. 31st March, 1900. 31st March, 1901. 31st March, 1902. 31st March, 1903. Annual Appropriations — Immigration Railways Roads Waterworks on Goldfields Telegraph Extension Tourist and Health Resorts Public Buildings Lighthouses and Harbour- works Rates on Native Lands Native Lands Purchases Contingent Defence Miscellaneous £ s. d. 103,344 1 8 116,237 18 10 900 0 0 9,581 0 0 12,407 0 0 954 0 0 185 9 7 £ s. d. 127,972 16 10 191,480 17 0 7,860 19 7 13,987 0 0 29,336 15 11 3,626 8 3 287 14 5 24,137 7 2 £ s. d. £ s. d. 96,998 2 11106,312 8 4 148,874 19 6 213,856 11 1 15,265 10 10 29,910 16 10 4,000 0 0 16,283 0 0 33,044 18 8 24,180 7 10 6,573 19 2' 1,884 2 2 110 0 0 110 0 0 25,768 13 3 31,549 11 4 1 11,550 0 0 330,636 3 11435,636 17 7 £ s. d. £ s. d. £ s. d. 155 19 4 77,167 7 4 i 77,870 15 4103,638 4 6 268,798 12 2 310,764 9 3 316,562 16 9 7,135 6 7 i 6,625 15 8 5,375 9 5 11,722 0 0 .. 20,273 0 0 14,806 5 2 28,030 0 o! 44,346' 9 4 3,229 12 9 3,826 0 0 3,988 19 10 439 1 2 715 18 11 554 5 8 £ s. d. 591,995 19 0 447,388 4 5 2,010 15 0 26,989 0 0 73,375 2 4 10,313 16 7 22 14 8 £ s. d. 113,537 8 2 100,224 16 3 8,116 5 7 43,873 0 0 2,579 5 6 27,812 6 11 902 9 1 370 19 8 £ s. d. 217,089 10 5 249,281 1 9 300 0 0 27,409 0 0 1,136 8 0 84,596 9 0 1,760 7 11 355 2 2 4,566 0 0 72 0 0 11,129 0 0 18,450 0 0 140,000 0 0 17,832 13 2 1,025 3 0 Totals 243,609 10 1 398,689 19 2 394,427 5 2 446,282 19 2 494,895 4 10 1,292,095 12 0 316,274 7 4 586,565 19 3 iTATBMENT of the Estimated Liabilities chargeable on the undermentioned Accounts outstanding on the 31st March, 1894, 1895, 1896, 1897, 1898, 1899, 1900, 1901, 1902, and 1903. 31st March, 1894. 31st March, 1895. 31st March, 31st March, 31st March, ! 31st March, 1896. 1897. 1898. 1899. 31st March, 1900. 31at. March, 1901. 31st March, 1902. 31st March, 1903. £ s. d. £ s. d. £ s. d. £ s. d. 574 9 7 £ s. d. 454 19 7 £ s. d. 723 17 7 £ s. a. 302 8 6 £ s. d. 1,067 16 0 £ s. d. 251 16 i £ s. a. 780 1 8 331 19 0 State Forests Account State Coal-mines Account Cheviot Estate Account .. Land for Settlements Account Loans to Local Bodies Account' 3,000 0 0 400 0 0 2,400* 0 0 101,121 0 0 130 0 0 160,171 19 9 3,492 16 0 104,951 15 11 21,058 9 8 21,833 16 1 27,238 1 2 3,671 6 4 34,717 16 6 2,405 5 4 32,034 4 10 4,820 11 0 33,259 0 4 990* 4 3 1,125 5 5 3,546' 9 1 3,189 0 0 . ,

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, 1903.

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 and 1886 .. 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 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. 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 Tourist and Health Resorts Lands Improvement Charges and Expenses of raising Loans Coal-mines Interest and Sinking Fund £ s. d. 2,148,000 5 11 491,036 12 7 19,261,719 4 1 6,248,248 1 0* 1,999,013 12 3 725,891 9 11 1,006,465 9 11 2,852,704 11 9 991,353 2 3 733,839 8 4 65,268 2 3 14,599 13 2 22 ,208 15 3 4,089 17 5 1,151,055 7 3 10,835 8 0 218,500 0 0 £ s. d. 500,000 0 0 5,710,000 0 0 37,944,829 1 i 300,000 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 handed over to Cook County Council Special Receipts under section 9 of " The Railways Construction Act, 1878 " Special Receipts under the Ellesmere Lake Lands Acts, 1888 and 1893 Special Receipts under " The Railways Authorisation and Management Act, 1891" Special Receipts under " The North Island Main Trunk Railway Loan Application Act, 1886 " Sinking Funds released .. j 33,914,187 7 11 3,405,000 0 0 56,000 0 0 264,657 16 4 19,963 1 3 4,963 7 4 60,616 3 0 31,348 13 7 Balance on 31st March, 1903, — Cash in the Public Account Advances in the hands of Officers of the Government 2,257 1 9 17,581 5 0 506,819 19 3 287,342 2 0 51,223 12 1 4,369,207 7 6 338,565 14 1 £38,283,394 15 5 ;£38, 283, 394 15 5 * Has been reduced by £89,800 received under section 31 of " The Government Loans to Local Bodies Act, 1886."

B—6

Table No. 7. Estimated Expendituee of the Consolidated Fund (Revenue Account) for 1903-4, compared with Actual Expenditure of 1902-3.

Table No. 8. Estimated Revenue of the Consolidated Fund (Revenue Account) for 1903-4, compared with the Actual Revenue of 1902-3.

Estimate lor 1903-4. Differences. Actual for 1902-3. Increase. Decrease. Revenue Account. £ 33,100 1,940,651 625,248 £ 32,269 1,900,979 646,172 £ £ Civil List Interest and Sinking Fund Under special Acts 831 39,672 20,924 20,924 2,598,999 2,579,420 40,503 Annual Appropriations,— Legislative Departments Colonial Secretary's Department Public Health Department Industries and Commerce and Tourist Department Colonial Treasurer's Department Old-age Pensions Department Justice Department Postal and Telegraph Department Customs and Marine Department Marine and Harbours, &c. Printing and Stationery 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 21,101 55,052 21,444 43,377 39,228 3,876 139,670 524,670 39,726 53,541 34,019 28,232 555,440 75,895 10,010 20,366 98,781 1,360,000 47,055 160,113 127,433 169,410 28,419 19,735 120.877 22 \ 755 18,680 35,405 3,806 136,922 485,860 36,010 51,019 35,847 27,585 526,820 74,799 8,531 18,999 99,428 1,354,151 51,848 217,105 123,699 129,443 26,248 1,366 24,697 3,823 70 2,748 38,810 3,716 2,522 647 28,620 1,096 1,479 1,367 05,825 1,311 828 "647 5 ',849 4,793 56,992 3,734 39,967 2,171 3,656,858 3,625,572 162,682 131,396 Services not provided for 9,027 9,027 Total 6,255,857 6,214,019 203,185 161,347

Differences. Estimate for 1903-4. Actual for 1902-3. Increase. Decrease. Revenue Account. £ 2,400,000 2,000,000 983,000 300,000 210,000 89,000 84,000 32,000 130,000 240,000 £ 2,335,643 1,982,551 978,939 296,062 200,684 90,400 83,881 32,968 133,203 252, i<78 £ 64,357 17,449 4,061 3,938 9,316 £ Customs Railways Stamps Land-tax Inoome-tax Beer Duty Registration and other Pees Marine Miscellaneous Territorial Revenue 1,400 "ll9 968 3,203 12,278 Sinking Fund inoreases 6,468,000 60,600 6,386,609 57,500 99,240 ; 3,100 102,340 17,849 17,849 Total 84,491 6,528,600 6,444,109

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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, 1903.

Consolidate :d Fund. —Revenue Account. Financial Yeah. Other Accounts. Public Woeks Fund. Total. Services not provided (or. Excess 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 .. 1898-99 .. 1899-1900 .. 1900-1901 .. 1901-1902 .. 1902-1903 .. £ 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 3,305 15 11 11,187 13 8 26,367 18 6 3,836 7 0 9,027 5 4 £ 8. 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 60,652 13 7 62,788 3 2 68,866 10 9 101,070 10 i £ 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 34 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 71,840 7 3 89,156 1 8 72,702 17 9 110,103 15 8 £ a. 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 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 7,990 18 7 17,518 3 7 6,955 4 10 12,837 3 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 79,831 5 10 107,336 12 10 79,911 11 5 123,140 19 2 662 7 7 253 8 10 200 0 0

8.-6

Table No. 10. Statistics foe 1883, 1892, 1902. Population : — Per Cent. As compared with 1883 ... ... 540,877 1892 ... ... 650,433 ... Increase 202 1883 1902 ... ... 807,929 ... „ 24-2 1892 Imports and Exports : — £ 1883 ... ... 15,070,037 1892 ... ... 16,477,907 .. Increase 9-3 1883 1902 ... ... 24,973,700 ... „ 516 1892 Imports, Total Value : — 1883 ... ... 7,974,038 1892 ... ... 6,943,056 ... Decrease 12-9 1883 1902 11,326,723 ... Increase 63-1 1892 Exports, Total Value : — 1883 ... ... 7,095,999 1892 ... ... 9,534,851 ... Increase 34-4 1883 1902 ... ... 13,646,977 ... „ 43-3 1892

Table No. 11. Value of some of the Principal Exports.

Table No. 12. Trade Exchange between New Zealand and other Countries.

1883. 1892. 1902. Wool ... " ... Grain Frozen meat Butter ... Cheese ... Flax, New Zealand Gold ... Gum, Kauri- £ 3,014,211 1,286,724 118,328 42,020 6,892 36,761 892,445 336,606 £ 4,313,307 816,272 1,033,377 227,162 99,626 214,542 951,963 517,678 £ 3,354,563 786,548 2,718,763 1,205,802 163,539 534,031 1,951,426 450,223

Imports from 1883. 1892. Increase or Decrease as compared with 1883. 1902. Increase or Decrease as com- : pared with 1892. Import, United Kingdom Australia South Africa* India and Mauritius European countries United States of America Other places ... & 5,241,847 1,576,183 1,254 466,265 30,997 419,250 238,242 £ 4,767,369 1,112,099 25 239,534 120,723 381,627 321,679 Per Cent Decrease 9-1 29-4 £ 6,851,452 1,715,295 997 437,299 394,887 1,318,937 607,856 Per Cent. Increase 43-7 54-2 Decrease 48-6 Increase 289-5 Decrease 9-0 Increase 35-0 Increase 82*6 227-1 Increase 245-6 89-0 Totals... 7,974,038 6,943,056 Decrease 12-9 11,326,723 Increase 63-1 Exports to United Kingdom Australia South Africa* 5,346,893 1,109,813 36,163 Expor, 7,483,618 1,367,314 4,378 9,701 520,797 149,043 is. Increase 400 23-2 9,450,648 2,684,350 754,059 16,061 489,964 249,895 Increase 26-3 96-3 ... European countries United States of America Other places ... 430,'989 172,141 ... Increase 20 - 8 Decrease 13-4 Increase 65-6 Decrease 59 Increase 67-7 Totals... 7,095,999 9,534,851 Increase 34-4 13,644,977 Increase 43-1 * Tee trade having been insignifioant until 1902, the percentages have not been worked out,

8.—6

Table No. 13. Development of Shipping trading to and feom Places beyond New Zealand. Inwards. Outwards. Vessels. Tonnage. Vessels. Tonnage. 1883 ... 805 494,926 ... 851 507,565 1892 .. 686 675,223 ... 689 656,100 1902 ... 608 1,089,179 ... 611 1,048,770 Totals Inwards and Outwards. Vessels. Tonnage. 1883 ... 1,656 1,002,491 1892 ... 1,375 1,331,323 32-8 per cent, increase as compared with 1883. 1902 ... 1,219 2,137,949 606 „ „ 1892. Total ... 4,250 4,471,763 Development of Coasting Trade. Inwabds. Outwards. Vessels. Tonnage. Vessels. Tonnage. 1883 ... 15,999 2,226,935 ... 15,947 2,210,137 1892 ... 17,434 4,196,602 ... 17,285 4,136,521 1902 ... 21,804 8,249,623 ... 21,769 8,309,635 Totals Inwards and Outwards. Vessels. Tonnage. 1883 ... 31,946 4,437,072 1892 ... 34,719* 8,333,123: 1902 ... 43,673+ 16,559,258§ Total ... 110,338 29,329,453 * 8-7 per cent, inoreaee in number of vessels as compared years 1883 and 1892. t 25-8 t „ „ 1892 and 1902. J 878 per cent, increase in tonnage of vessels, year 1883 as compared with jear 1892. § 98-7 , „ 1892 „ 1902.

Table No. 14. Registered Vessels belonging to New Zealand. Vessels. Tonnage. Average Tonnage. 1883 ... 579 ... 84,903 ... 146 1892 ... 491 ... 101,156* ... 206 1902 ... 549 ... 147,822t ... 269 * 191 per cent, inorease in tonnage of vessels for year 1883 compared with 1892. t 46-1 „ . 1892 , 1902.

Table No. 15. Increases for Two Decennial Periods, 1882-1892 and 1892-1902. 1882-1892. 1892-1902. Population ... ... ... ... ... 132,726 157,496 Occupied holdings ... ... ... ... 15,416 22,266 Land in cultivation (including grass) ... ... 4,062,490 acres 3,643,955 acres, Horses .. 49,304 75,915 Cattle ... ... ... ... ... 133,194 628,832 Sheep ... ... ... ... ... 5,585,667 1,771,975 Postal—Money-orders issued ... ... ... £195,479 £582,212 Telegraph revenue (including telephones) ... £1,435 £118,682 Eailways ("Government) open for traffic ... ... 515 miles 405 miles. „ ' receipts ... ... ... ... £228,175 £792,516 Boads constructed ... ... ... ... ... 3,600 miles. Shipping—Vessels (inward) ... ... ... 213,938 tons 413,956 tons. Vessels (outward) ... ... ... 217,549 „ 392,670 „ Wool ... ... ... ... ... 52,858,2051b. 42,238,1111b. Frozen meat ... ... ... ... ... £1,014,038 £1,685,386 Butter ... ... ... .. ... £175,074 £978,640 Cheese ... ... ... ... ... £80,912 £72,497 Flax £172,587 £319,489 Gold ... ... ... ... ... £30,299 £999,463 Provisions, tallow, timber, &c. ... ... ... £279,235 £1,133,179 Exports, New Zealand produce ... ... £3,112,518 £4,132,731 Imports ... ... ... ... ... £1,666,214 (dec.) £4,383,667 Output of coal ... ... ... ... 295,043 tons 689,387 tons.. Banks —Deposits (average of four quarters) ... £4,641,716 £3,644,705 Savings-banks deposits £1,748,497 £4,296,333

8.—6

Table No. 16. Statement showing Total Shipments to South African Ports by Subsidised Steamers from November, 1902, to 14th July, 1903.

Quantity. Value. Frozen cargo, — 253,322 carcases mutton 7,413 „ lamb 41,665 quarters beef 25 packages beef 5,775 sides pork ... 24,128 boxes butter 100 crates rabbits 5,498 cases meat sundries... 2,602 crates poultry 552 cases fish ... 202 sacks hams 155 cases milk ... 141,086,032 1b. ... 333,505 1b. ... 7,499,700 1b. ... 1,0001b. ... 866,250 1b. ... 1,351,168 1b. ... 400 dozen 1,231,552 1b. ... 62,448 birds... 61,824 1b. ... 2,020 hams... £ s. d. 126,661 0 0 2,965 4 0 93,746 5 0 12 10 0 18,046 17 6 67,558 8 0 120 0 0 15,394 8 0 7,806 0 0 772 16 0 1,010 0 0 174 7 6 General cargo, — 175,969 sacks oats ... 250 „ wheat 4,744 „ bran... 158 „ barley 20 „ seed.'.. 134 „ pollard 20 „ peas... 31 „ oatmeal 2,823 cases potatoes 534 sacks potatoes 13 cases onions 30 casks tallow 43 bundles leather 60 casks fruit-pulp 204 crates box timber 42 packages agricultural machinery 41 packages ale 35 cases apples 1,786 „ preserved meats 337 crates cheese 379 packages sundries ... £334,267 16 0 703,876 bushels 67 bushels 13 tons 8 cwt. ... 40 bushels 3 tons 2 cwt. .. 141 tons 3 cwt. ... 53 tons 8 cwt. ... 13 cwt. ... 9 tons ... 172 cwt. ... 300 cwt. ... 64,521 19 187 10 2,846 8 118 10 13 8 67 0 8 0 32 11 776 6 293 14 3 18 270 0 344 0 495 0 102 0 500 0 65 12 8 15 5,000 16 1,685 0 1,000 0 4 0 0 0 0 0 0 0 6 0 0 0 0 0 0 0 0 0 0 0 0 328 dozen 400,064 lb. ... 67,400 1b. ... £78,340 7 10 Live-stock, — 5 horses 8 yearling cattle 12,634 sheep 11 lambs 105 rams 150 0 80 0 9,475 10 6 12 210 0 0 0 0 0 0 £9,922 2 0 Summa ary. £ a. d. Frozen cargo ... General cargo ... Live-stock ... 334,267 16 0 ... 78,340 7 10 9,922 2 0 Total ... £422,530 5 10

8.—6

Table No. 17. Statement showing Shipments to Western Australia by Subsidised Steamers from November, 1902, to 14th July, 1903.

Quantity. Value. Frozen cargo, — 7,979 carcases mutton 1,200 „ lamb 400 boxes butter 70 cases fish ... 5 „ milk... 22,400 1b. ... 7,8401b. ... £ s. 3,989 10 480 0 1,120 0 98 0 5 12 d. 0 0 0 0 6 £5,693 2 6 General cargo, — 3 sacks seed... 1,361 „ bran... 50 cases champagne 20,155 superficial feet timber 106 cases cheese 2,391 sacks oats ... 11 packages sundries ... 1 10 816 12 300 0 141 1 530 0 876 14 100 0 0 0 0 9 0 0 0 21,200 lb. ... 9,564 bushels £2,765 17 9 Livestock, — 99 sheep £74 5 0 Summai try. & s. d. Frozen cargo ... General cargo ... Live-stock 5,693 2 2,765 17 74 5 6 9 0 Total £8,533 5 3

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Table No. 18. Table showing the Increases in the undermentioned Industries for the Years 1885 to 1900.

Table No. 19. Post and Telegraph Department. Comparison of Business for the Decennial Periods 1882-1892 and 1892-1902.

s— B. 6.

Industry. 1885. 1900. Increase. Meat freezing and preserving and boil-ing-down works... Tanning, fellmongering, and woolscouring Butter and cheese factories... Sawmills and sash and door factories Iron and brass foundries, boiler-making, machinists, &c. (not including Government railway workshops) Clothing and boot and shoe factories... Printing establishments (not including Government Printing Office) Breweries and malthouses ... Woollen-mills Gasworks Furniture and cabinetmaking Coach building and painting works ... Flax-mills Biscuit-factories ... Chaff-cutting works Bacon-curing Soap and candle works Aerated-water factories Agricultural-implement factories Brick, tile, and pottery works Spouting and ridging works Tinware-factories ... Sugar-boiling and confectionery works Eope and twine works Cycle-factories Chemical-works ... Fruit-preserving and jam-making works Lime and cement works Sail, tent, and oilskin works Bone-mills and other manure-works ... Cooperages Hosiery-factories ... Sauce and pickle works Hat and cap factories Fish curing and preserving works Brush and broom factories ... Baking-powder factories Basket and perambulator factories ... Venetian-blind factories ... ... Colonial-wine works £ 543,878 634,915 43,094 1,177,713 368,919 514,506 273,886 421,197 194,311 194,653 162,375 128,346 20,059 47,784 54,440 58,799 130,745 94,098 111,823 91,797 25,478 8,500 17,130 56,413 1,301 34,283 32,292 16,928 25,574 8,337 11,862 6,200 3,145 13,695 12,182 7,786 4,120 4,375 6,470 3,626 3,834,891 1,888,107 1,535,150 1,268,689 924,171 858,280 704,285 659,298 359,382 290,567 241,024 216,077 203,492 197,989 169,313 159,564 158,649 151,811 138,094 122,230 112,691 98,587 88,580 87,863 65,047 64,834 58,092 45,142 44,854 40,298 37,521 31,265 31,258 25,641 25,173 21,131 18,163 17,942 13,233 10,330 £ 3,291,013 1,253,192 1,492,056 90,976 555,252 343,774 430,399 238,101 165,071 95,914 78,649 87,731 183,433 150,205 114,873 100,765 27,904 57,713 26,271 30,433 87,213 90,087 71,450 31,450 63,746 30,551 25,800 28,214 19,280 31,961 25,659 25,065 28,113 11,946 12,991 13,345 14,043 13,567 6,763 6,704

Class. 1882. 1892. 1902. Increase Per Gent. 1892 over 1882. Increase Per Gent. 1902 over 1892. jetters posted 'elegrams Exchange subscribers loney-orders issued 'ostal notes ■avings-Bank deposits Liuount at credit of depositors lumber of deposits Excess of deposits over withdrawals 14,998,860 1,570,189 379 148,162 £1,325,852 £1,470,951 129,952 £183,253 25,530,804 1,904,143 3,811 199,438 240,019 £1,878,270 £2,863,670 186,945 £56,921 53,278,875 4,559,304 10,633 367,207 616,264 £5,069,619 £6,883,787 411,215 £360,848 70 21 906 35 Inf. 42 95 44 (Dec. 69) 109 139 179 84 157 170 140 120 534 levenue ... 'ost-offices Expenditure £264,635 900 £254,548 £318,759 1,263 £278,394 £525,099 1,807 £487,814 20 40 9 65 43 75

8.—6

Table No. 20. Comparison of the Railway Traffic and Rolling-stock Accommodation for Twenty Years.

COMPABISON OF THE EaILWAY TbAFFIO AND EOLLING-STOCK ACCOMMODATION IN 1895 AND 1903. 31st March, 1895. 31st March, 1903. Increase. Pe T r Gent ' of Increase. Passengers (number) ... ... 3,905,578 7,575,390 3,669,812 93 Season tickets (number) ... 28,623 118,431 89,808 314 Parcels - „ ... 444,981 731,762 286,781 64 Horses „ ... 11,185 12,737 1,552 14 Carriages ' „ ... 750 1,646 896 119 Dogs „ ... 23,517 34,202 10,685 45 Drays „ ... 705 1,921 1,216 172 Cattle „ ... 40,890 102,461 61,571 151 Sheep „ ... 1,519,921 3,821,333 2,301,412 151 Pigs „ ... 43,292 61,844 18,552 43 Total tonnage ... ... ... 2,048,391 3,730,394 1,682,003 82 Total revenue ... ... ...£1,150,851 £1,974,038 £823,187 72 Locomotives (number) ... ... 269 372 103 38 Passenger cars (number) ... 498 751 253 51 Brake-vans „ ... 204 283 79 39 Total trucks, all classes (number) 8,264 12,709 4,445 54

Table No. 21. Comparative Statement of the Public Trust Office Transactions for the Year 1882 with the Year 1902.

By Authority: John Mackay, Government Printer, Wellington.—l9o3.

First Decade. Second Decade. 1st April, 31st March, ,„„„„,„ Increase 1883. 1893. increase. per Cent , 1st April, 1893. Slat March, j Increase 1903. increase. , pM Cent Passengers Season tickets Coaching items Drays Cattle Sheep Pigs Goods (tonnage) Passenger revenue.. Coaching revenue .. Goods revenue Total revenue Miles operated Locomotives Carriages Wagons and vans .. Employees 3,272,044 9,036 360,802 939 29,675 627,090 29,522 1,700,039 £336,378 £35,143 £589,783 £961,304 1,396 218 450 7,076 4,839 3,759,044 16,504 461,304 796 33,597 1,321,046 38,814 2,193,330 £390,619 £44,801 £746,101 £1,181,521 1,886 269 491 8,357 4,462 480,400 7,468 100,502 Dec. 143 3,922 693,956 9,292 493,291 £54,241 £9,658 £156,318 £220,217 490 51 41 1,281 Dec. 377 15 83 28 Dec. 15 13 111 31 29 16 27 26 23 35 23 9 18 Dec. 8 3,972,701 17,226 487,580 831 39,223 1,356,434 38,022 2,000,645 £402,020 £45,206 £725,567 £1,172,793 1,948 268 496 8,418 4,920 7,575,390 118,431 780,347 1,921 102,461 3,821,333 61,844 3,730,394 £625,698 £87,273 £1,261,067 £1,974,038 2,291 372 751 12,992 8,875 3,602,689 1,205 292,767 1,090 63,238 2,464,899 23,822 1,669,749 £223,678 £42,067 £535,500 £801,245 343 104 255 4,574 3,955 90 588 60 131 161 182 63 81 56 93 74 68 18 39 51 54 80

1882. 1902. Funds invested ... Funds on mortgage Value of estates administered under wills and trusts ... Intestacies Lunacy estates ... Cash receipts New estates dealt with each year ... Distributed to Natives Wills of living persons on deposit ... Wills deposited ... Number of staff Agencies established £120,000 £8,000 £30,000 £36,000 £4,000 £65,000 217 £4,000 41 6 5 18 £1,700,000 £1,120,000 £808,000 £66,000 £42,000 £645,000 528 £35,000 1,435 285 50 38

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FINANCIAL STATEMENT (In Committee of Supply, 11th August, 1903) BY THE COLONIAL TREASURER, THE RIGHT HON. R.J. SEDDON, P.C., LL.D., Appendix to the Journals of the House of Representatives, 1903 Session I, B-06

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FINANCIAL STATEMENT (In Committee of Supply, 11th August, 1903) BY THE COLONIAL TREASURER, THE RIGHT HON. R.J. SEDDON, P.C., LL.D. Appendix to the Journals of the House of Representatives, 1903 Session I, B-06

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FINANCIAL STATEMENT (In Committee of Supply, 11th August, 1903) BY THE COLONIAL TREASURER, THE RIGHT HON. R.J. SEDDON, P.C., LL.D. Appendix to the Journals of the House of Representatives, 1903 Session I, B-06

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FINANCIAL STATEMENT (In Committee of Supply, 11th August, 1903) BY THE COLONIAL TREASURER, THE RIGHT HON. R.J. SEDDON, P.C., LL.D. Appendix to the Journals of the House of Representatives, 1903 Session I, B-06

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FINANCIAL STATEMENT (In Committee of Supply, 11th August, 1903) BY THE COLONIAL TREASURER, THE RIGHT HON. R.J. SEDDON, P.C., LL.D. Appendix to the Journals of the House of Representatives, 1903 Session I, B-06

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