FINANCIAL STATEMENT (In Committee of Supply, 10th November, 1909) BY THE MINISTER OF FINANCE, THE RIGHT HON. SIR J. G. WARD, P.C., K.C.M.G.

Appendix to the Journals of the House of Representatives, 1909 Session II, B-06

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1909. NEW ZEALAND.

FINANCIAL STATEMENT (In Committee of Supply, 10th November, 1909) BY THE MINISTER OF FINANCE, THE RIGHT HON. SIR J. G. WARD, P.C., K.C.M.G.

Mr. WILFORD, It was my privilege to place before' the House during the short session that took place early in June last the financial results for the year ended 31st March, and I now propose to deal further with the financial position of the country, to review some of the conditions of the past, and to submit for your consideration important proposals affecting the future. For the convenience of honourable members, so that they may have before them the complete figures for the last financial year, and thereby be better able to intelligently consider the proposals I submit to them this evening, I attach the Statement I delivered in June last. This will render it unnecessary for me to deal with them in detail, except in the case of the public debt and our loan transactions, full particulars of which I am desirous of placing before the House. I will first deal with the — PUBLIC DEBT. The increase of the public debt, as shown in Table No. 10 attached, for the past year was £4,484,637, but it is only right to say that of this amount no less than £2,633,919 may be regarded as directly interest-bearing, with an additional profit. The acquisition of the Manawatu Kailway, which was in full working-order and therefore immediately revenue-producing, necessitated a loan of £1,000,000 to complete the purchase. To enable advances to be made to settlers and workers an additional £1,172,300 was obtained. £250,000 was raised for lending moneys to local authorities under the Loans to Local Bodies Act, and £211,495 was provided for the purchase of lands under the land-for-settlements scheme. These items, with a small sum of £124 invested in New Zealand Consols, make up the £2,633,919, all of which, I repeat, is not only interest-bearing, but yields a profit after paying interest and working-expenses. This leaves a sum of £1,850,718 for general purposes, a large portion of which, however, is expended on additions to open lines and railway-construction —works that will add to our revenue receipts later on.

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The gross public debt of the Dominion grew from £38,830,350 at 31st March, 1891, to £70,938,534 at 31st March, 1909—an increase of £32,108,184, equal to 82 per cent. ; but of this amount no less a sum than £21,090,070 was spent in directly reproductive objects, such as advances to settlers, advances to workers, land for settlements, loans to local bodies, State coal-mines, Native land purchases, &c. What does the other side of the balance-sheet show ? Capital value of land publicly and privately £ owned in 1909 .... .... .... 270,537,296 Capital value of land publicly and privately owned in 1891 .... .... .... 122,225,029 An increase in the value of land alone, irrespective of many other sources of property, stocks, &c. .... ...-. .... .... £148,312,267 Equal to over 121 per cent. The increase in the value of railways and rolling-stock for the period 1891-1909 was £13,844,058—fr0m £15,208,374 to £29,052,432—equal to over 91 per cent. The figures may therefore be stated as follows:— Increase on opened railways and equipment from £ 1891 to 1909 13,844,058 Increased capital supplied to advances to settlers, land for settlements, State coal-mines, loans to local bodies, Native-land purchases, &c. (all directly reproductive) .... .... 21,090,070 Total .... .... .... .... £34,934,128 The surplus, after paying full interest and all expenses of the advances to settlers (now over £70,000 per annum), State coal-mines (now nearly £20,000 per annum), land for settlements (£40,000), and Native-land purchase (£37,419), the bulk of which is being capitalised, is more than sufficient to make up for any deficiency on the railways, so that the total amount of £34,934, L2B may be considered to be reproductive. The increase in the public debt during the same period (1891-1909) was £32,108,184. This shows that the whole of the increase in the public debt has been utilised in directly reproductive objects, producing a profit in addition, and that the expenditure on unreproductive objects, such as roads, bridges, mines, public buildings, tourist, health, &c, have been provided out of revenue;' but as the effect of the bulk of this expenditure is to open up the country and promote its development and progress, thereby greatly increasing its wealth and earning-power, it may also be taken to be to a great extent reproductive in the return of revenue from increased taxes paid. The profits earned on these State reproductive investments now reach nearly £200,000 after payment of interest and all expenses, and are increasing rapidly from year to year. In addition to this, very beneficial results accrue iix the reduction of expenses and cost of living to the general public. It was not intended that these investments should reduce rates to what would be a ruinous competition with private traders and investors. The object was to maintain a fair and reasonable average in order that the public may benefit by obtaining money, coal, and land at reasonable rates, which may be said to have now reached the minimum. Notwithstanding this, the profits continue to steadily increase, and I anticipate that the time is not far distant when these profit-earning institutions will be the means of providing a large annual sum which, in return for the great services rendered the State in establishing them, can be fairly regarded as a contribution towards the increased charges for interest upon general loans—that is, of course, after full interest and expenses have first been paid on the sums invested.

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The investment in the State coal-mines has proved so successful that in a few years' time these properties will be good value for nearly half a million, and will stand to the Dominion practically free of cost. A perusal of the accounts will be found interesting, notwithstanding the unfair criticism of some publications in Australia. In one case, the Pastoralists' Review, ignoring the true Profit and Loss Account, which undoubtedly shows the true actual profits, constructed a balance-sheet based on receipts and expenditure, including in the latter a large expenditure of capital m opening up new mines in the Paparoa Ranges and constructing a new railway to these mines. During the period from 1891 to 1909 the population, exclusive of Maoris, has increased from 634,058 to 960,642 —an increase of 326,584, equal to 51 per cent. —and the country has been opened up and developed with steadily increasing rapidity. These are factors that should not be lost sight of when considering the question of our financial stability. Yet they are usually ignored by pessimistic critics. It will be useful to place before you an estimate of the private wealth in 1909— £ Total capital value of land privately owned .... 205,845,053 Total value of live-stock, machinery, implements, rolling-stock, &c .... .... 27,349,338 Total capital invested in trading and manufacturing, estimated on the total income returned for taxation, capitalised at 5 per cent, (a low estimate) as the average return on capital invested .... .... .... 197,735,020 Native land capital value .... .... 16,276,236 Lessees' interest in Crown lands .... .... 10,546,281 Church and other lands not otherwise included 2,625,202 Education lands .... .... .... 5,038,615 Fixed deposits .... ....• .... 20,084,880 Banks' mortgages not taxed .... .... 7,500,000 Public Trust Common Fund mortgages .... 2,309,415 Building Society mortgages .... .... 2,000,000 Post-Oftice Savings-Bank deposits.... .... 12,159,293 Bank-note issue .... .... .... 1,587,051 £511,056,384 The land-values have been proved to be fully 30 per cent, below actual sales, so that no one can term them boom values. In addition to what I have stated, there is the private wealth represented by incomes derived from salaries and professions amounting to £3,731,144. These directly employ little or no capital, but they indirectly represent capital, and if capitalised at 5 per cent, would represent £74,622,880. Then there are the wage-earners, who make no returns of income. Their estimated total income is £45,061,350. The public and private wealth in 1909 was £613,518,825, an increase from 1891 of £300,000,000, produced to a large extent by the expenditure of public money and the corresponding development of the country. The public and private wealth per head of mean population is £768, an increase of £376 from 1891 to 1909, with an increase in the population of 51 per cent. These figures and facts prove that although the public debt has increased by the amount I have stated, the assets in the rapid development of the country have increased in a vastly greater ratio : for every £1,000,000 increase in the public debt the assets have increased fully by £10,000,000. This in commercial circles would be considered very sound business. In thirteen years—from 1896-7 to 1908-9 —there is an annual increase of income returned for taxation alone of £9,325,976, an average increase year by year of £717,459. In fifteen years—from 1893-4 to 1908-9 —there is an annual increase of £10,043,703 in incomes returned for taxation.

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The expenditure of public moneys in the development of the country and in public utilities produces vastly increased wealth and earnings in return. A. very small percentage of this returns to the Treasury in the shape of taxes on the capital expended; the balance, by far the greater proportion, goes into the pockets of the people. This shows the solid basis of the progress and prosperity of the country. The steady and rapid increase of public and private wealth in New Zealand during recent years is indeed remarkable, and must be considered when dealing with the increase of the public debt. The population has not increased at nearly the same rate as the increase in wealth and income; so that, while the amount of taxation per head has increased, the wealth and incomes have increased at a very much greater rate proportionately. There has been no increase in the rates of taxation, direct or indirect, during the period 1891 to 1909. On the contrary, there have been enormous concessions in nearly every branch of the public revenue. There are 890,352 persons in New Zealand who pay no direct taxation whatever, and included there are 297,809 wage-earners who pay no direct taxation. The increases in the rate of graduated tax have been more than compensated for by the loss of revenue owing to the promoting of closer settlement. The increase in the graduated-tax revenue is accounted for entirely by the increase in values of land, which has been created to a great extent by the expenditure of public money. There are enormous undeveloped resources in New Zealand which an influx of capital in the shape of public expenditure would bring rapidly into use, thereby producing public and private wealth and incomes greatly in excess of the capital expended. In my opinion, it is not well that the resources of the Dominion should remain undeveloped, and progress be retarded, that, by bringing them into immediate use, they produce quick return on capital in the shape both of public revenue and of public and private wealth. OUR LOAN TEANSACTIONS During the session of 1908 Parliament authorised the raising of £1,250,000 for public works and £1,000,000 for the purchase of the Wellington-Manawatu Railway. Although the money-market has been in an easy position during the past financial year, the stock-market has not been by any means favourable to public issues of loans. This fact is borne out by the result of some issues of colonial loans during that period. I therefore decided not to go on the public market, and the result has justified that decision. The course I adopted has enabled me to obtain all the moneys I required in London on much more favourable terms than if they had been raised by public issue of stock, or debentures. Of the £1,250,000 Public Works Loan, £1,000,000 was issued on debentures at 3J per cent, interest, at 99| free of brokerage, purchaser to have the option of converting all or any into inscribed stock; of this amount £500,000 was converted into 3J stock at £102, and the balance was replaced by issue of 3J stock"due 1940. £100,000 was issued at 4 per cent., at I per cent, premium, due. 13th November, 1913; £100,000 was issued at 3f at par, due Ist April, 1912. Both these amounts will later on be converted into stock. The balance, £50,000, was issued at 3J per cent, at par, due Ist April, 1916. These financial operations must, I think, be considered satisfactory even by the most fastidious critic. As to the Wellington-Manawatu Railway Purchase Loan, £500,000 was issued in debentures at 3J per cent, at 99J net, no brokerage, purchaser to have right of converting all or any into inscribed stock. Of this parcel £270,000 was converted at £102, and the balance, £230,000, replaced by issue of 3J per cent, inscribed stock, due 1940. £500,000 was issued at 4 per cent., at J per cent, premium, to mature Ist March, 1916. In addition to the above, £982,300 has been obtained in London for Advances to Settlers and Workers. Advances at low rates of interest as required, being obtained in the first instance and subsequently repaid by the issue of debentures.

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During the year investments of £724,900 were found for the Post Office, including £250,000 for loans to local authorities, £200,000 under " The Post and Telegraph Act, 1908," for post-office buildings, £130,000 for advances to settlers and workers, £70,000 under " The Government Railways Act, 1908," for the duplication of railway-lines, and £30,000 for the Hutt Railway and Road improvement. Offers from Australia to purchase £315,000 of our debentures were received and accepted, the rate of interest being 4 per cent. —a premium of 2 per cent, being obtained on almost every parcel. The money was invested on the balance of the 1907 loan (£191,800), Land for Settlements (£11,300), Government Advances to Settlers and Workers (£60,000), Government Railways Act and the Hutt Railway Road and Improvement Act (£14,800), and the balance under the Aid to Public Works Act, 1903, for renewals, the currency ranging from .five to fifteen years. No action whatever has been taken to induce the public in. the Dominion to invest in Government securities, but several persons desirous of investing their savings in that way have, unsolicited, taken up £121,415 worth of 4-per-cent, debentures with a currency of seven years. None of the other transactions call for special comment. LOANS MATURED. During the financial year just closed debentures amounting to £3,133,238 fell due, and it may be of interest to honourable members to learn that of this large amount no less a sum than £2,148,488 was renewed by the holders, leaving £984,750 to be provided for by the sale of new debentures. In this connection I may state that a large saving in interest-charges was made, debentures for over £1,000,000, which previously carried a rate of 4 per cent., being placed at 31 per cent. No one, unless deliberately refusing to acknowledge the splendid results achieved under this head of our finance, can contradict me in asserting that the results are most satisfactory, the exact position being as follows:— Amount matured, — £ £ 4 per cent .... .... .... 2,010,800 3J per cent .... .... .... 1,057,438 3 per cent. .... .... .... .... 65,000 3,133,238 Renewed or provided for, — 4 per cent .... .... .... 910,825 3J per cent .... .... 2,221,763 Outstanding .... .... .... .... 650 3,133,238 LOANS MATURING. During the present financial year £2,619,023 falls due. Of this amount £1,552,650 fell due during the last six months, of which £684,800 has been renewed by the holders and £867,850 paid oif. This has been done without any additional charge on the Dominion for interest —in fact, in one instance, a parcel of £40,000 on which we had heretofore to pay 6 per cent, was secured at 4 per cent. LOANS TO LOCAL BODIES. The balance at credit of the Loans to Local Bodies Account on the 31st March, 1908, was £11,271. Debentures for £250,000 were created and issued during the year, and refunds of unexpended balances of grants amounting to £529 received. Payments on account of loans made during the past year to local bodies amounted to £192,136 ; towards opening up blocks of land for settlement, £54,713 ; and the amount transferred to Hauraki Plains Settlement Account under section 4 of " The Hauraki Plains Act, 1908," was £12,000, leaving at the end of the year a balance of £2,951 to the credit of the account.

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Up to the 31st March last the total proceeds of debentures issued and carried into this account was £3,178,100, and the total disbursements have been £3,175,149, as follows : Loans to local bodies, £2,506,379 ; towards opening up" blocks of land for settlement, £566,970 ; £89,800 in exchange for debentures under "The Roads and Bridges Construction Act, 1882"; and the amount transferred to liauraki Plains Settlement Account under section 4 of "The Hauraki Plains Act, 1908," was £12,000. Applications from local bodies for loans for public works under tie Local Bodies' Loans Acts have this year been the largest since the Act of 1886 came into operation, which is no doubt attributable to the great difficulty experienced by local bodies during the year in obtaining money at a reasonable rate of interest within the Dominion from outside sources. I have already submitted to the House a Bill altering the conditions under which moneys for local public bodies can be obtained. As this is now before the House and is receiving the attention of honourable members I need say no more than that the proposals make provision to meet the extending requirements of local public bodies throughout the Dominion to a larger extent than has hitherto been possible. The moneys required will be obtained in England at such a reasonable rate as will admit of their making use of the sums legitimately required for local purposes. LAND AND INCOME TAX. There has been a steady increase in the amount of land-tax collected. This is partly accounted for by the increase in values, and partly by the legislation of 1907. The increase in ordinary land-tax last year amounted to £43,677, which is wholly from increased values, no alteration in the rates of ordinary land-tax having taken place. The increase in the graduated land-tax amounted to £23,248, resulting also from increased valuations, as the scale was the same as in the previous year. Absentee-tax increased by £129, consequent on the increased graduated tax. It may not be out of place for me to note here that on the other side the increase of private wealth in land alone during the last fifteen years is £113,573,887. The enormous increase in the public and private wealth of this Dominion, to which I have already referred, and during the last fifteen years, after careful examination and analysis, I estimate within that period amounts to the large sum of £250,000,000. It has increased at a much greater rate than the population proportionately. When it is remembered that the gain in public and private wealth is £10 for every £1 of expenditure of public money, the natural sequence to this is that there has been a large increase in revenue from direct taxation, whilst at the same time there has been no increase in the rates of tax—it is due to the increase of private wealth and incomes entirely. The whole of the direct taxation —viz., land-tax, income-tax, and death duties— is contributed by comparatively a few persons, who, it is evident, have reaped the benefit of the public expenditure to a very large extent. In 1908-9, 39,132 taxpayers contributed the whole of the direct taxation of this country, amounting to £1,186,182, equal to £30 per taxpayer. In 1893-4, 15,327 taxpayers contributed £448,151, equal to £29 per taxpayer, an average increase of £1 per taxpayer per annum in fifteen years. At the same time the average wealth of these persons has increased £9,181, which equals an average increase at the rate of £612 per annum, in addition to those increased incomes which are not included as wealth, amounting to £4,000,000, but which indirectly represents wealth, and if capitalised at 5 per cent, would represent nearly £1,500 per annum of an increase. The income-tax revenue for years past has also shown a consistent increase, which as an indication of the progress and prosperity of the Dominion is interesting. I attach a table showing the wonderful increases in the income of the taxpayers, which I think honourable members will appreciate, and from which it will be observed that the incomes returned for taxation have increased over what they were fifteen years ago by the enormous sum of £10,043,703, for the year

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ending 31st March, 1909, and increasing by large amounts each year. During that time there has been an increase of 7,396 income-tax payers, equivalent to 315 per cent. There is also to be taken into account the increase in incomes of those in employment, and who do not contribute anything to direct taxation, which the Commissioner of Taxes estimates at an average of 10s. per week all round, and this is certainly a low estimate, which amounts to a very large sum in the aggregate. These figures will convey some idea of the enormous development and prosperity of the country during the past fifteen years, which alone has contributed the increase in revenue from direct taxation, and this may be attributed to a large extent to the expenditure of public money in opening up the country, without which it would have been impossible. During that time there has been no increase in the rates of income-tax, but on the other hand large concessions have been made from time to time. POST AND TELEGRAPH DEPARTMENT. The revenue of the Post and Telegraph Department again shows a material increase, having reached no less a figure than £913,995. All the principal sources —viz., postages, telegrams, and telephone exchanges—have materially contributed to the £91,356 by which the previous year's revenue was exceeded. As in the past, concessions have led to increased business. Money-order and postal-note commission, which was reduced by 50 per cent., shows 75 per cent, of the previous year's revenue. This, considering the largeness of the reductions, is most satisfactory. I estimate that at least £938,000 revenue will be received during the current year. LAND REVENUE AND SETTLEMENT. The total land revenue from all sources was £696,375. This is £37,581 more than the previous year, which I informed you in last year's Budget had been the largest received by the Department. The territorial revenue amounted to £222,856, and the revenue received as rentals from the lands dealt with under the Land for Settlements Act was £237,831. The sum credited to " Territorial " is less than in previous years, as a portion of the moneys hitherto credited as such now belongs to the National Endowment Fund. The amount received for this latter fund during the past year was £76,222. It is estimated that the gross land revenue for the year 1909-10 will amount to the sum of £659,000, of which £224,000 will belong to " Territorial." The number of Crown tenants at the close of the year was 25,204, an increase of 1,108 during the year, the area held being 18,264,083 acres. The area disposed of during the year for immediate sale for cash payment was 42,176 acres to 371 purchasers, the amount received being £41,689. In addition to the disposal by immediate sale, the freehold was acquired by 232 holders of deferred-payment, perpetual-lease, occupation-with-right-of-purchase, and lease-in-perpetuity holdings to the extent of 55,372 acres. The total area selected during the year on settlement conditions —-that is, exclusive of pastoral and miscellaneous holdings—was 521,145 acres, by 1,863 persons. During the current year the work of preparing Crown lands for settlement is being energetically pursued, and it is believed that the transactions and number of settlers wiil compare favourably with the figures of the past year. LAND FOR SETTLEMENTS. Five estates were finally acquired and opened for close settlement during the past year at a cost, with incidental expenses, of £382,426. Up to 31st March, 1909, 1,195,292 acres were purchased at a cost of £5,146,999, with a further expenditure of £452,680 for expenses incidental to the acquisition and subdivision into smaller farms and construction of new roads. This large investment shows rents, &c, received £1,710,032, and interest paid £1,331,980, for the whole period —a satisfactory financial result, especially as it is obtained from a

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process of closer settlement which has in itself proved so beneficial in other ways. The demand for these lands continues unabated, but it must be remembered that, apart from cost, the extent of land suitable by quality and position for close settlement is not plentiful. The market for rural lands has for some time past been somewhat inflated, and especially so in the case of suburban areas, and owners in many cases are still asking excessive values, rendering purchases difficult to negotiate, as the future of the settlements depends upon the rents being reasonable. ADVANCES TO SETTLERS. This eminently serviceable and profitable Department continues its success. About 28,000 settlers and workers have received assistance amounting to £9,810,725. The average amount of the advances now outstanding is £390 for the settlers, and £251 for the workers. The total amount of the advances for the combined Departments during the year amounted to the record sum of £1,792,019, and this average has been maintained throughout the year. Four years ago the total amount of advances made during the year was £100,000. The Department advanced during the year in the Settlers Office alone £1,521,409, an excess over the previous year of over a quarter of a million. It is difficult to conceive what would have been the state of things during the past twelve months if the Advances to Settlers Department had not been in existence. Owing to the financial depression throughout the world, the pinch has been felt in New Zealand, but it would have been positively disastrous had not this Department been able to grapple with the emergency as it did. At the same time, as evidence of the advantage of obtaining the assistance at low rates of interest, the instalment-payments of principal and interest have been met with the usual promptitude, the stringency of the money-market having apparently not affected the ability of mortgagors to meet their instalment-payments to any noticeable extent —a sufficient proof of the value of this Department in affording relief in times of depression. The repayments to the Department from all sources totalled £801,980. These show a steady increase as a result of the larger amount of money beingadvanced annually, but a considerable reduction has taken place in the amount of mortgages repaid in full, or in part, this year as compared with former years ; and it will be observed that the claims made on the Department have grown unexpectedly quite out of proportion to the moneys repaid. This will, however, adjust itself when money becomes easier. It is therefore clear that unless the benefits and advantages to be derived from the Department are to be denied to numbers of deserving settlers and workers desirous of obtaining advances at a low rate of interest, at a minimum of cost, the borrowing-powers of the Department must be maintained, and I have already placed before the House proposals to enable this be effected. ADVANCES TO WORKERS. The system of making advances to workers has been in existence now a little over two years, and the sanguine hopes expressed for the measure when being placed on the statute-book have been more than realised by the great success which has attended the operations of that branch of the Department. The advances paid out during the year numbered 1,116, and amounted to the sum of £298,184 65., an excess over the previous year of 336 loans for £94,206 3s. lOd. Up to the 31st March last, loans aggregating £603,800 had been granted to 2,399 workers, who have been able to acquire homes for themselves and their families under the favourable and liberal conditions offered by the Act. The increase of the borrowing-powers from £200,000 to £500,000 in any one financial year as provided by the Act passed last session has materially aided that branch of the Department in its endeavours to meet and supply the growing needs of the workers.

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LABOUR. It is gratifying to be able to state that our prospect of success in industrial legislation i.s gradually becoming assured. Not only are fewer offences committed against the labour laws or the Arbitration Court awards than was formerly the case, but there is noticeable a general feeling of enhanced confidence between employers and employed. Much of this is owing to the change wrought by last year's amendment of the Industrial Conciliation and Arbitration Act in the direction of appointment of Commissioners and Councils of Conciliation. The work done already by these Commissioners and Councils has not only prevented much litigation and eased the former strain on the Arbitration Court, but has brought about a spirit of mutual forbearance and agreement which is full of promise and encouragement. Certain trades in the Dominion have suffered from the unemployment of some of their members during this last autumn and winter. Flax-millers and fellmongers were among the earliest to feel the " tightness " of money resulting from financial crises abroad, then the building trades and general labourers found many of their number out of work. The scarcity of employment was not universal, but was locally severe, especially in Wellington. Every effort was made by the Government to meet the difficulty by expediting proposed building operations, and by placing some of the men at bushfelling or on public works. The financial depression is now apparently over ; flax-mills are beginning to reopen, and building contracts are being let. With the spring, the high prices of our staple exports, and the productivity of the country generally, which has been undiminished during the time of stress, will again induce prosperity. MINING. "* This industry is steadily progressing. The works for testing the deep alluvial leads at Ross, which have been assisted by subsidy from the Mines Department, are nearly completed, and it is hoped that this company will soon be included in the dividend-paying list. The negotiations for testing the .deep quartz reefs at the Thames are still being proceeded with, and it is expected that a start will soon be made with the driving of the crosscut. The deposits of haßmatite ore at Parapara, though still unworked, are now attracting the attention of capitalists, and the manufacture of iron may be added to the other industries of the Dominion in the course of a few years. In April last arrangements were completed with the Native owners, and the Urewera District Native Reserve was opened to the prospector and the miner, but the negotiations were so recently completed that nothing definite as to the value of the mineral wealth of the area has yet been recorded. The export of silver for the past year is again considerably in excess of any annual export so far recorded, and this also applies to the output of coal for the year. . OCEAN MAILS. Negotiations have been proceeding with the view of including Auckland as a port of call of the "Vancouver steamers, and I am hopeful that the sympathetic attitude of Canada will assist towards securing the desired result. Sir Wilfrid Laurier has, in response to a cable communication from me, replied that Canada is agreeable if Australia consents. I am submitting the matter by letter to the Prime Minister of Australia, with a view to Auckland being included as a port of call. I trust that the Commonwealth Government may be able to agree to what would be to the advantage of Canada, Australia, and New Zealand, as a linking-up of the three countries by a service of this kind must confer advantages upon all. In the meantime I have endeavoured to arrange a close connection with the Vancouver steamers at Fiji, but the high cost of this and the undesirability of establishing such a connection, if there is a possibility of the main line being diverted to Auckland, may make it advisable to await the result of the negotiations now proceeding between this Dominion, Canada, and Australia; but should it not eventuate, then every effort must be made to

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establish a mail and passenger service from Auckland to San Francisco via Suva and Honolulu. I have devoted much attention to the possibility of establishing a service by New Zealand steamers between Auckland and San Francisco by way of Tahiti, only to find that without assistance from the American Government the cost of such a service is beyond our resources. There is, however, some reason to believe that in the next session of Congress the much-debated Shipping Subsidy Bill will become law, when a service by American steamers will, it is practically certain, be undertaken. At the same time, Ido not think we should overlook the advantages to New Zealand of having a suitable service via Suez. It is deeply to be regretted that after so many years of control by the Suez Canal Company the obtaining of large profits is made paramount to a lowering of the scale of charges by which increased trade by that route would be encouraged to the great advantage of the Motherland and some of her principal oversea dependencies. I am hopeful that finally we may have the advantages to this country of regular services by the three routes—namely, Vancouver, San Francisco, and Suez. These, together with the excellent direct services that are being run for passenger and cargo purposes between New Zealand and Great Britain, should place us in a position in the oversea carrying for our general trade of much greater advantage than at present exists. INLAND-MAIL SERVICES. The tendering for the inland-mail services for the ensuing triennium has been very satisfactory. Owing to the large increase in mail matters generally and particularly in the parcel post—the latter has risen by 175 per cent, in a little over two years —an increase in the amount required was to be expected, but this has not been more than might be regarded as a normal one. 1 have in many cases been able to authorise considerable extensions of frequency in country districts, and otherwise improve existing services. Following the general policy of Government services to the back-blocks are being extended as rapidly as possible, notwithstanding that the cost is in most cases very considerably in excess of the revenue. WIRELESS TELEGRAPHY. Although a preliminary vote of £2,000 for wireless telegraphy was taken in 1907, it was not expended owing to the difficulty of arriving at a final decision as to the best system to adopt, there having been a succession of inventions of new methods of some excellence during the last few years. From my recent observations in London, and also in America, I am of the opinion that considerable developments are likely to take place within the next twelve months, and this country should wait and obtain the best system possible. Three wireless stations should be erected in New Zealand of sufficient power to enable communication to be made with Australia, and for a radius of about 1,200 miles from the extreme north and extreme south of the mainland; and simultaneously legislation providing for the establishment of the wireless system on passenger steamers trading from New Zealand should be passed. I hope to be in a position to lay definite proposals before Parliament next session. OLD-AGE PENSIONS. The widening of the scope of the Act in 1908 has been mainly responsible for an increased expenditure of £11,560 during the financial year just closed. As, however, the majority of those taking advantage of the new provisions did not participate until after October, the full effect will be much more pronounced during the current year, for the first six months of which the increased expenditure has been at the rate of £26,000 per annum. The number of pensioners increased by 827, the greatest numerical advance since 1901, the percentage to the population eligible by age being 34, as against 32 in 1908.

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During the early part of this year there was a marked increase in the number of new claims recorded, due no doubt to the financial stringency. I am glad to be able to announce that there has been, during the past two months, an almost equally marked falling-off. The increase due to every widening of the scope of the Act, and the natural increase which, without any advance in the percentage, is based upon a greater eligible population each year, necessitates considerable caution in dealing with demands for further concessions. The question of the full exemption of pensioners' bona fide homes has been raised, and it has received considerable attention at my hands. It will further increase the expenditure. In these circumstances it is only fair that where pensioners have relatives who were able to maintain them, but allow the burden to fall on the State, the pensioner's property should not be alienated, but that should go to the State. This will enable a contribution towards this humane fund to be made, instead of the money going into the coffers of comparatively well-to-do people who have been relieved from the monetary obligation that would have been entailed upon them but for the existence of the old-age pensions. I will submit proposals this session which, while assisting pensioners, will at the same time check any abuses against which the State should rightly be protected. FERRY SERVICE. The development of the railways in both Islands, and the consequent necessity for having a complete State-owned link for the conveyance of mails and passengers between the two Islands, has been from time to time receiving the consideration of the Government, and the time is approaching when this important matter should be dealt with on practical lines. Up to the present the service has been carried on by the Union Company in a satisfactory manner, but the Government are considering whether the time has not arrived when something definite should be given effect to in order to own and control the steamers carrying the mails and passengers, a large number of the latter being travellers over the Government railways in both the North and South Islands. The matter has been the subject of negotiations with the Union Steamship Company, and, should it assume a definite shape, the House will be duly advised. I am of the opinion that two steamers of the "Maori " type are necessary so as to give a close connection on every night of the week except Sunday, thus enabling the transport of mails and passengers to be carried out under State administration at both ends. NAVAL DEFENCE. Honourable members are aware that the Imperial Defence Conference, which was attended by me as the representative of this Dominion, arrived at decisions in connection with the strengthening of the British navy which call for action on the part of New Zealand. The offer of a " Dreadnought" made by this country was accepted by the British Government, and the necessary steps require to be taken to enable the vessel to be built and handed over to the Admiralty. . For this purpose I propose to ask the House for authority to raise a loan of up to two millions, at a rate of interest not exceeding 3J per cent. Until the vessel is actually completed it is not possible to say what the exact amount of the expenditure will be, but it will be within the amount I have named. Having regard to the nature of the expenditure, you will I hope agree with me that it should not be treated as part of our permanent public debt, and I propose that we make provision for paying it off within eighteen years. For this purpose a sinking fund of 4 per cent, will require to be provided, and proposals in this direction will be submitted to you. It is scarcely necessary to say anything at this time in support of our offer of the " Dreadnought." The Government made it, subject, of course, to ratification by Parliament. Parliament ratified it, and, in doing so, acted, I am convinced, with the hearty approval of the great majority of the people. The motive

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throughout was the same. We recognised, all of us, that the best interests of Njew Zealand were bound up with the maintenance of British supremacy on the seas. That supremacy appeared to be directly challenged. In our own interests, as well as those of the Empire at large, we felt that at that particular juncture the offer we made was not only opportune in itself, but was the most effective way of strengthening the Empire. At the Conference the oversea representatives were of one mind in their willingness to take some share in Imperial defence, though they differed as to the form it should take. Local sentiment and local conditions no doubt weighed with them. Some preferred local navies; others, amongst them myself, thought the more excellent way was to contribute a quota to the British navy itself. The course I followed will be best seen by the following correspondence, which summarises the position :— Deae Mb. McKenna, — Hotel Cecil, London, 11th August, 1909. At to-day's meeting you explained that the general idea underlying the Admiralty memorandum was that the present East Indies, China, and Australian Squadrons should be treated strategically as one Far Eastern —or, as you thought, as a preferable term, "Pacific"—Station, and that each of the principal portions of this station should have a complete fleet unit, the Commonwealth Government maintaining one unit in Australian waters in lieu of the present Australian Squadron and the Imperial Government providing the remainder, the " Dreadnought" cruiser presented by New Zealand forming the flagship of the China unit. If Canada found herself able also to come into this agreement, her contribution to the Pacific Station would be a fourth unit. I think it will conduce to clearness if I state my views in writing, hence this memorandum. I expressed myself as generally satisfied with this arrangement as a strategic plan ; but I would point out that if, as I understand, Australia is providing an independent unit, it means the superseding of the present British Australian Squadron, and the fact of that being done would, on its completion, determine the Naval agreement with Australia and New Zealand, thus creating an entirely new position. I favour one great Imperial Navy, with all the oversea dominions contributing either in ships or money, and with naval stations at the self-governing dominions supplied with ships by and under the control of the Admiralty. I, however, realise the difficulties, and recognise that Australia and Canada in this important matter are doing that which their respective Governments consider to be best; but the fact remains that the alteration that will be brought about upon the establishment of an Australian unit will alter the present position with New Zealand. New Zealand's maritime interests in her own waters and her dependent Islands in the Pacific would under the altered arrangements be almost entirely represented by the Australian fleet unit, and not as at present by the Imperial fleet. This important fact, I consider, necessitates some suitable provision being made for New Zealand, which country has the most friendly feeling in every respect for Australia and its people. I am anxious that in the initiation of new arrangements with the Imperial Government under the altered conditions the interests of New Zealand should not be overlooked. I consider it my duty to point this out, and to have the direct connection between New Zealand and the Royal Navy maintained in some concrete form. New Zealand will supply a " Dreadnought " for the British navy, as already offered; the ship to be under the control of and stationed wherever the Admiralty considers advisable. I fully realise that the creation of Pacific units —one in the East, one in Australia, and, if possible, one in Canada —would be a great improvement upon the existing condition of affairs, and the fact that the New Zealand " Dreadnought " was to be the flag-ship of the China-Pacific unit is, in my opinion, satisfactory. I, however, consider it is desirable that a portion of the ChinaPacific unit should remain in New Zealand waters; and I would suggest that two of the new "Bristol" cruisers, together with three destroyers and two submarines, should be detached from the China Station in time of peace and stationed in New Zealand waters; that these vessels should come under the flag of the Admiral of the China unit; that the flagship should make periodical visits to New Zealand and that there should be an interchange'in the service of the cruisers between New Zealand and China, under conditions to be laid down. The ships should be manned, as far as possible, by New Zealand officers and men, and, in order that New-Zealanders might be attracted to serve in the fleet, local rates should be paid to those New-Zealanders who enter, in the same manner as under the present Australian and New Zealand agreement, such local rates being treated as deferred pay. The determination of the agreement with Australia has of necessity brought up the position of New Zealand under that joint agreement. I therefore suggest that, on completion of the China unit, the present arrangement with New Zealand should cease ; that its contribution of £100,000 per annum should continue and be used to pay the difference in the rates of pay to New-Zealanders above what would be paid, under the ordinary British rate. If the contribution for the advanced rateg of pay did not amount to £100,000 per annum, any balance to be at the disposal of the Admiralty. The whole of this fleet unit to be taken in hand and completed before the end of 1912, and I should be glad if the squadron as a whole would then visit New Zealand on the way to China, leaving the New Zealand detachment there under its senior officer. I remain, yours sincerely, (Sd.) J. G. Ward.

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Joseph,— Admiralty, Whitehall, 18th August, 1909. The suggestions made by you at the meeting on the 11th, and recited by you in your letter to me of the same date, have been carefully considered and concurred in by the Admiralty. The present naval agreement with Australia and New Zealand will not be renewed, and, in view of this fact and the other special circumstances referred to by you, the part of the China fleet unit as set out by you will be maintained in New Zealand waters as their headquarters. Your wish that the ships of the fleet as a whole, or at any rate the armoured ship and the cruisers, when completed, should pay a visit to New Zealand on the way to China shall also be carried out. I take this opportunity, on behalf of the Admiralty, of repeating their sincere thanks to the New Zealand Government for taking so important a part in the inception of the present Conference. The Admiralty feel that every effort should be made to work out a scheme acceptable to the people of New Zealand, having regard to the patriotic action taken by yourself and your Ministers in March last. I remain, yours sincerely, (Sd.) Reginald McKenna. In making these proposals I acted on what, after very full consideration, I believed to be best for New Zealand and most in accord with the sentiments of her people. It would be quite out, of place for me to attempt to question, or even to criticize, the decision of Canada and Australia to establish local navies. It is for these great dependencies themselves to determine the lines on which they are to proceed, and I fully recognise that they are the best judges of their own best interests. It will be clearly understood, then, that the reasons which moved me in the course I took had no relation to them. Omitting all such controversial points as the difficulty of maintaining a common standard and arranging for interchanges, the risk of defeat in detail if the British fleets were crushed, and so on, there remains one consideration which is purely personal to New Zealand, and, in my own opinion, determines the whole matter. This is the question of cost. To show what pecuniary liability is involved in a local-fleet unit, I quote an extract from an Admiralty memorandum that Mr. McKenna, the First Lord, submitted to the Conference :— 7. The fleet unit to be aimed at should, in the opinion of the Admiralty, consist of the following : — 1 armoured cruiser (new " Indomitable" class, which is of the " Dreadnought " type), 3 unarmoured cruisers (" Bristol " class), 6 destroyers, 3 submarines, with the necessary auxiliaries, such as depot and store ships, &c. Such a fleet unit would be capable of action not only in the defence of coasts, but also of the trade routes, and would be sufficiently powerful to deal with small hostile squadrons should such ever attempt to act in those waters. 8. Simply to man such a squadron, omitting auxiliary requirements and any margin for reliefs, sickness, &c, the minimum numbers required would be about 2,000 officers and men, according to the Admiralty scheme of complements, including— 1 Rear-Admiral, or Commodore, and staff, 1 captain, 4 commanders, 43 lieutenants and sub-lieutenants, 16 engineer officers, besides medical and accountant officers and warrant and petty officers of the various classes. 9. The estimated first cost of building and arming the class of ships indicated would be £ "Indomitable (new)... ... ... ... ... ... 2,000,000 "Bristol"... ... ... ... ... ... ... 350,000* Destroyer (river class) ... ... ... ... ... 80,000* Submarine (C class)... ... ... ... ... ... 55,000* * May have to be increased. It is difficult to estimate the annual cost of maintenance—i.e., upkeep of hull and machinery, sea stores, fuel, &c.—under the new conditions contemplated, but it may be taken that it would amount approximately to, — £ "Indomitable" ... ... ... ... . ... 52,000 "Bristol" ... ... ... ... ... 16,500 Destroyer (river class) ... ... ... ... 10,700 Submarine (C class) ... ... ... ... 2,300 It is also difficult to estimate the amount which should represent interest and depreciation on first cost. The life of the "Indomitable" and "Bristol" classes may be estimated at twenty

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years, and that of the destroyers and submarines at fifteen years ; but the amount to be calculated on this basis would vary according to the rate of interest prevailing in each country. It has not, therefore, been included. The total first cost, accordingly, of building and arming a fleet unit apart from auxiliaries would be — £ 1 " Indomitable" (new) ... ... ... ... ... 2,000,000 3 "Bristols" ... ... ... ... ... ... 1,050,000 6 destroyers (river class) ... ... ... ... ... 480,000 3 submarines (C class) ... ... ... ... ... 165,000 £3,695,000 and the total annual cost of maintenance would be— 1 "Indomitable" ... ... ... ... ... ... 52,000 3 "Bristols" ... ... ... ... ... ... 49,500 6 destroyers (river class) ... ... ... ... ... 64,200 3 Submarines (C class) ... ... ... ... ... 6,900 £172,600 10. The above figures do not include the cost of personnel, which should be added to the annual charge for maintenance. The active-service pay of 2,000 officers and men and their victualling and other like expenses, would amount approximately to £156,000 a year, calculated on the rates payable in the Royal Navy only. It will be noticed that, as in the case of the materiel of the fleet unit, the estimated cost of the personnel required to man the ships does not comprise the whole cost. There would be other charges to be provided for, such as the pay of persons employed in subsidiary services, those undergoing training, sick, in reserve, &c. In the course of the discussion Mr. McKenna said that, at Imperial rates, the total annual cost of such a fleet unit would be about £600,000. Sir F. W. Borden, speaking for Canada, said that in the case of that Dominion it could not be less than £800,000. After going into careful calculations, I stated that in the case of New Zealand it would be, at the very least, £700,000. Putting it at that—and I am quite satisfied the estimate is a very moderate one —it is manifest that such an annual expenditure is quite beyond our resources, and must be so for many years to come. The proposals made by me involve a total yearly expenditure of £250,000, made up thus : — £ " Dreadnought " (interest and sinking fund for each of 18 years) .... .... .... .... 150,000 Contribution to Admiralty to cover difference between Imperial and local rates of pay, &c 100,000 £250,000 Deducting from this the £100,000 which we are at present paying as our contribution to the cost of the Australasian Squadron, and which is to be dropped when the new scheme is adopted, the net result will be a yearly increase of £150,000 on the amount we at present pay. Recognising, as we all do, our duty to take upon us a reasonable share in the general burden of Imperial defence, I feel satisfied that neither Parliament nor the country will consider such an expenditure to be excessive. Proposals on the subject will be submitted at an early date for your consideration. INTERNAL DEFENCE. The time has now arrived when a definite course must be taken with a view of placing the home defence of the Dominion upon a more satisfactory footing. To carry this out the defence systems must undergo a complete reorganization, and I propose to submit legislation this session to substantially increase the efficiency for defence purposes of the scheme now in operation. This reorganization will, as far as the local conditions permit, be on the lines approved at the Imperial Defence Conference. These are designed to provide an active trained force for any emergency, consisting of coast and garrison defence. Mobile forces of all arms will be so arranged that should the Dominion

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he required to supply an expeditionary force suitable for service oversea, it can be promptly sent without any dislocation of our own defences. I propose that all boys between the ages of twelve and eighteen shall undergo elementary and progressive training either in a junior or senior cadet division ; boys under the former age will undergo physical training only. All young men, except those physically unfit, between the years of eighteen and twenty-one will undergo two years' compulsory training. This training will be on stated evenings and on half and whole days during the year. In addition, there will be training for fourteen days in each year in training-camp. As a further part of the proposed scheme, an active force will be organized consisting of 20,000 of all ranks, composed of men between the ages of eighteen and thirty years who choose to join voluntarily. This force will be organized on Imperial lines as to arms, equipment, establishment, and training. After these men have completed their services, they will pass to a reserve. In the event of such a force not being equipped in point of numbers by voluntarily enlisting, a selection will be made from those undergoing the compulsory training above outlined to make up the total. This active force will be established on Ist March next in the larger centres of population only. The mounted rifles in the country will, however, be included. As the staff instructors gain experience, and as material and equipment are available, the scheme will be extended beyond the larger centres to the outlying districts of the Dominion. The compulsory training for the junior and senior cadets and for young men between eighteen and twenty-one will commence as soon as the requisite registration can be completed. I feel that the useful services of rifle clubs should not be lost to the Dominion, and the continuance and formation of these will be encouraged in every way. All those exempt from service in these forces and those who shall have completed their services may join the rifle clubs. I do not propose that those undergoing compulsory military training shall be provided with uniform. Their training will take place in ordinary civilian dress. As it is most desirable that there should be uniformity between the scheme followed by the Imperial General Staff and our own General Staff, steps will be taken to insure the necessary similarity of training and methods of defence. As a permanent central training-ground will be absolutely necessary in each Island, the House will be asked to authorise the setting-apart of a considerable area of land —say, 12,000 acres—in each Island, where continuous training may take place, where a permanent instructional staff can be located, and on which all necessary buildings, ranges, and other equipments can be erected. As regards the expense of the proposed scheme, I may say that this is estimated at not more than £100,000 per annum, and this sum you will be asked to add to the present defence vote. I propose also to ask for a further sum of £150,000 for additional armament and field equipment, but the expenditure of this amount will be spread over a period of three years. After it has been introduced I propose to set up a Select Committee to consider the proposals contained in the Bill. I feel sure that the House will assist to place this important legislation on the statute-book this session. RETRENCHMENT. The revenue for several years had, as you are aware, continuously increased to such an extent that from time to time heavy reductions by way of remissions, both in taxation and in the receipts of the various departments, have been effected. I would remind you of the fact that during the last fifteen years the total amount of remissions amounted to nearly seven millions, and of that amount during the session of 1907 the last remissions in taxation and reduction of revenue were made to the extent of £600,100 per annum. The extraordinary drop in the value of some of our principal products brought about an alteration in the commercial condition of the country

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that told its tale upon the revenue, and more particularly with respect to that derived from the Customs branch. For the six months of the present year the Customs revenue is not satisfactory. It is, however, the worst half of the year, and I should expect that during the remaining portion very much better results will be obtained. But it is my duty in dealing with the financial position of the country to provide against the possible continuance of the shrinkage, even though not to the same extent, that has taken place. This fall in the Customs revenue is due to the reduction in the imports. In view of the heavy fall in the revenue brought about from the causes I have indicated, on the top of the large reductions made, it adversely affected our general financial results and reduction of public expenditure. This the Government at once faced, though naturally with reluctance, as the removal of men from their positions, with the trouble it entails upon themselves and families, is a most painful duty for any Government to perform became a necessity. It is not, of course, possible for the effect of the retrenchment to come within the period of one year, and it is obviously necessary before the total result of the retrenchment can be seen. I notice the fact of reductions having been made has led some people to suppose that because of this being done now that the Departments must have been overstaffed before. It is impossible in any country where you have a largely expanding revenue from year to year to carry on the work of Departments without a considerable increase from time to time in the staffs, and when, as I say, as the result of a heavy fall in the revenue, the converse must of necessity arise. Advantage was taken of the position of affairs to amalgamate a number of the Departments ; and, where we formerly had thirty Departments, we now have but nineteen—that is, fifteen of the Civil Service and four of the outside Departments, namely, Government Life Insurance, Public Trust, State Fire, and Advances to Settlers. Some months ago I set up a Committee, consisting of five of the high officers of the Public Service of wide financial experience—namely, the Controller and Auditor-General, the Secretary to the Treasury, the Commissioner of Taxes, the Assistant-Secretary to the Post Office, and the Accountant of the Bail ways —for the purpose of examining into the whole system of accounts as carried on in the various Departments, with the view to the establishment of a uniform system ; and I hope before long to receive a report from the officers named. The outcome of this will certainly lead to further economies being effected. Necessarily, it will take some time under the amalgamated Departments before it can be expected that the full results will be achieved; but I look forward within a reasonable period to find, as the outcome of the important changes effected, that as valuable a service as we have possessed in the past will be maintained, though on somewhat different lines, and one making for more economical administration. I may say, for the information of the House, that the total number of employees who were effected by the reductions put into operation was of all classes 940. Unfortunately, simultaneously with the heavy drop in the revenue, a temporary depression existed in"portions of the country, and on that account every effort was made to enable the employees of the service to continue as long as possible. This was done in order to minimise as much as possible the effect upon them of losing their positions at a time when other employment was more difficult than usual to obtain. But for this reason the reductions that had been authorised would have come into operation at an earlier date. To give those members of the Service whom it was found necessary to retrench an opportunity of obtaining homes for themselves, special blocks'of land were set apart for selection by them, and by other landless persons, under the improved-farm conditions. These sections were made available in September and. October, and were balloted for amongst the applicants. The intention of the Government was to set aside 400 sections, aggregating 60,000 acres. It was, however, found that land of sufficiently good quality and reasonably near the Main Trunk Eailway line could not be obtained to carry out in full the original proposals.

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In the Auckland Land District there-were three settlements, containing 86 sections, with an area of 12,941 acres, for which 358 persons applied. In Taranaki there were two settlements, containing 122 sections, with an area of 20,085 acres, and for which 247 persons applied. In the Wellington Land District, 102 sections, containing an area of 14,418 acres, for which there were 550 applicants. The total number of sections was 310, containing an area of 47,444 acres, for which there were 1,155 applicants. LICENSING LEGISLATION. I propose to introduce important amendments of the Licensing Act. I have for some time past been impressed by the fact that the existing legislation is not sufficiently in accord with the basic principles of democracy, and material alterations in the law will be made both to further these principles and to provide a fair measure of consideration for those whose material interests will be greatly affected by these proposed alterations. I have recognised that such important changes as those contemplated would have difficulty in becoming law, especially this session, in connection with such a contentious subject-matter as licensing legislation; and, appreciating this difficulty, I have taken steps, through the good offices of one of my colleagues, to induce the two great parties to this question, independently through their recognised representatives, to modify their full demands for, or opposition to, certain proposed amendments. In this aim, I am glad to say, the results have been entirely successful, owing to a spirit of reasonable and honourable concession on both sides. The proposals therefore in the legislation I intend very shortly to introduce have already obtained the express approval of both the parties referred to, and I have been requested by each, independently, to pass this proposed legislation into law this session. Should the legislation contemplated be passed no further amendments of the law will, it is believed, be required for several years to come. RACING LEGISLATION. The attention of the Government has been called to the conditions under which Galloway and pony races are conducted, and is of the opinion that they should be stopped ; and the House will be asked to do so. The number of racemeetings held throughout the Dominion are too numerous, and proposals will be submitted to limit them; at the same time the House will be given an opportunity of deciding what form of betting is to be allowed on • racecourses. Sport, racing or otherwise, carried out legitimately is deserving of support, so that those who enjoy it as a pastime or recreation may do so. The best way to do this is to remedy any flagrant abuses that may exist. NEW LAND PROPOSALS. As I intimated earlier in the session, legislation will be introduced with a view to a more satisfactory settlement of the land question. In New Zealand the land question differs essentially from the same question in the Motherland. There, where the soil is almost entirely in private hands and the State holds practically no lands available for disposition, the question is mainly one of taxation, as illustrated by the Budget now before the Imperial Parliament. Here, where the Crown is the owner of immense areas and still holds great tracts of country yet unalienated, the question is not one of taxation, but of settlement tenure and limitation of area, and affects Crown lands only. It is desirable to keep this distinction in view in considering the land proposals lam about to outline. These will impose no tax or other obligation upon existing rights of private landed property. They will take from no man any interests he now possesses or burden any land now leased or acquired from the Crown. Every man who now owns a freehold is entitled to it, and under no conditions would the State be justified in taking any step to weaken his freehold tenure. In dealing with the disposal of its lands the State should observe two great principles—first, suitably close

iii—B. 6.

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settlement must be promoted and encouraged by every reasonable means; second, the State must, in justice to its present and future people as a whole, reserve to them some part of that value which public expenditure will create, in the lands it is now parting with to private hands. There is room for wide difference of opinion as to the extent to which State operations and private effort respectively create values in land, but while there may be this difference as to the degree there surely can be no such difference as to the fact that in a young and sparsely peopled country like this, where such enormous national developmental work is being done mainly at the expense of the people as a whole, some increased value will be steadily added by State operations to the lands it is parting with, and of that increased value the people are entitled to at least a share. The State's rights as to the increasing unimproved value roughly vary with the degree to which that increase is due to the activities and agencies I have indicated, and this principle I have endeavoured to maintain throughout my land proposals. These will deal chiefly with,— (a.) National endowment and its income ; (b.) Lands which have already been leased for 999 years, whether originally Crown land or land acquired under the Land for Settlements Act; (c.) Lands which have already been leased upon the renewable leasehold system, whether originally Crown lands or lands acquired under the Land for Settlements Act; (d.) Remaining Crown lands lying outside of the national-endowment area; (c.) European lands acquired in future under the Land for Settlements Act; (/.) Native lands now or hereafter acquired by the Crown for European settlement; (g.) Limitation of area as regards both ownership and occupation; (h.) Rebates of rent; («.) Small grazing-runs; (/.) The proceeds of the sale of ordinary Crown lands. NATIONAL ENDOWMENT AND THE DISPOSITION OP ITS INCOME. I desire to say that no part of the nine million acres constituting the national endowment will be disposed of on any tenure except that of leasehold. The proceeds from these lands will be devoted as at present, save that one-fifth of the annual income will be set apart for higher education, and this sum will be used for the purposes of the University Colleges of Auckland, Wellington, Christchurch, and Dunedin, and proposals will be submitted to Parliament showing the method in which this is to be done. I may say, for instance, with regard to the Auckland University, that it is intended to utilise the present Government House grounds as a site for a new university building, and the Auckland University's share of the moneys coming from the endowment lands will be devoted to provide suitable buildings. I will ask the House to make the necessary provision to enable this to be put in hand next year. LANDS ALREADY LEASED POR 999 YEARS. It is widely asserted that these lessees earnestly desire to convert this tenure into a freehold, and I deem it the duty of the State to permit this if it can be done without any material sacrifice of its permanent interests. The chief advantages to the State of the present tenure are that it secures "the existing condition as to limitation of area and occupation. The value of a reversion postponed for 999 years is not very appreciable even where the State is the reversioner. In my opinion the conditions as to limitation of area and occupation can be effectively safeguarded even under a grant of the freehold, as I shall later show; and, this being so, the only question left is, what should the holder of one of these leases for 999 years pay for a title in fee-simple ? I therefore propose to offer lease-in-perpetuity tenants, whether of lands originally Crown lands or of

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lands acquired under the Land for Settlements Act, one of the three following options : — (a.) To -retain the tenure as it stands. (b.) To purchase the freehold (within a period of two years) at a price equal to the original valuation plus one half of the difference between that value and the unimproved value at the date of exercising the option, (c.) To purchase the freehold at the original valuation subject to five recurring charges in favour of the Crown, the first equivalent to one-tenth of the increase in the unimproved value between the date of the lease and the expiration of the first period of thirty-three years, and each thereafter equivalent to one-tenth of the increase in unimproved value between the expiration of each succeeding and each immediately preceding period of thirty-three years. The land to become an absolutely uncharged freehold at the end of 165 years from the date of the lease. The purchase-money for the freehold may be either in one cashpayment or by an instalment of 25 per cent., and by the payment of the balance, with interest at 4 per cent., on the instalment system prevailing under the Advances to Settlers Acts, over a period of thirty-three years, with the right to pay off in whole or in part at any time. ■ These charges will create no personal liability on the part of the owner, but will be a charge upon the land only, and be payable either in cash or at the owner's option by instalments over each succeeding period of thirty-three years, with interest added at £4 per cent. . RENEWABLE LEASES OP ORDINARY GROWN LANDS. Next, with regard to the tenants under the renewable-lease system of ordinary Crown lands. Under this system the lessee obtains a right of perpetual lease subject to recurring valuations every sixty-six years, upon which valuation the new rental is based. Here there is secured to the State practically the whole of the increase of the unimproved value in the form of rent at each renewal. The problem before me has been to contrive a system under which the freehold might be given to these existing leaseholders, while securing not only the conditions as to area and occupation, but also securing to the State some reasonable portion of that unimproved value which is already secured by the means I have indicated under the present system. In my opinion the following scheme presents a fair equivalent from the point of view both-of the tenant and the State. The freehold is to be given to these lessees at the original value subject to recurring charge every thirty-three years, equivalent to one-fifth of the increase in the unimproved value found to have taken place between these periods. Such a system, while it secures to the State some portion of the unimproved value rightly belonging to the State, leaves the greater portion of that unimproved value to the tenant in fee-simple, affording an ample margin in his favour to give him the fullest encouragement. The purchase-money payable for the freehold in these cases may be paid as in the case above outlined of the purchase of lands now held under lease in perpetuity. RENEWABLE LEASES OP LAND-POR-SETTLEMENT LANDS. Next as regards the renewable leases of land-for-settlement lands. These tenants have now the right to a perpetual lease, with recurring, valuations every thirty-three years, the term being half only of the term of the renewable lease of ordinary Crown lands. It will be remembered, further, that these lands acquired under the Land for Settlements Act were, in most cases more or less highly improved and ready for settlement, and much more fully furnished than the ordinary Crown lands with the means of communication and all the other facilities of civilisation. In connection with

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these lands, therefore, the State has now, by the means of a recurring valuation upon which each new rent is to be based every thirty-three years, secured to it practically the whole of the increase in unimproved value. My purpose, therefore, in this case was to find some equivalent in the form of freehold tenure which would fairly secure to the State a reasonable share of the unimproved value in these lands. I propose to grant the freehold at the original value, just as in the case of ordinary Crown lands, but with double the recurring charge—that is to say, two-fifths instead of one-fifth of the increase in the unimproved value. EUROPEAN LANDS ACQUIRED IN FUTURE UNDER THE LAND FOR SETTLEMENTS ACTS. These will be open for lease as at present, but the fee-simple of the land leased may be acquired upon the recurring-charge system already explained. REMAINING CROWN LANDS OUTSIDE OP THE ENDOWMENT AREA. As regards the ordinary Crown lands not falling within the endowment, the present optional system will continue. FUTURE ACQUISITION AND EUROPEAN SETTLEMENT OP NATIVE LANDS. The legislation I propose to introduce will empower the State to acquire, compulsorily if necessary, from the Native owners areas of Native land equivalent in value to £500,000 per annum ; and, in order that the most convincing earnest should be given to Parliament and to the people of New Zealand that this forward movement will be taken, I propose to ask Parliament to amend the Land for Settlements Act by increasing the present amount authorised for the purchase of lands to £1,000,000 per annum, £500,000 of which is to acquire Native lands each year to the value of the half-million. The lands when so acquired will be paid for out of the Land for Settlements Account. They will be classified into two classes according to the degree of their improvement and their remoteness from settlement, and of the extent of labour in clearing, draining, or otherwise bringing them into cultivation. The class "improved lands" will be held and dealt with in the same way as European lands— i.e., renewable lease—with power to purchase the fee-simple upon the recurring charge system. The class " unimproved lands " will be disposed of by the State under the optional system now applicable to ordinary Crown lands, but the proceeds from either lease or sale will be paid into the Land for Settlements Account. The present law as to Native townships under existing conditions require amending, and the new land Bill will provide for the purchase by the Government of Native townships, preserving allotments.set aside in such townships for the Maoris, and now occupied by them; and these will be disposed of under a freehold tenure on conditions which I will submit in the land Bill. LIMITATION OP AREAS. The evil of aggregation still prevails, and drastic measures must be employed to check it. Moreover the law still allows too large an area of Crown land to be taken up by one person, and the proposed legislation will therefore provide a limit of 400 acres in respect of first-class land, and a correspondingly reduced area in respect of second- and third-class land. An effective provision will also be made against evasion by providing that these limitations shall apply to the area to be occupied and not merely to the area owned. REBATES OP RENT. The system of rebating 10 per cent, of the rent payable by Crown tenants on prompt payment will be used for the purpose of helping and encouraging settlers who undertake the burden and responsibilities of rearing a family of children. It is recognised that it is one of the first duties of the State to encourage in every possible way this principal duty of citizenship, and I therefore propose that the rebate on prompt payment shall only be made in cases where the settler has four or more children under the age of sixteen years.

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AGE OP SELECTORS. While the demand for land on the part of our adult people is so great, many of'whom are carrying the responsibilities of wife and family, the age at which applicants may become selectors of or acquire land under our land laws should be raised. At present the age must be not less than seventeen, and I propose to provide that no selector hereafter shall be under the age of twenty-one years. SMALL GRAZING-RUNS. Provision will be made for abolishing the present right to perpetual renewal of small grazing-runs, and in future cases it is proposed that the right will be limited to one renewal only upon revaluation at the end of the first term. PROCEEDS OF SALE OF ORDINARY CROWN LANDS. In all cases where a freehold is granted of existing unalienated Crown lands under any of these land proposals the title will be impressed with a reference to the limitations as to area allowed to be owned or occupied. I am convinced that the proceeds of the sale of such portion of the national estate as remains outside our national endowment should be devoted exclusively to the development of this country by means of public works, and therefore I propose to provide that all surplus money received in respect of the sale of the feesimple of Crown lands, whether now under lease or not, other than settlement lands, shall be paid into the Public Account to the credit of a separate account called the National Development Account, and that these moneys shall be applied only in the development of this country by roads, bridges, telegraphs, telephones, and railways, subject, in each case to appropriation by Parliament The proceeds of leases and sales of settlement lands will, of course, as hithertofore, be paid into the Land for Settlements Account. NATIVE LANDS. The proposals of the Government with regard to the settlement of Native lands will be put before you in a measure dealing specially with that important subject. The Bill is in part a consolidation and an amendment of the existing law, so as to conform to existing conditions, to the present needs of the Native race, and to the demands of the Dominion as a whole. The consolidation affects seventy-one statutes (public, private, and local), dating back to the year 1871. These do not contain the whole of the law relating to Native lands. It has not been found possible to prepare for submission to Parliament this session a consolidation of the special enactments dealing with Native reserves administered by the Public .Trustee, or with lands administered by a Commissioner under the East Coast Trust Lands Act, or with lands in the Thermal Springs District, or with lands vested in trustees for special purposes. I desire to assure the House that a consolidation of these measures, with necessary modifications, will be introduced early next session, so that the whole of our statute law relating to Native lands will then be completely revised and brought up to date. The process of ascertaining Native titles and partitioning the same into convenient areas will be greatly improved. It is found that the process has been greatly delayed in the past, because surveys have not kept pace with the operations of the Native Land Court. It is intended that the Government will undertake all future surveys, charging the cost to the Native lands affected. The duty will be cast on the Chief Surveyor of completing all surveys required by the Native Land Court or Maori Land Board. Proper road-lines will be laid off wherever necessary before partition. Exchanges of interests in Native lands for other Native lands, or for European or Crown lands, will be greatly facilitated and unhampered except by a condition that the power be not abused and sales effected under, the guise of exchanges. An important feature of the Bill is the proposal to consolidate the scattered interests of individual owners or groups of owners. The Court will be empowered to formulate schemes for the purpose which, after approval by the Governor in

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Council, will operate by way of exchange or otherwise as may be necessary. The question of the marriage of Natives, adoptions by them, and the power of testamentary disposition will also receive careful consideration. Dealing with the alienation and settlement of Native lands, the Government realise the importance of this question to the Dominion, and more particularly to the North Island. Having made the provisions relating to the ascertainment of title effective, the provisions dealing with settlement have been extended to meet present requirements, while safeguarding the interests of the Maori owners. It is proposed to purchase from the Natives as large an area as possible. To avoid the difficulties of the past, the purchases will, as a rule, be negotiated with the owners assembled in meeting duly convened, and the consent of a majority will conclude the purchase, subject in certain cases to the partition of the interests of dissentients. The system to be established it is confidently hoped will enable the Government to protect a proportion of the proceeds of such sales from the extravagance of the Native vendors. Lands now vested in Maori Land Boards, and those about to be vested in accordance with the recommendations of the Native Land Commission, will be administered practically under the existing system. Ample provision will be made to enable these Boards to open the lands vested in them for settlement, such advances as may be made being secured on the lands and revenue therefrom. The system of incorporating owners of Native lands for the purpose of alienating or farming their lands will be continued and somewhat extended. For the purposes of alienation all existing restrictions and prohibitions against alienation will be removed. A Native who is sole owner of a defined piece of land may, by application to the Native Appellate Court, convert his land into freehold European land. A Maori is defined as a pure Maori, and includes a half-caste and persons intermediate in blood between pure Maoris and half-castes. Persons intermediate in blood between half-castes and Europeans are regarded for all purposes as Europeans. Where land is owned by not more than ten owners they may sell, lease, or mortgage, but in the last-named case only to a State lending Department or to a person authorised by the Governor-in-Council. Where there are more than ten owners direct alienation will be permitted by a Board if satisfied that the signatures can be obtained with little expense. In other cases alienation is to be effected by resolution of the owners assembled in meeting, an adaptation of the old-time ruiianga system of the Maoris. All alienations will be subject to confirmation by the Boards in the North Island and by the Court in the South Island. As it is not proposed that the Native Land Bill, if it passed, should come into operation until the end of March next, you will be asked lv make provision for the carrying on of purchases and the development of lands vested in the Maori Land Boards up to the end of the financial year. STATE-GUARANTEE ADVANCES. The extension of the Advances Department to provide for loans to local bodies and other useful reproductive objects is expected to still further promote the progress and prove of valuable service in the development of the country. The restricted amount of capital available for this purpose under the present legislation has retarded the giving access to new country and improving the positions of those in the country, but under the new scheme funds will be much more plentiful, although the terms may not be quite so advantageous to local bodies. There are enormous undeveloped resources in the Dominion only awaiting sufficient capital to bring into immediate use, and in return producing public and private wealth and income vastly in excess of the outlay of public expenditure. I am therefore sanguine enough to view the future with the highest hopes for the prosperity and success of this country, notwithstanding the numerous pessimistic critics. The new departure is also extended to the development of mining, which it. is anticipated will be carried into effect by the increased assistance and facilities

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afforded by this new legislation which I have referred to, so that there can be jao doubt whatever that greatly increased activity in this direction must result— that is, the development of the mineral resources of the country which is of so much importance. LAND FINANCE, ETC. In addition to the State-guaranteed Advances Bill which I have briefly alluded to, I hope that the House this session will put on the statute-book the Land Settlement Finance Bill. The passing of this measure will enable large areas of privately owned land to be disposed of to those desirous of obtaining land in small areas, by enabling them by an easy process to obtain the necessary capital for the purpose. So also with the National Annuities Bill, providing as it does for the protection of those least able to bear the stress of unemployment due to accident or sickness. This Bill also insures the making of suitable provision for the widowed and fatherless, and I trust that the House will see the wisdom of putting this important piece of legislation into operation so that those whom it is intended to benefit may have the advantage of the protection which the scheme provides as early as possible. DEATH DUTIES. The existing law with regard to the imposition and collection of death duties calls for amendment, not only for the purpose of taxation, but for the purpose of securing a fairer adjustment of these duties in accordance with both the amount of the estate and the shares taken by the beneficiaries or next-of-kin. The existing scale is illogically graduated; moreover, many of the largest estates in New Zealand to-day escape taxation altogether. No matter how great the fortune left to a widow or a widower no duty is payable, whereas duty is payable on small estates even if left to children. Under our present law, as a further example, if £20,000 is divided among ten children all under age, the estate has to pay the same duty as if the whole amount went to one son. I propose to introduce a new Death Duties Bill which will impose two descriptions of duty—viz., death duty in respect of estates of deceased persons, and gift duty in respect of gifts made by a person in his lifetime. The former is substituted for the duty imposed by the existing consolidated " Death Duties Act, 1908," while the latter will take the place of the deed and gift duty imposed by " The Stamp Duties Act, 1908." Death duties under the proposed Bill-will consist of two kinds—viz., estate duty and succession duty. This is not the time or the place for details, but, speaking generally, the new measure will deal with the subject on modern lines and equitable principles. It will provide for a graduated rate rising from 2 per cent, in estates of £1,000, increasing to 8 per cent, in cases of estates of £100,000; and other important alterations will be proposed. I hope to circulate the Bill at an early date. Alterations will also be made in our law to bring it into conformity with the English law as regards the tests of domicile with respect to the situation of property. Estate duty will be imposed not only upon the property of the deceased which vests in his executor or administrator under his will or intestacy, but also upon certain other property which for this purpose is deemed to form part of his estate —for example, entailed estates, property over which the deceased possessed a general power of appointment. Gifts made by the deceased within three years of his death and settlements of property to take effect on the death of deceased. Similar provisions to these are contained in English law, and are distinctly necessary in order to safeguard this duty against existing and future evasions. So far I have dealt with estate duty. Unlike estate duty, succession duty will be imposed, as in England, not upon the aggregate property of a deceased, but upon each separate interest taken in that property by the several persons who succeed,

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whether as legatees, devisees, or otherwise. The rate of duty will depend upon the relationship between the successor and the deceased. Up to a very large amount, a widow, child or grandchild, pays no succession duty. Up to a large amount a man who succeeds to his wife's property pays 2 per cent., and after that amount is reached the rate is increased. Other relatives not more remote than a cousin pay 5 per cent., more remote relatives and strangers in blood pay 10 per cent. No succession duty is payable on any property left in trust for any charitable, educational, religious, or other public purpose in New Zealand. Although estates under £1,000 are exempt from estate duty, they pay succession duty in the same manner as larger estates. Thus, if a deceased leaves his whole estate worth £500 to a stranger in blood, this succession duty will be 10 per cent., but if he leaves it to his widow or children it will pay neither an estate nor succession duty. If, however, a man leaves an estate worth £100,000 to his widow and children, it will pay an estate duty at 8 per cent., but no succession duty, except in respect to that portion of the estate which exceeds £40,000. If, however, be leaves his estate to a remote relative or to a stranger in blood, it will pay an estate duty at 8 per cent, and succession, duty graduated upon the total amount left to him. As regards gifts, duty will be imposed upon all gifts made by any person in his lifetime with the exception of gifts less than £500 in value and of gifts to any charitable use. The rate of duty will be 5 per cent, of the value of the gift. It is necessary that I should explain the difference between the proposed gift duty and the existing gift duty in New Zealand to-day. The new duty will differ from the existing duty in two chief respects. First, the new duty will be imposed on all gifts, whether made by an instrument in writing or not. Under the existing law gift duty is merely a stamp duty imposed upon the instrument of gift, if there be such an instrument. Consequently, gifts of money and other gifts, however great in value, now escape duty altogether. Becent illustrations have shown how the existing law may be employed to effect successful evasions of death duties in some of the largest estates. Second, the existing gift duty is levied at the same rate as the existing death duty, and therefore depends partly on the aggregate value of the donor's estate and partly on the relationship between him and the beneficiaries, instead of depending solely on the amount of the gift. The existing law, if rigorously enforced, would in many cases require the donor to show the Commissioner what property he possessed, and might involve inquisitorial investigations into a man's business and property. The proposed scheme wall obviate all this. The general aim of this new law will be to relieve the burden now imposed by our death duty upon the smaller estates, especially where they go to the children and grandchildren, and to increase the burden upon the very large estates which in many cases now escape taxation either wholly or in part. Another principle which has been followed is that of inducing testators to distribute their wealth rather than concentrate it upon one or a few persons, by imposing increased rate of duty where the amount left to any ongrperson exceeds a stated sum. As I have said, the new legislation is aimed at introducing a more logical and fairer system into our law, while increasing upon shoulders fully able to bear it an increased contribution (in the shape of death duties) to the exchequer. It is estimated that the amount of death duty collected on the total deceased estates, taken over a period of the last fifteen years, has been only a little over 3J per cent., while on estates of £100,000 and upwards the average, if you include estates given to widows, is barely 5 per cent. These figures illustrate how inadequate the present death duties imposed in New Zealand are. They are much lower than in England at present, and substantially less than the rate prevailing in several other English-speaking and European countries. It is universally acknowledged that taxation in the form of death duties, so long as it imposes no hardship whatever upon the deceased's dependants, is the most justifiable of all forms of taxation. In effect it but takes from a man or woman inheriting wealth some portion of that wealth which the beneficiary has not earned, and which in many cases of intestacy the deceased never contemplated his obtaining.

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BANK TAXATION. The banks have not been contributing to the revenue a fair proportion of the income-tax-by comparison with other public companies or private firms. An arbitrary method was adopted on the inception of the land and income tax assessment which has not proved sufficiently elastic to provide for the expansion of trade so that whilst the revenue derived from trades, manufacturers, &c. has developed rapidly, the nroportion contributed by the banks has not increased at the same ratio as it should have done. An increase was made in 1900, but even this has not recovered any of the lost ground. The ratio of the average assets and liabilities to be taken as forming the basis for taxation was increased to 10s per centum in 1900. Since then the increased prosperity of the Dominion, in which the banks has shared, has further accentuated the position, and there can be no doubt that the banks are not paying a fair share of taxation, and this, as a matter of equity, they should do. _ _ I therefore propose to further increase the rate in order to produce £14,000 per annum additional; but even this increase does not reasonably do so and I will ask for authority, in order to bring it more into a fair proportion of the total revenue obtained from this source, to increase the charge made under Ine Stamp Act, 1908," on the bank note issue from 10s. per cent, to 15s. per cent. This will give £16,000 additional revenue. GRADUATED INCOME-TAX. The graduated income-tax needs readjusting on a more equal graduation; it is anticipated that the scale which is appended will produce an increased revenue of about £80,000, and equalise the difference in rates as between farms and persons and companies. . . „ , i. j I propose to ask the House to make provision for a system of graduated income-tax upon the following scale, allowing an exemption of £300 :— £ £ s - d - . 1 Under 400 .... •••• •••■ at ° 6 m tne P ound - From 401 to 600 .... .... „ 0 7 „ 601 „ 800 „ 0 8 801 „ 1,000 „ 0 9 „ 1,001 „ 1,250 „ 010 „ 1,251 „ 1,500 „ 011 „ 1,501 „ 1,750 „ 1 0 „ 1,751 „ 2,000 „ 1 1 Over 2,000 •••■ » 1 2 BETTERMENT SYSTEM FOR RAILWAYS. In order to prevent the possibility of unpayable railways being established in the country, and that upon careful examination it is found are likely to render a return of less than 3 per cent., I propose to submit legislation to protect the inroad that such losses make upon the general railway revenue of the country by the construction of railways that are not likely to return as low a rate of interest as that I have named. Fortunately, there are but few railways throughout the Dominion that are a drag upon the general railway revenue, and where this is found to be the case an increase m the rates and a lessening of the service over such lines will be necessary. Legislation upon this important matter will be submitted during the session.

iv—B. 6.

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-RAILWAY SUPERANNUATION FUND AND POLICE SUPERANNUATION FUND. In order to build up a strong reserve for the Railway Superannuation Fund I propose to provide £25,000 per annum in support of that fund. All the funds, as you are aware, have to have the guarantee of the country behind them. The Railway Superanunation Fund does not, however, receive any contribution from the consolidated revenue, and I am of opinion that it should in this respect be placed in a similar position to that of the other branches of the Service. lam not satisfied with the position of the Police Superannuation Fund. The option was given the members of that service of joining the Public Service Fund, but so far they have not exercised that privilege, and I am of opinion that this should be enforced by legislation, as I do not consider that a separate fund should be allowed to continue. I therefore propose that this fund should be merged, and that a contribution of a sum of £5,000 should be paid into the Public Service Fund upon the members of the Police service joining it. PUBLIC SERVICE SUPERANNUATION. I propose to introduce legislation in connection with the superannuation of the public employees of the Dominion. The system has now been upon trial for some time, and as the result of careful investigation I feel that there should be some restriction placed upon the amount of superannuation to be paid in the future. The existing rights of the present beneficiaries must, of course, be upheld, and to enable this to be done I propose that on all salaries of £400 a year and over no alteration shall be made, but those receiving below that salary at present, as well as those who may join the superannuation fund, shall not exceed £250 per annum. If any of those now contributors are not satisfied, all payments made by them, with interest added, will be returned to them ; and in such cases they will be called upon to deduct 5 per cent, from their salaries and lodge the same, as was formerly the case, with the Public Trustee. Under this alteration the superannuation system will be a most generous one; but lam strongly of the opinion, to protect the absolute stability of the fund, that a maximum amount of pension must be fixed. In order to enable the Government to retire officers under conditions that may arise, the House will be asked to amend the Act to allow of this being done in the case of officers who have been thirty years in the service and who are not less than fifty-five years of age. I wish to make it clear that this provision will not give the right to any officer to retire under the conditions named, as there are many cases where good service can be obtained up to the period now provided by Act, but cases have arisen where a great injustice would have been done if men were forced out whose services are no longer required before they had reached the period at which the law as it stands at present entitles them to receive superannuation. RESULTS OF PROPOSED CHANGES. It cannot be denied that in the all-important matter of defence, both internal and external, the country cannot be allowed to remain in its present position, and to bring about the necessary improvement must entail additional expenditure, the amount of which I have already indicated. The same remarks will generally apply to the other proposed items of expenditure. As there must of necessity be a certain amount of doubt as to what the position of the Customs revenue will be at the end of the year, which depends upon the general condition of trade, I feel that it is incumbent, in the best interests of the country, that our financial position should be put upon such a

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basis as will provide both for any possible shrinkage of Customs revenue and also for the fresh expenditure incurred by the new undertakings that circumstances render it necessary to establish. To enable this to be done it will be necessary to provide additional revenue, and I now submit a proposal of which I consider the result desired can be arrived at. The increased expenditure under all headings is as follows :— £ Interest upon the cost of " Dreadnought ".... 70,000 & 4 per cent, per annum for extinction of loan 80,000 150,000 Contribution to Railway Superannuation Fund .... .... .... .... 25,000 Contribution to Public Service Superannuation Fund on account of merging Police Fund .... .... .... .... 5,000 30,000 Additional cost of internal defence .... 100,000 Additional armament and equipment — £150,000 extended over three years ... 50,000 150,000 Which gives a grand total of .... .... £330,000 To meet this I propose to obtain from the altered system of death duties an additional £150,000 ; by abolishing the break in the long-distance mileage rates upon the railways, making the rates uniform to Id. per mile second class and per mile first class, £100,000 per annum ; by the adjustment of the incometax, by making it a graduated one, £80,000 ; by imposing 1 per cent, additional upon the true value of all dutiable goods, £50,000 ; by charging 2J per cent, on the total receipts of race clubs, £38,000 ; from the banks, £30,000. This gives a total increase of revenue of £448,000, leaving a balance of £118,000 — not, in my opinion, too large a sum in order to provide for unforeseen expenditure. I do not think that any reasonable exception can be taken to the various sources from which this increase is to be obtained. It is only fair that all classes of the community should give a slight contribution towards the .strengthening of our position in matters of defence, and in respect of the item of 1 per cent, upon Customs, I propose to ask the House for authority to fix it until the 31st March, 1911, only. It is but reasonable to expect that by that time the improved and increasing condition of our trade will give a much larger return than we are at present obtaining from Customs and other sources of revenue. I cannot impress too strongly upon honourable members and upon the country generally the fact that in the face of concessions, amounting to in round figures £600,000, that came into operation during last year, and of which during that period £400,000 in Customs took place, our revenue, which amounted to £9,000,000, was only £55,000 short of that of the previous year. Considering the difficult period through which this country passed, and the fact that, so far as I am aware, every country in the world during the same period experienced an enormous shrinkage in its revenue, the results achieved by New Zealand cannot be considered otherwise than most gratifying; and, in view of the large reductions and remissions that have hitherto been made, I do not think, recognising the necessity for present requirements for defence and other purposes, that reasonable exception can be taken to what I now propose. I trust, with increasing trade and general development, that in the course of a few years this increase of taxation may not be required, and no one will be happier than myself when it can be taken off.

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I now sum up the position in connection with the additional taxation that I have alluded to under the several headings, as follows : — £ Graduated income-tax .... .... .... 80,000 Death duties .... .... .... .... .... 150,000 Long-distance passenger rates .... .... .... 100,000 1 per cent, temporary increase upon Customs .... 50,000 Banks additional taxation .... .... .... 30,000 Racing clubs per cent, on total receipts .... 38,000 T0ta1.... .... .... .... 448,000 Expenditure additional to provide fox .... .... 330,000 Balance for unforeseen expenditure .... .... £118,000 FINANCE, 1909-10. I now come to the question of the ways and means of the Ordinary Revenue Account for the current financial year. In the first place you will require to know how much our expenditure is likely to be, and then the amount of revenue I anticipate to receive to meet such expenditure. EXPENDITURE. The expenditure for the present year is estimated at £9,015,878, as against an actual expenditure last year of £8,785,513. The permanent charges show an increase of £292,767, while the ordinary departmental expenditure shows a decrease of £48,275. Dealing first with the permanent charges, a large additional expenditure arises principally from the charges for interest, which has to be provided for the new loans recently raised. Under the permanent Acts an additional expenditure of £150,820 is anticipated, of which £67,000 is to meet charges against the residue set aside in respect of national-endowment land for education and old-age pensions, £60,000 for naval defence, and £25,000 for subsidy and endowments to local authorities provided for by Acts of Parliament. The amount required for departmental votes is stated at £5,513,081, or £48,275 less than the actual of last year. In respect of the increases, the Post and Telegraph Department is responsible for £61,351, of which £58,000 is for salaries consequent on increases of salaries provided for by the Post and Telegraph Classification Act and the absorbment of the Old-age Pensions Office by that Department. The Railway estimate exceeds the actual expenditure of last year by £23,192, but, having regard to the increased mileage of line that will have to be worked during the whole of the current year, the estimated expenditure is equal to a saving ef £80,315. The Education Department asks for an increase of £25,296, the necessity for which must be expected so long as settlement keeps increasing, and education has to be provided for. The Defence Department shows an increase of £6,933 for additional capitation and ammunition, and the Native Department £2,735, making the total increases £119,507, against which the decreases in the other classes of expenditure amount to £167,782, brought about by amalgamation, retrenchment, and nonrecurrent charges. REVENUE. The estimated revenue for the current year is set down to produce £9,020,000, or £18,815 more than the actual of last year. Dealing first with the revenue derived from Customs, I anticipate that the importations during the current year may be somewhat restricted, owing to the tightness of the money-market and the tendency on the part of the merchants to carry only sufficient stock to meet current requirements. This tightness

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■4s passing away, and the increased prices now obtainable for our chief product (wool) should materially brighten our prospects. The population of New Zealand has increased by 31,158 persons, of whom 14,261 represent excess of immigration over emigration, and this increase should to some extent increase the revenue.- Traders who have been holding back from importing are now confronted with depleted stocks, and large quantities of merchandise are on the way out or are under order, and under these circumstances I think it is safe to estimate our Customs revenue for the current year at £2,630,000, or £171,248 less than the previous year. As to railway revenue, my colleague the Minister of Railways, after giving the matter due consideration, estimates the railway revenue at £3,050,000, and the expenditure at £2,143,500. This will leave a net revenue of £906,500. The extension of the suburban area, and the computation of through-fares on the combined, ordinary, and suburban rates in the same manner as adopted in computing the charges for the conveyance of goods, has decreased the gross receipts from passengers to an appreciable extent. Similarly, the reduction made in the rate for road-metal, which under the old rate was carried at an unremunerative rate, has detrimentally affected the revenue derived from that source, and therefore it is not advisable to estimate more than the amount set down above. Beer duty is stated at £113,000, a slight decrease on the actual of last year, which may be looked for consequent on the increase of no-license areas arising from the results of the last local-option poll. The land-tax estimate of £625,000 is based on the understanding that the 25 per cent, additional graduated tax will be collected under section 53 of " The Land and Income Tax Assessment Act, 1908." Owing to the numerous subdivisions of property liable to graduated tax a loss will be sustained, but this loss should be made up by the increase of valuations in the districts revised on 31st March last. As regards the decrease in the estimate for income-tax, I have to explain that, as the assessments for this year will be made on the returns and income of the year ended 31st March, 1909, I have deemed it prudent to take into consideration the comparative depression that existed during that period, and do not think it wise to count on a revenue from that source of more than £300,000, as compared with the actual collection of £321,044 for last year. It is true that trade already shows a revival, but the income-tax revenue will not benefit by this until next financial year. Registration and other fees show a decrease of £24,000, as last year's revenue included a receipt of £23,500 poll-tax from Chinese emigration, which cannot be expected this year in view of the educational test now insisted upon. Other heads of revenue call for no special comment. ■ RESULTS. I have now placed before you the estimates of the expenditure and revenue for the current financial year, and will proceed to set down the estimated results at the close of the year. £ Balance brought forward from last year .... 184,321 Add estimated revenue .... .... .... 9,020,000 9,204,321 Deduct estimated expenditure .... .... 9,015,878 Leaving a surplus of .... .... .... £188,443 at the close of the year, subject, of course, to provision being made for items on the supplementary estimates.

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PUBLIC WORKS. The balance at credit of the Public Works Fund on 31st March last was £383,709, to be augmented by the balance of the 1908 loan not raised, amounting to £50,000, making a total ways and means available at that date of £433,709. During the short session I found it necessary to ask Parliament for authority to raise a loan of £1,250,000 for public-works purposes. This amount will only be sufficient at the existing rate of expenditure to carry us on till the end of December. Our requirements cannot stop on reaching 31st March, so that we must provide to carry on for six months beyond that date, and for that reason I obtained authority for another million, which will enable the construction of the public works so necessary for the development of the country to proceed up to the end of September, when further funds can be provided for by Parliament if required. The position of the fund may therefore be set forth as follows : — £ Balance, 31st March, 1909 .... .... .... 383,709 Balance loan, 1908 .... .... .... 50,000 Loan authorised by " Finance Act, 1909 " .... 1,250,000 Loan authorised this session... .... .... 1,000,000 For eighteen months' expenditure .... .... £2,683,709 REVIVAL OF TRADE. The financial stringency which has prevailed throughout the world during the year may happily be regarded as a thing of the past. The great revival of business throughout the world, to which the price of our staple products has promptly responded, and the general tone of confidence in commercial circles give abundant reason for predicting that the tide of renewed prosperity is flowing, and that before long the wealth of the Dominion will be materially augmented. Wool has risen to a satisfactory figure; the price of frozen meat has advanced, and will I hope soon reach its normal level; flax shows an upward tendency, which competent critics are satisfied will be maintained; wheat is high; and butter and cheese are finding a ready market. Equally satisfactory, that well-known barometer of trade, the Post and Telegraph revenue, has a rapidly rising tendency, the results for the first six months of the year showing a large excess over the corresponding period of 1908-9. What then, it may be asked, is needed to justify our faith in the future of our country ? Even the professed prophets of evil, who wail their jeremaids when the smallest clouds show in the financial horizon, are already changing their note now that the sky is clearing. The enormous resources of jthe Dominion, with a judicious expenditure of capital in their development, will in time make her a much greater member of the Imperial sisterhood. That faith in her resources is shown by her sturdy settlers is clearly evidenced by the land-hunger which has been so conspicuously demonstrated recently. The men who are most competent to form an estimate of the potential possibilities of the land of their birth and adoption are willing to face all the hardships inseparable from a life spent at the frontiers of civilisation in the sure hope of ultimate reward, which they are confident will crown their efforts. The prosperity of our Dominion will not be brought about by gloomy forebodings, begotten by want of faith in the future, but by a determination to meet and overcome the difficulties which may beset the way. The people, animated by a desire to advance the interests of their country, should march shoulder to shoulder irrespective of political creed, and relegate carping criticism to the unknown.

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CONCLUSION. I have placed before you matters of great moment, the importance of which I am sure will be recognised by you all. By giving effect to the proposals that it has been my duty to set before you our financial position will be enormously strengthened. Ido not think it is wise for this country to continue borrowing annually for public works to the extent that it has been doing, and if the proposals I have outlined are given effect to we should, with, I hope, an early increase in the revenue from the Customs, together with a general improvement in the business of the Dominion, be able to set aside at least £500,000 per annum after the altered taxation has been in full operation for a year. To that extent the future borrowings for the purpose of carrying on the necessary works for the development of the country can be reduced. The prospects before us are bright er than they have been for some time, and with care and economy exercised, both privately and publicly, the efforts of our people to improve „ their own position, thus at the same time improving the position of the Dominion as a whole, must insure success. I have the greatest confidence in our future; and the fact of our having passed through a somewhat difficult period will, I feel sure, stimulate our people to greater exertions, and will certainly enable them to show that a temporary set-back is not going to deter them from continuing the excellent traditions that up'to now have been the bright characteristic of the people of this Dominion.

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MEMORANDUM BY THE RIGHT HON. MINISTER OF FINANCE, SHOWING THE POSITION OF THE PUBLIC ACCOUNTS ON THE 31st MARCH, 1909, AND THE 'REQUIREMENTS TO THE 14th OCTOBER, 1909.

As Parliament will shortly prorogue, and the usual Financial Statement will not be delivered until it reassembles, honourable members are no doubt desirous that I should place before them an outline of the position of the finances of the Dominion. Dealing first with the past year, the results of which have already been made public by the publication of the Public Accounts in the Gazette as required by law, it may not be out of place to make a few comments on them for the information of honourable members. The revenue for the financial year was estimated at £8,985,000, and the expenditure at £8,878,346, the anticipated surplus, after bringing forward balance of £767,849 from the previous year and transferring £800,000 to public works, being £74,503. An analysis of the figures shows the actual surplus for the year to be £184,321, or £109,818 more than was anticipated. The surplus of the previous year was £767,849; but for purposes of comparison there must be taken into consideration the increased expenditure and the relinquished revenue which were foreseen and allowed for in the Budget of last year. The recurring large surplus year after year caused the Government to make concessions in Customs, Railways, &c, amounting to about £600,000, and in view of those reductions it could not be expected that such large credit balances would continue. Revenue. The revenue for the past year amounted to £9,001,185, an increase of £16,185 over my estimate, the respective amounts being :— Estimate. Actual. Excess. £8,985,000 £9,001,185 £16,185 Comparing the revenue with that of the previous year, there is only a difference of £54,761 on the total receipts, the figures being : — 1908-9. 1907-8. Decrease. £9,001,185 £9,055,946 £54,761 The revenue for the year exceeded the expenditure by the sum of £215,672, made up as follows :— Revenue .... .... .... .... £9,001,185 Expenditure .... .... .... 8,785,513 Excess revenue .... .... .... £215,672 Dealing with the various heads of revenue : — The Railways contributed £2,918,507, as against an estimate of £2,835,000 and an actual receipt of £2,765,395 in 1907-8, the receipts being better than the estimate by £83,507, and an increase on the previous year of £153,112. The

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railway returns keep up remarkably well, as it must be borne in mind that the reduction in fares and freights has been set down at £160,500 per annum. Stamps last year brought in £1,591,3.28, or £.18,328 better than the estimate, and an increase of £40,394 on the previous year's, .receipts of £1,550,934. The returns from land and income.tax reached nearly £926,000, the exact figures being:— Land-tax .... .... .... 604,901 Income-tax .... .... .... 321,044 £925,945 or £45,945 in excess of the estimate, and £83,194 better than that of 1907-8. Miscellaneous revenue is responsible for bettering the estimate by £25,210, the amount received being £264,210, as against an estimate of £239,000, and £45,868 in excess of the previous year's receipts. Registration and other fees show an increase on the estimate of £2,061, and Marine brought in £3,815 more than anticipated. The Customs revenue, which I may say has occasioned me more anxiety than any other class of revenue, did not come up to the estimate by £148,752, the total amount collected for the year being £2,801,248, as against an estimate of £2,950,000. This is due to the large falling-off in import values for the year 1909 as compared with the steady increase for some years previously, the figures for the last three years being : — 1907. 1908. 1909. £15,323,127 £18,193,808 £16,750,065 This falling-off is no doubt in sympathy with the decrease in the value of exports (now, I am glad to say, showing an improving tendency), which for the same three years were : — 1907. 1908. •" 1909. £19,531,614 £17,868,030 £17,029,531 Another contributing factor is that owing to financial disturbances in the commercial world, New Zealand merchants reduced their imports and traded on their existing stocks. Moreover, the abnormal increase in importations during 1908, in anticipation of the coming into operation of the extended preferential tariff which took effect from 31st March of that year, led to the accumulation of large stocks which had to be cleared off. These special causes for the reduction in Customs revenue are, however, temporary. Traders are already reporting considerably improved business, and I am of opinion that importations will assume a much larger volume, without anything in the nature of over-importing, which from every point of view is not desirable. I feel justified in saying this from the fact that we have had one of the best seasons known in the history of New Zealand. The result of this is demonstrated by a reference to the exports, which for the five months ended 31st May, amounted to only £8,713,591, as compared with £10,530,163 for the corresponding period of 1909, an increase of £1,816,572. This shows a largely increased purchasing-power, which must favourably affect our imports. The decrease in duty is mainly apparent on articles of general merchandise liable to ad valorem duties. Those articles which may be regarded as luxuries, such as spirits, cigars, cigarettes, tobacco, wine, ale and beer, show little difference. - There is also another indication of a decided improvement in the financial outlook, the excess of deposits in the Post-Office Sayings-Bank over the withdrawals for the month of May being £64,115. There was a slight falling-off in beer duty, and there was also a drop under territorial revenue of £13,143.

v—B. 6.

8.—6.

The revenue receipts for the past five years have been as follows : — £ 1904-5 ... ... ... 7,282,870 1905-6 ... ... ... 7,584,359 1906-7 ... ... ... 8,399,075 1907-8 ... ... ... . 9,055,946 1908-9 ... ... ... 9,001,185 It must be remembered in comparing the figures of the financial year just ended with the previous year that the revenue has been cut down a good deal wdthin the past two years by the remission of Customs duties, railway concessions, abolition of sheep-tax, and the transfer of Crown lands as a national endowment. But, notwithstanding all these abatements, the revenue for the year just closed is £600,000 better than for the year 1906-7. The total increase during the last three years is £1,416,826. Expenditure. Having completed the review of the revenue, the expenditure of the Consolidated Fund must be next considered. The amount estimated for the year was £8,878,346, to which should be added the railway surplus revenue of £83,507, which by the Public Revenues Act is treated as an additional appropriation. The actual expenditure was £8,785.513, or a saving on the votes of £176,340, the utmost economy having been exercised during the year in order to keep the expenditure within the votes. Had it not been for the surplus railway revenue the unexpended appropriations would have been £92,833. The expenditure was as follows :— Amount estimated, — Permanent charges.... .... .... .... £3,210,343 Annual appropriations .... .... .... 5,668,003 Additional appropriations for railways .... 83,507 £8,961,853 Amount expended, — Permanent charges.... .... .... .... £3,210,030 Annual appropriations .... .... .... 5,575,483 8,785,513 Saving on appropriations .... .... .... £176,340 On the expenditure side of the year there is an excess over the preceding year of £571,548. Of this amount our interest charges are responsible for £71,000, and Old-age Pensions £11,500. The issue of debentures for construction of railways, for roading and improving our Crown lands, for grants to local authorities, necessitates an increase of interest-payments. Post and Telegraph services have absorbed nearly £100,000 more than the previous year; Working Railways, £157,000; Lands and Survey, £60,000; Education required £26,000; cost of general election, including the printing and preparation of rolls, £44,000; licensing polls, £12,800; Defence, £19,000; Public Buildings, £20,000; Agriculture, £20,000; Police Services, £12,000; and Industries and Commerce, £10,000. A satisfactory feature of the year's transactions is that £800,000 was transferred from revenue in aid of public works. The floating debt of the Dominion was reduced during the year by the redemption of Treasury bills to the extent of £150,000, the amount left outstanding at the 31st March being £250,000, and no less than £450,000 having been paid off during the last three years. They had practically become a permanent debt, but- the Government determined to gradually reduce the amount.

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XXXV

The general results of the year's finance may be summarised as follows : — Balance brought forward, Ist April, 1908 .... .... .... £767,849 Receipts during year, — Revenue ... .... .... £9,001,185 Other receipts .... .... 800 £9,001,985 Expenditure during year, — Appropriations .... .... .... 8,785,513 Excess of receipts over expenditure .... .... 216,472 £984,321 Transfer to Public Works Fund .... .... .... .... 800,000 Balance, 31st March, 1909 .... .... .... .... £184,321 Public Works. During the year the sum of £2,169,278 has been expended on public works, as against £1,881,564 spent in the previous year. The principal items of expenditure were as follows : — £ Railway-construction .... .... 713,000 Addition to open lines .... .... 390,000 Roads .... .... .... ... 469,000 Public buildings .... .... .... 285,000 Telegraph-extension .... .... .... 163,000 The position of the Public Works Fund on the 31st March was as follows :— Balance from last year .... .... .... .... £152,563 Receipts, — Loan-money (including premium) .... ■ £1,604,094 Transfer from revenue .... .... 800,000 Other receipts .... .... .... 1,610 2,405,704 2,558,267 Expenditure, — Under appropriations, &c. .... £2,169,278 Other charges .... .... .... 5,280 2,174,558 Balance at 31st March, 1909.... .... .... .... 383,709 Balance loan-money to receive .... .... .... 50,000 Available public-works moneys to start the current year with .... .... .... .... .... .... £433,709 The Statement of Receipts and Expenditure for the financial year, attached, gives full particulars of the various accounts. Renewals. The amount which fell due during the past year was £3,133,238. The greater portion was renewed for a longer term, and the result of the renewals is that the interest charges are reduced. Loans. In addition to authorities already in force, Parliament last year authorised the raising of £1,250,000 for public works, and £1,000,000 for the acquisition of

vi—B. 6.

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the Wellington and Manawatu Railway. Nearly the whole of this money was raised in London.on favourable terms, our brokers having made the necessary arrangements for the placing of these loans with a minimum of cost to the Dominion. Other moneys were obtained for advances to settlers, land for settlements, for loans to local authorities, and other services. Government Loans to Local Bodies. Applications from local authorities for loans have been much larger than usual, consequent, no doubt, on the difficulty of obtaining money at a reasonable rate of interest elsewhere. Debentures for the amount authorised by law— £250,000 per annum —were created and issued during the year, of which £192,136 was paid over in loans to local bodies, and £54,713 for roads to open up Crown lands. Wellington and Manawatu Railway. The purchase of the Wellington-Manawatu Railway, for which £1,000,000 was raised, was effected in manner authorised by the Act. The final payment of the purchase-money was made on the due date, and the 'whole transaction was completed to the mutual satisfaction of both parties. Land for Settlement. During the year £372,245 has been spent in the acquirement of estates. There was outstanding on 31st March last available borrowing-power of £416,650, which, with the £500,000 authorised for this year, gives us power to raise £916,650 for the acquirement of land for settlement if necessary. Advances to Settlers and Workers. £1,493,835 12s. has been expended in advances to settlers, and £298,184 6s. in advances to workers —a gross total of £1,792,019 18s. actually paid out during the year. This is a record for the Department, the increase on the previous year being £390,625. The figures show that there has been a continuous increase in the number of applicants for advances. The office will do its utmost to meet the requirements of borrowers with the funds at its disposal. The amount of advances actually paid over during each month of the year shows that a full average has been maintained throughout. Over £5,000,000 has been raised by the Government for investment on mortgage to 31st March, 1909, for advances to settlers, and nearly £500,000 for advances to workers. There is still authority to raise, on behalf of the advances to settlers, £841,200, being the balance of the six millions authorised by the Act, which, with the annual repayments from mortgagors, will enable the Department to make further advances during the present year to the extent of £1,500,000. There is also authority under the Act to borrow £500,000 for advances to workers during the current financial year, and this I propose to do. lam sure it will both help workers to get homes for themselves, and give a considerable amount of employment in the building trade throughout the Dominion. Provision for the Recess. The Public Revenues Act provides for carrying on to 30th June. After that date no payments can be made for any service until further provision is made. It is therefore necessary to provide for the carrying-on of the public services till Parliament meets again, and I propose to ask the House to extend the provisions of the Public Revenues Act to the 14th October next. The Act contains the safeguard that no payment shall be made for any service other than those for which provision was made in the respective Appropriation Acts and estimates of the preceding year, or in excess of the scale therein set forth.

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Authority to increase the amount to be spent under the head of " Unauthorised Expenditure" will'also be asked for, as it has been found that with the restrictive provisions of the Act the amount allowed is insufficient. All such expenditure, as well as that under the extended appropriations, is required by law to be included in the estimates laid before Parliament in the next session. I estimate the cash issues out of the Ordinary Revenue Account for the period Ist April to 14th October at £4,600,000. To meet this, I anticipate revenue receipts to the amount of £3,900,000; in so estimating, I feel it desirable to keep on the safe side, which, with the cash balance at credit on the Ist April, 1909, £387,163, will give a total available ways and means of £4,284,000, or £312,837 less than I estimate the expenditure for that period. This will be met by the temporary issue of Treasury bills, which I hope to pay off before the end of the financial year as the incoming revenue will permit, the largest portion of which comes in during the last six months of the year. The reductions in the public expenditure to the amount of about £250,000 per annum should assist to insure an equilibrium between the expenditure and revenue, and I hope that the present reduction of revenue will be fully provided for. As to the Public Works Fund, the balance on 31st March, 1909, including advances in hands of Government officers and loan-money to receive, was £433,709, an amount insufficient to carry on our public works beyond the present month. I therefore propose to ask Parliament for authority to raise £1,250,000, to be expended in reproductive works. This will enable the Government to provide for the employment over the winter of those men at present out of work who are willing to accept same. To enable the equipment of our lines of railways to be more efficient £250,000 is included in the £1,250,000 proposed loan, as the increasing calls for further rolling-stock and equipping of lines requires this amount. I am also including in the amount of loan asked for a sum of £100,000 to be expended in the purchase of Native lands, as it is desirable in the interests of the people to secure these lands. The funds for duplication of lines are practically exhausted; and, as it is desirable to push on with the necessary works already authorised, additional borrowing-power of £75,000 will be asked for. So far as the other separate accounts are concerned, there are sufficient ways and means to carry on with.

TABLES TO ACCOMPANY THE FOREGOING STATEMENT.

Table No. I—Abstract of Receipts and Expenditure of the Financial Year ended 31st March, 1909 Table No. 2.—Comparative Statement of the Estimated and Actual Receipts and Expenditure of the Consolidated Fund for the Financial Year ended 31st March, 1909 27 Table No. 3.—The Public Debt on 31st March, 1909 .. .. ~ .. 28 Table No.. 4.—Statement of the Estimated Liabilities of the Consolidated Fund outstanding on 31st March from 1899 to 1909 inclusive .. .. .. . 33 Table No. fl—Statement of the Estimated Liabilities of the Public Works Fund outstanding on 31st March from 1899 to 1909 inclusive .. .. .. .. 34 Table No. 6.—Statement showing the Total Ways and Means of the Public Works Fund and the Total Net Expenditure to 31st March, 1909 .. .. .. .. 38 Table No. 7.—Estimated Expenditure of 1909-10 compared with the Actual Expenditure of 1908-9 36 Table No. B—Estimated Revenue of 1909-10 compared with the Actual Revenue of 1908-9 .. 36 Table No. 9.—Statement showing the Amount charged to " Unauthorised " in each Financial Year from Ist July, 1875, to 31st March, 1909 .. .. .. .. '.. 37 Table No. 10.—Statement showing how Increase of Public Debt for Financial Year ended 31st March, 1909, is made up .. .. .. .. . _ 38 Table No. 11.—Statement showing Assessment for 1907-8; Income-tax; Classification of Taxpayers 39

I—B. 6.

2

8.—6

Table No. 1.

1907-1908. RECEIPTS. 1908-1909. £ s. d. £ s. d. £ s. d. 1,215,517 2 2 16,993 8 3 29,993 13 0 563 15 7 4,757 10 9 Balance at beginning of Year,— Cash in the Publio Aooount .. .. Advances in the hands of Officers of the Government,— In the Dominion In London On aooount of Imperial Pensions On account of other Governments 1,080,094 0 1 13,080 16 6 69,609 18 0 619 5 7 4,445 6 3 1,267,825 9 9 550,000 0 0 Less Treasury Bills outstanding 1,167,849 6 5 400,000 0 0 767,849 6 5 717,825 9 9 3,103,564 15 7 1,550,933 10 10 537,846 5 9 304,904 14 5 113,972 19 9 2,765,395 4 4 129,165 9 3 42,217 2 8 218,342 7 0 Ordinary Revenue, — Customs Stamps, including Postal and Telegraph Cash Receipts Land-tax .. .. .. .. Income-tax Beer Duty Railways Registration and other Pees Marine .. .. .. .. Miscellaneous 2,801,248 7 3 1,591,327 9 11 604,900 13 1 321,044 0 11 116,214 1 3 2,918,507 6 0 117,061 6 7 43,815 3 10 264,209 16 7 8,766,342 9 7 8,778,328 5 5 45,233 3 0 2,255 1 0 242,115 2 5 Territorial Revenue, — Cash Land Sales .. -., .. .. .. .. £55,379 15 11 Deferred-payment Land Sales .. .. .. .. 1,782 4 2 Pastoral Runs, Rents, and Miscellaneous .. .. .. 165,694 19 7 289,603 6 5 222,856 19 8 9,001,185 5 1 9,055,945 16 0 Debentures issued, — "New Zealand Loans Act, 1908" (" The Consolidated Stock Aot, 1884"),— In renewal of debentures matured 4th January, 1909 Iu renewal of debentures matured 31st December, 1907 165,000 0' 0 165,000 0 0 385,500 0 0 801 11 3 Recoveries in respect of Expenditure of previous Years,— In respect of payments made on acoount of Cook Islands In respect of payments made on account of Niue Island Refund of purchase-money of schooner " Countess of Ranfurly " Recoupment by Land for Settlements Acoount of interest paid on borrowed money 443 1 0 356 15 5 3,000 0 0 4,241 9 2 799 16 11 8,043 0 5 Debentures renewed, — "The Dairy Industry Act, 1908,"— Debentures matured 1st August, 1908 438 0 0 800,000 0 0 121,000 0 0 Sinking Punds set free, — Applicable to the redemption of debentures issued under — " The Immigration and Public Works Loan Aot, 1870 " " The Consolidated Stock Act, 1884 " 924,000 0 0 £11,091,314 6 2 Totals £9,935,272 8 5

8.—6.

STATEMENT of the RECEIPTS and EXPENDITURE of the CONSOLIDATED FUND for the Year ended 31st March, 1909, compared with the Financial Year ended 31st March, 1908. REVENUE ACCOUNT.

3

EXPENDITURE. 1908-1909. 1907-1908. £ s. d. £ s. d. £ s. d. 35,690 17 8 2,187,419 0 0 357,221 8 10 90,135 17 2 32,512 14 9 22,706 18 7 Permanent Appropriations, — Civil List Interest and Sinking Pund Under Special Acts of the Legislature Subsidies paid to Local Bodies .. Amounts paid over to Local Bodies and to Deposit AccountsPayments under the Land Acts Payments under the Timber and Flax Royalties Aot Endowments — New Plymouth Harbour Board Greymouth Harbour Board Westport Harbour Board Old-age Pensions .. .. ••. . ••• " " 33,953 6 11 2,258,364 15 9 369,837 14 8 95,060 17 4 29,315 14 5 9,307 10 11 / 3,718 5 10 19,788 19 10 54,391 3 5 325,036 2 6 3,262 19 4 18,204 9 1 56,190 13 11 336,532 1 7 3,210,030 3 11 3,128,621 8 7 29,788 13 11 56,832 5 3 707,136 1 10 54,536 8 10 5,765 15 3 1,963,227 15 2 47,475 19 6 19,207 14 4 46,261 4 7 37,963 6 0 24,656 5 H 149,241 9 5 157,856 19 1 34,470 0 5 114,799 16 5 4,340 3 7 176,426 2 4 49,511 19 5 76,629 19 5 29,047 10 7 172,825 16 11 136,041 8 3 33,096 5 11 821,423 2 0 33,252 18 11 99,395 4 8 4,133 3 3 5,085,343 11 2 Annual Appropriations, — Class I. —Legislative Departments II.—Department of Minister of Pinanoe "„ III.—Post and Telegraph Department .. .. • • • • IV.—Industries and Commeroe and TouriBt and Health Resorts Departments V.—Old-age Pensions Department .. I VI.—Working Railways Department.. , VII.—Publio Buildings and Domains .. „ VIII.—Maintenance of Roads.. IX.—Printing and Stationery Department X.—Stamp and Deeds Department .. . XL—Native Department XII.—Justice Department „ XIII.—Police Department XIV.—Mines Department „ . XV.—Department of Internal Affairs .. .. , .• • • • » XVI.—Crown Law Department '„ XVII.—Defence Department .. ' XVIII.—Customs Department .. .. • ■ . • • •• ' •• XIX.—Marine and Harbours and Inspection of Maohinery Departments .. "„ XX.—Department of Labour ,' XXI.—Department of Lands and Survey "„ XXII.—Department pf Agriculture „ XXIII.—Valuation Department „ XXIV.—Education Department „ XXV.—Publio Health Department .. •;■',,—• '\ XXVI.—Mental Hospitals and Hospitals and Charitable Departments Services not provided for .. 29,280 19 8'" 49,672 6 8| 805,537 13 5 64,292 2 4 9,098 2 2 2,120,308 4 10 65,229 12 8 20,366 1 4 46,963 11 9 37,396 8 0 30,839 19 11 150,081 2 3 170,323 13 1 33,679 12 9 150,704 12 10 4,372 11 7 195,685 3 0 52,308 14 2 79,012 10 11 30,277 1 6 232,167 4 11 156,649 12 4 35,450 17 1 848,234 4 2 37,975 15 4 105,447 18 4 14,127 8 1 5,575,483 5 1 ... 800,000 0 0 Revenue transferred to the Public Works Fund 800,000 0 0 385,500 0 0 Debentures renewed, — ,.,,,„. , . t , 00 , > n " New Zealand Loans Act, 1908 " (" The Consolidated Stock Act, 1884 ),— Debentures due 4th January, 1909, renewed as per oontra.. Debentures due 31st December, 1907, renewed as per contra 165,000 0 0 165,000 0 0 " The Dairy Industry Act, 1908,"— Debentures matured 1st August, 1908, renewed as per contra 438 0 0 800,000. 0 0 124,000 0 0 Debentures redeemed, — lnn _ " The Immigration and Publio Works Loan Act, 1870" matured 1st June, 1907 .. " The Consolidated Stook Act, 1884" due 31st December, 1907 924,000 0 0 Balance at end of Year, — Cash in the Public Aooount Advances in the hands of Offioers of the Government— In the Dominion In London On account of Imperial Pensions On account of other Governments 387,163 1 6 1,080,094 0 1 13,080 16 6 69,609 18 0 619 5 7 4,445 6 3 42,287 4 0 17 11 9 4,853 2 2 1,167,849 6 5 400,000 0 0 767,849 6 5 Less Treasury Bills outstanding 434,320 19 5 250,000 0 0 184,320 19 5 Totals £9,935,272 8 5 J3__2

8.—6.

Table No. 1— continued.

4

TREASURY BILLS 19O7-19O8.- *. RECEIPTS. 19O8-19O9. £ s. d. 550,000 0 0 Treasury Bills outstanding at beginning of Year £ b. d. £ s. d. 400,000 0 0 550,, 000 0 0 Treasury Bills issued during Year Treasury Bills renewed 200,000 0 0 400,000 0 0 600,000 0 0 £1,100,000 0 0 Totals £1,000,000 0 0 STATE FORESTS £ s. d. 16,379 6 5 73 7 6 Balance at beginning of Year, — Cash in the Public Account Advances in hands of Officers of the Government — In the Dominion . i £ s. d. 8,487 9 4 391 18 6 £ s. d. 8,879 7 10 16,452 13 11 3,083 1 5 15,174 18 10 Bents from Lands set apart Miscellaneous 3,891 0 6 28,728 5 3 32,619 5 9 18,258 0 3 Totals £34,710 14 2 £41,498 13 7 ST TE COAL- £ s. d. i 91,213 16 9 Balance at beginning of Year,— Cash in the Public Account Advances in the hands of Officers of the Government — In the Dominion .. .. .. .. .. '.. ' £ s. d. 44,060 14 6 £ s. d. 4,613 7 5 95,827 4 2 7 14 44,067 15 10 222,583 0 4 Proceeds of sale of coal 253,528 5 2 100,000 0 0 " The State Coal Mines Aot, 1901,"— Debentures matured 1st April, 1907, renewed under " The New Zealand Loans Act, 1904 " .. x* £418,410 4 6 Totals £297,596 1 0 ENERY PRE ERVATION £ s. d. 3,678 2 0 Balance at beginning of Year, — Cash in the Publio Account Advances in the hands of Officers of the Government — In the Dominion £ s. d. 8,182 '18 11 10 16 0 £ s. d. 8,193 14 11 3,678 2 0 " The Scenery Preservation Act, 1903," — Proceeds of Debentures issued 10,000 0 0 Totals ;.-• - ■ • £13,678 2 0 £8,193 14 11

8.—6.

STATEMENT of the RECEIPTS and EXPENDITURE of the CONSOLIDATED FUND for the Year ended 31st March, 1909, compared with the Financial Year ended 31st March, 1908.

5

ACCOyNT. 1907-1908. Mf EXPENDITURE. 1908-1909. £ s. d. 550,000 0 0 150,000 0 0 £ s. d. 400,000 0 0 350,000 0 0 £ S. d. Treasury Bills renewed during Year .. Treasury Bills paid off during Year 750,000 0 0 700,000 0 0 400,000 0 0 Treasury Bills outstanding at end of Year 250,000 0 0 £1,100,000 0 0 Totals £1,000,000 0 0 ACCOUNT. £ s. d. £ a. d. £ s. d. 25,831 6 4 Annual Appropriation,— Vote 123—State Forests Branch 26,962 0 0 8,487 9 4 Balance at end of Year, — Cash in the Public Account Advances in the hands of Officers of the Government — In the Dominion 14,346 16 7 391 18 6 189 17 0 8,879 7 10 14,536 13 7 Totals £34,710 14 2 £41,498 13 7 MINES AC OUNT. £ s. d. 190,425 0 0 Annual Appropriation,— Vote 124—State Coal-mines £ s. d. £ s. d. 267,074 13 0 4,200 0 0 Interest on Debentures .. .. .. .. ... 3,500 0 0 39,717 8 8 Expenditure under section 120 of " The Coal-mines Act, 1908 " .. 40,000 0 0 100,000 0 0 " The State Coal Mines Act, 1901,"— Debentures matured, 1st April, 1907, paid off Debentures matured, 1st April, 1907, renewed as per contra 140,'000 0 0 Balance at end of Year, — Cash in the Public Account Advances in the hands of Offioers of the Government— In the Dominion 44,060 14 6 17,950 8 11 7 14 9,070 19 1 27,021 8 0 44,067 15 10 £418,410 4 6 Totals £297,596 1 0 ACCOUNT. £ s. d. 5,484 7 1 Annual Appropriation, — Vote 125—Scenery Preservation £ s. d. £ s. d. 5,765 5 2 8,182 18 11 Balance at end of Year, — Cash in the Publio Account Advances in the hands of Officers of the Government — In the Dominion 2,370 13 10 2,428 9 9 10 16 0 57 15 11 8,193 14 11 £13,678 2 0 Totals £8,193 14 11

8.—6.

Table No. 1— continued.

6

AC OUN S OF 19O7-19O8. RECEIPTS, 190: I-19O9. £ s. d. 15,814 11 0 88 5 9 Balance at beginning of Year, — Cash in the Public Account Advances in the hands of Officers of the Government — In the Dominion £ s. d. 15,194 2 3 £ s. d. 15,902'16 9 15,194 2 3 8,940 12 10 22,070 19 2 18,247 13 6 30,684 17 10 Revenue received for Local Bodies, — Fees, Fines, &c. .. .. .. .'. .. ... Endowments of Land, &c . Goldfields Revenue Gold Duty .. .. .. .. .. .. .. 9,473 0 8 20,777 7 7 17,399 14 0 27,722 1 5 75,372 3 8 79,944 3 4 Counties Separate Accounts, — Revenue of Counties in which " The Counties Act, 1908,"is not in full operation 164 3 6 146 13 5 46,665 15 5 62 12 8 Advance Account, — Amount repaid by Local Bodies Ditto on account of Unauthorised Expenditure of previous years 48,804 4 5 51 18 1 48,856 2 6 46,728 8 1 Totals £142,722 1 7 £139,586 11 11 DEPOSIT £ s. d. 138,680 0 10 Balance at beginning of Year, — Cash in the Public Account Advances in the hands of Officers of the Government — In the Dominion In London £ s. d. 244,909 13 2 £ s. d. 131 3 2 61,129 16 0 40 11 11 2,898 6 4 247,848 11 5 199,941 0 0 Lodgments,— Emigrants' Deposits Fisheries Act, 1908 General Assembly Library Fund Greymouth Harbour Board Act, 1884, Special Coal Rate Account Hospitals and Charitable Institutions Acts, 1908 Imperial Government (South Africa Contingents) Land Act, 1908— Mining Distriots Land Occupation Account National Endowments Maori Land Settlement Act, 1905 Miscellaneous Money-order Settlement Moiety of Rotorua Bath Fees Native Township of Hokio Karewa Parata ... „ Parawai .. .. .. .. „ Pipiriki .. **" .. .. .'. Potaka Rotoiti „ Te Araroa Te Puia Te Puru „ Tokaanu „ Tuatine Waipiro Nelson Rifle Prize Fund New Zealand International Exhibition New Zealand University Endowment, Canterbury New Zealand University Endowment, Taranaki North Island Experimental Dairy Sohool North Island Main Trunk Railway Loan Application Act 1886 Amendment Act, 1889 .. Public Trust Office Remittance Account Railways Tauranga Educational Endowment Reserves Act, 1896 Thermal-springs Districts Act, 1908 Trustees Act, 1908 Unclaimed New Zealand Bonds Westport Harbour Board Act, 1884, Speoial Coal Rate Account ' .. 35,220 3 9 7 15 3 75 0 0 895 6 1 7 17 6 1,359 12 0 48,235 17 8 14 19 10 50 0 0 3 13 7 2,192 3 0 990 13 7 1,487 6 0 76,222 11 9 7,019 13 5 149,500 10 4 146,174 2 6 1,311 18 10 12 11 0 7 0 0 86 0 8 48 7 0 176 15 8 163 17 6 27 8 9 70 0 6 55 15 0 17 10 6 174 18 3 89 18 6 128 14 0 26 15 0 458 18 0 195 0 0 177,979 13 4 42,081 19 9 1,348 12 3 4 4 0 5 10 0 54 5 0 12 5 6 98 12 6 133 12 3 15 3 9 41 16 3 142 1 0 9 6 11 88 8 6 63 7 3 126 1 9 43 19 0 47 0 0 0 15 6 197 0 0 24,249 8 4 22,377 5 11 10,880 0 0 33 4 5 258 7 6 521 12 2 200 0 0 1,712 15 1 17,934 0 5 11,616 4 0 3,695 12 6 70 3 9 • 249 4 9 333 13 10 1,782 1 10 386,334 7 5 404,581 17 0 Totals £604,522 17 0 £634,182 18 10

8.—6.

STATEMENT of the RECEIPTS and EXPENDITURE of the CONSOLIDATED FUND for the Year ended 31st March, 1909, compared with the Financial Year ended 31st March, 1908.

7

S. 19O7-19O8. EXPENDITURE. 1908909. £ s. d. 9,232 3 0 21,550 19 8 17,966 19 0 31,902 7 0 Revenue paid over to Local Bodies, — Fees, Fines, &c. Endowments of Land, &c. .. Goldfields Revenue Gold Duty £ s. d. 9,357 3 1 22,095 17 6 16,710 5 11 28,554 6 5 £ s. d. 76,717 12 11 80,652 8 8 Counties Separate Account, — Amount distributed amongst Local Bodies where "The Counties Act, 1908," is not in full operation .. ... . 171 14 1 131 12 1 46,743 18 7 Advance Aooounts, — Payments on behalf of Local Bodies Payments on behalf of Local Bodies, unauthorised 53,674 16 10 10,000 0 0 63,674 16 10 15,194 2 3 Balance at end of Year, — Cash in the Public Account Less Advances in hands of Officers of the Government — In the Dominion .. .. .. .... Dr. 979 0 1 18 2 Dr. 977 11 11 Totals £142,722 1 7 £139,586 11 11 ACCOUNTS. £ s. d. 35,840 17 7 Withdrawals, — Emigrants' Deposits Fisheries Act, 3.908 .. .. .. • ■ . • • General Assembly Library Fund Hospitals and Charitable Institutions Acts, 1908 Imperial Government (South Africa Contingents) .. .. Land Transfer Act, 1908 Land Aot, 1908— Mining Districts Land Occupation Account National Endowments Maori Land Settlement Act, 1905 Miscellaneous Moiety, Rotorua Bath Fees Money-order Settlement Native Township, Hokio „ Karewa .. .. .. .. „ Parata .. „ Parawai.. .. .. .. • • • • „ Pipiriki .. .. .. .. .. Potaka .. Rotoiti .. „ Te Araroa Te Puia Te Puru .. .. .. .. „ Tokaanu Tuatine .. „ Waipiro ... Nelson Rifle Prize Fund New Zealand International Exhibition New Zealand University Endowment, Canterbury .. .. .. Ngatirahiri Compensation North Island Main Trunk Railway Loan Application Act 1886 Amendment Act, 1889 .. North Island Experimental Dairy School Permanent-way Material Account .. .. Public Trust Office Remittance Account Railways Thermal-springs Districts Act, 1908.. £ s. a. 45,546 7 8 7 15 3 £ s. d. 75 0 0 279 8 8 230 6 3 206 16 9 431 5 6 45 0 0 535 12 10 760 7 3 174,048 14 2 99,424 2 6 504 10 7 9,080 9 10 3,355 4 1 170,529 17 5 9,443 10 1 117,462 1 3 47 9 0 66 18 3 291 6 8 196 3 0 423 15 10 224 17 0 188 13 3 559 8 9 469 0 9 87 6 3 358 3 0 585 17 5 376 15 1 126 4 10 200 4 3 ii 6 7 84 9 0 312 14 8 63 6 6 458 18 0 3,142 13 10 15 9 6,247 0 7 26 5 7 20,696 9 8 13,859 2 10 42 17 6 37,617 5 8 8 10 0 24,286 12 4 13,556 0 7 5,483 19 10 134 4 11 441,368 15 3 356,674 5 7 244,909 13 2 Balance at end of Year, — Cash in the Public Account .. .. Advances in the hands of Officers of the Government— In the Dominion .. .. ... In London 191,601 12 5 40 11 11 2,898 6 4 1,212 11 2 192,814 3 7 247,848 11 5 Totals £634,182 18 10 £604,522 17 0

8.—6

8

Table No. 1—continued.

1907-1908. RECEIPTS, 1908-1909. £ s. d. £ s. d. £ s. d. 323,071 0 0 15,265 0 9 21,063 18 2 Balance at beginning of Year, — Cash in Public Account .. .. .. ... Advances in the hands of Officers of the Government— In the Dominion In London .. .. «. 124,769 0 0 13,654 4 8 14,139 14 2 152,562 18 10 359,399 18 11 New Zealand Loans Aot, 1908, — The Aid to Public Works and Land Settlement Act, 1900,— Provision for debentures matured — Debentures sold Debentures renewed under " The New Zealand Loans Aot, 1904 " .. 380,000 0 0 500 0 0 3,000 0 0 380,000 0 0 3,500 0 0 The Aid to Publio Works and Land Settlement Aot, 1901,— Provision for debentures falling due 1st Deoember, 1908— Debentures sold .. .. .. .. .. Debentures renewed Provision for Debentures falling due 1st January, 1909 — Debentures renewed Premiums reoeived 142,700 0 0 10,000 0 0 32,900 0 0 272 12 6 The Aid to Publio Works and Land Settlement Act, 1902,— Debentures issued for redemption of debentures matured 1st December, 1906 .. Debentures matured 1st December, 1906, renewed under " New Zealand Loans Act, 1904" .. 185,872 12 6 200 0 0 3,000 0 0 3,000 0 0 The Aid to Public Works and Land Settlement Act, 1903,— Provision for Debentures matured 1st January, 1909 — Debentures renewed under "The New Zealand Loans Act, 1908" Debentures sold .. .. .. .. Premium received on sale and renewal of debentures Provision for Debentures matured 1st February, 1909 — Debentures renewed under " The New Zealand Loans Act, 1908 ".. 222,475 0 0 119,665 0 0 95 15 0 542,235 15 0 200,000 0 0 808,200 0 0 11,594 0 0 The Aid to Publio Works and Land Settlement Act, 1907 — Debentures issued in respect of £1,000,000 loan authorised Premiums received 191,800 0 0 3,836 0 0 195,636 0 0 819,794 0 0 The Aid to Public Works and Land Settlement Act, 1908, — Debentures issued in respect of £1,250,000 loan authorised Premiums 1,200,000 0 0 500 0 0 1,200,500 0 0 The Lands Improvement and Native Lands Acquisition Act, 1894, — Debentures matured 30th September, 1908, renewed 400,000 0 0 The Post and Telegraph Act, 1908,— Debentures issued 200,000 0 0 800,000 0 0 Revenue transferred from the Consolidated Fund in aid of Public Works -- 800,000 0 0 1,640 6 1 Special Receipts in connection with the Ellesmere and Forsyth Reclamation and Akaroa Railway Trust 1,610 4 9 56,400 0 0 1,920 0 0 The Aid to Public Works and Land Settlement Act, 1906 — Proceeds of scrip and debentures issued (balance £1,000,000 loan) Premium received 58,320 0 0 Totals !2,042,854 5 0 £4,061,417 11 1

9

8.—6

STATEMENT of the RECEIPTS and EXPENDITURE of the PUBLIC WORKS FUND for the Year ended 31st March, 1909, compared with the Financial Year ended 31st March, 1908.

1907-1908. EXPENDITURE. 1908-1909. £ s. d. £ s. (1. £ s. d. 18,027 1 3 1,056,925 17 4 219,148 1 11 6,862 19 10 45,026 11 1 9,130 17 7 323,716 19 4 8,631 12 2 2,190 9 2 155,491 8 6 836 17 6 18,574 9 0 9,560 13 1 314 13 6 Annual Appropriations,— Class XXVII.—Publio Works, Departmental „ XXVIII.—Railways .. XXIX.—Public Buildings .. XXX.—Lighthouses, Harbour-works, and Harbour Defenoes .. „ XXXI. —Tourist and Health Resorts.. XXXII.—Immigration . XXXIII.—Roads „ XXXIV.—Development of Goldfields XXXV.—Purchase of Native Lands .. , XXXVL—Telegraph Extension , XXXVII. —Rates on Native Lands . XXXVIII.—Contingent Defence XXXIX.—Lands Improvement Utilisation of Water-power.. 24,511 19 10 1,102,792 18 8 285,385 7 1J 19,217 6 1 23,910 10 2 15,076 10 5 469,547 16 5 32,859 3 7 2,098 14 5 163,032 14 2 27 1 0 10,765 11 4 19,541 18 7 1,874,438 11 3 2,168,767 12 7 Unauthorised, — Services not provided for .. 510 14 5 7,125 7 5 500 0 0 3,000 0 0 The New Zealand Loans Act, 1908, — The Aid to Public Works and Land Settlement Act, 1900— Debentures matured 1st April, 1908, redeemed Debentures matured 1st May, 1907, renewed as per contra 372,400 0 0 372,400 0 0 3,500 0 0 The Aid to Publio Works and Land Settlement Act, 1901 — Debentures matured 1st December, 1908, renewed as per contra Debentures matured 1st December, 1908, redeemed Debentures matured 1st January, 1909, renewed as per oontra 10,000 0 0 142,400 0 0 32,900 0 0 185,300 0 0 The Aid to Public Works and Land Settlement Act, 1902— Debentures matured 1st December, 1906, redeemed Debentures matured l3t Deoember, 1906, renewed as per contra 3,000 0 0 200 0 0 3,000 0 0 200 0 0 The Aid to Public Works and Land Settlement Act, 1903— Debentures matured 1st January, 1909, redeemed Debentures matured 1st January, 1909, renewed as per contra Debentures matured 1st February, 1909, renewed as per contra 119,975 0 0 222,475 0 0 200,000 0 0 542,450 0 0 Lands Improvement and Native Lands Acquisition Aot, 1894, — Debentures matured 30th September, 1908, renewed as per contra 400,000 0 0 Charges and Expenses, authorised by " The New Zealand Loans Act, 1908," in respect of loans raised under — Aid to Publio Works and Land Settlement Act, 1900 Aid to Public Works and Land Settlement Act, 1901 Aid to Public Works and Land Settlement Act, 1903 Aid to Public Works and Land Settlement Act, 1906 Aid to Publio Works and Land Settlement Aot, 1907 801 0 0 255 17 0 315 0 3 641 18 10 4,385 8 8 1,389 10 8 5,027 7 6 2,761 7 11 The Aid to Publio Works and Land Settlement Act, 1908 2,518 6 6 124,769 0 0 13,654 4 8 14,139 14 2 Balance at end of Year, — Cash in the Public Account Advances in the hands of Officers of the Government— In the Dominion In London Investment Account 223,211 13 8 30,497 16 0 130,000 0 0 383,709 9 8 152,562 18 10 Totals £2,042,854 5 0 £4,061,417 11 1 6,

8.—6

10

Table No. 1—continued.

HUTT RAILWAY AND ROAD IMPROVEMENT ACCOUNT for tin 19O7-19O8." & s. a. 12,074 8 2 RECEIPTS. 19O8-19O9. Balance at beginning of Year, — Cash in the Publio Acoount -£ s. d. £ s. d. 15,853 8 6 15,853 8 G 12,074 8 2 50,000 0 0 The Hutt Railway and Road Improvement Act; 1907,— Proceeds of Debentures issued Premium .. ''.. ' '■. .. ':. 69,300 0 0 266 0 0 69,566 0 0 £62,074 8 2 Totals £85,419 8 6 THE RAILWAYS IMPROVEMENTS AUTHORISATION ACT ACCOUNT £ s. d. Balance -at beginning of Year, — Cash in the Public Account £ 8. d. £ s. d. 93,526 10 10 19,365 4 0 The Government Railways Act, 1908, — Prooeeds of Scrip and Debentures issued Premiums received ■;. •.. 19,365 4 0 65,000 0 0 1,300 0 0 145,100 0 0 30 0 0 145,130 0 0 66,300 0 0 £159,826 10 10 Totals ,. £164,495 4 0 THE WAIKAKA BRANCH RAILWAY £ s. d. £ s. d. £ s. d. Balanoe at beginning of Year, — Cash in the Public Account .. .. .. Advances in the hands of Officers of the Government— In London .. .. .. 11,415 18 6 13,391 7 2 1,975 8 8 50,000 0 0 The Waikaka Branch Railway'Act, 1905,— Proceeds of £53,476 3-per-ccnt. Debentures issued £50,000 0 0 Totals '';••■■. •■'■'••, £13,391 7 2 STATEMENT of the RECEIPTS and EXPENDITURE o. the WELLIN TON-MANA £ s. d. The Wellington and Manawatu Railway Purchase Act, 1908, — Debentures issued for Acquisition of the Wellington arid Manawatu Railway .. Premium reoeived thereon .. •• Z* •'•"' '••'" £ s. d. £ s. d. 1,000,000 0 0 2,500 0 0 1,002,500 0 0 Interest recovered from Company under section 6 of" The Wellington-Manawatu Railway Purchase Act, 1908 " ".. '".., :'...' 5,369 17 3 Total .. .... £1,007,869 17 3 STATEMENT of the RECEIPTS and EXPENDITURE of the CHE' IOT ESTA 1 ■E ACCOUN £ s. d. 42,895 10 3 Balance at beginning of Year, — Cash in Public Account £ s. d. 48,314 5 7 £ b. d.j 48,314 5 7 * 14,291 5 10 Receipts under " The Land Act, 1908,"— Bents from Lands .. • ■ 13,492 17 7. Other Receipts,— Interest on Securities held by Investment Account 487 2 5: £57,186 16- 1Totals £62,294 5 7

8.-6

11

STATEMENT of the RECEIPTS and EXPENDITURE of the PUBLIC WORKS FUND for the Year ended 31st March, 1909, compared with the Financial Year ended 31st March, 1908.

ear ended 31st ;arch, 1909, compared with the Financial Year ended 31st Mabch, 1908. 19O7-19O8. EXPENDITURE. 19O8-19O9. £ s. d. 46,220 19 8 Annual Appropriation,— Vote 129—Hutt Railway and Road Improvement .. ... ... £ s. d. £ s. d. 66,407 16 11 The Hutt Railway and Road Improvement Aot, 1907, — Charges and exncnsi s authorised by " The New Zealand Loans Act, 1908 " 109 10 0 15,853 8 6 Balance at end of Year, — Cash in the Public Account .. 18,902 1 7 £62,074 8O Totals .. ' '.. .. £85,419 8 6 for the Year endei 31st Mabch, 1909, compared with the Financial Year ended 31st March, 1908. £ s. d. 140,052 16 4 Vote 130 —Railways Improvements .. ... .. ..... £ s. d. £ s. d. 141,534 1 6 408 10 6 The Government Railways Aot, 1908,— Charges and Expenses authorised by " The New Zealand Loans Act, 1908 " 14 19 4 19,365 4 0 Balance at end of Year, — Cash in the Publio Account 22,946 3 2 £159,826 10 10 Totals .. .. .. .. £164,495 4 0 I CCOUNT fo: the Year ended 31st March, 1909, compared with the Financial Year ended 31st :arch, 1908. £ a. d. 36,608 12 10 £ s. d. £ s. d. 13,391 7 2 Expenditure under the Act 11,415 18 6 Balance at end of Year, — Cash in the Public Account Advanoes in the hands of Officers of the Government— In London 1,975 8 8 13,391 7 2 £50,000 0 0 Totals £13,391 7 2 ATU RAIL 'AY PURCHASE ACCOUNT for the Year ended Slst March, 1909. £ s. d. The Wellington and Manawatu Railway Purohase Act, 1908, — Payment to Company for Purchase of Railway Interest, 7th December, 1908, to 27th February, 1909.. Railway stores taken over from Company Charges and Expenses of raising £1,000,000 loan £ s. d. 915,000 0 0 3,594 10 5 15,164 10 0 1,250 0 0 £ s. d. Improvements, additions, and alterations after acquisition Balance at end of Year, — Cash in the Publio Account 935,00'J 0 5 32,869 15 6 39,991 1 4 Total .. .. .. .. ■ £1,007,869 17 3 lor the Year endei 31st March, 1909, compared with the Finanoial Year ended 31st March, 1908. £ s. d. 8,866 2 6 6 8 0 Interest Surveys, Eoading, <fcc. £ a. d. 8,866 2 6 15 0 2 £ s. d. 8,881 2 8 8,872 10 6 Balanoe at end of Year, — Cash in the Public Account Investment Account 48,314 5 7 6,413 2 11 47,000 0 0 53,413 2 11 Totals £57,186 16 1 £62,294 5 7

8.—6

12

Table No. 1—continued.

1907-1908.-RECEIPTS. 1908-1909. £ s. d. Balance at beginning of Year, — Cash in the Public Account Advances in the hands of Officers of the Government — In London In the Dominion Investment Account £ s. d. £ s. d. 249,320 4 4 89,645 17 11 80,000 0 0 1,415 8 1 1,001 6 4 400,000 0 0 400,000 0 0 492,062 12 4 729,320 4 4 390,690 0 0 2,924 0 0 415,600 0 0 The Land for Settlements Aot, 1908,— Proceeds of scrip and debentures issued Premiums received Debentures matured 1st February, 1908, renewed Debentures matured 1st August, 1908, renewed Debentures matured 1st January, 1909, renewed 566,020 0 0 226 0 0 200 0 0 172,600 0 0 75,075 0 0 809,214 0 0 814,121 0 0 131 0 0 1,032 0 0 Receipts on account of capital value of land under " The Land Aot, 1908," — Section 191 Section 177 2,467 18 0 12,162 6 6 14,630 4 6 1,163 0 0 Receipts on acoount of capital value of land under section 69 of " The Land for Settlements Act, 1908 " 2,417 2 2 Receipts derived from Estates, — Rents, &c. 237,831 8 3 230,357 4 11 Other Receipts,— Interest on Securities held by the Land for Settlements Investment Aooount 12,792 0 1 13,814 0 5 '2 4 2 214 16 0 150 0 0 Recoveries, — Kaurdo Hill Kurow Estate Otekaike Plunket Estate .. ... ••*** Selwyn Estate Tautari Wangapeka Estate 8 8 6 8,247 19 6 17 2 15 1 6 278 8 9 8,536 3 11 382 1 8 606 19 9 6 0 0 Credits in reduotion, — Aorangi Bickerstaffe Fencovfrt Heretaunga Lyndon No. 2 Windle .. .. .. .. .. .. .. .. 0 5 0 40 13 0 20 0 0 6 8 6 632 19 9 47 6 6 1,784,883 11 1 Carried forward .. 1,582,437 17 9

8.—6.

STATEMENT of the RECEIPTS and EXPENDITURE of the LAND FOR SETTLEMENTS ACCOUNT for the Year ended 31st March, 1909, compared with the Financial Year ended 31st March, 1908.

13

1907-ia08. EXPENDITURE 190: 1-1909. £ s. d. 3,879 15 6 2,487 1 8 Annual Appropriations,— Vote 126—Land for Settlements Expenses Vote 127 —Workers' Dwellings Expenses £ s. d. £ s. d. £ s. d. 2,399 9 2 6,851 18 4 £ s. d. 9,251 7 6 6,366 17 2 Acquirement of Estates, — Purchase-in oney. Incidental Expenses. 0 18 0 12 4 0 55 9 3 3 18 0 58 5 6 2 19 6 6 16 5 6 18 4 21 2 8 32 12 2 0 2 0 949 4 0 6 15 0 1,053 11 1 6 15 0 2 19 6 4 3 1 1,763 14 3 8 10 0 2,940 16 4 14 0 0 11 8 4 8 0 601 3 9 1 11 0 0 0 3 2 4 10 21 4 11 239 19 1 3 5 4 8 15 3 705 2 0 44 17 8 37 1 6 837 12 11 4 2 6 Total. Name of Estate. Total. 27,815 7 7 2 11 0 271 10 9 0 10 6 51 12 0 2 13 0 0 10 6 160 7 7 5 18 0 37 9 2 13 12 0 503 5 8 7 16 8 0 15 0 1 11 3 95 11 4 11 9 0 2,595 15 0 96 13 3 866 3 11 2 15 0 0 8 8 1,382 15 7 149 11 0 36 18 6 19 14 11 1,497 12 10 43 2 3 137 12 4 2 14 6 2 18 0 2 17 0 1,391 19 3 2 8 4 44,999 15 3 Airedale Albury Annan .. .. .. .. Ardgowan Argyll Ashley Gorge Barnego Beaumont .. Bickerstaffe Blind River Braco Braeburn (Wilkie and Page) Cadman Carrington (Booth, W. H., Public Trustee) Carroll Chamberlain Cradock Culverden (Trustee late J. Cracroft-Wilson) Duncan Dyer Earnscleugh Eccleston Eccleston No. 2 Edendale Elderslie Elsthorpe Epuni .. Fencourt Flaxbourne Forestgate Glenham Greenfield Hall-Jones Hatuma .. Hawtrey Hekeao Heretaunga.. Hetana Highbank Hikawera Horsley Downs Huinga Kaimahi Kanakanaia Kapua Kapuatohe Karapiro .. .. .. ,. Kauroo Hill (Teschmaker, E. J., T., C. de S., H. J., andC. M.) .. Kereta Kinlooh Kitchener Kohika Kumeroa Kurow Langdale .. .. ...... Lawry Lindsay Longbush Loughnan Lynoh's Lyndon No. 1 Lyndon No. 2 Maerewhenua Mahora Mahupuku Makareao Manga-a-toro Mangapouri Mangatahi Mangawhata Mangawhero Marawiti Matamata Maytown Mead .. ..' .. .. 13,727 11 10 39,155 0 0 121,251 16 2 114 3 8 17 2 11 1 14 0 5 16 3 12 9 0 2 0 82 14 9 1 10 6 41 12 9 64 1 1 0 18 0 12 4 0 55 9 3 3 18 0 58 5 6 2 19 6 6 16 5 6 18 4 21 2 8 32 12 2 0 2 0 14,676 15 10 6 15 0 40,208 11 1 6 15 0 2 19 6 4 3 1 123,015 10 5 8 10 0 2,940 16 4 14 0 0 11 8 4 8 0 601 3 9 1 11 0 0 0 3 2 4 10 21 4 11 239 19 1 3 5 4 8 15 3 705 2 0 44 17 8 37 1 6 837 12 11 4 2 6 114 3 8 17 2 11 1 14 0 5 16 3 12 9 0 2 0 82 14 9 1 10 6 41 12 9 64 1 1 85 1 5 2,620 13 5 30 0 0 2 18 6 89 10 5 41 12 10 2,518 14 11 841 10 5 0 4 6 13 4 3 3 13 10 1 10 0 2 13 6 10 0 17 0 1,139 6 3 126 2 8 3 18 0 9,687 2 8 82,581 7 10 507 0 0 18,457 15 1 133,804 16 6 630 16 10 0 5 0 6 17 10 2 0 8 1 19 6 82 0 0 123 3 8 2 18 10 230 4 0 238 6 6 2 18 10 134,435 13 4 0 5 0 6 17 10 2 0 8 1 19 6 82 0 0 123 3 8 2 18 10 230 4 0 238 6 6 2 18 10 4 4 0 13 0 5 5 8 0 11 0 411 12 9 108 5 7 247 0 0 2 5 3 30 19 6 213 15 6 7 8 1 2 6 6 78 13 10 0 12 6 5 9 6 4 4 0 13 0 5 5 8 0 11 0 411 12 9 108 5 7 247 0 0 2 5 3 30 19 6 213 15 6 7 8 1 2 6 6 78 13 10 0 12 6 5 9 6 105 7 10 14 12 5 . 5 17 0 201,096 11 4 Carried forward 307,939 4 6 12,223 19 0 320,163 3 6 9,251 7 6

8.—6.

Table No. 1— continued.

14

1907-1908. RECEIPTS. 1908-1909. £ s.-d. 1,784,883 11 1 Brought forward £ - g. d.. ..... £ s. d 1,582,437 17 9 ' ;.'.';*, . I ;, I ' .. : ., ,Va or, .o",.x Xk ■ -" • :■:■ ' .::: t -■- rr.'i a ai on,£3J j '.. V" .. ; g p. <ir ., '■ Carried forward 1,784,883 11 1 1,582,437 17 9

8.—6.

STATEMENT of the RECEIPTS and EXPENDITURE of the LAND FOR SETTLEMENTS ACCOUNT for the Year ended 31st March, 1909, compared with the Financial Year ended 31st March, 1908—continued.

15

1907-1908. EXPENDITURE. 1908-1909. Mt> £ s. d. 201,096 11 4 Brought forward * •'- '■ £ • 's.'-d.-307,939 4 6 "&' s.' j d\" 12,223 19 0 £ s. d. 320,163 3 6 £ s. d. 9,251 .7 6 Total. 72 14 7 113 12 9 279 9 3 146 4 i 3 9 5 97 11 2 12 0 6 2 14 6 2 18 3 k 15 0 0 7 6 0 10 98,141 12 11 2 12 6 0 5 0 1 10 0 9 3 4 40,379 4 11 85 11 7 143 1 7 0 10 0 . 6 18 0 38,995 19 10 Acquirement of Estates— continued. Name of Estate. Meadowbank (J. Wither) Melling Merrivale .. Methuen .. .. .. • • .. Mills Morioe (H. White) Normandale Northbank Ohakea Okauia Omaka Opouriao Orakipaoa Otaio Otarakaro Otekaike (Receiver of Land Revenue, Dunedin, purchase of Crown land) Papaka Pareora Pareora No. 2 Patoa Pawaho Pitt Poerua Plumer Plunket Presoot Pomahaka Pouparae .. Pourerere Punaroa .. .. .. Puhipuhi Puhuka Puketapu Rainford Rakatairi Rangiatea Raumati Rapuwai Raureka .. .. .. Rautawiri Rawiri .... Rewi Richmond Brook Ringway Roimata .. .. .. • ■ .. - • Rosebrook Rosewill Selwyn Spotswood Starborough Steward Tablelands Takitu Tamai Tarawahi Taumata Tautari Tawaha Teanaraki Te Arai Teasdale Te Mata (B. Chambers) Tokarahi Tomoana Totara Waari Waddington Waiapi Waikakahi Waimana Waimarie .. Waipapa Walker Wangapeka.. Wharenui Whitehall .. Wigan Wilford Willows Windsor Park Windsor Park No. 2.. Windle Purchase-money. 15,544 18 3 196 9 10 15,940 0 0 Incidental Expenses. 170 15 4 58 9 10 11 9 8 •• 188' 5 6: 15 8 1 6 3 6 12 14 6 19 10 0 8 18 2 27 12 3 8 6 11 5 8 6 0 10 9 1,557 15 11 0 13 6 1 11 0 4 0 9 2 16 6 50 16 6 8 10 0 105 14 4 34 11 5 672 4 10 0 7 7 2 13 11 4 8 2 11 13 0 4 7 0 4 13 0 7 0 0 15 0 17 15 7 4 10 6 5 18 4 5,397 1 5 2 16 0 5 6 0 15 0 61 10 11 48 18 1 22 3 1 8 5 7 ...!.- .0 2 6 13 0 692 11 11 361 18 2 84 4 6 321 17 10 845 7 10 1 14 0 15 0 20 5 3 5 13 0 74 4 9 2,940 8 5 9 13 11 6 0 0 3,769 16 0 678 17 8 31 9 0 2 17 0 Total. 15,715 13 7 58 9 10 11 9 8 < « J - ! 188 5 8 15 8 1 202 13 4 12 14 6 19 10 0 8 18 2 27 12 3 8 6 11 5 8 6 0 10 9 17,497 15 11 0 13 6 1 11 0 4 0 9 2 16 6 50 16 6 8 10 0 105 14 4 34 11 5 672 4 10 0 7 7 2 13 11 4 8 2 11 13 0 4 7 0 4 13 0 7 0 0 15 0 17 15 7 4 10 6 5 18 4 5,397 1 5 2 16 0 5 6 0 15 0 61 10 11 48 18 1 22 3 1 8 5 7 0 2 6 13 0 692 11 11 361 18 2 84 4 6 321 17 10 845 7 10 1 14 0 15 0 20 5 3 5 13 0 74 4 9 2,940 8 5 9 13 11 6 0 0 3,769 16 0 678 17 8 40 15 8 2 17 0 , lOI i VC -" ■■• ■ 14,133 1 11 42 19 8 25 9 0 •. r: 383 1 6 1,692 18 7 3 4 0 3 17 6 5,446 9 8 0 4 6 0 8 0 50 1 6 16 2 0 16,791 3 8 29,146 18 0 348 0 7 114,196 0 9 80 6 5 1,750 13 5 2 6 6 0 13 6 196 1 1 98 13 5 4 6 2 9 6 8 7 5 0 20,399 19 2 1,293 3 0 16,775 10 7 4 15 3 282 3 6 34 12 2 21 1 10 2 0 0 41 19 7 1,251 10 4 4 13 2 13 14 9 6 15 7 281 16 9 10 1 0 7 7 6 5 4 0 0 6 0 4 8 5 3 11 6 282 3 6 34 12 2 21 1 10 2 0 0 41 19 7 1,251 10 4 4 13 2 13 14 9 6 15 7 281 16 9 10 1 0 7 7 6 5 4 0 0 6 0 4 8 5 3 11 6 95 6 8 92 12 6 1 12 6 1 12 6 2,803 9 8 339,629 19 3 32,615 1 2 372,245 0 5 605,490 7 2 Carried forward 372,245 0 5 611,857 4 4 381,496 7 11

8.—6.

16

Table No. 1—continued.

1907-1908. RECEIPTS. 1908-1909. £ s. d. 1,784,883 11 1 Brought forward £ s. d. £ s. d. 1,582,437 17 9 Totals .. £1,582,437 17 9 !1,784,883 11 1

8.—6.

STATEMENT of the RECEIPTS and EXPENDITURE of the LAND FOR SETTLEMENTS ACCOUNT for the Year ended 31st March, 1909, compared with the Financial Year ended 31st March, 1908—continued.

3—B. 6.

17

1907-1908. EXPENDITURE. 1908-1909. £ s. d. 611,857 4 4 Brought forward £ s. d. £ s. d. 381,496 7 11 266,8o6' 0 0 The Land for Settlements Act, 1908,— Debentures redeemed — Matured 1st August, 1908 Matured 1st February, 1908 Matured 1st April, 1908 Matured 1st January, 1909 Debentures renewed— Matured 1st January, 1909, as per contra Matured 1st February, 1908, as per oontra Matured 1st August, 1908, as per contra 58,050 0 0 5,500 0 0 250,000 0 0 40,975 0 0 148,800 0 -0 75,075 0 0 200 0 0 172,600 0 0 415,600 0 0 602,400 0 0 956 6 11 15 18 4 865 14 6 The Land for Settlements Aot, 1908,— Charges and Expenses,— On issue of Debentures On renewal of Debentures On redemption of Debentures .. .. .. .. 208 4 8 488 16 10 232 6 1 1,837 19 9 929 7 7 209,06014 8 The Land for Settlements Act, 1908, — Interest on advances .. .. .. .. --.-.- Interest recouped to Consolidated Fund in respeot of Debentures issued .. 292 16 6 215,535 4 3 54,465 0 0 Sinking Fund £1 per cent, on amount issued 57,963 1 7 89,645 17 11 1,001 6 4 1,415 8 1 400,000 0 0 Balanoe at end of Year, — Cash in the Public Account .. .. .. . v Advances in the hands of Officers of the Government— In the Dominion In London Investment Account .. 20,504 2 0 1,816 2 4 301,500 15 7 323,820 19 11 492,062 12 4 £1,784,883 11 1 Totals .. .. ■" .. j£l,582,437 17 9

8.—6.

Table No. 1— continued.

18

1907-1908. RECEIPTS. 1908909. £ s. d, 95,687 7 0 Balance at beginning of Year, — Cash in the Public Aocount Advances in the hands of Officers of the Government— In the Dominion £ s. d. 4,299 5 3 £ s. d 886 17 7 28 17 2 4,328 2 5 96,574 4 7 Amount received in respeot of Survey Liens .. .. .. 67 7 9 Amount received on account of Shares of Purchase-money of Rangitoto-Tuhua No. 58 Blook 1,789 14 5 50,000 0 0 The Maori Land Settlement Act Amendment Act, 1907, — Prooeeds of Debentures issued .. .. .. .. j £146,574 4 7 : , Totals £6,185 4 7 STATEMENT of the RECEIPTS and EXPEN '1TURE of the ONVERSION £ a. d. 266 8 8 Balance at beginning of Year, — In the hands of Stock Agents — Cash In the hands of the High Commissioner— 3J-per-cent. Stock for sale £ s. d. 188 9 11 50,000 0 0 £ s. d. £ s. d. 102,000 0 0 50,188 9 11 102,266 8 8 97,179 13 7 Less cash overdrawn 30,074 4 8 20,114 5 3 5,086 15 1 288,000 0 0 340,676 10 0 5,000 0 0 3J-per-cent. Inscribed Stock, — Issued for redemption of Debentures Issued for conversion of Debentures Issued for expenses of conversion 1,226,828 0 0 12,900 0 0 1,239,728 0 0 633,676 10 0 Premium received on sale of 3J-per-oent. Stock 106 5 0 s' Totals £638,869 10 1 £1,259,842 5 3

8.—6.

STATEMENT of the RECEIPTS and EXPENDITURE of the MAORI LAND SETTLEMENT ACT ACCOUNT for the Year ended 31st March, 1909, compared with the Financial Year ended 31st March, 1908.

19

1907-1908. EXPENDITURE. 1908-1909. £ s. d. 2,574 9 0 • £ s. d. £ s, d. 832 6 2 Vote 128—Maori Land Settlement Expenses 139,671 13 2 Acquirement of Land 615 7 1 4,299 5 3 Balance at end of Year, — Cash in the Publio Aooount Advances in the hands of officers of the Government — In the Dominion 4,645 0 3 28 17 2 92 11 1 4,737 11 4 4,328 2 5 Totals .. .. .. £146,574 4 7 £6,185 4 7 .C COUNT for the Year ended 31st Mabch, 1909, compared with the Financial Year ended 81: it March, 1908. £ s. d. Amount converted. £ Bate. Premium. £ s. d. £ 8. d. 201,412 10 0 32,415 0 0 18,889 0 0 Debentures converted into 3£- per -cent. In- ec scribed Stock, — Immigration and Public Works Loan Act, 1870 Aid to Publio Works and Land Settlement Act, 1900 Aid to Public Works and Land Settlement Act, 1901 Aid to Public Works and Land Settlement Act, 1904 Aid to Public Works and Land Settlement Act, 1905 Aid to Public Works and Land Settlement Act, 1908 .. .. .. .. .. Land for Settlements Consolidation Act, 1900.. Wellington-Manawatu Railway Purchase Act, 1908 300,000 25,000 2,800 onverted. £ 300,000 25,000 2,800 420,000 250,000 205,000 Kate. £ 1( 1( 1( 1( 11 1( £ 102 102 101 Freir .02 6 .02 .01 .02 8 102 5 .02 4 £ 6,000 500 28 mum. £ 6,000 500 28 8,400 5,000 4,100 7,210 0 0 80,750 0 0 420,000 250,000 102 102 8,400 5,000 205,000 102 4,100 340,676 10 0 1, 1,202,800 ,202,800 24 24,028 4,028 1,226,828 0 0 Debentures redeemed 1,226,828 0 0 266,100 0 0 2,062 10 0 3,512 10 0 | 3,945 10 11 376 12 10 2,073 3 1 8 8 0 Expenses Aooount, — Brokerage and Commission Disoount Stamp Duty Rent and Office Expenses Interest Law Costs 12,500 0 0 70 15 0 8,454 15 0 394 14 10 1,206 5 11 11,978 14 10 22,626 10 9 • Dr. 30,074 4 8 Balanoe at end of Year, — Cash in the Public Account Advances in the hands of Stock Agent3— Cash In the hands of High Commissioner— 3J-per-oent. Stock for sale 9,943 12 11 188 9 11 444 1 7 50,000 0 0 10,387 14 6 20,114 5 3 Totals £638,869 10 1 £1,259,842 5 3

8.—6.

Table No. 1—continued.

20

1907-1908. RECEIPTS. 1908-1909. £ a. d,. £ s. d. £ s. d. 397 0 8 Balance at beginning of Year, — Cash in the Public Account 11,271 0 5 397 0 8 The Local Bodies' Loans Aot, 1908, — Proceeds of Debentures issued .. .. .. Debentures matured 1st January, 1909, renewed 250,000 0 0 790,000 0 0 1,040,000 0 0 185,000 0 0 185,000 0 0 The Government Loans to Local Bodies Act, 1886, — Debentures due 1st September, 1907, renewed under " The New Zealand Loans Act, 1904" .. .. .. .. ... 250,300 0 0 178 11 7 71 12 3 Repayments under sections 64 and 72 of " The Local Bodies' Loans Act, 1908," — Counties— Clifton Clutha Kairanga Levels Masterton Pahiatua Stratford Wairarapa South 14 8 11 23 6 11 100 0 0 109 7 2 63 16 1 91 7 7 324 5 1 Road Boards— Manganni 152 5 9 Boroughs— Carterton .. .. .. .. Whangarei .. .. ........... 35 12 4 182 9 1 529 0 6 818 2 3 y Carried forward 436,515 2 11 1,051,800 0 11

8.—6

STATEMENT of the RECEIPTS and EXPENDITURE of the LOANS TO LOCAL BODIES ACCOUNT for the Year ended 31st March, 1909, compared with the Financial Year ended 31st March, 1908.

21

1907-1908. EXPENDITURE. 1908-1909. £ -s. d. £ s. d. £ s. d. £ I s. d. 2,400 0 0 1,600 0 0 1,950 0 0 6,000 0 0 3,500 0 0 1,000 0 0 2,000 0 0 399 0 0 2,750 0 0 4,500 0 0 1,650 0 0 1,000 0 0 800 0 0 2,000 0 0 1,150 0 0 6,000 0 0 350 0 0 Grants under " The Looal Bodies' Loans Aot, 1908,"— Counties— Akitio Amuri Bruce Castlepoint Clifton Collingwood Cook Dannevirke Egmont Eketahuna Eltham Featherston Geraldine Grey Hawke's Bay Hobson Horowhenua Hutt Inangahua Kaikoura Kairarga Kawhia Kiwitea Mackenzie Manawatu Masterton Ohinemuri Opotiki Oroua Pahiatua Patangata Patea Piako Pohangina Raglan Rangitikei Southland Stratford ... Taranaki Tauranga Waiapu Waikato Waimarino Waipa Waipawa Wairarapa South Wairoa Waitomo Weber Westland Whangarei Woodville cX O. U. 3,100 0 0 5,000 0 0 850 0 0 800 0 0 1,330 0 0 1,959 0 0 6,000 0 0 2,910 0 0 400 0 0 585 0 0 4,500 0 0 200 0 0 4,000 0 0 1,850 0 0 2,500 0 0 4,950 0 0 1,500 0 0 5,000 0 0 225 0 0 300 0 0 2,319 0 0 1,400 0 0 2,225 0 0 2,000 0 0 3,624 0 0 1,570 0 0 5,500 0 0 3,000 0 0 1,115 0 0 3,650 0 0 4,670 0 0 400 0 0 4,100 0 0 2,500 0 0 3,000 0 0 500 0 0 837 0 0 2,000 0 0 3,375 0 0 2,000 0 0 553 0 0 1,500 0 0 1,900 0 0 3,100 0 0 5,000 0 0 850 0 0 800 0 0 1,330 0 0 1,959 0 0 6,000 0 0 2,910 0 0 400 0 0 585 0 0 4,500 0 0 200 0 0 4,000 0 0 1,850 0 0 2,500 0 0 4,950 0 0 1,500 0 0 5,000 0 0 225 0 0 300 0 0 2,319 0 0 1,400 0 0 2,225 0 0 2,000 0 0 211 0 0 2,000 0 0 3,624 0 0 1,570 0 0 5,500 0 0 400 0 0 1,600 0 0 1,650 0 0 6,000 0 0 6,000 0 0 3,000 0 0 1,115 0 0 3,650 0 0 4,670 0 0 400 0 0 4,100 0 0 2,500 0 0 3,000 0 0 500 0 0 837 0 0 3,100 0 0 3,250 0 0 1,000 0 0 500 0 0 400 0 0 3,100 0 0 2,500 0 0 100 0 0 2,425 0 0 2,000 0 0 3,375 0 0 2,000 0 0 553 0 0 512 0 0 2,500 0 0 250 0 0 1,500 0 0 1,900 0 0 101,697 0 0 76,547 0 0 City Counoil — Christohuroh 3,000 0 0 380 0 0 Boroughs— Akaroa Alexandra Birkenhead Campbell town Carterton Cromwell Dannevirke Eketahuna Eltham Feilding Foxton ... Greymouth Hamilton Hokitika Kaiapoi Kumara Levin Lyttelton .. ... Maori Hill New Plymouth Onslow Petone Pioton Stratford Taihape Te Aroha Waihi Westport Woodville • :: 1,200 0 0 700 0 0 3,000 0 0 2,000 0 0 1,000 0 0 1,500 0 0 2,500 0 0 6,800 0 0 2,000 0 0 1,000 0 0 4,400 0 0 10,000 0 0 360 0 0 700 0 0 4,000 0 0 2,000 0 0 1,025 0 0 3,000 0 0 1,500 0 0 5,500 0 0 2,800 0 0 700 0 0 1,000 0 0 1,000 0 0 600 0 0 2,800 0 0 600 0 0 2,449 0 0 5,000 0 0 1,300 0 0 500 0 0 1,750 0 0 350 0 0 2,000 0 0 1,500 0 0 2,000 0 0 48,685 0 0 26,729 0 0 Carried forward 106,276 0 0 155,882 0 0

8.—6.

22

Table No. 1— continued.

1907-1908. RECEIPTS. 1908-1909. £ s. d. 436,515 2 11 Brought forward £ s. d. £ s. d. 1,051,800 0 11 y' • Totals .. £436,515 2 11 £1,051,800 0 11

8.—6.

STATEMENT of the RECEIPTS and EXPENDITURE of the LOANS TO LOCAL BODIES ACCOUNT for the Year ended 31st March, 1909, compared with the Financial Year ended 31st March, 1908—continued.

23

1907-1908. EXPENDITURE. 1908-1909. j- ■ . £ a. d. 106,276 0 0 Brought forward £ s. d. £ s. d. 155,882 0 0 1,000 0 0 150 0 0 2,000 0 0 825 0 0 264 0 0 920 0 0 80 0 0 2,980 0 0 Grants under " The Local Bodies' Loans Aot, 1908 " — continued. Road Boards— Awatere .. .. .. .. Barrett Carrington Heathoote Hunua Howiok Township Huntly Kirikiriroa .'.' .. .. Manganui Mataongaonga Moa Omaka .. Papakura .. .. .. ... Parihaka Pukekohe East Pukekohe West Port Chevalier .. .. .. .. Riccarton Turanga Upper Wangaehu .. .. .. Waikohu .. .. .... Waimate Waipipi Waitotara Momahaki .. .. .. Waitara West Waiwakaiho 1,000 0 0 500 0 0 825 0 0 500 0 0 1,000 0 0 3,000 0 0 300 0 0 1,960 0 0 3,000 0 0 100 0 0 1,350 0 0 2,000 0 0 800 0 0 770 0 0 251 0 0 250 0 0 2,000 0 0 2,000 0 0 175 0 0 1,500 0 0 1,100 0 0 50 0 0 2,426 0 0 500 0 0 100 0 0 97 0 0 21,029 0 0 14,744 0 0 300 0 0 1,300 0 0 200 0 0 Town Boards— Bull's Featherston .. .. .. .. Martinborough Ohakune Opotiki Otautau 300 0 0 800 0 0 300 0 0 300 0 0 200 0 0 2,000 0 0 1,700 0 0 5,000 0 0 River Board — Hutt 5,000 0 0 400 0 0 3,000 0 0 3,000 0 0 Drainage Boards— Eltham .. .. .. .. Hautapu Hopelands .. .. Hunga Hunga .. .. Makerua .. .. .. .. .. ... Moutoa .. .. .. .. .. .. ... Pukekohe .. Sefton-Ashley .. .. • .. South Hautapu Sluggish River 800 0 0 2,500 0 0 250 0 0 3,000 0 0 1,100 0 0 225 0 0 2,000 0 0 350 0 0 300 0 0 8,525 0 0 8,400 0 0 Total Grants 192,136 0 0 Annual Appropriation, — Vote 131 —Roads to open up Crown lands 54,712 13 8 38,524 2 6 The Looal Bodies' Loans Aot, 1908, — Debentures matured 1st January, 1909, renewed as per contra 790,000 0 0 250,300 0 0 The Government Loans to Local Bodies Aot, 1886, — Debentures matured 1st September, 1907, renewed Amount transferred to Hauraki Plains Settlement Aooount under section 4 of " The Hauraki Plains Aot, 1908 " .. 12,000 0 0 11,271 0 5 Balanoe at end of Year, — Cash in the Publio Account Advances in hands of officers of the Government — In the Dominion 2,406 9 10 2,951 7 3 544 17 5 Totals £1,051,800 0 11 £436,515 2 11

8.-6

24

Table No. 1— continued.

-* 1907-1908. RECEIPTS. 1908-1909. £ s. d. £ s. d. £ s. d. Amount transferred from Loans to Local Bodies Account under olause 4 of " The Hauraki Plains Act, 1908 ".. 12,000 0 0 Total £12,000 0 0 stat: IMENT of the RECEIPTS and EXPENDITURE of the GOVERNMENT j DVANCES TO SETTLER! £ s. d. £ s. d. £ s. d. 240,000 0 0 The Government Advances to Settlers Act, 1908, — Debentures issued.. Premium on same .. .. .. 1,094,700 0 0 3,013 15 0 1,097,713 15 0 Debentures matured 5th June, 1908, renewed under "New Zealand Loans Act, 1904" .. Temporary advances obtained pending issue of Debentures 80,000 0 0 954,100 0 0 £240,000 0 0 Totals £2,131,813 15 0 STA 1 'EMENT of the RECEIPTS and EXPENDITURE of the GOVERNMENT ADVANCES TO WORKER £ s. d. 95,000 0 0 The Government Advances to Settlers Aot, 1908, — Debentures issued.. Temporary advances obtained pending issue of Debentures £ s. d. £ s. d. 73,500 0 0 150,000 0 0 £95,000 0 0 Totals £223,500 0 0 STATEMENT of the RECEIPTS and EXPENDITURE of the BANK OF NEW Z [ALAND ACT £ s. d. £ s. d. £ s. d. 500,000 0 0 Balance at beginning of Year, — Investment Account 500,000 0 0 Totals .. £500,000 0 0 £500,000 0 0 STATEMENT of the RECEIPTS and E! :PENDITURE of the RESERV £ s. d. Balance at beginning of Year,— Investment Account .. .. .. .. .. ...... The Public Revenues Aot, 1908, — Proceeds of Debentures created .. ... £ s. d. £ s. d. 800,000 0 0 800,000 0 0 800,000 0 0 Securities purchased under authority of " The Publio Revenues Act, 1908," as per contra £1,600,000 0 0 Totals .. .. £800,000 0 0 STATEMENT of the RECEIPTS and EXPENDITURE of the EW ZEALAND CONSOL £ s. d. Balance at beginning of Year,— Cash in Deposit Account .. Investment Account £ s. d. £ s. d. 10 1 1 478,225 0 0 74 1 1 478,375 0 0 478,449 1 1 478,235 1 1 Deposits inscribed .. 124 0 0 :214 0 0 £478,449 1 1 Totals £478,573 1.1

8.—6.

STATEMENT of the RECEIPTS and EXPENDITURE of the HAURAKI PLAINS SETTLEMENT ACCOUNT for the Year ended 31st March, 1909.

4—B. 6.

25

1907-1908, EXPENDITURE, 1908-1909. £ s. d. £ s. d. £ s. d. 11,672 5 6 Expenditure under the Act Balance at end of Year, — Cash in the Publio Account 327 14 6 Total £12,000 0 0 ACCOUNT f°r the Year ended 31st March, 1909, oompared with the Finai oial Year ended 3: st March, 1908. OFFICE LOA £ s. d. 240,000 0 0 Amount paid over to Government Advances to Settlers Office Account £ a. d. £ s. d. 1,051,813 15 0 The Government Advances to Settlers Aot, 1908, — Debentures matured 5th June, 1908, renewed as per contra 80,000 0 0 Temporary advances repaid .. 1,000,000 0 0 Totals 52,131,813 15 0 £240,000 0 0 .ed 31st March, 19i 18. LOAN ACCO 'NT for the Year ended 31st March, 1909, compared with the Financial Year em £ s. d. 95,000 0 0 Amount paid over to Government Advances to Workers Office Account .. £ s. d. £ s. d. 123,500 0 0 Temporary advances repaid .. .. .. 100,000 0 0 Totals £223,500 0 0 £95,000 0 0 108. 1903 ACCOUNT for the Year ended 31st March, 1909, compared with the Financial Year em led 31st March, 1\ £ s. d. £ s. d. £ s. d. 500,000 0 0 Balance at end of Year, — Investment Account — 75,000 preference shares issued by the Bank of New Zealand 500,000 0 0 £500,000 0- 0 Totals £500,000 0 0 'UND ACCO 'NT for the Year ended 31st March, 1909, oompared with the Financial Year ended 31st March, 1908. £ s. d. £ s. d. £ s. d. 800,000 0 0 The Publio Revenues Act, 1908,— Purchase of Securities (face value, £863,876 17s. lid.) 800,000 0 0 Balanoe at end of Year, — Investment Account 800,000 0 0 £1,600,000 0 0 Totals £800,000 0 0 CCOUNT for the Year ended 31st March, 1909, compared with the Financial Year ended 3ls1 March, 1908. £ a. d. £ s. d. £ s. d. 74 1 1 478,375 0 0 478,449 1 1 Balance at end of Year, — Cash in Deposit Account .. Investment Aooount 8 11 478,565 0 0 478,573 1 1 Totals £478,573 1 1 £478,449 1 1

8.—6.

Table No. 1— continued. SUMMARY of BALANCES on 31st MARCH, 1909.

26

Balances. Cash. Advances. Investments. Total. £ s. d. £ s. d. £ s. d. £ s. d. £ a. d. £ s. d. Consolidated Fund :— Ordinary Revenue Account* State Forests Account State Coal-mines Account Scenery Preservation Account .. Accounts of Local Bodies Deposit Accounts 434,320 19 5 14,536 13 7 27,021 8 0 2,428 9 9 Dr. 977 11 11 192,814 3 7 670,144 2 5 Consolidated Fund :— Ordinary Revenue Account* State Forests Account.. State Coal-mines Account Scenery Preservation Account .. Accounts of Local Bodies Deposit Accounts 387,163 1 6 14,346 16 5 17,950 8 11 2,370 13 10 Cr. 979 0 1 191,601 12 5 47,157 17 11 189 17 0 9,070 19 1 57 15 11 18 2 1,212 11 2 434,320 19 5 14,536 13 7 27,021 8 0 2,428 9 9 Cr. 977 11 11 192,814 3 7 \ 612,453 13 2 57,690 9 3 670,144 2 5 Public Works Fund 383,709 9 8 Public Works Fund •• 130,000 0 0 383,709 9 8 223,211 13 8 30,497 16 0 Wellington-Manawatu Rail was Purchase Account 39,991 1 4 Wellington-Manawatu Railway Purchase Account 39,991 1 4 39,991 1 4 Hutt Railway and Road Improvement Account ... The Railways Improvements Authorisation Act Account .. Land for Settlements Account.. Maori Land Settlement Act Account Cheviot Estate Account Loans to Local Bodies Account Haukaki Plains Settlement Account Conversion Account New Zealand Consols Account.. Reserve Fund Account.. Bank of New Zealand Act, 1903, Account General Services Account 18,902 1 7 22,946 3 2 323,820 19 11 4,737 11 4 53,413 2 11 2,951 7 3 Hutt Railway and Road Improvement Account The Railways Improvements Authorisation Act Account Land for Settlements Account.. Maori Land Settlement Act Account Cheviot Estate Account Loans to Local Bodies Account Hauraki Plains Settlement Account Conversion Account New Zealand Consols Account.. Reserve Fund Account Bank of New Zealand Act, 1903, Account General Services Account 18,902 1 7 . 22,946 3 2 20,504 2 0 4,645 0 3 6,413 2 11 2,406 9 10 1,816 2 4 92 11 1 544 17 6 301,500 15 7 47,000 0 0 18,902 1 7 22,946 3 2 323,820 19 11 4,737 11 4 53,413 2 11 2,951 7 3 327 14 6 10,387 14 6 478,573 1 1 800,000 0 0 327 14 6 9,943 12 11 8 11 441 1 7 478,565 0 0 800,000 0 0 327 14 6 10,387 14 6 478,573 1 1 800,000 0 0 •• 500,000 0 0 Cr. 84,981 10 5 84,981 10 5500,000 0 0 500,000 0 0 - • • Totals .. 3,309,904 9 8 Totals .. 876,771 6 0 176,067 8 1 2,257,065 15 7 3,309,904 9 8 * Against this Treasury Bills amounting to £250.000 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, 1909.

RESULTS OF YEAR. £ s. d. £ s. d. Actual receipts, 1908-9 .. .. .. .. 9,001,985 2 0 Actual expenditure, 1908-9 .. .. .. ... 8,785,513 9 0 Excess of reoeipts over expenditure .. .. .. .. .. 216,471 13 0 Balance, 31st March, 1908 .. .. .. .. ... .. 767,849 6 5 Total .. .. .. .. .. 984,320 19 5 Transferred to Public Works Fund .. .. .. .. .. 800,000 0 0 Balance, 31st Maroh, 1909 .. .. .. .. .. .. £184,320 19 5

27

Differences. *N Estimated. Actual. More Less than Estimate, than Estimate. RECEIPTS. Revenue Account :— Customs Railways Stamps* Land-tax Income-tax .. .. Beer Duty Registration and other Fees Marine Miscellaneous Territorial Revenue £ s. d. 2,950,000 0 0 2,835,000 0 0 1,573,000 0 0 570,000 0 0 310,000 0 0 117,000 0 0 115,000 0 0 40,000 0 0 239,000 0 0 236,000 0 0 £ a, d. 2,801,248 7 3 2,918,507 6 0 1,591,327 9 11 604,900 13 1 321,044 0 11 116,214 1 3 117,061 6 7 43,815 3 10 264,209 16 7 222,856 19 8 £ s. a. 83,507 6 0 18,327 9 11 34,900 13 1 11,044 0 11 2,061 6 7 3,815 3 10 25,209 16 7 £ s. d. 148,751 12 9 785 18 9 13,143 0 4 8,985.000 0 0 9,001,185 5 1 178,865 16 11 162 : 680 11 10 162,680 11 10 Recoveries on account of Expenditure of previous years 799 16 11 16,185 5 1 799 16 11 Totals 8,985,000 0 0 9,001,985 2 0 16,985 2 0 EXPENDITURE. Revenue Account :— Permanent Appropriations,— Civil List Interest and Sinking Fund Under Special Acts Subsidies paid to Local Bodies Territorial Revenue Endowments Old-age Pensions .. £ s. d. 34,900 0 0 2,265,448 0 0 353,595 0 0 90,000 0 0 51,700 0 0 89,700 0 0 325,000 0 0 £ s. a. 33,953 6 11 2,258,364 15 9 869,837 14 8 95,060 17 4 38,623 5 4 77,658 2 4 336,532 1 7 £ s. a. 15,242 14 8 5,060 17 4 & s. d. 946 13 1 7,083 4 3 13,076 14 8 12,041 17 8 11,532 1 7 Annual Appropriations^— Legislative Department of Minister of Finance .. Postmaster-General Industries and Commerce and Tourists Old age Pensions .. Working Railways .. .. f Minister for Public Works Printing and Stationery Commissioner of Stamps Native Department Minister of Justice.. Police Department Minister of Mines Department of Internal Affairs Crown Law Department Defence Department Commissioner of Trade and Customs .. Marine and Harbours, &o. Department of Labour Department of Lands and Survey Minister of Agriculture Valuation Department Education Department Public Health Mental Hospitals and Hospitals and Charitable Departments Servioes not provided for 3,210,343 0 0 3,210,080 3 11 32,835 13 7 33,148 9 8 32.341 0 0 61,260 0 0 810,668 0 0 73,989 0 0 9,543 0 0 2,145,716 0 0 90,690 0 0 50,511 0 0 40,246 0 0 37,279 0 0 155,705 0 0 175,242 0 0 39,500 0 0 145,630 0 0 4,623 0 0 217,637 0 0 57,468 0 0 90.342 0 0 30,888 0 0261,930 0 0 159,817 0 0 36,943 0 0 871,970 0 0 41,958 0 0 29,280 19 8 49,672 6 8 805,537 13 5 64,292 2 4 9,098 2 2 2,120,308 4 10 85,595 14 0 46,963 11 9 37,396 8 0 30,839 19 11 150,081 2 3 170,323 13 1 33,679 12 9 150,704 12 10 4,372 11 7 195,685 3 0 52,308 14 2 79,012 10 11 30,277 1 6 232,167 4 11 156,649 12 4 35,450 17 1 848,234 4 2 37,975 15 4 5,074 12 10 3,060 0 4 11,587 13 4 5,130 6 7 9,696 17 8 444 17 10 25,407 15 2 5,094 6 0 3,547 8 3 2,849 12 0 6,439 0 1 5,623 17 9 4,918 6 11 5,820 7 3 250 8 5 21,951 17 0 5,159 5 JO 11,329 9 1 610 18 6 29,762 15 1 3,167 7 8 1,492 2 11 23,735 15 10 3,982 4 8 109,614 0 0 105,447 18 4 14,127 8 1 14,127 8 1 4,166 1 8 19,202 0 11 195,228 15 10 5,751,510 0 0 5,575,483 5 1 Totals 52,037 14 6 228,377 5 6 52,037 14 6 176,339 11 0 8,961,853 0 0 8,785,513 9 0 * Includes £198,335 Os. 8d. Post and Telegraph iy " The Public Bevenues Act, 1908," section 39. sash receipts. + Includes £83,507 6s. additional appn tpriation authorise)

8.—6.

Table No. 3. The PUBLIC DEBT of NEW ZEALAND on 31st March, 1909.

28

Annual Charge. Amount outstanding. Dub Date. Sinking Funds. 1> £. 1. Indebtedness. Remarks. Rate. Amount. | Int. J--S-.5Y When payable. £ 3,000 12,200 £ £ '£ % % £ Canterbury Loan Ordinance, 1862 .. j I I 15,200 j 2 Jan., 1915 1 2 July, 1916 1 July, 1909 31 Oct., 1912 J30 Sept., 1915 (30 Sept., 1915 I 1 May, 1911 J 1 May, 1915 1 1 May, 1915 [ 1 Jan., 1922 | 1 Jan., 1911 ( 1 Jan., 1921 1 Jan., 1921 1 April, 1912 ( 1 Jan., 1911 \ lAug., 1915 ( Uan., 1916 | 19,590 Cr. 4,390 6 1 1,064 30 June and 31 Dec. District Railways Purchasing Acts, 1885-86 Native Land Purchases Act, 1892 Lands Improvement and Native Lands Acquisi- j tion Aot, 1894 ( Hutt Railway and Road Improvement Acts, 1903, J 1905, and 1907 ,1 Maori Land Settlement Act, 1905 .. \ Maori Land Settlement Act Amendment Aot, 1907 Coal Mines Act, 1908 Dairy Industry Act, 1908 .. ■ .. J 398,000 2,000 100,000 80,000 22,000 17,300 50,000 150,000 40,000 125,000 400,000 219,300 •■ 40,000 125,000 398,000 2,000 100,000 80,000 22,000 17,300 50,000 150,000 50,000 100,000 6 4 34 4 4 4 4 3* 3i 2,400 4,375 13,930 80 3,500 2,800 880 692 2,000 6,000 1,750 3,500 1 April „ 1 Oct. 30 April „ 31 Oct. 31 Mar. „ 30 Sept. 31 Mar. „ 30 Sept. 1 May „ 1 Nov. 1 May „ 1 Nov. 1 May „ 1 Nov. 1 Jan. „ 1 July. 1 Jan. „ 1 July. 1 Jan. „ 1 July. 1 Jan. „ 1 July. 1 April . 1 Oct. 200,000 50,000 100,000 843 438 500 1 1,781 11,781 3J62 1 Feb. , 1 Aug. Government Advances to Settlers Act, 1908 — Government Advances to Settlers Act 1894 Ex- J tension Act, 1901 \ r 300,000 80,000 275,000 117,300 450,000 85,000 100,000 12,900 17,500 105,000 237,000 100,000 45,000 104,100 380,000 f 23 Oct., 1912 | 5 June, 1915 fl Dec, 1911 29 Dec, 1911 23 Oct., 1912 15 Jan., 1912 13 Nov., 1913 !*1 Jan., 1914 15 Jan., 1914 1 June, 1915 1 June, 1915 1 Mar., 1916 1 July, 1922 300,000 80,000 275,000 117,300 450,000 85,000 100,000 12,900 17,500 105,000 237,000 100,000 . 45,000 104,100 4 4 4 4 4 4 4 4 4 * 10,500 2,800 11,000 4,692 15,750 3,400 4,000 516 700 3,675 9,480 4,000 1,800 3,644 1 June „ 1 Dec. 1 June „ 1 Deo. 1 June „ 1 Dec. 29 June „ 29 Dec. 1 June „ 1 Dec. 15 Jan. „ 15 July. 13 May , 13 Nov. 1 Jan. „ 1 July. 15 Jan. „ 15 July. 1 June „ 1 Dec. 1 June „ 1 Dec. 1 Mar. „ 1 Sept. 1 Jan. „ 1 July. .. Government Advances to Settlers Act, 1906 -j 1,648,800 •• Government Advances to Workers Act, 1906 I - - • " * Rate varying, calculated at 3J per oent. Temporary advance. 205,000 50,000 25,000 33,500 15,000 II Jan., 1912 •I 1 June, 1915 I 1 June, 1915 { 1 July, 1922 205,000 50,000 25,000 33,500 15,000 * 7,175 1,750 875 1,340 600 1 Jan. and 1 July. 328,500 4 4 1 June and 1 Dec. 1 June „ 1 Dec. 1 Jan. „ 1 July. Carried forward .. 19,590 3,488,991 130,730 3,508,581 ■■

8.—6.

Table No. 3— continued. The PUBLIC DEBT of NEW ZEALAND on 31st March, 1909— continued.

29

Amount outstanding. Due Date." Sinking Funds. Net Indebtedness ANNUAL I Amount. Annual Charge. UHAI BGE. When payable. Remarks. Rate. Int. | S.F. £ £ 3,508,581 £ 19,590 £ 3,488,991 17,500 75,000 70,000 70,000 2,000 68,100 % % £ 130,730 700 3,000 2,450 2,800 80 2,724 Brought forward Government Railways Act, 1908 (Railways Im- J provements Authorisation Act, 1904) 1 17,500 75,000 70,000 70,000 2,000 68,100 - 302,600 /30 June, 1910 | 30 June, 1914 J 30 June, 1915 | 30 June, 1915 1 Aug., 1915 V Uan., 1922 4 4 31 4 4 4 30 June and 31 Dec. 30 June „ 31 Dec. 30 June „ 31 Dec. 30 June „ 31 Dec 1 Feb. „ 1 Aug. 1 Jan. „ 1 July. Land for Settlements Act, 1908— Land for Settlements Aot, 1894, and Amend- j ment Act,|1897 j f 349,000 62,000 13,000 814,766 5,000 10,000 650 76,150 400 600,750 38,500 7,000 185,800 400,000 187,800 99,600 8,600 171,850 50,165 82,800 39,500 45,300 50,000 183,500 77,475 308,990 91,550 61,700 60,120 168,700 363,100 39,950 27,400 100,000 45,000 1 411,000 I 1 April, 1909 j 1 April, 1909 f 1 Jan., 1911 31 Oct., 1912 1 Jan., 1915 1 Feb., 1915 1 Aug., 1915 1 Jan., 1916 1 Jan., 1909 1 May, 1909 1 April, 1909 1 July, 1909 30 Sept., 1909 1 Jan., 1910 1 Feb., 1910 1 Jan., 1911 1 Nov., 1911 1 Jan., 1912 -I 1 Jan., 1912 1 Feb., 1912 1 April, 1912 1 Mav, 1912 1 April, 1913 30 June, 1914 1 Jan., 1915 1 Feb., 1915 1 Aug., 1915 1 Jan., 1916 1 Feb., 1916 1 Jan., 1921 1 Jan., 1922 1 Jan., 1922 1 Feb., 1922 1 Aug., 1922 [ 1 April, 1922 349,000 62,000 13,000 814,766 5,000 10,000 650 76,150 400 600,750 38,500 7,000 185, 800 400,000 187,800 99,600 8,600 171,850 50,165 82,800 39,500 45,300 50,000 183,500 77,475 308,990 91,550 61,700 60,120 168,700 363,100 39,950 27,400 100,000 45,000 3| 34 3 :, 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 ■• 13,088 2,170 455 28,517 175 350 23 2,665 1 April „ 1 Oct. 1 April „ 1 Oct. 1 Jan. „ 1 July. 30 April „ 31 Oct. 1 Jan. „ 1 July. 1 Feb. „ 1 Aug. 1 Feb. „ 1 Aug. 1 Jan. „ 1 July. 24,030 1,540 280 7,432 16,000 7,512 3,984 344 6,874 2,007 3,312 1,580 1,812 2,000 7,340 3,099 12,360 3,662 2,468 2,405 6,748 14,524 1,598 1,096 4,000 1,800 329,734 1 May and 1 Nov. 1 April „ 1 Oct. 1 Jan. , 1 July. 31 Mar. „ 30 Sept. 1 Jan. „ 1 July. 1 Feb. , 1 Aug. 1 Jan. « 1 July. 1 May „ 1 Nov. 1 Jan. „ 1 July. 1 April „ 1 Oct. 1 Feb. '„ 1 Aug. 1 April „ 1 Oct. 1 May „ 1 Nov. 1 April „ 1 Oct. 30 June . 31 Dec 1 Jan. , 1 July. 1 Feb. „ 1 Aug. 1 Feb. „ 1 Aug. 1 Jan. „ 1 July. 1 Feb. „ 1 Aug. 1 Jan. „ 1 July. 1 Jan. „ 1 July. 1 April „ 1 Oct. 1 Feb. „ 1 Aug. 1 Feb. „ 1 Aug. 1 April „ 1 Oct. Debentures not presented at due date. Land for Settlements Consolidation Act, 1900 -j 4,415,116 { I Carried forward 8,637,297 19,590 8,617,707

8.-6.

Table No. 3 — continued. The PUBLIC DEBT of NEW ZEALAND on 31st March, 1909— continued.

30

Annual Charge. | Amount outstanding. Due Date. Sinking Funds. Net Indebted NESS. bte.' ' Remarks. Amount. When payable. Int. S'.F. Brought forward Looal Bodies' Loans Act, 1908 — Government Loans to Local Bodies Act, 1886 .. £ £ 8,637,297 19,590 £ 8,617,707 % % £ 329,734 250,300 1 Sept., 1914 250,300 34 * 59,271 1 Mar. and 1 Sept. *The Sinking Fund is payable on £3,178,100 (2 per cent, on £1,816,738, 1J per cent, on £112,342, 1 per cent, on £1,249,020). Local Bodies' Loans Act, 1901 .. 3 New Zealand Consols Act, 1908.. New Zealand Loans Act, 1908 — New Zealand Loan Act, 1863 Consolidated Loan Act, 1867.. 416,000 50,000 250,000 790,000 ] S 1,506,000 I 1 Mar., 1911 j 1 June, 1911 1 1 Mar., 1915 [ 1 Jan., 1916 1 Feb., 1910 416,000 50,000 250,000 790,000 478,573 34 4 34 14,560 2,000 8,750 27,650 16,750 1 Mar. „ 1 Sept. 1 June „ 1 Dec. 1 Mar. „ 1 Sept. 1 Mar. „ 1 Sept. 1 Feb. „ 1 Aug. 1 478,573 .. 266,300 13,000 15 July, 1914 15 April, 1913 I Uuly, 1910 (15 April, 1913 115 April, 1913 115 April, 1913 115 Oct., 1913 15 May, 1914 (28 Nov., 1914 ( 1 Nov., 1929 3 1 Jan., 1940 1 1 April, 1945 t 1 Feb., 1912 J 31 Dec, 1914 ( 1 Jan., 1916 204,404 61,896 13,000 25,000 75,000 363,000 27,900 17,400 10,800 54,700 29,150,302 10,820,402 9,659,980 194,200 385,500 165,000 5 4 4 4 4A 4 4 5 4 34 34 3J 1 15,978 520 1,125 3,000 14,520 1,256 696 432 2,735 1,166,012 378,714f 289,7991 6,797 13,493 5,775 15 Jan. , 15 July. 15 April „ 15 Oct. 30 June , 31 Dec. 15 April . 15 Oct. 15 April , 15 Oct. 15 April . 15 Oct. 15 April „ 15 Oct. 15 May . 15 Nov. 15 May „ 15 Nov. 1 May „ 1 Nov. 1 Jan. „ 1 July. 1 April „ 1 Oct. 1 Feb. .„ 1 Aug. 1 Mar. „ 1 Sept. 1 Mar. „ 1 Sept. Defence and other Purposes Loan Act, 1870 k Immigration and Public Works Loan Act, 1870 ] General Purposes Loan Act, 1873 .. 3 Consolidated Stock Act, 1877.. .. •! Consolidated Stock Act, 1884.. .. j Aid to Public Works and Land Settlement Act, 1896 .. .. 25,000 75,000 363,000 27,900 17,400 10,800 54,700 29,150,302 10,820,402 9,659,980 194,200 385,500 165,000 j- 100,000 [ 390,900 82,900 - 49,630,684 [ , 744,700 f£4,900 of this amount recoverable from the Government Advances to Settler* Office. {£89,700 of this amount recoverable from the Government Advances to Settlers Office. §Loan may be paid off at ' any time on six months' notice being given. 500,000§ 15 Aug., 1921 500,000 34 17,500 15 Feb. . 15 Aug. Aid to Public Works and Land Settlement Act, -I 1900 120,000 149,600 3,000 , 500 80,000 | 353,100 I 1 April, 1909 1 May, 1909 J 1 May, 1912 | 1 Feb., 1915 120,000 149,600 3,000 500 80,000 4 4 4 4 34 4,800 5,984 120 20 2,800 1 Jan, „ 1 July, 1 May „ 1 Nov. 1 May « 1 Nov, 1 Feb. „. 1 Aug, ../ 300 , , 1 Dec, 1908 300 4 •• Pending conversion into 3J per cent, stock. Debentures not presented at due date. Pending conversion into 3J per cent, stock. Aid to Public Works and Land Settlement Act,-/ 1901 45,000 73,400 72,700 1,000 300 32,600 125,000 542,900 3,000 I 225,300 I 1 Dec, 1911 129 Dec, 1911 1 Dec, 1912 1 Jan., 1916 \ 1 Jan., 1916 ( 1 Dec, 1912 J 1 Dec, 1912 I 1 Jan., 1922 .. - " - 45,000 73,400 72,700 1,000 300 32,600 125,000 542,900 3,000 31 4 4 4 4 34 4 4 1,575 - - 2,936 2,908 40 12 1,141 4,375 21,716 120 1 June „ 1 Dec. 29 June „ 29 Dec. 1 June „ 1 Dec. 1 Jan. „ 1 July. 1 Jan. „ 1 July. 1 June „ 1 Dec. 1 June „ 1 Dec. 1 June „ 1 Dee. Aid to Public Works and Land Settlement Act, 3 1902 ( [ 670,900 _•■ . 63,849,954 ". Carried forward I .. 223,994 I 63,625,960 2,425,614

8.—6.

Table No. 3— continued. The PUBLIC DEBT of NEW ZEALAND on 31st March, 1909— continued.

31

Annual Charge. Amount outstanding. Due Date. Sinking Funds. Net Indebtedness. Remarks. ( ■ • Ri ite. When payable. Int. S.F. Brought forward .. New Zealand Loans Act, 1908— continued. f £ £ 63,849,954 £ 223,994 £ 63,625,960 % % £ 2,425,614 Aid to Public Works and Land Settlement Act,-!' 1903 61,525 50 200 25,000 5,000 1,000 25,000 1.000 198,215 200,000 12,900 12,500 299,800* 1 842,190 ' 1 Jan., 1916 1 Jan., 1909 1 Feb., 1909 29 Dec, 1911 1 Jan., 1912 1 Jan., 1914 30 June, 1914 1 Jan., 1915 1 Jan., 1916 1 Feb., 1916 1 Jan., 1922 1 Jan., 1923 1 Feb., 1924 61,525 50 200 25,000 5,000 1,000 25,000 1,000 198,215 200,000 12,900 12,500 299,800 31 4 4 4 4 4 4 4 4 4 4 4 4 2,153 1,000 200 40 1.000 40 7,929 8,000 516 500 11,992 1 Jan. and 1 July. 29 June and 29 Dec. 1 Jan. „ 1 July. 1 Jan. „ 1 Julv. 30 June . 31 Dec. 1 Jan. „ 1 July. 1 Jan. „ 1 July. 1 Feb. „ 1 Aug. 1 Jan. „ 1 July. 1 Jan. „ 1 July. 1 Feb. „ 1 Aug. ) Debentures not presented at j due date. Aid to Public Works and Land Settlement Act, 1904 *Loan may be paid off at any time after 1st February, 1909, on six months' notice being given. 566,700 1 Jan., 1912 566,700 4 22,668 1 Jan. „ 1 July. Aid to Publio Works and Land Settlement Act, ( 1905 | Aid to Public Works and Land Settlement Act, 3 1906 Aid to Public Works and Land Settlement Act, 3 1907 Aid to Public Works and Land Settlement Act, \ 1908 ( 500,000 439,000 99,800 40,000 5,000 500,000 355,200 200,000 16,100 178,900 605,000 . 580,000 100,000 100,000 [ 939,000 1 11,000,000 1,000,000 ) 1 July, 1916 1 Jan., 1921 ' 1 Jan., 1912 1 Dec, 1912 1 Jan., 1917 1 Jan., 1922 , 1 Jan., 1922 ' 1 Jan., 1922 1 Jan., 1915 1 Jan., 1922 1 Jan., 1923 500,000 439,000 99,800 40,000 5,000 500,000 355,200 200,000 16,100 178,900 605,000 580,000 100,000 100,000 4 4 4 4 4 31 4 31 4 4 4 34 4 4 20,000 17,560 3,992 1,600 200 17,500 14,208 7,000 644 7,156 24,200 20,300 4,000 4,000 1 Jan. „ 1 July. 1 Jan. „ 1 July. 1 Jan. „ 1 July. 1 June „ 1 Dec 1 Jan. „ 1 July. 1 Jan. „ 1 July. 1 Jan. „ 1 July. 1 Jan. „ 1 July. 1 Jan. „ 1 July. 1 Jan. „ 1 July. 1 Jan. „ 1 July. [ 780,000 13 Nov., 1913 . 1 Aug., 1915 13 May „ 13 Nov. 1 Feb, .1 Aug. Pending conversion into 3J per cent, stock. Public Revenues Act, 1908 (Reserve Fund Securities Act, 1907) .. .. .. .. 800,000 1 Aug., 1912 800,000 3,1 28,000 1 Feb. „ 1 Aug. Post and Telegraph Act, 1908 200,000 1 July, 1915 200,000 34 7,000 1 Jan. „ 1 July. Carried forward 69,977,844 223,994 69,753,850 2,659,012

8.—6.

Table No. 3 — continued. The PUBLIC DEBT of NEW ZEALAND on 31st March, 1909— continued.

32

Annual Charge. > Amount outstanding. Due Date. Sinking Funds. Indebtedness. Remarks. Rate. • Int. I S.F. Amount. When payable. £ £ i 69,977,844 £ 223,994 £ 69,753,850 % % £ 2,659,012 Brought forward Public Works Act, 1908— Paeroa-Waihi Railway Act, 1903 53,476 26,738 | 80,214 (31 Mar., 1912 (30 Sept.,1912 1 May, 1915 1 May, 1911 ) 80,214 3 2,406 31 Mar. and 30 Sept. 1 May „ 1 Nov. 1 May „ 1 Nov. 1 May „ 1 Nov. 1 May „ 1 Nov. Waikaka Branch Railway Act, 1905 Scenery Preservation Act, 1908 53,476 30,000 53,476 30,000 ( 1,500 ( 500 295,000 500,000 3 31 34 4 31 4 1,604 1,050 52 20 10,325 20,000 State Fire Insurance Act, 1908 \ 2,000 1 May, 1911 Wellington-Manawatu Railway Purchase Act, J 1908 ( 295,000 500,000 l 795,000 70,938,534 I 1 Mar., 1916 1 Mar. „ 1 Sept. Pending conversion into 3J per cent, stock. Add Sinking Fund in respect of— The Government Loans to Local Bodies Acts .. The Government Advances to Settlers Office Account The War and Defence Loans The Land for Settlements Loans Investments in Securities included above on account New Zealand Consols Investment Account Investments in Securities held under the Public Revenues Act, 1908 (Reserve Fund Securities Act, 1907) Bank of New Zealand Preference Shares held by Government .. 223,994 70,714,540 673,407 289,735 123,538 168,550 377,765 800,000 500,000 2,932,995 Totals 70,938,534 3,156,989 2,694,469 67,781,545 Treasury bills amounting to £250,000 are not included.

r

B—6.

Table No. 4. Statement of the Estimated Liabilities chargeable on the Consolidated Fund (Revenue Account) outstanding on the 31st March, 1899, 1900, 1901, 1902, 1903, 1904, 1905, 1906, 1907, 1908, and 1909.

33

31st March, 1899. 31st March, 1900. 31st March, 1901. 31st March, 1902. 31st March, 1903. 31st March, 1904. 31st March, 1905. 31st March, 1906. 31st March, 1907. 31st March, 1908. 31st March, 1909. Revenue Account. 'ermanent 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. 991 15 0 731 14 11 £ s. d. I 505 0 0 930 1 4 £ s. d. 793 6 6 881 7 0 £ s. d. 622 14 5 15,000 0 0 36 3 4 £ s. d. 588 12 11 1,284 3 9 £ s. d. 951 4 11 859 10 4 372 14 8 £ s. d. 460 7 6 895 6 1 £ s. d. 287 8 8 849 11 8 £ s. d. 332 0 8 2,541 18 6 , £ s. d.l 663 15 10 6,324 6 0 160 17 11 867 12 6 136 18 0 313 1 0 126 0 0 174 0 0 760 0 0 1,045 0 0 1,824 0 6 1,757 0 1 [ 1,757 0 1 1,757 0 1 1,757 0 1 1,757 0 1 1,757 0 1 3,940 10 0 76 1 5 1,757 0 1 1,757 0 1 1,757 0 1 " annual Appropriations, — Legislative Department of Minister of Finance* Postmaster-General Industries, Commerce, and Tourist Departments Working Railways Public Buildings Maintenance and Improvement of Roads Printing and Stationery Office Commissioner of Stamps Minister of Justice! Minister of Defence} Minister of Mines Department of Internal Affairs Commissioner of Customs Minister of Marine Minister of Labour Minister of Lands ... • • Minister of Agriculture Valuation Department Minister of Education Public Health Department Mental Hospitals and Hospitals and Charitable Aid Departments 3,328 19 5 3,803 16 9 85 16 2 3,112 13 8 6,988 1 10 1,984 18 5 4,348 2 6 3,744 14 7 17,541 17 10 3,654 0 5 5,675 19 3 45 5 10 . 33 19 4 51 1 2 85 11 8 ' 91 10 2 7 12 6 184 3 9 64 1 9 33 19 6 785 18 4 17,830 0 0 908 7 9 21,247 0 0 2,933 0 4 28,276 0 0 365 9 5 34,029 0 0 440 9 9 32,902 0 0 491 12 3 28,750 0 0 553 1 0 28,481 0 0 1,142 3 11 34,910 0 0 1,280 11 1 36,725 0 0 62 14 2 43,550 0 0 119 15 11 41,703 0 0 66,169' 16 11 74,9li' 6 6 185 0 0 90,777' 9 3 81 0 0 95,972' 4 10 312 16 6 109,375' 4 0 470 5 7 11,170 17 8 109,146 17 3 1,294 0 5 1,206 11 11 108,054 11 6 724 11 5 i;614 17 2 103,381 3 5 723 15 11 5,342 12 5 119,289 0 0 850 14 3 2,976 16 6 156,471 0 0 848 18 10 4,858 13 4 191,727 0 0 832 0 i 745 3 11 3,789 12 2 4,500 0 0 56 2 8 2,247 17 3 4,564 12 3 529 16 8 2,397 14 3 9,925 0 0 42 9 0 6,583 4 6 4,646 10 9 506 14 2 2,542 4 7 44,050 ' 0 0 6 0 11 12,893 9 7 5,750 17 1 1,054 9 7 2,155 10 5 21,856 8 9 2,033 16 0 10,604 5 11 3,662 1 1 473 15 7 1,901 0 7 10,740 12 3 6,99115 7 2,990 19 6 1,591 14 6 925 4 11 2,516 11 8 6,816 5 1 37 0 0 866 4 11 533 16 0 1,558 15 3 130 12 8 2,498 14 5 5,392 0 1 1,117 18 2 15 0 406 12 10 1,274 6 4 1,456 4 5 1,944 7 11 12,854 8 4 2,070 7 1 198 2 2 1,571 15 8 292 10 2 5,250 14 2 8,794 0 0 I 856 14 11 2,417 15 10 1,061 0 5 1,778 13 11 11,009 13 7 3,794 16 9 203 15 0 1,662 13 1 351 3 9 1,710 1 5 4,419 1 4 675 8 1 3 0 11 449 14 10 1,746 8 1 3,438 0 4 2,194 9 8 5,742 5 0 3,950 6 4 3,655 18 1 370 17 8 4,293 5 4 485 2 0 4,561 5 9 5,210 0 0 794 10 4 2,638 3 0 479 18 7 1,297 17 5 3,818 7 0 1,301 4 1 2,673 9 3 4,368 1 7 2,314 0 8 170 9 3 2,730 0 8 1,185 7 10 18,811 17 4 4,190 0 0 786 15 5 327 4 10 449 5 2 1,690 16 1 3,034 7 4 1,106 18 3 3,526 4 2 10,684 16 2 1,912 5 10 1,815 16 10 236 10 8 3,312 2 2 1,002 8 5 5,924 14 2 3,570 0 0 1,081 6 7 56 2 6 5 12 0 10,175 11 4 2,633 18 10 460 0 0 651 17 4 4,908 10 5 4,335 1 5 600 0 0 1,970 19 7 112 19 6 9,587 1 9 3,202 6 2 980 0 0 1,724 2 11 390 14 2 2,131 2 4 3,673 5 6 836 17 11 1,411 10 7 629 15 4 6,029 1 10 8,390 2 0 811 19 2 724 11 8 I 1,575' 4 8 114,655 16 10 133,225 0 2 203,474 7 5 180,575 4 8 182,963 3 0 378 3 0 175,710 2 3 156 2 6 177,390 15 7 : 378 9 6 171,695 1 4 i 21 9 0 1,224 3 7 204,456 15 3 1,715 10 6 1,910 0 5 250,113 2 3 280,144 10 8 Services not provided for 3 7 6 25 0 0 •• 1 •• 783 19 3 6 11 10 Totals 184,319 19 3 200,505 0 10 179,513 19 0 : 208,894 14 11 116,640 15 3 137,576 10 2 206,828 6 10 181,331 5 7 174,829 4 0 255,795 13 4 n 287,132 12 6 * Includes Bates on Crown Lands and Old-age Pensions. t Includes Native and Crown Law. t Includes Police.

8.—6.

Table No. 5. Statement of the Estimated Liabilities chargeable on the Public Works Fund outstanding on the 31st March, 1899, 1900, 1901, 1902, 1903, 1904, 1905, 1906. 1907, 1908, and 1909.

Statement of the Estimated Liabilities chargeable on the undermentioned Separate Accounts outstanding on the 31st March, 1899, 1900, 1901, 1902, 1903, 1904, 1905, 1906, 1907, 1908, and 1909.

34

31st March, 1899. 31st March, 1900. 31st March, 1901. 31st March, 1902. 31st March, 1903. 31st March, 1904. 31st March, 1905. 31st March, 1906. 31st March, 1907. 31st March, 1908. 31st March, 1909. Annual Appropriations — Public "Works, Departmental .. Railways Utilisation of Water-power Public Buildings Lighthouses and Harbour-works Tourist and Health Resorts .. Immigration Roads Development of Goldflelds Native Lands Purchases Telegraph Extension Rates on Native Lands Contingent Defence Lands Improvement Miscellaneous £ s. d. £ s. d. £ s. d. £ s. d. £ s. d. £ s. d. £ s. d. £ s. d. £ s. d. £ s, d. £ s. d. 97 18 4 761,628 0 5 77,87015 4 103,638 4 6 591,995 19 0| 113,537 8 2 217,089 10 5 113,057 16 6 210,656 18 10 8 1 11 38,887 18 5 316 5 5 2,285 6 3 196,099 10 8 3 18 6 51,967 11 8 158 10 8 39,046 16 7 210, 242 19 1 797,179 13 4 28,030' 0 0 3,826 0 0 44,346' 9 4 3,988 19 10 73,375 2 4 10,313 16 7 27,812 6 11 902 9 1 2,579 5 6 84,596 9 0 1,760 7 11 1,136 8 0 36,338 8 3 506 6 5 4,911 14 5 34,813 6 4 637 0 0 21,805 19 8 667 4 1 109,681 12 2 2,616 18 3 60,328 4 8 83 10 1 12,446 16 2 7 15 0 132,260 17 2 4,101 12 1 52,457 9 5 793 6 3 7,369 12 9 2,857 14 0 155,275 0 4 4,400 10 8 310,764 9 3 6,625 15 8 155 19 4 316,562 16 9 5,375 9 5 447,388 4 5 2,010 15 0 100,224 16 3 8,116 5 7 249,281 1 9 300 0 0 4,566 0 0 27,409 0 0 355 2 2 72 0 0 80,787 4 7 2,038 14 7 7,298 0 0 43,877 0 0 355 15 8 4,240 0 0 11 7 6 98,326 1 7 1,794 16 3 4,580 11 8 30,114 0 0 300 0 0 38,151 0 0 381 0 5 139,080 6 4 2,886 10 5 51 5 4 83,295 0 0 360 0 0 13,329 0 0 393 9 4 715 18 11 18,450 0 0 20,273' 0 0 554 5 8 26,989 0 0 22 14 8 140,000 0 0 43,873 0 0 370 19 8 17,832 13 2 75,110 5 1 669 15 0 65 13 0 828 11 8 103,550 0 0 11 0 0 68,837 0 0 1,155 6 7 303 9 8 407 11 11 •• 1,025 3 0 •■ •• •• •• • ■ Totals 1,054,427 13 446,282 19 2 494,895 4 10 ll, 292, 095 12 0 316,274 7 4 586,565 19 3 293,422 7 11 425,802 0 9 526,671 19 6 457,139 4 4 !l,lll,124 15 1

31st March, 1899. 31st March, 1900. 31st March, 1901. 31st March, 1902. 31st March, 1903. 31st March, 1904 31st March, 1905. 31st March, 1906. 31st March, 1907. 31st March, 1908. 31st March, 1909. State Forests Account State Coal-mines Account Scenery Preservation Account Land for Settlements Account Maori Land Settlement Aot Aooount Loans to Local Bodies Account Hauraki Plains Settlement Aooount Paeroa-Waihi Railway Account Wellington-Hutt Railway and Road Improvement Account Waikaka Branch Railway Aocount Railways Improvements Account .. .. Cheviot Estate Aocount Government Advances to Settlers Offioe Management Account Government Advances to Workers Account .. Public Trustee's Account Government Life Insurance Aocount Government Aocident Ineurance Aooount State Fire Insurance Account £ s. d. 723 17 7 £ s. d. 302 8 6 £ s. d. 1,067 16 0 £ s. d. 251 16 4 £ s. d. 780 1 8 331 19 0 £ s. d. 217 0 2 £ s. d. 527 4 8 18 19 1 £ s. d. 225 19 0 £ s. d. 1,730 15 10 £ s. d. 1,326 3 4 £ s. d. 581 17 1 3,671 6 4 2,405 5 4 4,82011 0 33,259' 0 4 990 4 3 1,125' 5 5 3,546 9 1 8,07613 7 8,636' 2 11 16' 8 3 6,194 3 8 53 18 8 4,900 0 10 747 4 7 2,656 2 8 682 0 4 3,455 18 3 6 12 9 5,499 11 5 18 9 1 2,544 3 8 150 7 0 5,978 9 4 551 17 3 34,717 16 6 32,034* 4 10 3,189' 0 0 3,038 5 6 3,505' 9 2 6,08713 6 4,296*15 11 896' 2 10 7,851 17 8 19,707 1 6 8,422 0 0 8,671 0 0 520 17 10 20,304 0 0 19,638 O 0 7,856' 11 8 33,809* 0 0 22,494 0 0 6 12 0 23 18 0 48 12 9 28 7 2 103 19 4 132 4 10 24,87110 0 326 11 0 562 6 4 127 7 1 2 5 6 7,756 8 7 1,213 14 9 682 1 11 632 9 10 1,214' 0 6 1,238* 5 4 1,019* 2 6 1,06915 2 456' 0 0 88* 6 8

Table No. 6. STATEMENT showing the Total Ways and Means of the Public Works Fund and the Total Net Expenditure to the 31st March, 1909.

8.—6.

35

WAYS AND MEANS. NET EXPENDITURE. * Loans :— Immigration and Public Works Loan, 1870 Immigration and Public Works Loan, 1873 Immigration and Public Works Loan, 1874 General Purposes Loan Act, 1873 New Zealand Loan Act, 1876 New Zealand Loan Aot, 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 Publio Works and Land Settlement Act, 1896 Aid to Public Works and Land Settlement Amendment Act, 1897 .. .. .. -. Aid to Public Works and Land Settlement Amendment Act, 1898 Aid to Public Works and Land Settlement Act, 1899 Aid to Public Works and Land Settlement Act, 1900 Aid to Public Works and Land Settlement Act, 1901 Aid to Publio Works and Land Settlement Act, 1902 Aid to Public Works and Land Settlement Act, 1903 Aid to Publio Works and Land Settlement Act, 1904 Aid to Public Works and Land Settlement Act, 1905 Aid to Public Works and Land Settlement Act, 1906 Aid to Publio Works and Land Settlement Act, 1907 Aid to Public Works and Land Settlement Act, 1908 The Post and Telegraph Act, 1908 Midland Railway Petitions Settlement Acts, 1902-3.. Paeroa-Waihi Railway Act, 1903 Waikaka Branch Railway Act, 1905f £ s. d. 4,000,000 0 0 2,000,000 0 0 4,000,000 0 0 750,000 0 0 750,000 0 0 2,200,000 0 0 5,000,000 0 0 3,000,000 0 0 250,000 0 0 1,000,000 0 0 1,500,000 0 0 1,325,000 0 0 479,487 7 11 1,000,000 0 0 149,700 0 0 £ s. d. Expenditure on — Immigration Publio 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 Payment to Midland Railway Bondholders Utilisation of Water-power £ s. d. 2,201,788 7 7 592,897 7 4 25,329,177 4 11 8,331,015 13 10 2,037,847 0 2 819,515 12 10 1,642,768 17 8 4,090,118 5 4 1,043,736 16 10 898,933 19 10 68,671 16 10 14,599 13 2 182,853 0 11 44,116 18 8 1,236,216 16 10 10,835 8 0 218,500 0 0 150,000 0 0 8,347 18 11 £ s. d. 500,000 0 0 1,000,000 0 0 250,000 0 0 48,921,940 19 8 500,000 0 0 1,000,000 0 0 1,013,100 0 0 1.250,300 0 0 1,750,000 0 0 999,690 0 0 750,000 0 0 1,000,000 0 0 1,000,000 0 0 1,000,000 0 0 1,200,000 0 0 200,000 0 0 150,000 0 0 75,000 0 0 50,000 0 0 t 41,092,277 T 11 Receipts in Aid :— Amount transferred from Consolidated Fund Contributions of Canterbury Province for Railways.. Stamp Duties to 31st December, 1876 Transfer from Confiscated Lands Liabilities Aocount 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 .. 7,230,000 0 0 56,000 0 0 264,657 16 4 19,963 1 3 4,963 7 4 60,616 3 0 Balance on 31st March, 1909,— Cash in the Public Account Advances in the hands of Officers of the Government Investment Account 40,514 7 6 2,257 1 9 27,581 5 0 506,819 19 3 223,211 13. 8 30,497 16 0 130,000 0 0 8,213,373 1 5 383,709 9 8 £49,305,650 9 4 £49,305,650 9 4 * Has been reduced by £89,800 received under section 31 of " The Government Loans to Local Bodies Act, 886." t Beceipts and expenditure under " The Waikaka Branch Railway Act, 1905," now included.

8.—6.

Table No. 7. Estimated Expenditure of the Consolidated Fund (Revenue Account) for 1909-10, compared with Actual Expenditure of 1908-9.

Table No. 8. Estimated Revenue of the Consolidated Fund (Revenue Account) for 1909-10, compared with the Actual Revenue of 1908-9.

36

Differences. Estimate for 1909-10. Actual for 1908-9. Increase. Decrease. Revenue Account. £ 35,500 2,398,765 1,068,532 £ ZW 33,953 2,258,365 917,712 £ 1,547 140,400 150,820 £ Civil List Interest and Sinking Fund Under special Aots 3,502,797 3,210,030 292,767 Annual Appropriations,— Legislative Departments Department of Finance Post and Telegraph Department Working Railways Department Publio Buildings, Domains, and Maintenance of Roads .. Native Department Justice Department Mines Department Department of Internal Affairs.. Defence Department .. .. .. Customs, Marine, and Inspection of Machinery Departments Department of Labour Department of Lands and Survey Department of Agriculture, Commerce, and Tourists Education Department 26,168 70,332 875,987 2,143,500 85,145 20,179 353,576 24,507 266,271 '202,618 128,790 29,281 96,456 814,636 2,120,308 85,596 30,840 350,841 31,458 344,565 195,685 131,321 61,351 23,192 '2,735 3,113 26,124 451 10,661 *6,951 78,294 6,933 25,928 231,969 184,581 873,530 30,277 232,167 219,691 848,234 *2,531 4,349 198 35,110 25,296 5,513,081 5,561,356 119,507 167,782 Services not provided for 14,127 14,127 9,015,878 8,785,513 412,274 181,909 181,909 Total 230,365

Dine] •ences. Estimate for 1909-10. Actual for 1908-9. Increase. Decrease. Revenue Account. £ 2,801,248 2,918,507 1,591,328 604,901 321,044 116,214 117,061 43,815 264,210 222,857 Ordinary Revenue, — Customs Railways Stamps Land-tax Inoome-tax.. Beer Duty Registration and other Fees .. Marine Miscellaneous Territorial Revenue Endowment Revenue £ 2,630,000 3,050,000 1,606,000 625,000 300,000 113,000 93,000 42,000 270,000 224,000 67,000 £ •£ 171,248 131,493 14,672 20,099 21,044 3,214 24,061 1,815 5,790 1,143 67,000 240,197 221,382 221,382 Total 9,020,000 18,815 9,001,185

8.-6. ,0 —.<i

Table No 9. Statement showing the Amount charged to "Unauthorised" in each Financial Year from 1st July, 1875, to 31st March, 1909.

37

Financial Yeab. Services not pro- ™_„„„„ „. xr„ t „„ vided for. Bxoes8 of VoteB - Consolidated Fund.—Revenue Account. vi°d e ed n for Pr0 ' Bxoess of Votes - T °tol. Other .. Public Works Accounts. Fund. Total." : ' . ;?/. - 1875-76 .. 1876-77 .. 1877-78 .. 1878-79 .. 1879-80 ... 1880-81 .. 1881-82 ; .. 1882-83 .. 1883-84 .. 1884-85 .. 1885-86 .. 1886-87 .. 1887-88 .. 1888-89 .. 1889-90 .. 1890-91 .. 1891-92 .. 1892-93 .. 1893-94 .. 1894-95 .. 1895-96 .. 1896-97 .. 1897-98 .. 1898-99 .. 1899-1900.. 1900-1901.. 1901-1902.. 1902-1903..... 1903-1904.. 1904-1905.. 1905-1906.. 1906-1907.. 1907-1908.. 1908-1909.. £ 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 3,344 11 0 6,215 4 8 8,576 16 7 4,989 9 1 4,133 3 3 14,127 8 1 £ s. d. 19,195 17 1 13,398 7 0 58,709 17 2 47,466 4 5 18,466 2 1 37,825 6 6 38,474 18 9 64,631 0 2 45,284 .2 6 39,039 17 11 47,106 10 3 38,117 13 5 42,104 15 10 35,157 16 5 43,257 1 0 76,778 5 11 21,026 16 4 28,283 15 11 7,376 7 4 9,148 0 5 16,229 5 9 24,195 2 9 39,314 13 4 36,468 0 10 60,652 13 7 62,788 3 2 68,866 10 9 101,076 10 4 47,775 11 4 22,109 12 2 52,385 3 7 28,559 6 2 37,713 8 11 50,890 5 1 £ s. d. 32,363 1 .9 31,796 4 1 77,789 9 8 58,880 0 6 24,284 11 10 43,977 0 3 42,374 15 0 69,104 15 10 52,577 12 3 45,021 15 7 56,444.1 5 52,455 13 0 49,408 13 8 38,679 14 7 47,669 6 3 87,388 6 11 23,314 19 6 30,025 3 9 9,726 14 4 18,133 4 0 38,652 2 7 27,384 0 4 41,573 12 11 39,773 16 9 71,840 7 3 89,156 1 8 72,702 17 9 110,103 15 8 51,120 2 4 28,324 16 10 60,962 0 2 33,548 15 3 41,846 12 2 65,017 13 2 £ s. d. 3,155 9 .2 3,490 6 1 653 6 .5 3,938 14 8 1,005 3 10 13,443 11 3 13,590 6 10 12,343 2 2 9,003 18 7: 7,163 15 3 13,965.10 1 6,212 16 7 27,821 16 11 13,506 2 8 23,631 7 1 5,459 18 11 9,183 10 6 4,754 17 10 522 12 2 1,890 7 5 16,995 9 9 24,726 3 6: 4,743 17 10 2,304 8 10 £ s. dt. 63,875;IIJ 8 2,197 4 5' 22,009 14 0 32,179 11 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 9,584 9 11 31,862 8 3 19,965 16 2 55,556 14 10 80;170 3 3 16,641 15 7 £ a. 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 62,952 18 9 73,734 16 8 104,884 6 2 101,973 0 9 122,446 4 5 96,916 19 10 662 .7 7 253 8 10 ; 200 0 0 2,248 6 6 13,547 11 7 23,956 9 10 12,867 10 8 429 9 0 15,257 11 1

8.-6.

TABLE No. 10. STATEMENT SHOWING HOW INCEEASE OF PUBLIC DEBT FOE FINANCIAL YEAE ENDED 31st MARCH, 1909, IS MADE UP. £ Public Debt, 1908-9 70,938,534 „ 1907-8 .... ... .... 66,453,897 Increase for Year .... .... .... .£4,484,637 Made up as follows :— Public Works,— £ " Aid to Public Works and Land Settlement Act, 1907 " 191,800 " Aid to Public Works and Land Settlement Act, 1908 " 1,200,000 Hutt Bailway and Road Improvement Acts, 1905 and 1907 69,300 " Government Railways Act, 1908 " .... .... 145,100 " Wellington and Manawatu Railway Purchase Act, 1908" 1,000,000 '"' Post and Telegraph Act, 1908" .... .... .... 200,000 Landfdr Settlements,— " Land for Settlements Act, 1908 " 211,495 Local Bodies, — " Local Bodies' Loans Act, 1908 " .... .... .... 250,000 Advances to Settlers and Workers, — " Government Advances to Settlers Act, 1908 " .... 1,048,800 ~ ~ for workers 123,500 Miscellaneous,— "New/Zealand Consols Act, 1908" .... .... 124 Increase by conversion... .... .... .... .... 36,928 For redemptions .... .... .... .... 7,590 Total increase for 1908-9 £4,484,637

38

8.—6.

39

Table No. 11. Assessment for 1907-8.— Income-tax.—Classification of Taxpayers.

By Authority : John Maokay, Government Printer, Wellington.— 1909.

Salaried Persons. Traders, Manufacturers, and Businesses. Professional. Various. Net Income. No. Tax. Net Assessed Income. Persons and Firms. Assessed Income. No. Companies Tax. Net Assessed Income. No. Tax. Net Assessed Income. No. Tax. Net Assessed Income. No. Tax. £ s. d. £ £ s. d. 81 2 0 £ 2,304 £ s. d. 394 6 0 £ 7,886 £ s. d. £ £ s. d. £ Under £100 Between— £100 and £200 £200 and £300 £300 and £400 £400 and £500 £500 and £600 £600 and £700 £700 and £800 £800 and £900 £900 and £1,000 £1,000 and £1,250 £1,250 and £1,500 £1,500 and £1,750 £1,750 and £2,000 £2,000 and £3,000 £3,000 and £4,000 £4,000 and £5,000 £5,000 and £10,000 Over £10,000 .. 1,200 662 297 147 93 51 38 53 22 14 16 7 3 1 1,081 2 0 2,010 5 0 1,676 5 6 1,213 17 0 986 15 0 690 2 6 611 0 0 1,058 2 0 620 2 6 537 11 0 845 9 0 504 4 0 374 11 0 199 13 0 427,135 279,361 161,034 94,708 68,150 43,425 36,066 58,388 30,158 22,231 30,039 15,184 9,951 4,813 50 24 15 1,204 1,155 660 393 265 192 149 262 159 118 60 119 70 28 48 17 121 17 0 132 18 0 1,360 19 6 3,636 9 6 3,857 13 6 3,165 4 6 2,919 16 6 2,607 4 0 2,378 13 6 5,483 18 6 4,477 16 0 4,839 7 0 2,979 11 6 8,669 4 6 8,073 14 0 4,473 13 0 12,506 6 0 15,411 1 6 3,764 3,778 430,446 509,638 354,636 252,577 198,290 161,449 140,770 291,931 216,656 193,513 112,836 278,144 239,507 123 678 305,724 333,789 174 83 60 48 31 26 24 23 24 26 52 33 26 16 55 49 34 66 82 599 14 0 734 7 0 828 4 0 688 12 0 712 14 0 768 10 0 859 6 0 999 11 0 1,220 12 0 2.S88 6 0 2,706 5 0 2,101 2 0 1,480 6 0 6,757 12 0 8,591 19 0 7,526 19 0 23,967 0 0 122,840 16 0 11,994 14,687 ■ 16,564 13,772 14,254 15,370 17,186 19,991 24,412 57,766 54,125 42,022 29,606 135,152 171,839 150,539 479,340 2,456,816 • • 234 213 169 93 76 61 45 67 32 24 14 26 8 4 3 246 10 6 657 18 9 931 15 6 770 12 0 870 1 6 829 12 0 700 12 6 1,374 7 6 933 7 0 891 11 0 653 3 6 1,729 17 0 819 9 0 565 2 0 752 7 0 84,263 94,307 91,217 59,915 56,823 51,672 42,398 74,730 44,447 38,549 26,488 61,118 26,048 ■16,880 20,732 156 88 45 27 17 9 10 18 6 3 2 8 2 1 2 2 147 6 6 279 17 6 264 9 0 200 16 0 183 11 6 120 4 6 173 15 6 353 8 0 159 13 0 119 7 6 97 8 0 599 3 0 238 7 0 190 2 0 507 13 0 1,032 13 0 4,717 15 0 55,627 39,174 24,516 16,847 12,783 7,689 9,591 19,526 8,056 5,044 3,588 18,483 7,407 4,622 12,619 22,793 12,408 19 1,280,643 4,988 186,666 1 0 3,733,321 1,069 12,726 6 9 789,587 396 268,365 ,604 87,176 10 0 4,153,430 932