FINANCIAL STATEMENT (In Committee of Supply, 6th August, 1912) BY THE MINISTER OF FINANCE, THE HON. JAMES ALLEN.

Appendix to the Journals of the House of Representatives, 1912 Session II, B-06

B. —G

CONTE N T H. I'AGE Introduction ... ... ... .... ... ... ... ... '.;. i Bevenue ... ... ... ... ... ... ... '...:'. i Expenditure ... ... ... ... ... ... ... '...' ii Increases in Expenditure ... ... ... ... ... ... ... ji Public Works Fund ... ... ... ... ... ... ... ... \ iii Consolidated Fund ... .. ... ... ... ... ... ' [ v Public Works Fund ... ... ... ... ... ... ... ~ ;' ..',/ 'i v The Aid to Water-power Works Ad, 1910 ... ... ... ''"'...' iv The Appropriation Act, 1911 (Section 17) ... ... ... ... ! ... iv State Forests Account ... ... ... ... ... ... ... ' iv State Coal-mines Account ... ... ... ... ... ..." ..' v Scenery Preservation Account ... ... ... ... .-,. ... ' ; ' v■■ Naval Defence Act Account ... ... ... ... ... ...''..' v Wellington-Hutt Railway and Eoad Improvement Account"... ... .:. v: : .'V v Bail ways Improvement Account ... ... ... ... ... ... ... v j Waihou and Ohinemuri Rivers Account ... ... ... ... ... v i Native Land Settlement Account ... ... ... ... ... ... v j Maori Land Settlement Account ... ... .., ... ... ... v j Land for Settlements Account ... ... ... ... ... ... v j Loans to Local Bodies Account ... ... ... ... ... ... ... v jj Opening up Crown Lands for Settlement Account ... ... ... ... ... vii Hauraki Plains Settlement Account ... ... ... ... ... vii Bangitaiki Land Drainage Account ... ... ... ... ... ... vl [ New Zealand State-guaranteed Advances Account ... ... ... . viii The Public Debt ... ... ... ... ... ... '.[ v iii Increase in our Indebtedness ... ... ... ... ... ... j x Public Debt Extinction ... ... ... ... ... ... x Advances to Settlers, Workers, and Local Authorities * ... ... ... ... x Loans to Local Authorities ... ... ... ... ... x [ The Old System ... ... ... ... ... ... ..'. \\\ x j The Present System ... ... ... ... ... ... ... x jj Public Service Superannuation Fund ... ... ... ... ... . xm ' Teachers' Superannuation Fund ... ... ... ... ... . x ;;j Bail ways Superannuation Fund ... ... ... ... ... x yj Legislative Council Beform ... ... ... ... ... ... x j v Electoral Reform ... ... ... ... ... ... ... xv Finance Beform ... ... ... ... ... ... ... xv State-guaranteed Advances Act ... ... ... ... ... ... xv Loans falling due ... ... ... ... ... ... ... ... xv Loan Consolidation ... ... .. ... ... . xv Transfers from Consolidated Fund to Public Works Fund ... ... xvi Public Accounts Committee ... ... ... ... ... ... ... xv j Details of Public Accounts ... ... ... ... ... ... ... xv j Local Government Bill ... ... ... ... ... ... ... . . xvl Proceeds of Land Sales ... ■ ... ... ... ... ... ... xv jj Post and Telegraph Department... ... ... ... ... ... xv j{ Public Service Beform ... ... ... ... ... ... ... xviii Railways ... ... ... ... ... ... ... ... ... x [ x Railway-construction ... ... ... ... ... ... ... ... x j x Customs ... ... ... ... ... ... ... ... ... x i x Oil-boring Machinery ... ... ... ... ... ... ... ... xx Preference Co British Manufactures ... ... ... ... ... ... xx Shipping and Seamen Amendment Bill ... ... ... ... ... ... xx Increase in the Graduated Land-tax ... ... ... ... ... ... xx { Valuation of Land ... ... ... ... ... ... ... ... xx jj Pensions ... ... ... ... ... ... ... ... ... xx jj Cook Islands ... ... ... ... ... ... ... ... ... xy jj The Magistrates ... ... ... ... ... ... ... ... xxm ' The Mining Industry ... ... ... ... ... ... .. .. xx jjj State Coal-mines ... ... ... ... ... ... ... ... xx jii The High Commissioner's Office ... ... ... ... ... ... xx jji Mental Hospitals ... ... ... ... ... ... ... ... xxiv Public Health... ... ... ... ... ... ... ... ... xx i v

B— o.

PAGB Defence ... ... ... ... ... ... ... ... ... xxiv Volunteers ... ... ... ... ... ... ... ... xxv Lighthouses .. ... ... ... ... ... ... ... ... xxv Industrial Matters ... . . ... ... ... ... ... ... xxv Extension of Workers' Homes Schemes ... ... ... ... ... ... xxvi Public Buildings ... ... ~..,.. , .... , : ... ... ... ... xxvi Koads and Bridges ... ... '...''■... :.. ... ... ... xxvi Land Legislation ... ... ... ... ... ... ... ... xxvi Irrigation in Central Otago ... ... ... .. ... ... ... xxvii Land in Mining Districts ... ... ... ... ... ... ... xxviii Settlement of Gum Lands ... ... ... ... ... ... ... xxviii Settlement of Grown Lands ... ... ... ... ... ... ,-: ... xxviii Experimental Farms ... ... ... ... ... ... ... ... xxviii Native-land Settlement... ... ... ... ... ... ... ... xxix Education . . ... ... ... ... ... ... ... xxix Juvenile Delinquency ... ... ... ... ... ... ... ... xkx Industrial School Accommodation ... ... ■ ... ... ... xxx Care of the Feeble-minded and Epileptic ... ... ; ..... \ >.;. .... > ... xxxi Medical Inspection of School-children ... ... ... ... ... ; ..„ xxxi School Buildings: New Schools ... ... ... ... ... ... ... xxxi Estimates of Eevenue and Expenditure, 1912-18 ... ... ... ...... xxxi Loan for Public Works... ... ... . ... ... ... ' ... ' xxxii Table showing how the proposed Graduated Bate will affect Country Estates ... ; .. xxxiii '7 ' :

8.—5

Session IJ 1912. NEW ZEALAND.

FINANCIAL STATEMENT (In Committee of Supply, 6th August, 1912) BY THE MINISTER OF FINANCE, THE HON. JAMES ALLEN.

Mr. Lang,— The revenue and expenditure for the financial year ended the Hist March last have already been presented to the House, as well as a summary of the year's operations, the details of which may be found in 8.-6 a, 1912. I have pleasure in submitting some further particulars of the year's transactions for the information of honourable members. The estimates of revenue and expenditure, and the actual revenue and expenditure, are shown in the following statements : — Ke venue. £ Actual revenue, 1911-12 .. .. .. 11,032,544 Estimated revenue, 1911-12 .. .. .. 10,429,010 Excess over estimate .. .. .. £603,534

i—B. 6.

Difference. Receipts Estimated Actual. More. Less. £ 3,000,000 3,525,000 860,600 "1,095,000 635,000 410,000 115,000 104,345 45,000 338,150 238,550 62,365 £ 3,279,012 3,665,613 943,188 1,089,808 647,016 448,935 119,131 108,495 48,322 371,868 248,791 62,365 £ £ Customs Railways Stamps Postal and Telegraph Land-tax Income-tax Beer Duty Registration and other Fees Marine Miscellaneous Territorial Revenue National Endowment Revenue 279,012 140,613 82,588 5,192 12,016 38,935 4,131 4,150 3,322 33,718 10,241 Totals 608,726 5,192 5,192 10,429,010 11,032,544 603,534

8.—6

II

Expenditure. £ Estimated expenditure, 1911-12 . . .. .. 10,604,677 Actual expenditure, 1911-12 .. .. .. 10,340,368 Less than estimate . . .. .. £264,309

Inceeases in Expenditure. The total increases under the various headings over the expenditure of the previous year amounted to £997,262. The particulars are, — 1911-12 .. .. .. .. .. .. .. 10,340,368 1910-11 .. .. .. .. .. .. .. 9,343,106 Increase ,. ,. ,. „, ,. £997,262

Difference. Expenditure. Estimated. Actual. More. Less. Revenue Account. 'ermanent Appropriations — Civil List Interest and Sinking Fund Under Special Acts Subsidies paid to Local Authorities Territorial Revenue Endowments Old-age Pensions .. £ 35,500 2,663,556 494,988 109,000 38,106 158,150 371,291 £ 33,680 2,656,340 512,449 105,938 38,477 152,772 386,962 £ 17,461 £ 1,820 7,216 3,062 371 5,378 15,671 3,870,591 3,886,618 33,503 17,476 L.nnual Appropriations— Legislative Departments Department of Finance Post and Telegraph Department ( 1 29,597 50,155 975,103 2,408,653 *140,613 96,480 23,157 385.331 27,791 385,297 491,743 129,194 24,254 318,218 31,628 47,449 986,527 2 031 2,706 11,424 Working Railways i 2,451,717 97,549 Public Buildings, Domains, &c. Native Department Justice Department Mines Department.. Department of Internal Affairs Defence Department Customs, Marine and Harbours, &c. Department of Labour Department of Lands and Survey Department' of Agriculture, Commerce, and Tourists Education Department Services not provided for 88,745 20,724 384,721 24,844 385,837 401,870 118,528 25,245 234,501 7,735 2,433 610 2,947 540 89,873 10,666 991 83,717 227,536 1,020,964 219,434 1,012,048 19,932 8,102 8,916 19,932 6,734,086 6,453,750 34,918 315,254 Totals .. .. 68,421 332,730 68,421 10,604,677 10,340,368 264,309 * Additional amount appropriated in terms of section 45 of the Public Revenues Act, 1910.

B. 6

III

Accounted for as follows: —- £ £ Interest and Sinking Fund .. .. .. .. 198,000 Under Special Acts .. .. .. .. 24,862 Old-age Pensions .'. .. .. .. .. 21,000 243,862 Postal Department .. .. .. .. .. 74,700 Working Railways .. .. .. .. .. 181,000 Public Buildings, Domains, &c. . . .. .. 7,600 Minister of Justice .. .. .. .. .. 14,500 Department of Internal Affairs .. .. .. 123,700 Defence Department .. .. .. .. 189,000 Department of Lands and Survey .. .. .. 27,800 Department of Agriculture, Commerce, and Tourists . . 34,800 Education Department .. .. .. .. 87,200 Other Departments .. .. .. .. 20,600 760,900 1,004,762 Savings on — Legislative Departments .. .. .. .. 6,000 Miscellaneous .. .. .. .. .. 1,500 £997,262 The cost of the general election and the census caused most of the increase in the expenditure of the Department of Internal Affairs. The large increases in the amounts required for Working Eailways, interest and sinking fund, and Education are unavoidable, unless we alter our policy in regard to railway extension, borrowing, and education. The increase in the expenditure on Defence is due to the introduction of the new system. THE PUBLIC WOEKS FUND. The position is here shown:— £ Balance from last year .. .. .. .. .. 1,140,045 Receipts,— £ Loan-money .. .. .. .. 698,605 Transfer from revenue .. .. 500,000 Other receipts .. .. . . 12,146 1,210,751 2,350,796 Expenditure, — Under appropriations »- .. .. 2,200,745 Other charges .. .. .. 67,471 2,268,216 Balance at 31st March, 1912 .. .. .. 82,580 Balance of loan-money to be received .. . . 1,050,000 Amount available to start the current year with .. .. .. .. £1,132,580

8.—6

IV

On the 10th July the Prime Minister did me the honour to commit to my care the administration of the finance of the Dominion, and it would, no doubt, have been satisfactory to members of Parliament if a statement of the position of the public accounts at the above-mentioned date had been presented for their consideration. There would have been some difficulty in doing this ; it will suffice if the position on the 30th June be given instead and compared with the position on the 31st March, 1911, and on the 31st March, 1912. This is shown in the following statement: — CONSOLIDATED FUND. £ Balance on 31st March, 1911 .. .. .. .. .. 586,483 Liabilities on 31st March, 1911 .. .. .. .. .. 236,374 Balance on 31st March, 1912 .. .. .. .. .. 807,276 Liabilities on 31st March, 1912 .. .. .. . . .. 293,741 Balance on 30th June, 1912 .. .. .. .. .. 782,547 Liabilities on 30th June, 1912 .. .... .. .. .. 540,445 PUBLIC WORKS FUND. £ £ Balance on 31st March, 1911 .. .. .. 1,140,045 Loan-money, to receive .. .. .. .. 181,650 1,321,695 Liabilities on 31st March, 1911 .. .. .. .. 1,091,894 Balance on 31st March, 1912 .. .. .. 82,580 Loan-money, to receive .. .. .. .. 1,050,000 1,132,580 Liabilities on 31st March, 1912 .. .. .. .. 1,135,812 Balance on 30th June, 1912 .. .. .. .. 299,881* Loan-money, to receive .. .. .. .. 477,207 777,088 Liabilities on 30th June, 1912 .. .. .. .. 1,649,349f The Aid to Water-power Works Act, 1910. Unexhausted authority for raising loan .. .. 500,000 Liabilities on 31st March, 1911 .. .. .. 213 499,787 Unexhausted authority for raising loan .. .. 500,000 Liabilities on 31st March, 1912 .. .. .. 56,157 443,843 Unexhausted authorities for raising loan . . .. 500,000 Liabilities on 30th June, 1912 .. .. .. 95,459f 404,541 The Appropriation Act, 1911 (Section 17). Unexhausted authority for raising loan .. .. 100,000 Liabilities on 31st March, 1912 .. .. — 100,000 Unexhausted authority for raising loan .. .. 100,000 Liabilities on 30th June, 1912 . . .. .. 1,588 98,412 * Does not include £1,013,200 to pay off advances received for redemption of debentures. f Includes some liabilities (as, for instance, some on account of Midland Railway contract) which do not have to be met during the current year. STATE FORESTS ACCOUNT. £ Balance on 31st March, 1911 .. .. .. .. .. 14,200 Liabilities on 31st March, 1911 .. .. .. .. .. 559 Balance on 31st March, 1912 .. .. .. .. .. 31,587 Liabilities on 31st March, 1912 .. .. .. .. .. 601 Balance on 30th June, 1912 .. .. .. .. .. 29,408 Liabilities on 30th June, 1912 .. .. .. .. .. 1,218

V

8.—6

STATE COAL-MINES ACCOUNT. £ £ Balance on 31st March, 1911 .. .. .. .. 27,569 Unexhausted authority for raising loan .. . . .. 20,000 47,569 Liabilities on 31st March, 1911 .. .. .. .. 14,547 Balance on 31st March, 1912 .. .. .. .. .. 23,479 Liabilities on 31st March, 1912 .. .. .. .. .. Nil. Balance on 30th June, 1912 .. .. .. .. .. 26,101 Liabilities on 30th June, 1912 .. .. .. .. .. 31,200 SCENERY PRESERVATION ACCOUNT. £ £ Balance on 31st March, 1911 .. .. .. . . 2,922 Unexhausted authority for raising loan .. .. .. 60,000 62,922 Liabilities on 31st March, 1911 .. .. .. .. .. 83 Balance on 31st March, 1912 .. .. .. .. 2,164 Unexhausted authority for raising loan .. .. .. 55,000 57,164 Liabilities on 31st March, 1912 .. .. .. .. .. 102 Balance on 30th June, 1912 .. .. . . .. 422 Unexhausted authority for raising loan .. .. .. 50,000 50,422 Liabilities on 30th June, 1912 .. .. .. .. .. 192 NAVAL DEFENCE ACT ACCOUNT. £ £ Balance on 31st March, 1911.. .. .. .. 630,530 Unexhausted authority for raising loan.. .. .. 879 750 1,510,280 Liabilities on 31st March, 1912, not yet ascertainable. Cost of cruiser unknown Balance on 31st March, 1912 .. .. .. .. 304,363 Unexhausted authority for raising loan .. .. .. 600,000 904,363 Liabilities on 31st March, 1912, not yet ascertainable. Cost of cruiser unknown Balance on 30th June, 1912 .. .. .. .. 389,663 Unexhausted authority for raising loan .. .. .. 499,698 889,361 Liabilities on 30th June, 1912, not yet ascertainable. Cost of cruiser unknown. WELLINGTON-HUTT RAILWAY AND ROAD IMPROVEMENT ACCOUNT. £ £ Balance on 31st March, 1911 .. ** .. .. .. 4,814 Unexhausted authority for raising loan . . .. .. 10,510 15,324 Liabilities on 31st March, 1911 . . .. .. .. .. 15,324 Balance on 31st March, 1912 .. .. .. .. 2,299 Unexhausted authority for raising loan . . .. .. 5,320 7,619 Liabilities on 31st March, 1912 .. .. .. .. .. 7,600 Balance on 30th June, 1912 .. .. .. .. 1,724 Unexhausted authority for raising loan . . .. .. 5,320 7,044 Liabilities on 30th June, 1912 .. .. .. .. .. 6,729

8.-6

VI

RAILWAYS IMPROVEMENT ACCOUNT. £ £ Balance on 31st March, 1911 .. .. .. .. 18,146 Unexhausted authority for raising loan .. .. .. 93,100 111,246 Liabilities on 31st March, 1911 .. .. .. .. .. 31,352 Balance on 31st March, 1912 . . .. .. .. 568 Unexhausted authority for raising loan . . .. .. 59,250 59,818 Liabilities on 31st March, 1912 .. .. .. .. .. 132,486 Balance on 30th June, 1912 .. .. .. .. 4,341 Unexhausted authority for raising loan .. .. .. 123,450 127,791 Liabilities on 30th June, 1912 . . .. .. .. .. 125,031 WAIHOU AND OHINEMURI RIVERS ACCOUNT. £ £ Balance on 31st March, 1911 .. .. .. .. 100,000 Unexhausted authority for raising loan .. .. .. 50,000 150,000 Liabilities on 31st March, 1911 .. .. .. .. . Nil Balance on 31st March, 1912 .. .. .. .. 99,671 Unexhausted authority for raising loan .. .. .. 50,000 — 149,671 Liabilities on 31st March, 1912 .. .. .. .. 9,902 Balance on 30th June, 1912 .. .. .. .. 96,999 Unexhausted authority for raising loan .. . . .. 50,000 146,999 Liabilities on 30th June, 1912 . . .. . . .. 9,435 NATIVE LAND SETTLEMENT ACCOUNT. £ £ Balance on 31st March, 1911 .. .. .. .. 44,322 Unexhausted authority for raising loan .. .. .. 318,400 362,722 Liabilities on 31st March, 1911 .. .. .. ~ 174 Balance on 31st March, 1912 .. .. .. .. 4,348 Unexhausted authority for raising loan .. .. .. 245,500 249,848 Liabilities on 31st March, 1912 .. .. .. .. 430 Balance on 30th June, 1912 .; .. .. .. 41,036 Unexhausted authority for raising loan .. .. .. 450,000 491,036 Liabilities on 30th June, 1912 .. .. .. .. 2,096 MAORI LAND SETTLEMENT ACCOUNT. £ Balance on 31st March, 1911 .. .. .. .. .. .. 4,300 Liabilities on 31st March, 1911 .. .. .. .. .. Nil. Balance on 31st March, 1912 .. .. .. .. .. 3,844 Liabilities on 31st March, 1912 .. .. .. .. .. Nil. Balance on 30th June, 1912 .. .. .. .. .. .. 3,844 Liabilities on 30th June, 1912 .. .. .. .. . . Nil LAND FOR SETTLEMENTS ACCOUNT. £ £ Balance on 31st March, 1911 .. .. .. .. 53,398 Unexhausted authority for raising loan .. .. .. 467,000 520,398 Liabilities on 31st March, 1911 .. .. .. .. 2,850

8.-6

VII

£ £ Balance on 31st March, 1912 .. .. .. .. 66,040 Unexhausted authority for raising loan .. .. . . 147,085 213,125 Liabilities on 31st March, 1912 .. . . .. .. 2,977 Balance on 30th June, 1912 . . . . . . .. 34,067 Unexhausted authority for raising loan .. .. .. 311,785 345,852 Liabilities on 30th June, 1912 .. .. .. .. 5,775 LOANS TO LOCAL BODIES ACCOUNT. £ Balance on 31st March, 1911 . . . . .. .. .. . . 18,865 Liabilities on 31st March, 1911 .. . . . . .. . . Nil. Balance on 31st March, 1912 .. . . . . .. . . . . 7,257 Liabilities on 31st March, 1912 .. . . . . .. . . Nil. Balance on 30th June, 1912 . . . . . . . . . . . . 6,007 Liabilities on 30th June, 1912. . . . . . . . . . Nil OPENING UP CEOWN LANDS FOE SETTLEMENT ACCOUNT. £ £ Balance on 31st March, 1911 . . .. . . .. 8,574 Unexhausted authority for raising loan . . ... . . 45.735 54,309 Liabilities on 31st March, 1911 . . .. . . . . 10,376 Balance on 31st March, 1912 .. .. .. .. 20,086 Unexhausted authority for raising loan .. .. .. 38,750 58,836 Liabilities on 31st March, 1912 . . .. . . .. 9,582 Balance on 30th June, 1912 . . .. .. .. 37,427 Unexhausted authority for raising loan . . .. . . 80,870 118,297 Liabilities on 30th June, 1912 . . . . .. .. 46,348 HAUEAKI PLAINS SETTLEMENT ACCOUNT. £ Balance on 31st March, 1911.. .. .. . . . . .. 22,665 Liabilities on 31st March, 1911 .. .. . . . . .. 22 Balance on 31st March, 1912.. .. .. .. . . .. 7,522 Liabilities on 31st March, 1912 . . .. . . . . .. 1,861 Balance on 30th June, 1912 .. .. . . . . . . . . 10,361 Liabilities on 30th June, 1912 .. .. .. .. .. 1,827 EANGITAIKI LAND DBAINAGE ACCOUNT. £ £ Balance on 31st March, 1911 .. .. .. .. 25,716 Unexhausted authority for raising loan ". . .. .. 25,000 50,716 Liabilities on 31st March, 1911 . . .. .. .. 143 Balance on 31st March, 1912 .. .. .. .. 14,180 Unexhausted authority for raising loan .. .. .. 25,000 39,180 Liabilities on 31st March, 1912 .. . . . . .. 889 Balance on 30th June, 1912 .. .. .. .. 11,500 Unexhausted authority for raising loan .. .. .. 25,000 36,500 Liabilities on 30th June, 1912 .. .. .. .. 1,177

8.—6

VIII

NEW ZEALAND STATE-GUARANTEED ADVANCES ACCOUNT. £ £ Balance on 31st March, 1911 .. .. .. .. 1,527,466 Unexhausted authority for raising loan .. .. .. 99,110 1,626,576 Liabilities on 31st March, 1911 .. .. .. .. 319 - Balance on 31st March, 1912 .. .. .. ... 335,044 Unexhausted authority for raising loan .. .. .. 1,225,000 1,560,044 Liabilities on 31st March, 1912 .. .. .. 389 Balance on 30th June, 1912 .. .. .. .. 89,513 Loan-money, to receive .. , . .. .. 246,846 Unexhausted authority for raising loan . . .. .. 1,857,700 2,194,059 Liabilities on 30th June, 1912 . . .. .. . . 748 I draw honourable members' attention to the above details, and especially to the condition of the Public Works Fund and the State Coal-mines Account as at the 30th June, 1912. THE PUBLIC DEBT. The gross public debt at the end of the financial year amounted to £84,353,918. The following table shows for what purposes the various amounts were borrowed : — £ Maori war .. .. .. . . . . 2,357,000 Defence . . .. .. .. . . 3,369,952 Railways . . . . . . . . .. 26,154,970 Roads and bridges construction and lands improvement . . . . .. . . . . 7,240,676 Public buildings . . . . .. . . 5,643,912 Telegraph and telephone lines . . .. .. 1,601,767 Harbours and lighthouses .. .. .. 586,942 Immigration .. .. .. .. .. 2,477,119 New Zealand State-guaranteed Advances— (Includes transferred liability.) Land for Settlements Branch .. .-. .. 6,318,638 Advances to Settlers Branch .. .. 7,767,881 Advances to Workers Branch .. .. 1,435,934 Local Authorities Branch .. .. . . 1,597,000* Native Land Settlement Branch . . . . 436,100 Guaranteed Mining Advances Branch .. . . 5,000 Bank of New Zealand shares .. .. .. 500,000 New Zealand Consols .. .. .. . . 474,111 Purchase of Native lands .. .. .. 2,715,217 Tourist and health resorts .. ... .. 142,197 Development of water-power .. .. .. 3,920 Development of goldfields and coal-mines .. .. 881,210 State Coal-mines .. .. .. .. 150,000 Loans to local bodies .. .. .. .. 3,507,000 State fire insurance .. .. .. .. 2,000 Reserve Fund securities .. . . .. .. 800,000 Scenery-preservation .. . . .. .. 45,000 Deficiencies in revenue, charges and expenses of raising loans, increase by conversion, &c, provincial liabilities and miscellaneous . . .. .. 8,140,367 £84,353,913

* Includes £115,515 advanced for opening Crown lands, £70,000 for Hauraki Plains settlement, and £25,000 for Eangitaiki land drainage. By sections 36 and 37 of the New Zealand State-guaranteed Advances Act, 1909, the amount transferred to the] Advances Office is £17,560,553. The deduction of this amount from the gross total leaves £66,793,360 public debt.

8.—6

IX

Opinions may differ as to how much of the total is self-supporting, but the amounts expended in the construction of railways (£26,154,970), in the purchase of Native lands (£2,715,217), in the acquirement of lands for settlements (£6,318,638), are of this natuie ; and the amounts spent on telegraph and telephone lines (£1,601,767), loans to local bodies (£3,507,000), and Reserve Fund securities (£800,000) must be considered as revenue-producing. Other amounts, such as those expended in purchasing the Bank of New Zealand shares, £500,000, and for advances to settlers and workers, £9,203,815, bring in more income than is paid out for interest. The net debt amounted to £82,193,310, and was made up of — £ £ £ Public debt ... ... ... ... 66,793,360 Less 1,448,675 65,344,685 New Zealand State-guaranteed Advances debt 17,560,553 „ 711,928 16,848,625 Total net debt ... ... ... ... ... ... £82,193,310 INCEEASE IN ODE INDEBTEDNESS. The public debt was increased by £3,275,791 during the year. The increases were for — State-guaranteed Debt— £ £ j 25,000 at 3J per cent., Dominion. Land for settlements ... ... 410,700 j 363,200 at 3f ( 22,500 at 4 Advances to settlers 792,946 l?!!'^ B, *!* v \ London - (4ls,ooo. Bank rate varying. 1325,000 at 3£ per cent., Dominion, Advances to workers ... ... 471,169 \ 46,169 at 3* „ London. (100,000 at 3f „ Dominion. Local authorities 222,000 { 2 }q' 000 at 3f Native-land settlement ... 254,500 {^'500 at 3* Guaranteed mining ... ... 5,000 at 3f „ „ £2,156,315 Public WorksAid to Public Works and Land Settlement Act, 1910 ... 181,650 at 3£ per cent., London. Aid to Public Works and Land 1 , nnn j 100,000 at 3f „ Dominion. Settlement Act, 1911... ... I * ou > uuu ■•• (350,000 at S\ „ London. Hutt Eailway and Eoad Improvement Acts, 1903-5-7-10 ... 5,190 at 4 „ Dominion. Government Bail ways Amend- ] 00 o-n j -10,000 at 3J ment Act, 1910 J dc> ' aou •" \ 23,850 at 4 Miscellaneous — New Zealand Consols Act, 1908 ... 11,945 \§ l ]f Q Jj f Dominion. Naval Defence Act, 1909 ... 279,750 at 3£ London. Paeroa-Waihi Eailway Ace. 1903... 6,036 at 3 „ , . . . innQ or . nnn ! 10,000 at 3i „ Dominion. Coal-mmes Act, 1908 20,000 10 000 at 3^ Scenery Preservation Act, 1903 ... 5,000 at 3f „ ,' * Increase by conversion ... 126,505 £1,119,926 Less redemptions— Maori Land Settlement Act, 1905, £450 450 ... 1,119,476 Total increase for 1911-12 ... ... ... ...£3,275,791

ii—B. 6,

X

8.—6

Details of the terms of loans and of the cost of raising loans will be found in parliamentary paper 8.-18 c. A prospectus of the recent £4,500,000 loan will be laid on the table of the House. It is evident that we have had of late to pay a higher rate of interest for our loans, and that there is little prospect of the interest-rate falling in the immediate future. A remarkable indication of the increasing value of money is afforded by the rate obtained for new capital issues in London during 1911. This amounted to about £192,000,000. The average rate of interest payable on the amount of over £128,000,000 invested in bonds and debentures was £4 12s. per cent., and the interest on over £20,000,000 of preference stock and shares was £5 15s. per cent. It is therefore reasonable to assume that the rate of interest on our future loans will rise. PUBLIC DEBT EXTINCTION. The period fixed for the extinction of all our loans is seventy-five years; the annual contributions to the sinking fund are to be paid out of the Consolidated Kevenue, and the accumulated moneys, until they are required for the repayment of the public loans, are to be invested in loans to settlers and workers, and to local authorities. Last year, for investment on account of public debt extinction, there was paid over by the Treasury to the Superintendent of the Advances Office an amount of £144,885 ; for the current year the amount will be £149,343. Although this amount is large—and it will grow larger as our obligations grow—the burden is a necessary consequence of our resolution to provide for the repayment of all our debts. The burden thus imposed, however, upon the Consolidated Fund will scarcely be felt, as it involves only a slight addition to what was paid out of the Consolidated Fund before the passing of the Public Debt Extinction Act, 1910. Previously the Treasury paid over to the Public Trustee the amounts required each year as contributions to the sinking funds for the liquidation of the war and defence loans and for the repayment of the moneys raised for loans to local bodies. By the terms of the Act these payments ceased on the 28th September, 1910, when the total accumulations of the sinking funds in the hands of the Public Trustee amounted to £992,292. The interest thereon which, under the Public Debt Extinction Act, 1910, is to be paid into the Consolidated Fund, was last year £41,089. The amounts paid to the Public Trustee for the last complete year in which they were payable were: for the sinking fund for the war and defence loans, £39,950; for the Loans to Local Bodies' Sinking Fund, £52,358. Last year, therefore, the Consolidated Fund profited by the total of the three sums just named—that is, by £133,997 ; while it had to provide £144,885 for the Public Debt Extinction Fund—that is, the extra contribution to be made by the Consolidated Fund, in addition to what was paid before 1910, was less than £11,000. Moreover, up to the present the cost of administration has been nil. After a few years it will be fair to allow an annual sum out of the interest earned to be paid to the Advances Office for looking after and investing the funds. • ADVANCES TO SETTLERS, WORKERS, AND LOCAL AUTHORITIES. The amounts of the loans paid over last year by the Advances Office were— £ To settlers .. .. .. .. .. 2,174,085 To workers .. .. .. .. .. 543,840 To local authorities .. .. .. .. 871,735 The total advanced since the Department began business is— £ To settlers .. .. .. . . . . 12,722,055 To workers .. .. .. . . . . 1,821,605 To local authorities .. .. .. .. 1,406,195

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The total loans raised for each branch up to 31st March last was — £ Settlers .. .. .. . . .. 7,747,881* Workers .. .. .. .. .. 1,315,933* Local authorities .. .. .. .. 1,597,000 Loans raised during the past year for the different branches were — £ Settlers .. . . .. .. .. 652,946 Workers .. .. .. .. .. 471,168 Local authorities .. .. .. .. 222,000 The business of the present year will not be nearly so great as that of last. As the number of applications made exceeded the funds'available the Board gave preference to loans of £500 or under, as required by the Act, and to loans to settlers for improvements or for purchasing property for personal occupation rather than for paying off mortgages or buying property for speculation purposes. * Does not include the following moneys received too late for inclusion in balance: on account of advances to settlers, £20,000; to workers, £120,000. Eepayments of mortgages and instalments of principal during the year were as follows: — Advances to Settlers Branch .... .... £1,018,286. Advances to Workers Branch .... .... £78,852. The whole of the repayments were reinvested, the interest on loans being paid out of Interest Account. Local Authorities Branch .... .... .... £10,283. These moneys were reinvested, but capital moneys had to be resorted to to provide a sum of £10,578 to make up the net loss of this Branch on the year's working. The large sums in repayments now being received will enable the more pressing applications for loans to be met with but little borrowed money. If loans are confined, as they have been since last April, to applicants who desire to improve their properties, or to build or acquire homes for themselves, and the limit of £500 is retained, there will probably not be any necessity to borrow in London for the office during the present financial year. In the course of, say, ten years the office should, with its large repayments and the contributions of sinking funds, for which there is of course no interest to pay, do without loans altogether. LOANS TO LOCAL AUTHORITIES. The Old System. In order to understand the present position a review of the past is necessary. In 1886, by the Government Loans to Local Bodies Act, authority was given to borrow up to £200,000 per annum and to lend to local bodies under certain restrictions. The local bodies were to pay for this money 5 per cent, for twenty-six years. Authority was given for Parliament to appropriate 2 per cent, from the consolidated revenue as a sinking fund for repayment of the| amounts borrowed, but no amount was ever set aside for this purpose under thatjAct. By the Amendment Act of 1892 this provision was repealed, and £1 10s. per cent, was to be paid out of the Consolidated Fund, and 10s. per cent, out of the Land Transfer^Assurance Fund in the hands of the Public Trustee. This 2 per cent, was to by the Public Trustee as a sinking fund, and applied to the repaymentjof the moneys borrowed for lending to local bodies. It was then believed^ that the Land Transfer Assurance Fund would never be required for its original purpose; and, as by accumulation the amount of it was becoming unnecessarily large, it was considered that it would be a desirable thing to use some of it in this way. By the amending Act of 1899 the term of loans to was made optional; it might be twenty-six, thirty-two, or forty-one it was twenty-six years only. The rate of interest was to be 4|-, 4, or 3J per cent. according to the term. The sinking fund to be paid to the Public Trustee out

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of the Consolidated Fund on the new terms of thirty-two and forty-one years was to be 1 per cent, for the thirty-two-years loans and 10s. per cent, for the forty-one-years loans. By the amending Act of 1900 the rate of interest on the old twenty - eix-years loans then in existence was reduced to 4J per cent. By the Local Bodies' Loans Act, 1901, section 96, the contributions to the sinking fund to be paid to the" Public Trustee out of the Consolidated Fund were to be on twenty-six-years loansj£2 per cent., on thirty-two-years loans £1 10s., and on forty-one-years loans £1. This Act repealed the provision of the [1892 Act appropriating 10s. per cent, per annum from the Land Transfer Assurance Fund; the whole of the sinking fund was to be thereafter foiirid by the Consolidated Fund. By the amending Act of 1903 rates of interest on loans were raised to 5 per cent, for twenty-six-years loans, 4J per cent, for thirty-two-years loans, and 4 per cent, for forty-one-years loans. By the 1907 amending Act the rates were again reduced to 4|, 4, and 3J per cent, respectively. The Present System. This was inaugurated by the New Zealand State-guaranteed Advances Act, 1909. The Superintendent was authorized to raise up to £1,000,000 a year for loans to local bodies. There was no restriction on the amount that could be borrowed by any local authority. The money was to be lent at the same rate as that at which it was borrowed, a charge of 10s. per cent, commission only being made. The loans were to be repaid by instalments, including principal and interest. Under the present system local bodies for the most part obtain loans having a term of 36J years. If money is borrowed at 3| per cent., the annual instalments payable by the local bodies for each £100 amount to £4 17s. 6d., and if at 3| per cent, to £5 Is. The payments provide for interest and sinking fund, so that the whole loan is by these instalments extinguished at the end of the term. The procedure for raising loans has been greatly simplified. So numerous have applications been that the Board has had to reduce the maximum loan to £5,000 for each body, and to give preference to smaller local bodies. The total amount provisionally approved or finally granted has been in two years £2,491,417 — in 1910-11, £1,448,934; and in 1911-12, £1,042,483. As some of the loans are to be obtained by instalments extending over two or three years (interest being paid only on moneys received), it has been the practice to enter into engagements in anticipation, before moneys are raised. Provisional approval of an application does not bind the Advances Board to lend, and if everything is not in order, or if the Board has not the money in hand, or if it has to raise it at a higher rate than that at which it has been provisionally approved, the Board can in the end decline the loan or charge a higher rate. Until November last money was obtainable at 3J per cent, for lending to local bodies, but since then the Board has had to pay 3| per cent. As many local bodies had applied for loans to be paid over by instalments during the next two or three years at the lower rate, and have made all arrangements accordingly, including the taking of polls authorizing the raising of the moneys at that rate, it is considered a hardship for them to go through the process a second time in order to obtain authority to pay the higher rate, and a Bill will be introduced to make the original proceedings operative. The enormous demand for moneys by local authorities, as shown by the numerous applications to the Advances Office, makes it impossible that the State can find all that is required. It is considered that the amount that can be raised by the Government should be reserved for the smaller and more impecunious local authorities which have no experience in raising loans. Accordingly the Government has under consideration a modified system of loans to local bodies, somewhat resembling the old system under which the smaller and weaker local bodies would for urgent work connected with roads and bridges receive loans at a comparatively low rate, the State bearing a portion of the burden of providing for the interest and sinking fund ; such a policy would, it is evident, relieve the roads and bridges votes on the public-works estimates.

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PUBLIC SERVICE SUPERANNUATION FUND. The income during the year ended 31st December, 1911, amounted to £134,165 17s. Id., including £23,000, annual subsidy from the Government. The amount contributed by members of the fund during the year was £98,288 Is. 9d., the balance of the income being made up of interest, £12,645 17s. 3d., and fines, £231 18s. Id. The total outgo for the year was £56,377 19s. 4d. This includes allowances to members and to widows and children of deceased members, £44,173 Bs. 7d, as against £36,009 17s. 3d. for the previous year; contributions refunded, £7,714 11s. 9d.; compensation, £3,170 10s. sd. ; and expenses, £1,319 Bs. 7d. The total value of the fund at the end of the year was £341,735 17s. 9d., an increase of £77,787 17s. 9d. on the total at the close of the year 1910. The number of contributors at the beginning of the year was 8,371, and 1,253 new contributors have since joined. The number of officers who ceased to contribute during the year by reason of having left the service, retired on pension, or died, was 484, leaving a total of 9,140 effective members of the fund at the end of the year. There were 343 members in receipt of retiring-allowances by reason of age or length of service, and 95 by reason of medical unfitness, or of injuries received whilst on duty. The number of widows and children on the fund was 77 and 59 respectively. In consequence of the large and increasing amount of money which had remained uninvested and unproductive in the hands of the Public Trustee, it had been decided, before the present Government came into office, to allow the whole of the moneys belonging to the fund to be taken into the Common Fund of the Public Trust Office at a fixed rate of 4J per cent, per annum. This rate is lower than could be earned by investment on mortgage, but, on the other hand, the capital is guaranteed, and the money will bear interest as soon as it is received by the Public Trustee. The actuarial examination of the fund for the first triennium, prescribed by section 48 of the Act, was made last year, and the Actuary's report was laid before Parliament during the short session held early this year. The report states that, "in addition to the annual subsidy of £23,000 now being paid, further subsidies of £20,000, £24,E00, and £29,000 will be the minimum likely to be required for the years 1911, 1912, and 1913 respectively." The Actuary " recommends that the most satisfactory course will be to strike a fair average subsidy for the next three years, and make it £48,000 per annum for the triennium." This would mean an increase of £25,000 on the present contribution by the State. Legislation if necessary will be introduced during the present session to increase the annual subsidy in accordance with the Actuary's report. The report points out that the subsidies must increase for some years, the future limit probably being between £80,000 and £90,000. The Actuary, in his report, says that " the original data supplied to me contained approximately not more than three-fourths of the contributors who actually joined the scheme at the outset. I am not aware that any one was to blame in the matter; the result was probably due to bringing classes of public servants into the scheme not originally contemplated." If the original data supplied were incorrect, it is to be regretted, and I will have inquiries made to ascertain the facts. If the estimates of the Actuary were " understated," as he says they were, then it is evident that any attempts to add further concessions will produce their natural result—namely, the over-loading of the fund. It is in my opinion essential that these attempts in the future should be firmly dealt with. *- TEACHERS , SUPERANNUATION FUND. The actuarial examination of this fund has been completed, with the result that the Actuary reports that, in addition to the annual subsidy of £7,000 now being paid, further subsidies of £7,720, £10,090, and £12,520 will be the minimum likely to be required for the years 1911, 1912, and 1913 respectively, and he recommends that the present subsidy be increased by £10,000 per annum for each year of the current triennium. The necessary provision will be made to meet this added responsibility. RAILWAYS SUPERANNUATION FUND. The long continuous Ministry which went out of office only a few months ago resisted any attempt to have an actuarial investigation of the Kailways Superannuation Fund. The Government has no intention of destroying the benefits derivable

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by the railway employees through the operation of the Act which provides for their superannuation. samejime, wise that the country should know when it enters upon these schemes what responsibilities they entail, and Parliament should make provision, that the charges which must ultimately come upon the taxpayer should be known, in order that the taxpayer of the day should shoulder his fair share of the burden and not leave the whole liability to posteiity. With this end in view, the Government intends to have an actuarial examination of the Railway Superannuation Fund made, thus bringing it into line in this respect with the Public Service and Teachers' Superannuation schemes. LEGISLATIVE COUNCIL REFORM. The Legislative Council Act of 1891 provided that thereafter appointments, which under the Constitution Act had been for life, should be for a term of seven years. Of the members appointed for life before 1891, only seven now have seats, and there are thirty-two members appointed for fixed terms. The principal objection to the basis established by the Constitution Act was that members holding life appointments were not sufficiently impressed with the importance of political changes desired by the constituencies and advocated by members elected to the House. Whatever may have been the force of that objection, the method adopted in 1891 has proved to be even more unsatisfactory in its results. After a trial of tAventy-one years that method stands condemned. The alternative which the country now demands is the direct election of the second chamber by the vote of the people, and to effect that change a Bill has been prepared, which will be introduced in the Council during the present week. That Bill creates two constituencies—the North Island and the South Island, the latter including Stewart Island. The total number of Councillors to be ultimately elected is fixed at forty—twenty from each Island. The elections will be held on the same day as those for the House of Representatives, and at the same polling-booths, separate Returning Officers being employed as in the case of the licensing polls. Every elector entitled to vote in an election for the House of Representatives will be entitled to vote in the election of Legislative Councillors, each elector voting for the latter purpose in the same electoral district in which he is entitled to vote for the election of the House. The electoral rolls for the House in each Island will thus constitute in the aggregate the electoral roll for the election of Legislative Councillors in that Island. The election of Legislative Councillors will be held under the proportional system. Each elected Councillor will hold his seat for the term of two Parliaments of the House of Representatives, one-half of the total number retiring at each election. At the first election held under this system ten members only from each Island will be elected, and at the second election a further number of ten from each Island; and the twenty elected at the first election will retire at the third or next election, and so on. Provision will be made for the filling of casual vacancies. The qualification for election to the Council will be exactly the same as that for election to the House. The present nominated members will continue to hold their seats until the expiration of the respective terms of their existing appointments. The continuance to this extent of the nominative system is necessary; but during the period which must thereby elapse before the expiration of the terms of members appointed by the Governor it is believed that the effective force derived from direct representation will have great influence on the deliberations of the Council. Due provision will be made for preserving the full exclusive privileges of the House of Representatives in all matters involving finance. It is impossible here to further summarize the details of the measure, which will shortly be in the hands of honourable members. With regard to the area of the electorates, the Government lias a precedent in the elections to the Senate of the Commonwealth of Australia,, in which each State forms an electorate ; and with respect to election by proportional voting we have precedents in Tasmania and South Africa. The practical application of the system of proportional representation to electorates returning twenty members presents certain difficulties, the chief

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objection being the necessary diminution of the quota. The alternative is to subdivide each island into several fairly equal large electorates, each conterminous with the aggregate of particular electorates of the House. A definition of the subdivisions in such a manner as to secure real community of interest within the boundaries of each electorate is perhaps possible, but there is grave danger of failure if, at the first election, many electors should find themselves separated by a boundary from those with whom they ought properly to be joined in the choice of their councillors. In the report of the English Koyal Commission presented to the Imperial Parliament in the year 1910 will be found a lucid exposition of the principles of proportional representation, and of the several systems adopted by the countries in which it is in force. BLECTOEAL REFOEM. The Government is fully sensible of the great necessity for electoral reform, and in due course a measure will be submitted for the consideration of members by which the system of second ballots will be repealed and another method of election substituted. FINANCE REFORM. State-guaranteed Advances Act. An amendment of the Advances Act will be submitted handing back to the office for investment the funds now held by the Public Trustee. The repayment of the moneys borrowed by the office will be provided for in the same sinking fund as the rest of the public debt. The principal moneys repaid by instalments by present mortgagors will thus be made immediately available for advances to now borrowers, and the necessity for further borrowing in London to supply the annual needs of the Department will be considerably lessened. Loans falling due. The loans falling due during the next seven years are as follows :— £ From Ist May to 31st March, 1913 . . .. . 3,298,666 Year ending 31st March, 1914 .. .. .. 1,777,700 1915 . . . . . . 9,830,865 1916 . . . . . . 4,259,702 1917 . . . . .. 1,885,240 1918 .. . . .. 724,290 1919 . . . . .. 1,400,015 Total.. .. .. .. .. £23,176,478 Of these loans there is payable in-— & London ... .... ... ... ... 10,568,550 Australia ... ... .... ... .... 2,133,550 New Zealand .... .... ... .... .... 10,474,378 Of the £3,298,666 falling due this yeaj, honourable members will be pleased to know that I have arranged for the renewal of £800,000 due Ist August at 3j per cent, at par, and for the renewal of £1,744,066 due at various dates at 3| per cent, at par, and that I have every reason to believe that the negotiations for the remainder will be satisfactorily settled. The £9,830,865 due in 1915 includes £3,142,600 of the £5,000,000 loan not yet converted. If further conversions take place, then the £9,830,865 will be correspondingly reduced. Loan Consolidation. The consolidation of our short-dated debentures has given me grave concern. It will be seen from the above table that during the years a very large portion of our public debt will require either to be renewed or to be paid off by fresh loans, and arrangements will need to be made accordingly.

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The Government does not approve of the issue of short-dated debentures for this country's loans, and is of opinion that a comprehensive scheme for converting them into stock is very necessary. At present there are three kinds of stock—4 per cent., maturing in 1929 ; 3j per cent., maturing in 1940 ; 3 per cent., maturing in 1945. The Government proposes to provide for the short-dated debentures soon to become duo by creating a further issuo of stock at 3f per cent., maturing in not less than twenty years', time. Transfers from Consolidated Fund to Public Works Fund. The total amount transferred since 1891 and up to 31st March, 1911, from Consolidated Fund to Public Works Fund was £8,030,000. Details of these transfers were given in 8.-6, 1911. During last year a further sum of £500,000 was so transferred, bringing the total up to £8,530,000. This large amount has not been allotted to any particular class of expenditure. It seems to me advisable that this should be done, and inquiries will be made to ascertain if such definite allotment can be made. PUBLIC ACCOUNTS COMMITTEE. I have for some time felt that under the order of reference guiding its proceedings in the past the Public Accounts Committee has not been able to render that service to Parliament and the country which a responsible body of men like those constituting that Committee might have rendered. I am pleased to say that the Government will amend the order of reference, so as to give to the Public Accounts Committee the power to call for persons and papers. The order of reference with the above addition will be sufficiently wide to enable the Minister of Finance to submit to the Committee the estimates of revenue and expenditure, both for the Consolidated Fund and the Public Works Fund, for its advice. Indeed, it is the wish of the Government that the Public Accounts Committee should have much more responsibility than in the past. I have no doubt the members will accept this proposal in no party spirit, and that they will by their advice render material assistance in the economical administration of the country's finances. The Union of South Africa has adopted the principle of submitting a section of the estimates for consideration by the Public Accounts Committee. In his Budget speech during the session of 1912, the Finance Minister, the Hon. Mr. H. C. Hull, states, " I viewed with some misgivings the adoption last year of this practice of interposing a parliamentary Select Committee between the Government and the House in matters of public expenditure, which are essentially the most important of any Government's responsibilities. But my experience of the working of this system in practice has caused me to modify my views very considerably, and I cordially acknowledge the value of the Committee's work, which I can see is destined to prove a source of strength to the Treasury in its efforts to check extravagance of public money." DETAILS OF PUBLIC ACCOUNTS. The members of the present Government, when in opposition, realized the necessity for placing before members of Parliament every possible detail of public expenditure. lam pleased to say that the late Government made a commencement with this policy. The details of the public expenditure are now in the hands of the Printer, and as soon as they are available they will be laid before honourable members. LOCAL GOVERNMENT BILL. During the course of three weeks, and with so much to do, the Government has not had time to go into the details of a Local Government Bill. The measure drafted by the previous Administration has many good points, but there are practical difficulties which prevented its adoption. During the recess it is intended to go carefully into the many difficult questions which must arise in the preparation of a well-thought-out scheme, and it is hoped that next year a satisfactory measure dealing with local government will be introduced.

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It is so essential that something should be done at once to replace the present method of assisting local bodies to construct their roads and bridges by a sounder system of finance, that the Government has decided to introduce this year a short Bill dealing with the financial aspect of the question. The Bill will provide that local bodies shall be classified according to their needs, and according to the measure of their own efforts to meet these wants. Government will propose, out of public-works moneys raised for the purpose, to pay over to the local bodies sums which they themselves may spend on necessary works. The sums allotted to the most needy will be larger than those paid to the next class, and so on. These subsidies, it is hoped, will diminish the roads-and-bridges votes on the public-works estimates, and finally do away with them altogether. PEOCBBDS OF LAND SALES. For some years past the proceeds of the sales of land, both for cash and on deferred payments, have been paid into the Consolidated Fund. That the landed estate of the Crown should be sold, and the proceeds used as ordinary revenue is unsound finance, and I propose to reform this by transferring the proceeds of sales oHand from the Consolidated Fund to the Land for Settlement Account, which will thereby be strengthened and rendered less dependent on borrowed money; the change should be welcome to those who believe that the practice of the pasb cannot be justified, and to those who are disposed to welcome any reform that will promote land settlement. POST AND TELEGEAPH DEPAETMENT. The revenue of the Post and Telegraph Department continues to show a steady increase. It exceeds the expenditure for the year by £98,798 18s. 6d. Savingsbank deposits reached the sum of £11,627,367 14s. 3d., and the amount of interest allowed to depositors was £472,874 18s. sd. The total amount now standing to credit of depositors is £15,543,186 16s. Bd., equal to £14 9s. Id. per head of the population of the Dominion. Money-orders were issued to the value of £2,759,393 Bs. 5d., and postal notes to the value of £565,090 Bs. 6d. The revenue from telephone exchanges was £179,123 18s. Bd. Mail contracts for the ensuing triennium will be re-let from the beginning of next year. In calling for tenders particular attention will be paid to the wants of settlers in remote districts, and the fullest consideration will be given to the extension of the rural-delivery system. Where it is found that conditions warrant the employment of self-propelled vehicles, these will be adopted. The question, however, is one which requires to be approached with caution. A considerable extension of the parcel-post system is contemplated. The Chief Electrician of the Department has returned from America and Europe after investigating the most modern developments of the telephone system. As the result of his recommendations, the establishment of automatic telephone exchanges in the four large centres and elsewhere is contemplated. It is proposed to spread the work over a period of about five years. There has been considerable telephone-exchange extension during the year, and thirteen new exchanges were opened. Provision has been made for party-line telephone services, by which a number of , subscribers may be connected with the same wire at reduced rates, the Department bearing the capital cost of the wire to a much greater distance than formerly. This is found to meet the requirements of many who have hitherto felt the charges too heavy, and the service is being used to a large extent. Demands for telephone communication between centres of population continue to be made, and where these facilities are found to be necessary every effort is made to provide circuits to enable conversations to be obtained with as much promptitude and satisfaction as are practicable. The net expenditure out of the Public Works Fund for telegraph-extension was £147,692 6s. Bd. During the year constructionworks were carried out totalling 489 miles of poles and 2,153 miles of wire. Considerable maintenance-work was undertaken, several sections of line, about 1,364 miles in all, having been overhauled and strengthened.

iii—B. 6.

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During the year 114 new telegraph-offices were opened. The great importance of wireless telegraphy warrants the exertion of special efforts to complete the system in this Dominion. The station in the Post Office tower at Wellington has been doing excellent work. The permanent station on the Tinakori Hills will be ready immediately. It is expected that when it is in operation the facilities for communications between ship and shore will be considerably improved. The experience gained in wireless telegraphy has satisfied the Postmaster-General .that a wireless station with a radius of about 250 miles during the day and 500 miles at night can be erected on of the Auckland new post-office. The work is now in hand, and the station should be in working-order by September. The contractors for the high-power station at Awanui, near Doubtless Bay, which is to have a daylight range of 1,250 miles, have been at work for some time upon the erection of the masts and apparatus, [and no great time should elapse before the station is ready for trial. The site of the high-power station at the Bluff has been chosen and surveyed for foundations and buildings, which will be begun soon. It is expected that the contractor will commence the installation of the Bluff Station on completion of the work at Awanui. The remaining stations to be considered are one at Westport or Greymouth, one' at the Chatham Islands, and a medium-power station at Rarotonga ? to work in conjunction with the stations at Fiji and with one to be erected by the French Government at Tahiti. With a view to a practical solution of the difficulty which exists in providing telephone-offices for country settlers, it has been decided that in future the Post Office will bear two-thirds, instead of one-half, of the annual loss on lines subsidized by settlers. PUBLIC SEEVICE REFORM. The state of the Public Service demands the careful consideration of Parliament. The Dominion is fortunate in possessing many public officers of superior talent who in serving the State are actuated by a high sense of duty. Nevertheless it is well known that many appointments have been made to Departments without due consideration being given to the merits of applicants. Any system which gives to members of the Executive the power of selecting many of those who are to occupy posts in the Public Service tends to produce inefficiency, a lack of uniformity and of discipline, as well as discontent in the ranks of the employees of the State. Legislation will be introduced which aims at the destruction of political patronage. It will provide for the adoption of the principle embodied in the laws which regulate the Public Service of the Commonwealth of Australia and of some of the Australian States. A Commissioner will be appointed who, with his assistants, will be responsible to Parliament for appointments to the Service, for promotions in the Service, and for the general organization of the various departmental staffs. Provision will be made for the encouragement of merit, and for the introduction of some uniform principles governing promotions, increases of salary, holiday and sick leave, and otner matters pertaining to the good government of the Service. The opportunities of advancement for yqung men of ability will be multiplied by extending the sphere within which promotions may take place. For instance, instead of an officer's prospect of promotion being limited to his own Department, he will be given greater facilities for becoming a candidate for advancement in other branches of the Service. The alterations which will be made by the proposed legislation will not necessitate either dismissals from the Service or reductions in pay, but they will have the effect of making it more attractive to the youth of the Dominion, and of enabling the State to retain the services of many men who are tempted to leave because of superior attractions offered by a professional and mercantile life outside. In* the meantime the Government has foundj,itself compelled immediately to make provision for an increased supply of cadets. The Civil Service Act requires that persons appointed to the Civil Service shall enter the service as cadets, only after competitive examination as provided by the Act —such appointments to he,

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made in order of merit as ascertained by the examination. Upon the list existing to-day there are only two male cadets eligible for appointment to any Department in order of merit. There are seven more who, having previously declined appointments, have at their request since been reinstated on the list; and there are nineteen who have limited their applications to special Departments. It will be seen that, excluding the nineteen eligible for special Departments, there are now only nine male cadets who can enter the service under the present regulations. It is probable that the opportunities and commencing salaries offered by mercantile institutions are now found more attractive to young men than the service of the Dominion. The immediate difficulty may be met by the issue of amended regulations, permitting the entry of young men who, by a slight modification of the conditions for a pass in the last examination, may be considered to have reached the required standard. But some means must be found to make the Public Service permanently more attractive to young men, and it will probably be found necessary to increase the salaries at present paid during the first year of service. The Government has invited the advice and co-operation of the heads of Departments, and records with the greatest satisfaction the spirit in which its invitation has been met. The heads of all the unclassified Departments of the Public Service ha*ve held meetings, and have joined in recommendations to the Government, the general effect of which will be laid before Parliament during the present session if legislation is proposed on the subject. Advantage has been taken of this conference of the heads of Departments to arrange a method by which the increases of salaries proposed to Parliament for the officers of unclassified Departments in the current year shall be uniformly dealt with. Hitherto each head of Department has submitted independently to the Minister of that Department the proposals for the increases of salaries in his own Department. Such proposed increases have been considered in the past —first, by the Minister of the Department, and then by Cabinet, before submission to Parliament; but it is manifest that under that method the personal equation was too largely involved, and, rightly or wrongly, the officers of some Departments considered that in their claims to increases they had not, in comparison with the officers of other Departments, equal advantages of advocacy. The heads of all unclassified Departments have now agreed to nominate a small advisory committee, the members of which have already conferred with the Minister upon all proposed increases, which are to be adjusted, if necessary, in accordance with their advice. By this means it is intended to effect uniformity in the presentation to Parliament of the claims of officers of the Service to increases, and thereby effectually remove whatever discontent in this respect has been hitherto felt in the Service. RAILWAYS. A full statement of the position of the railways of New Zealand and the future policy to be pursued with regard to them will be given to members in the Railways Statement. Mr. T. Ronayne, after seventeen years' faithful service as General Manager, and thirty-seven years' service in the Public Service of the Dominion, is retiring in January next, and the Government has determined to invite applications in London for the position of General Manager to fill Mr. Ronayne's place. RAILWAY CONSTRUCTION. The construction of main lines of railway will be prosecuted with such vigour as the funds at the disposal of the Government will permit. As to other lines of railway, it is proposed to try the experiment of adopting some cheaper form of construction without altering the present gauge. CUSTOMS. The Government has decided that, owing to the short time at its disposal, there is no likelihood of its being able to introduce into the House this session any proposal to revise the Customs tariff. Whilst fully sensible of the many anomalies that exist at the present time, and of the necessity of stimulating the engineering, ironworking, and other manufacturing enterprises of the Dominion, the Government

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believes that the subject is too intricate and of too far-reaching importance to be dealt with hurriedly and without due caution. Negotiations between the New Zealand Government and the Prime Minister of the Commonwealth of Australia will be continued with a view to bringing about, if possible, a closer trade relationship between the two countries. The Canadian Minister for Trade and Commerce will be visiting Australia in March of next year, and the New Zealand Government will propose that at the time of his visit the Ministers for Trade and Customs of the four oversea Dominions—Canada, Australia, South Africa, and New Zealand— should hold a conference to discuss the question of inter-trade relations. From information in possession of the Customs Department it would seem to be both necessary and desirable that an officer of the Department should be sent Home for the purpose of safeguarding the interests of New Zealand. The Commonwealth of Australia has three officers to represent it in London, and it is felt that great saving would be effected if we followed its example. The Customs Department has reason to believe that foreign-made shoddy goods are being imported into New Zealand as British; hence in addition to safeguards afforded by the advice that such an officer might be able to tender to the New Zealand Government, it is proposed to introduce a Trade Descriptions Bill which shall effectually prevent the importation of shoddy goods unless such goods have an accurate trade description disclosing, if necessary, the quality of the material of which the goods are made and the country of origin. OIL-BORING MACHINERY. In the Financial Statement of 1911 the Government promised to admit free of duty machinery for the development of the oilfields, or to make provision on the estimates for the remission of the duty on such machinery. No definite indication was given as to the time during which free admission was to continue, nor was the nature of the articles to be embraced by the term "plant" definitely specified. This promise the Government desires to announce will be carried out so far as it relates to all machinery and all plant declared for oil-boring purposes, provided it can be shown to the satisfaction of the Collector of Customs to have been ordered since the Bth September, 1911, and prior to the 26th July, 1912. PREFERENCE TO BRITISH MANUFACTURES. As no duty is paid upon goods imported by the Government, or supplied by tenderers to the Government at the ship's side, the advantage to British manufacturers which it was intended to afford by the rates of duty prescribed in the Customs Duties Act can, in the case of Government contracts for goods to be imported, only be provided by the establishment of a special rule applicable to all Departments. It has already become the practice in some Departments, when deciding upon the acceptance of tenders for Government supplies, not necessarily to accept the lowest tender if offering goods of foreign manufacture where the amount of such tender, with the addition of the extra duty payable upon the same goods imported for private purchasers, would not be less than the lowest tender offering goods of British manufacture. The Government now thinks it advisable to lay down a general rule governing all purchases of Government supplies and the acceptance of all Government tenders. A direction has been issued that in all such cases there shall be added the equivalent of the excess duty to the price of all goods of foreign manufacture, and unless the price to be paid for the goods of British manufacture then considerably exceeds the price for the foreign goods the British tender is to be accepted. Where there are special advantages in the quality or character of the foreign goods the rule may be departed from ; but in such cases, before the tender is accepted or the purchase is completed, a report is to be made to the Minister detailing the special reasons for the departure. SHIPPING AND SEAMEN AMENDMENT BILL. Prior to the passing of the Imperial Maritime Conventions Act, which deals with matters relating to collisions and salvage, the Secretary of State forwarded copies of the International Maritime Conventions relating to these matters for the

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opinion of the New Zealand Government. These conventions were submitted to the Crown Law Department, and the Solicitor-General advised that the proper course would be to wait until the necessary legislation touching these points was enacted by the Imperial Parliament. The Secretary of State was informed to that effect, and since then the Imperial Act has been passed. The New Zealand Government proposes to place a similar Act upon the statute-book this session in order to bring about uniformity between the English and New Zealand legislation. The Marine Department has had the fullest investigations made into the efficiency or otherwise of the safety appliances carried on passenger-steamers on the New Zealand coast, and this question is at present under consideration. Provision is being made in the Shipping and Seamen Bill empowering the Governor to make such regulations from time to time as may be necessary for the safety of the public. INCREASE IN THE GRADUATED LAND-TAX. It is not always an easy matter to determine the causes that produce a certain effect, and in all probability by describing one Act of legislation as the sole factor in bringing about a breaking-up of the larger holdings of land one may err, and may overlook other influences which have acted as potently as the graduated land-tax. There can, however, be little doubt that the higher rate of taxation on the owners of large holdings has operated to induce them to break up their properties. The Government has no desire to inflict upon any individual taxation which would be confiscatory, but is determined to bring about a closer settlement of the land, and makes this the most important plank in its policy. To carry this out the graduated land-tax will be amended by altering the present method of graduation, which is deemed inequitable ; it will be replaced by a system which will lessen the graduated tax on estates of £5,000 unimproved value, and which will provide that the graduations shall be regular and increasing with every £1 increase in unimproved value, while increasing the tax payable on estates over £30,000 unimproved value. That the present system is inequitable will be plain from the following table : — Unimproved Value of Tax under New Country Estate. System. Tax under Old System. £ £ s. d. £ s. d. (34,999 .. 158 7 1* .. 109 7 5 (35,000 .. 158 7 3* .. 118 9 9 (39,999 .. 212 4 5* .. 135 8 3 {40,000 . . 212 4 9* .. 200 0 0* * Includes 25 per cent, additional. The total amount of graduated tax derivable from estates of an unimproved value of less than £30,000 will not be increased ; the amount raised from estates which are in excess of that value will be considerably in excess of the amount hitherto paid by those estates. The Bill will provide that the 25 per cent, additional graduated tax which is now imposed Jon estates of £40,000 or more in value shall be made to apply to estates of £30,000 or more in value. Attached to this Statement will be found a table giving some particulars which will enable honourable members to realize the effect of the new Act as compared with the old. Advantage will be taken of this opportunity to grant a concession to widows who are in indifferent circumstances, and who are maintaining families, so that in future they may be relieved within certain limits of payment of land-tax. The graduated land-tax is not considered by the Government the only means of producing closer settlement, and the Land for Settlement and Land Settlement Finance Acts will be utilized to aid the great work of settlement. The Government has also had under consideration the advisability of inducing closer settlement by encouraging the large landowner to break up his estate, and hopes next year to bring in further legislation to effect this purpose.

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VALUATION OF LAND. It is the intention to introduce amendments to the Valuation of Land Act in the direction of securing greater accuracy in distinguishing between the value of land and the value of improvements ; under the existing law it is found impossible in practice to do so. The amendments which will be proposed will enable the land-value and the value of improvements to be apportioned in an equitable manner so as to ensure an assessment fair to the State and to the individual 'owner, and will apportion, more fairly than at present, the burden of taxation between owner and tenant. PENSIONS. It is proposed that in future the administration of all New Zealand pensions shall be placed under one head. In accordance with the promises made by the Government in the past, an amendment to the Old-age Pensions Act providing for the payment of pensions to women at the age of sixty years will be circulated this session. Commencing at the age of sixty years, pensions would be paid on the following scale : Maximum pension at age 60 years, £21 ; age 61 years, £22 ; age 62 years, £23 ; age 63 years, £24 ; age 64 years, £25?; age 65 years, £26. The total number of women who will be afforded relief under this new proposal is estimated at about 10,300. In addition to the above proposal the. Government has under consideration an Invalids Pensionsjßill, designed for the purpose of assisting those unfortunates who have been permanently incapacitated for work either by accident or by reason of being invalids, and who are not in receipt of either an old-age pension or a widow's pension. An amending Bill will be introduced extending the benefits conferred by the Widows Pensions Act of last year to any woman whose husband is an inmate of a mental hospital within the meaning of the Mental Defectives Act, 1911. Payment on account of children born out of New Zealand, but whose parents were, at the time of their birth, domiciled in New Zealand, will also be provided for. Strong feeling having been evinced in connection with the Military Pensions Act of 1911, which compelled many of the old soldiers desirous of obtaining a military pension to comply with the conditions of the Old-age Pensions Act as well as the conditions of the Military Pensions Act, the matter is being carefully inquired into by the Government, and legislation will be submitted during this session to remedy the present condition of affairs. An important amendment to the National Provident Fund Act is also under consideration making specific provision for the co-operative action of employers and employees for the purpose of insuring workers in groups. COOK ISLANDS. It is the intention of the Government to make some endeavour to improve the health of the Natives of the Cook Islands, and so protect the race, by having qualified nurses stationed on each island when the population warrants the adoption of this course. As I have already stated, arrangements are being made to establish wireless telegraphy at the Island of Earotonga, and it is hoped that it may be possible to establish communication with Fanning Island, the cable-station in the Pacific. As soon as time will permit, the Government intends to consider the educational system of the Islands, and hopes to place it upon more advanced and progressive lines. A new Kesident Commissioner will shortly be appointed to fill the place of Captain Smith, whose services have been retained in Wellington for the separate and. better management of the Cook Island affairs. It is intended that the future Commissioner shall have no dealings with the Native Land Court, and, with this end in view, it has been decided to appoint a Judge to preside when necessary in connection with Court matters. A Bill to consolidate and validate the Island Council's enactments will be introduced during the present session.

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THE MAGISTRATES. An attempt will be made during the next session of Parliament to place the Stipendiary Magistrates of the Dominion upon a more satisfactory footing. The responsible nature of the duties performed by these gentlemen warrants the State in paying adequate salaries. In some cases they are underpaid, and no fixed principle appears to have been laid down for regulating the annual increment which the habit of years has led them to expect. For the thirty Magistrates at present employed by the State there are ten different grades of salaries. To place the Magisterial Bench in the same position as Judges of the Supreme Court is not in the existing circumstances practicable ; but there is no reason why the Magistrates should not be classified into, say, two or three divisions, appropriate salaries being fixed by law for those in each division, and the present objectionable system of voting annual increases on the estimates abolished. Such a system would help to remove existing anomalies and any discontent which may exist at the present time, and it would probably induce more men of experience and ability to offer their services as Magistrates. THE MINING INDUSTRY. The gold-mining industry, which has been such a potent factor in the past in promoting the prosperity of New Zealand, will have the sympathetic attention of the Government, and assistance will be afforded wherever it can be demonstrated to be genuinely needed. The same remarks apply to coal-mining. The enormous deposits of coal that are known to exist in various parts of the Dominion should prove a great source of wealth in the future, and are worthy of being effectively developed. STATE COAL-MINES. The Under-Secretary of Mines, on the Ist August, 1912, reported as follows:— " The time has now arrived, however, when further capital should be authorized, and it is accordingly proposed to insert a clause in this year's Coal-mines Amendment Bill to sanction the raising of another £100,000, partly for the purpose of paying the balance of the cost of the development-works at the new mine and partly for repaying to the account the amount that appears in the balance- sheet as sinking and reserve funds and profit, but which has actually been expended in development-works at the new mine." Regarding the question whether the assets are worth their book value or not, he states that a revaluation is now being made by the officers in charge of each mine and depot. Personally, the Under-Secretary considers that " the depots, hulks, &c, are probably full value for the amounts now appearing against them, but the old mines and the briquette-works doubtless are not. The deficiency, however, will probably not be more than about £50,000, so that, even though the amount standing in the balance-sheet as unallocated profits (£50,648 lls. Id.) may have to be written off to cover this deficiency, the Department will still probably have the sinking and reserve funds intact, as well as having written down the capital in the form of ' depreciation ' by over £55,000." The whole question will be fully dealt with when the report on" the revaluation i s handed to the Government. THE HIGH COMMISSIONER'S OFFICE. The Government finds that it has not hitherto been the practice to print the annual reports of the High Commissioner on the general business of his office. As details of loan transactions are not included in the subject-matter of such reports, but are separately dealt with, the Government has decided to have the material parts of the report for the year ending the 31st March, 1912, printed for the use of honourable members; and in future years the same course will be adopted. Honourable members will be enabled to appreciate the methods of business and the cost of management as detailed by the late High Commissioner, and to follow more readily any proposals which may be made by the Government or by the new High Commissioner when he assumes control.

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The number of the London staff under the High Commissioner has increased since the year 1902 from nineteen to forty-eight. The Government has not yet had sufficient opportunity of estimating the advantages of recent transfers of highsalaried officers from New Zealand to the London staff, nor of the increase in the expenditure, but is already satisfied that a thorough reorganization of the system of the office is required, and must be the first business undertaken by the new High Commissioner under the direction of the Government. MENTAL HOSPITALS. Owing to the large increase in the number of patients during the last few years, there has been some overcrowding in our mental hospitals, but active steps have been taken to overcome this. Including the temporary accommodation which has been provided at Motuihi for sixty-one males, the aggregate sleeping-accommodation for males at the mental hospitals is now just sufficient for the number of patients. There is still some overcrowding on the female side, but buildings are in progress, and will shortly be completed, which will relieve this, and give some accommodation to spare. Buildings are in course of erection on the new mental-hospital site at Tokanui, and the Government will pursue a vigorous building programme in anticipation of the natural increase in the number of mental defectives. PUBLIC HEALTH. In the matter of public health, hospitals, and charitable aid, the Government proposes to carry out a policy adapted to the ever-increasing requirements of the country. Owing to the fact that many of our older hospitals have been built of wood, there is likely to be a considerable increase in the expenditure on buildings during the next few years. Nor do the increasing needs of the country render probable any substantial reduction in the cost of hospital maintenance. The Government has in contemplation an extension of our St. Helens hospitals, and the addition of maternity wards to some of our most conveniently situated country hospitals. By these means it will also be possible to increase the yearly supply of trained midwives, who are especially needed in the more remote parts of the Dominion. It is also pioposed to subsidize medical associations with a view to encouraging efficient and active medical men to settle in the backblocks. It is hoped that, with the assistance of the Hospital Boards, an effective campaign against tuberculosis may be begun during the year ; at the same time it is recognized that more stringent precautions must be taken to prevent consumptive immigrants from landing on these shores, and that provision must be made for the detention of refractory consumptive patients who, to the danger of the public, refuse to conform to the precautions considered necessary to pi event the spread of that disease. As regards measures necessary in the interests of the Native race, the registration of Native births and deaths is of paramount importance, and legislation to provide for this is urgently required. By this means it may be possible to stem the Maori infantile mortality, check the practices of tohungas, and ascertain to what extent tuberculosis is responsible for Maori deaths. The excellent work done by district nurses among the Maoris encourages the Government to make additional appointments. The system of subsidizing medical men for service in this branch will also be gone into with a view to placing it on a more comprehensive basis. DEFENCE. Very satisfactory progress has been made under the new Act, and the success of the new scheme of defence may now be considered assured. The task of inaugurating the new scheme has been no light one, and considerable care is being exercised in dealing with the many intricacies that have arisen since its initiation. It has been found necessary to have certain amendments to the Act made to simplify procedure, and still further amendments may be required as the scheme develops. In this connection I would state for the information of honourable members that it has been decided that imprisonment in connection with non-registration will not be resorted to if it can be avoided. An alteration in the law will be asked for

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whereby military detention may be substituted. The House will be asked to approve this amendment at an early opportunity, together with other amendments which, as our experience of the past year has shown us, are necessary to assure the proper working of the scheme. Every effort has been made in the direction of meeting the wishes of employers as well as employees, and it may truly be said that no great hardship has been felt by any of the business firms in the Dominion who employ a large number of hands, through the absence of their employees while undergoing the training laid down in accordance with the Act. I venture to express the opinion that as time'rgoes onjj every young NewZealander will learn to take his military training as": a part of his citizenship, so that, if at any time the necessity should unhappily arise, every man will be found qualified to assist in the defence of his country from foreign aggression. VOLUNTEEES. The Volunteers have been previously thanked for their services in connection with the Defences of this Dominion, and it would, indeed, be impossible adequately to acknowledge the additional debt which New Zealand owes to those officers, noncommissioned officers, and men who have remained in the Force and have given their valuable services towards helping to make the new scheme a success. LIGHTHOUSES. The question of effective lighting on the New Zealand coast has been impressed upon the Government, and close attention is being paid to the matter at the present time. The action of the previous Administration in agreeing to the erection of a light in the vicinity of Terawhiti has been confirmed by the Government, whilst the proposal to erect a new lighthouse at the North Cape, which was agreed to by our predecessors, has been temporarily held over owing to the strong representations which have been made as to the advisability of the light being erected upon the Three Kings. INDUSTRIAL MATTEES. It is very much to be regretted that at the present time there is in New Zealand a certain amount of industrial unrest, and that strikes are much more frequent than was the case some years ago. New Zealand is, of course, no exception in this respect, many other countries having similar troubles. The strikes at Waihi and Reefton have, however, been very serious not only for those districts, but also on account of the loss to the Dominion as a whole; and the loss is not only in money, but in population, quite a number of people from the localities immediately concerned having taken their departure for Australia and othei places. Experience has shown how difficult it is to provide a remedy for such disputes, but no effort is being spared by the Government and the Labour Department to bring about a satisfactory and honourable settlement of the troubles that have occurred. It is intended by the Government to introduce this session an amendment of the Industrial Conciliation and Arbitration Act which will go in the direction of altering the constitution of the Arbitration Court, so that, instead of one Judge of the Arbitration Court, each Supreme Court Judge will preside over the Arbitration Court in the district in which he is resident, except in cases where Dominion awards are asked for or are being dealt with. Instead of making permanent representatives of the employers' associations or industrial workers' unions members of the Court as at present, it is intended to provide for expert representatives from each side in the trade or industry affected, who will sit with the President in the hearing of cases coming before the Court. Another important amendment will be a provision for a secret ballot for the decision of important questions by industrial unions of workers or by employers' associations. There are other matters of comparatively minor importance which will be dealt with in the Bill. We realize that legislation is not always a remedy, but the Government trusts by strict impartiality, and with the assistance of right-thinking people both in Parliament and outside of it, to remove causes of friction and restore industrial peace and prosperity to both classes connected with those industries in which matters are at present in a somewhat unsatisfactory state.

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It should be the object of every State which has the welfare of its wage-earners at heart to set an example in the matter of the treatment of its own employees. The State should, as far as lies within its power, be a model employer; the Government will spare no effort to shoulder its responsibilities in this respect. EXTENSION OF WORKEES , HOMES SCHEMES. It is intended by the Government to ask Parliament for the necessary authority to extend and modify the workers' homes scheme so as to make it apply more satisfactorily to country districts and to the requirements of married farm-workers and others. An amendment of the Loans to Local Bodies Act will be introduced giving County Councils the right to borrow for the purpose of providing workers' homes, so that local authorities, if they feel so inclined, may undertake this very desirable work for themselves; but the Government will also be prepared, on a reasonable guarantee being given by a local body or a certain number of responsible men, to provide homes in suitable localities for persons accustomed to farm work who prefer life in the country to life in the cities or towns. The area of land will be from Ito 10 acres in each case according to the requirements of the occupants. The annual payment will be calculated at 5 per cent, interest, with sufficient sinking fund to pay off the capital value in, say, twenty-five years. It is hoped by these proposals to provide bright and healthy surroundings, and so make country life more attractive to many who are at present crowded into the centres of population. Already the population of the towns and cities exceeds the population of the country districts. This is a state of affairs which must be remedied if prosperity is to continue, and the Government is of opinion that the proposals referred to will increase the number of producers and assist in properly adjusting the population as between town and country. PUBLIC BUILDINGS. " At present we erect buildings out of loan-moneys and if they are destroyed by fire we rebuild them out of loan-moneys." This is an extract from a memorandum by the Under-Secretary for Public Works dated the Bth June last. The Government cannot allow such an unsatisfactory condition of things to continue for a day longer. The matter was submitted to the Government Actuary, and he has recommended that a special sinking fund be established to meet fireinsurance losses, and that £10,000 per annum should be paid out of Consolidated Fund and invested with the Public Trustee, who should be instructed to keep the fund fairly liquid. He further suggests that when the fund reaches £100,000 no further payments need be made out of the Consolidated Fund ; that the State should continue to run the risk as at present of losses that occur until the payments into the fund, accumulated at compound interest, amount to £100,000. The Government has decided to adopt the Actuary's suggestions with the exception of the last one. It is so obviously unsound to replace buildings destroyed by fire out of the Public Works Fund that it has been decided to meet these out of the Consolidated Fund, instead of out of the Public Works Fund as in the past, taking a portion of the cost from the accumulated sinking fund above referred to, but so that the sinking fund is never less than £10,000. With good fortune in respect of fires it is hoped that in a few years time the accumulation of the sinking fund will amount to £100,000, when, the Actuary reports, the contributions from the Consolidated Fund may cease. EOADS AND BEIDGES. The Government are fully impressed with the urgent necessity of improving the means of communication for the settlers in the out-districts. Owing to the financial condition prevailing in Britain it may be necessary to restrict in other directions the expenditure from the Public Works Fund, but every effort will be made to provide not less than the usual amount for the opening-up of the back country and assisting pioneer settlers. LAND LEGISLATION. It will not be possible this session to deal with all the policy matters arising out of the land question, but a|Land Bill will be introduced, which, among other proposals, will include a new method of acquiring land for settlement purposes and of settling such land on the deferred-payment system. There will be no increase

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of the Dominion's indebtedness; the settlers will have security of tenure on easy terms, and landowners will receive a fair price for the land required for closer settlement. The Government is of opinion that the experiment referred to will be well worth trying, and may lead to a more satisfactory method of breaking up large estates than either of the systems in operation at present. There will also be provision for an amendment of the ballot system, so as to check speculation and give preference to those who have failed in two or more ballots. The Government is also impressed with the importance of purchasing land, whether European or Native, in those localities where it is intended to construct railways or where they are already in course of construction. In the past railways have in many cases been carried through large areas of unimproved and unoccupied land, and the consequence has been to increase greatly the value of such land, even though the owners had done little or nothing in the way of improvements. This has been the experience on the North Island Main Trunk Railway, and it will undoubtedly be the experience in other similar cases. It behoves the State, therefore, to secure a sufficient area to enable it to properly participate in any increase of values that may arise from public-works expenditure. If this is done it may be possible from the profits of such transactions to return to the Government a very large proportion of the expenditure incurred in opening up the country by railways or even by roads. The sites of the towns of Te Kuiti and Taumarunui, or any of the other towns in the so-called King Country, might have been purchased before the coming of the railway for only a very small proportion of their present values. Such lessons should not be lost sight of, and they will not be lost sight of by the Government now in power, which, without interfering unnecessarily with the enterprise of individuals, intends to see that the rights of the community are provided for and safeguarded. The Government may not be able to place the whole of its land policy before Parliament during the present session, but it does not intend to depart in the very slightest from the principles it has advocated on this very important subject— namely, settlement, closer settlement, and absolute security of tenure for the settlers. Parliament will be asked next session to give the Crown tenants holding land under leases in perpetuity the option of purchase. The tenants on settlement lands whose tenure is renewable lease are in a different position to tenants whose tenure is lease in perpetuity, but they will also be given the option of purchase at a price to be fixed by actuarial calculation. The money received in this way will be paid into the Land for Settlement Account and used for the purchase of other land-for-settlement purposes, thus reducing the amount of loan-money which otherwise it would be necessary to raise. It is not intended to interfere in any way with endowment lands. It has been the settlement of Crown and Native lands has been very much retarded owing to the lack of surveyors. The Government has decided to increase the number of surveyors and to pay better salaries, in order to obtain the services of more competent men and to prevent the exodus of such men from New Zealand. IBRIGATION IN CENTEAL OTAGO. Along with its scheme of land-settlement, the Government is anxious to make proper provision for irrigation in Central Otago. It recognizes that much of the land in Central Otago is exceedingly fertile, and particularly suitable for fruitgrowing or for the cultivation of such plants as lucerne, always provided that water is available. There is more than a possibility that artesian water may be struck on some of the flats, and tests will be made by boring ; but there is sufficient water already available to irrigate the whole of Otago, and that water should be utilized. The Government is of opinion that with proper management the lands of Central Otago will prove a most valuable asset; but water must be provided, tree-planting must be encouraged, and something must be done in the way of regrassing the hill country either with indigenous grass or with other grasses that may be found suitable to the soil and climate. With proper management the soil and climate of Central Otago should prove a very important source of wealth to the Dominion as a whole, and the district one where many prosperous settlers may be located.

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LAND IN MINING DISTRICTS. There have been many inquiries from men engaged in gold-mining as to the possibility of taking up for agricultural or pastoral purposes land in mining districts which is not required for mining. There are large areas of such land in different parts of New Zealand ; forjinstance, on the Coromandel Peninsula alone it is estimated that there are 250,000 acres of land which would be readily taken up by settlers if opened for settlement with reasonable security of tenure. The Lands Department has been instructed to prepare and submit to the Government a scheme for the more satisfactory settlement of such lands in small areas, and we believe that in several places the two great industries of agriculture and mining can work side by side to the advantage of both and the benefit of the Dominion. SETTLEMENT OF GDM LANDS. For many years gum-digging has been one of our most important industries, though outside the Auckland Provincial District it has attracted little attention. Some idea of the importance of this industry may be gathered from the fact that for the last two years the exports of kauri-gum from New Zealand were valued at £1,017,106. The gum is, however, becoming exhausted, and if nothing is done to attach them to the soil many of the diggers will probably leave the country —some of them have already done so. The Government has reason to believe that many of these men would be willing to become permanent settlers if sufficient inducements were offered them to do so. Gum lands are mostly of poor quality, but capable of great improvement, and in numerous instances they have been proved to be particularly suitable for fruitgrowing. It is proposed to have a number of sections surveyed in areas, say, of 25 acres each, a digger to have the opportunity of taking up one or more sections according to the size of his family, if any, and to his ability to work the land. This privilege must, of course, be limited to British subjects. The terms will be made exceptionally easy, and the land offered at a nominal value. No rent will be required from the settlers for five years from the date of occupation ; after that, if in the way of improvements and residence they are able to give proof of having become permanent settlers, they will be allowed to purchase, if they feel so inclined, the freehold of their sections, either by instalments or otherwise. One advantage the new settlers will have is in the fact that until their holdings become sufficiently productive they will be able to add to their income by gum-digging. It is hoped in this way to utilize land which is at present unoccupied, and at the same time to give an opportunity to industrious men to make homes for themselves. SETTLEMENT OF CEOWN LANDS. As the prosperity of the Dominion depends very largely upon the successful settlement and subdivision of its land, it is intended both by legislation and energetic administration to do everything possible to provide land for all who desire to occupy and use it, thereby increasing the number of our producers and consequently the value of our exports. With that object instructions have been given to the responsible officers of the Departments concerned to prepare returns of the Crown land available and suitable for settlement in each county of the Dominion, showing separately ordinary Crown land and land set apart as national endowments. These returns show that there should ,be available 2,809,098 acres of ordinary Crown land and 1,524,927 acres of endowment lands. As it is necessary and in the interests of the Dominion that all lands at present unoccupied should be made productive at the earliest possible date, surveys will be pushed on and everything done to expedite the opening of such lands to industrious bona fide settlers, so helping to meet the demand which undoubtedly exists, and making it unnecessary for young New Zealanders to leave the country of their birth in their search for land on which to settle and make homes for themselves. EXPEEIMENTAL FAKMS. Itjis intended practically to reorganize the Fields and Experimental Farms Division of the Agricultural Department. The Government is of opinion that the experimental farms can be made much more useful to the agricultural community than has been the case up to the present, and special attention will be given to the training of young men in scientific and practical agriculture. For this pur-

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pose it will be necessary to procure as instructors men specially trained in the higher branches of agriculture and with a thorough knowledge of stock. In this connection the aim of the Minister of Agriculture is to establish at least one agricultural college in each Island, on the lines of the Hawkesbury Agricultural College in New South Wales and the College at Dookie in Victoria, and the Government believes this can be done without materially increasing the annual expenditure of the Agricultural Department. There is no intention to come into competition or interfere with the excellent work which is being done by the Lincoln Agricultural College. Very moderate fees will be charged to the students, but it is intended to make an arrangement by which scholarships for higher agricultural education may be tenable at our agricultural colleges, or, in the meantime, at our farms of instruction. In the way of opportunities for education in higher agricultural methods New Zealand has up to the present been behind other English-speaking countries, but Parliament will be given the opportunity of removing this drawback. In this connection it is fitting that mention should be made of the munificent bequest of the late Sir John Logan Campbell, of Auckland, the terms of whose will provide for a sum of £20,000 being set aside as an endowment to the Council of the Auckland University College for the purpose of founding a Professorship of Agriculture. It may be stated that the late Sir John Logan Campbell was firmly convinced that agriculture would continue to be the main source of wealth to the Dominion, and that it was most desirable that our young settlers should be taught through the medium of the University of New Zealand to carry on the calling of farmers and graziers on a scientific basis. This splendid benefaction will be a lasting monument to Sir John Logan Campbell's patriotism and public spirit. NATIVE-LAND SETTLEMENT. A fair amount of activity has been shown in the settlement of Native land under Part XVIII of the Native Land Act of 1909, particulars of which will be found in the valuable report of the Under-Secretary for Native Affairs, already laid on the table of the House. It is with regard to the area of 966,355 acres vested in the Maori Land Boards under Parts XIV, XV, and XVI of the Act for European and Native settlement that the speeding-up process is necessary. The Presidents of the various Boards have been instructed to furnish exhaustive reports on the suitability for settlement and otherwise of the blocks vested in their respective Boards. Next session proposals will be submitted to Parliament which it is hoped will ensure the speedy settlement of these blocks by both Europeans and Natives, and will also facilitate the settlement of other Native lands, while duly conserving the interests of the Natives themselves. A Bill will be introduced this session amending, where it has been found necessary, the Act of 1909. EDUCATION. The average attendance in the public schools of the Dominion was greater during the year 1911 than in any previous year, reaching 142,186, or 6,448 more than that for the year 1910 ; the increase (which is still going on rapidly) was due partly to the increase of population, and partly to the effects of the more stringent provisions as to school attendance included in the Education Amendment Act, 1908. It is estimated that the average attendance for the current year will be nearly, if not quite, 148,000. A further step towards the improvement of the staffing of schools allowed by the Act just named was taken by substituting adult teachers for pupil-teachers in schools of certain grades. From all these causes it is necessary to augment considerably the amount provided for the salaries of teachers and for grants to Education Boards. There are also large increases in the number of pupils holding free places in secondary schools and in the number attending classes for manual and technical instruction, and a consequent increase in the amounts asked for under these heads. The Report of the Education Commission was laid upon the table of the House this afternoon. There will not be time this session to give it the careful consideration it deserves, and the Government has decided until next session any legislation which may be necessary as a result of the Commission's labours.

8.—6

XXX

JUVENILE DELINQUENCY. The Government is seriously impressed withjthe rapid increase during the past few years in the number of boys between ten and sixteen years of age who hava been sent tolindustrial schools. To some extent this increase is attributable to the increase of population, and to the greater recognition by Magistrates and the police of the fact that these schools are not merely places of detention, but that they are a powerful means of giving boys and girls who are not under effective parental control a moral and other educational upbringing to fit them for the duties of citizenship— an acquirement that is of great importance to the public welfare, whether considered from the moral or the financial standpoint. There is, however, a more cogent reason for this increase. A careful investigation of the particulars respecting boys of this age who come under the operation of the Industrial Schools Act on account of vagrancy, want of control, or being charged with punishable offences, shows that in no less than 77-3 per cent, of the cases either one or both of the parents is of good character. This fact is a very strong indication of the laxity or inability of parents in the discharge of their responsibilities. As further showing that the fault is mainly in the children's improper upbringing, it is to be remarked that authentic information obtained years after discharge from control shows that only 8-1 per cent, of the young people who have passed through industrial schools can be classed afterwards as of bad character. Arguing from these premises, the Government has decided to approach this problem from another direction, and, relying upon the approval and support of Magistrates, which is essential to effective working, confidently hopes that the object in view will be successfully reached. Briefly, the scheme is that when a boy is first brought before the Court for delinquency and the Magistrate is satisfied that the moral influence of the parents' home is not detrimental but that the control is not strong enough to prevent further trouble, the Magistrate, on being satisfied also that the case is not one necessitating such a serious stop as the actual admission of a boy to an industrial school, should at his discretion make an order formally attaching him to an industrial school. That having been done, he, by arrangement with the Education Department, would be allowed to remain with his parents, but would be under the friendly direction of an officer of that Department. Such officers would be chosen for their special experience and qualifications in dealing with boys, and the objective would be, of course, to supplement weak parental control, and by doing this to avoid committal to industrial schools, which implies the breaking of the family tie, the lessening of direct parental responsibility, and. an upbringing in conditions that can never take the place of a good home, no matter how high a level of sympathetic and enlightened administration is attained by the officers of these schools. If a youth after being placed on probation in this way failed to behave satisfactorily, the order for his admission to the school would by direction of the Minister of Education become operative without need of further court proceedings. The same remarks apply, of course, to girls also. The Government is very hopeful that such a scheme as is here outlined will be successful in reducing the number of children in residence at our industrial schools ; and, looking at the financial aspect of the matter, the consequence will be a distinct decline in expenses of maintenance; further, the need for establishing new institutions at a cost of many thousands of pounds will be indefinitely postponed. INDUSTEIAL SCHOOL ACCOMMODATION. The accommodation at the boys' industrial schools is severely taxed at the present time, the Weraroa Boys' Training Farm, the Stoke Industrial School, and Burnham being all full. It is hoped, however, that means that are available, particularly the scheme for placing certain delinquent boys and girls on probation instead of sending them to industrial schools, will have the effect of considerably relieving this pressure in the near future.

8.—6

XXXI

CAEE OF THE FEEBLE-MINDED AND EPILEPTIC. It seems to be desirable that at an early date the provision for the care and education of feeble-minded and epileptic boys and girls should be made as complete as possible. Inquiries have shown that the number of feeble-minded and epileptic children in the Dominion is too large for the accommodation that can be provided at Otekaike. It is accordingly proposed to reserve that institution entirely for boys, and to make provision for the girls at Richmond, near Nelson, on the premises originally bought for this purpose, but hitherto used as a home for imbecile boys, who are to be transferred shortly to Tokanui. It will be necessary to erect extra cottage homes and other buildings both at Otekaike and Richmond. MEDICAL INSPECTION OF SCHOOL-CHILDREN. Pour medical officers have been appointed to begin, in conjunction with the teachers, the work of the medical inspection of school-children. It is necessary, especially at first, to keep clearly in mind the distinction between medical inspection and medical treatment. It is not proposed to touch the latter, at all events at present. But it is expected that the time of the medical inspectors will be fully occupied in the work of medical and dental inspection, and ultimately in training the teachers to take their part in the scheme. The system is to be supervised by the Health Department in co-operation with the Education Department. Every effort will be used to rrake the system of school inspection, which is one of the most important parts of the field of preventive medicine, as complete as possible. SCHOOL BUILDINGS: NEW SCHOOLS. When a country like New Zealand is in course of being settled it becomes necessary in the initial stages to set up a much larger number of small schools than in an older country where population is denser and there are better roads. The additional initial cost thus incurred and the greater cost of maintenance and working are properly part of the cost of settlement: this fact has, perhaps, never been fully recognized in New Zealand. Settlement is proceeding rapidly, especially in the North Island, and it must accordingly be expected that for some time to come the expenditure on new school buildings will continue to increase. As settlement proceeds and good roads become available it would appear to be good policy to replace some of the smaller schools by central schools more adequately fitted for the important work of education. ESTIMATES OF EEVENUE AND EXPENDITUEE, 1912-13. I anticipate that the revenue for 1912-13 will be £10,948,404, made up as follows : — £ Customs .. .. .. .. 3,200,000 Railways .. .. .. .. 3,745,000 Stamps .. .. .. .. 898,800 Post and telegraph .. .. .. 1,141,000 Land-tax .. .. .. .. 650,000 Income-tax .. .. , .. .. 450,000 Beer duty .. .. .. .. 119,000 Registration .. .. ~ .. 95,165 Marine .. .. .. .. 47,000 Miscellaneous .. .. .. .. 369,530 Territorial revenue (£240,000, less land-sales, 1911-12, £66,505) .. .. .. 173,495 National endowment revenue .. .. 59,414 £10,948,404 The estimate of land-tax revenue is based on the rates of taxation as provided by the existing law. If the rates of taxation are amended as indicated, later on a further sum will have to be added to the revenue from this source.

8.—6

XXXII

The balance in the Consolidated Fund at the 31st March, 1912, was £807,276, and I propose to deal with this as follows :— & Transfer to the Public Works Fund .... .... 750,000 Balance to remain in the Consolidated Fund on account of the excess of liabilities on 31st March, 1912, over the liabilities on 31st March 1911, amounting to £57,367 .... 57,276 £807,276 The year's finance, so far as the Consolidated Fund is concerned, may now be summarized as follows : — Balance after transfer of £750,000 to Public £ Works Fund .... .... .... .... 57,276 Estimated revenue .... .... .... 10,948,404 £11,005,680 Estimated expenditure .... .... ....£10,863,068 Balance availableafor supplementary estimates £142,612 LOAN FOR PUBLIC WOBKS. The liabilities of the Public Works Fund at the 31st March last as reported to the Treasury were £1,135.812 ; and these liabilities had increased to £1,649,349 on the 30th June, ten days before my taking office. The balances and loan authorizations to meet these liabilities were at the 31st March £1,132,580, and at the 30th June £777,088. It should be understood that the liabilities referred to include items like the Midland Eailway tunnel, for which only part of the payment is a liability of the year. It is obvious that with available funds of £1,132,580, without taking into consideration the provision for aid to water-power and irrigation, and with a transfer of £750,000 from Consolidated Fund, at the present rate of public-works expenditure, there would not be sufficient to meet expenditure to the 31st March next. It is essential, moreover, that funds should be provided for a considerable portion of the next financial year. It will be necessary therefore to ask Parliament to authorize a loan of £1,750,000. The Aid to Water-power Act, 1910, authorizes £500,000 for the purposes of the Act, and by the Appropriation Act, 1911, £100,000 was made available for irrigation. These authorities will suffice to meet the proposed expenditure for some time to come. It is my plain duty to warn honourable members and the people of New Zealand that the continued borrowing of large sums of money to provide for the expenditure of the year and for six months only of the succeeding year—which has been the practice in the past—is not a safe method of finance. There are four courses open: to raise more money by taxation, or to decrease expenditure out of the Consolidated Fund in order to have more ordinary revenue available for public works, or to increase the amount of borrowed money, or lastly to bring within reasonable limits the expenditure of borrowed money. In these times, when loans cost us so much to" raise, it is, in my opinion, urgently necessary that we should curtail our borrowing. This requires some sacrifice on the part of I the people of this country, but surely the exercise of the necessary selfrestraint and the reliance upon our resources will assist to make our national character strong and self-reliant. It is the earnest desire of the Government to foster the spirit of self-reliance and to encourage a healthy, strong, and vigorous career for all our people. Home life should be encouraged and exalted, and made the foundation of our nationality. More should be done to build up settlement in the country districts, to open up lands, and to attract not only the farmer but also the worker to settle down under the more healthy conditions of country surroundings. Relying on such principles, and rendering that proper assistance which ought to be rendered to the less fortunate to use the opportunities which the State should give for their education and sound upbringing, the Government rests assured that our country will progress and our people be happy and content.

8.-6

XXXIII

Table showing how the Proposed Graduated Hate will affect Country Estates [The rate of graduated tax for an estate of £30,000 will be - 71875 of a penny in the pound, and for every pound of increase in value above £30,000 the rate will increase by 00003 of a penny. This progressive rate of increase will cease at £200,000, and all estates above that value will carry a rate of 5f of a penny in the pound.] Unimproved Value of Graduated Tax under Graduated Tax under Country Estate. New System. Old System. £ £ s. d. £ s. d. 31,000 120 17 10* 9(5 17 6 35,700 165 8 9* 120 17 2 39,000 200 16 8* 132 0 7 45,900 285 17 1* 258 3 9* 50,800 355 5 4* 317 10 0* 65,850 615 7 5* 535 0 7* 70,900 718 10 1* 620 7 6* 85,700 1,066 13 5* 910 11 3* 95,900 1,346 9 4* 1,138 16 3* 110,800 1,813 12 6* 1,523 10 0* 115,700 1,982 8 4* 1,663 3 9* 120,700 2,162 7 7* 1,810 10 0* 140,900 2,968 19 9* 2,465 15 0* 150,800 3,410 17 3* 2,827 10 0* 180,600 4,925 16 4* 4,063 10 0* 190,000 5,461 5 2* 4,512 10 0* ::: N.B.—These figures include the 25 per cent, additional tax. The above are assumed to be country estates. The 25 per cent, additional is not added to town estates. The three first-mentioned estates on this list would not be subject to the 25 per cent, under the existing system as they are under £40,000 in value.

v—B. 6.

8.—6

TABLES TO ACCOMPANY THE FOREGOING STATEMENT. Page. Table No. I.—Abstract of Receipts and Expenditure of the Financial Year ended 31st March, 1912 2 Table No. 2.—Comparative Statement of the Estimated and Actual Receipts and Expenditure of the Consolidated Fund for the Financial Year ended 31st March, 1912 .. .. 31 Table No. 3. —The Public Debt on 31st March, 1912 .. .. .. .. .. 32 Table No. 4.—The Debt transferred to the New Zealand. State-guaranteed Advances Office at 31st March, 1912 .. .. .. .. .. .. .. 36 Table No. s.—Statement of the Estimated Liabilities of the Consolidated Fund outstanding on 31st March from 1902 to 1912 inclusive .. .. .■. .. ..39 Table No. 6.—Statement of the Estimated Liabilities of the Public Works Fund and other Accounts outstanding on 3]. st march from 1902 to 1912 inclusive . . . . . . 40-41 Table No. 7. —Statement showing the Total Ways and Means of the Public Works Fund and the Total Net Expenditure to 31st March, 1912 .. .. .. .. 42 Table No. B.—Estimated Expenditure of 1912-13 compared with the Actual Expenditure of 1911-12 43 Table No. 9.—Estimated Revenue of 1912-13 compared with the Actual Revenue of 1911-12 .. 43 Table No. 10. —Statement showing the Amount charged to " Unauthorized " in each Financial Year from Ist July, 1875, to 31st March, 1912 .. .. .. .. 44

I—B. 6.

8.—6

2

Table No. 1.

VENUE 1910-1911. RECEIPTS. 19111912. £ s. d. £ s. d.'< £ s. d. 491,437 4 5 35,441 .7 0 510 9 8 4,926 16 9 Balanoe at beginning of Year,— Cash in the Public Account Advanoes in the hands of Officers of the Government -- In the Dominion On acoount of Imperial Pensions On account of other Governments 564,201 9 0 17,921 0 0 107 12 5 4,253 2 9 532,315 17 10 »T-100,000 0 0 Less Treasury Bills outstanding 586,483 4 2 586,483 4 2 432,315 17 10 3,027,828 19 9 819,838 18 11 816,306 0 11 311,260 6 10 628,723 1 5 407,235 1 7 118,100 2 11 3,483,754 19 5 100,026 6 0 45,932 8 11 327,i23 0 0 9,986,129 6 8 Ordinary Revenue, — Customs Stamps (Stamp Department) Stamps (Postal Department) Postal and Telegraph Cash Receipts Land-tax Income-tax Beer Duty Eailways Registration and other Pees Marine Miscellaneous 3,279,012 2 11 943,188 6 3 857,119 8 4 232,688 14 6 647,015 7 8 448,934 11 5 119,130 11 2 3,665,613 7 6 108,495 5 5 48,321 14 3 371,867 17 1 Territorial Revenue, — Cash Land Sales .. ,, .. .. .. .. £65,936 6 2 Deferred-payment Land Sales .. .. .. .. 568 6 10 Pastoral Runs, Rents, and Miscellaneous .. .. .. 182,286 13 4 10,721,387 6 6 63,895 1 2 1,179 12 10 189,957 12 0 248,791 6 4 255,032 6 0 National Endowment Revenue 62,365 5 0 55,801 12 2 .0,297,023 4 10 Amount at credit of Deposit Account, Imperial Government, South Africa Contingents, transferred to Consolidated Fund 11,032,543 17 10 13,175 13 10 The New Zealand Loans Act, 1908, — The State Pire Insurance Act, 1908— Debentures matured 1st May, 1911, renewed 2,000 0 0 The Consolidated Stock Act, 1884— Debentures matured 1st February, 1912, renewed 194,200 0 0 Recoveries on account of Expenditure of Previous Years,— Unauthorized High School Board, Blenheim—Amount of subsidy overpaid .. .. .. War Offioe—Unexpended balance of advance of £7,900 on account of Requisition Defence No. 8 .. .. .. .. .. _ Repayment for improvements on Small Grazing-run 5, Block X, Opakii' Aotea District Maori Land Board—Cost of survey of Morikau No. 2 Block War Office — Refund of amounts overcharged in connection with shipment of Defence stores Repayment on account of advances on punt at Greenfield Settlement '.'. Receipts under the Cyanide Process Gold Extraction Act, 1897 Refund of amount paid for improvements, in terms of Section 214 of the Land Act, 1885 Refund of Compensation under the Civil Service Aot, 1866, awarded to H. M. Lee", late Deputy Registrar, Supreme Court, Christchuroh Donation from the Auckland Racing Club towards the expenses of the visit of the American Fleet to New Zealand waters in 1908 Repayment of Reticulation Loan by Christchurch City Council 60 12 0 21 0 0 80 13 9 1,228 10 0 1,550 0 0 366 4 11 12 11 6 10,349 19 5 387 10 0 633 15 10 250 0 0 750 9 10 250 0 0 The New Zealand Loans Act, 1908, — The Defence and other Purposes Loan Act, 1870 Debentures matured 1st July, 1910, renewed 15,441 7 3 25,000 0 0 The Dairy Industry Act, 1908,— Debentures matured 1st January, 1911, renewed 843 0 0 110,755,432 2 8 Totals £11,843,844 3 1

3

8.—6

STATEMENT of the RECEIPTS and EXPENDITURE of the CONSOLIDATED FUND for the Year ended 31st March, 1912, compared with the Financial Year ended 31st March, 1911.

1910-1911. EXPENDITURE. 1911l912. & s. d. £ a. d. £ s. d. 34,373 4 8 2,458,452 4 8 482,118 7 4 108,016 11 6 32,993 9 7 7,403 16 3 4,587 18 8 25,040 3 7 67,969 8 0 55,861 12 2 366,033 1 5 Permanent Appropriations,— Civil List Interest and Sinking Fund.. Under Special Acts of the Legislature Subsidies paid to Local Bodies Amounts paid over to Local Bodies and to Deposit Aeeounts— Payments under the Land Acts Payments under the Timber and Flax Royalties Aot Endowments — New Plymouth Harbour Board Greymouth Harbour Board Westport Harbour Board National Endowment Besidue ., Old-age Pensions .. Widows' Pensions 33,679 15 8 2,656,339 18 1 510,486 9 9 105,937 13 4 32,962 5 1 5,515 7 10 3,861 14 3 26,326 16 2 60,218 13 5 62,365 5 0 386,962 8 6 1,961 19 9 3,886,618 6 10 3,642,849 17 10 37,610 15 3 48,023 9 1 911,819 3 4 2,270,813 10 1 81,103 8 9 21,661 8 8 370,181 10 1 22,456 14 10 262,141 14 4 205,269 3 2 Annual Appropriations, — Glass I.—Legislative Departments „ II. —Department of Finance .. .. .. ., „ III. —Post and Telegraph Department IV.—Working Railways Department.. .. V. —Publio Buildings, Domains, and Maintenance of Roads VI.—Native Department „ VII. —Justice Department VIII. —Mines Department IX.—Department of Internal Affairs .. „ X. —Defence Department XI.—Customs, Marine and Harbours, and Inspection of Maohinery Departments .. .. .. .. .. XII.—Department of Labour XIII. —Department of Lands and Survey „ XIV. —Department of Agriculture, Commerce, and Tourists .. ' .. „ XV. —Education Department Services not provided for .. .. 31,628 3 8 47,448 18 1 986,526 15 9 '2,451,717 8 6 88,745 0 6 20,724 7 6 384,720 12 2 24,843 10 9 385,836 10 2 401,870 3 5 114,736 9 11 22,725 3 4 206,660 9 9 184,578 14 6 932,446 16 3 8,027 9 4 118,527 15 7 25,245 3 4 234,500 16 10 219,434 10 8 1,012,048 4 7 19,932 3 1 6,453,750 4 7 5,700,256 0 8 Revenue transferred to the Public Works Fund 500,000 0 0 800,000 0 0 The New Zealand Loans Aot, 1908,— The State Fire Insurance Aot, 1908 — Debentures matured 1st May, 1911, renewed 2,000 0 0 The Consolidated Stook Act, 1884— Debentures matured 1st February, 1912, renewed 194,200 0 0 The Defence and other Purposes Loan Act, 1870 — Debentures matured 1st July, 1910, renewed 25,000 0 0 *- 843 0 0 The Dairy Industry Act, 1908,— Debentures matured 1st January, 1911, renewed ... 564,201 9 0 17,921 0 0 107 12 5 4,253 2 9 Balance at end of Year, — Cash in the Publio Acoount Advances in the hands of Officers of the Government — In the Dominion On account of Imperial Pensions On aocount of other Governments 770,341 3 8 31,183 11 11 23 15 6 5,727 0 7 807,275 11 8 586,483 4 2 ;i0,755,432 2 8 Totals £11,843,844 3 1

8.—6

4

Table No. 1 -continued.

1910-1911. RECEIPTS. 1911-1912. £ s. d. 100,000 0 0 Treasury Bills outstanding at beginning of Year £ b. d. s. d. £ s. d. 783,000 0 0 333,000 '0 0 Treasury Bills issued during Year Treasury Bills renewed during Year 500,000 0 0 200,000 0 0 0 0 0 0 700,000 0 0 1,116,000 0 0 Totals £1,216,000 0 0 £700,000 0 0 STATE FORESTS £ s. d. 16,921 7 7 Balance at beginning of Year,— Cash in the Public Account Advances in hands of Officers of the Government— In the Dominion £ s. d. 11,116 3 3 £ s. d. 853 15 10 83 15 11 14,199 19 2 17,775 3 5 3,099 15 4 11,771 4 3 Rents from Lands set apart .. Miscellaneous 1.583 7 9 33,614 14 8 35,198 2 5 14,870 19 7 Contribution from the Consolidated Fund towards cost of forest-tree growing and planting 5,000 0 0 5,000 0 0 £37,616 3 0 Totals £54,398 1 7 STATE COAL- £ s. d. 54,348 5 5 Balance at beginning of Year, — Cash in the Public Account Advances in the hands of Officers of the Government— In the Dominion .. .. .. .. .. £ s. d. 27,302 12 2 £ s. d. 7,210 15 2 266 1 8 61,559 0 7 27,568 13 10 226,864 13 3 Proceeds of Sale of Coal .. .. 213,920 14 6 The Coal-mines Act, 1908, — Debentures issued 20,000 0 0 The Appropriation Act, 1910 —Sention 22, — Amount transferred in rospeot of Interest on the Coat of Construction of the Greymouth and Point Elizabeth Eailway 1,362 16 1 £289,786 9 11 Totals £261,489 8 4

5

8.—6

STATEMENT of the RECEIPTS and EXPENDITURE of the CONSOLIDATED FUND for the Year ended 31st March, 1912, compared with the Financial Year ended 31st March, 1911—continued.

EXPENDITURE. 1911-1912. 1910-1911. £ s. d. 333,000 0 0 883,000 0 0 Treasury Bills renewed during Year Treasury Bills paid off during Year £ a. d. 200,000 0 0 500,000 0 0 £ s. d. 700,000 0 0 1,216,000 0 0 £1,216,000 0 0 Totals £700,000 0 0 ACCOUNT. £ s. d. £ s. d. £ s. d. 23,446 3 10 Annual Appropriation,— Vote 120—State Forests Branch 22,810 13 8 14,116 3 3 Balance at end of Year, — Cash in the Public Account Advanoes in the hands of Officers of the Government— In the Dominion 30,977 19 1 83 15 11 609 8 10 31,587 7 11 14,199 19 2 Totals £37,646 3 0 £54,398 1 7 OUNT. MINES AC £ s. d. 257,667 16 1 Annual Appropriation,— Vote 121—State Coal-mines £ s. d. £ s. d. 233,460 13 10 3b* 4(550 0 0 4,550 0 0 Interest on Debentures .. .. .. 27,302 12 2 Balance at end of Year,— Cash in the Publics Aooount Advances in the hands of Offioers of the Government — In the Dominion 15,425 11 11 266 1 8 8,053 2 7 23,478 14 6 27,568 13 10 £289,786 9 11 Totals £261,489 8 4

8.—6

6

Table No. 1—continued.

1910-1911. RECEIPTS. 1911-1912. £ s. d. 6,652 16 3 Balance at beginning of Year, — Cash in the Publio Account £ s. d. £ s. d. 2,921 19 10 The Scenery Preservation Act, 1908, — Debentures issued.. ■5,000 0 0 The New Zealand Loans Act, 1908,— The Scenery Preservation Act, 1908 — Debentures matured 1st May, 1911, renewed 30,000 0 0 £6,652 16 3 Totals £37,921 19 10 NAVAL DEFENCE £ b. d. Balance at beginning of Year,— Cash in the Public Account Advances in the hands of Officers of the Government— In London Investment Account £ s. d. 309,818 16 3 70,711 0 0 250,000 0 0 £ s. d. 630,529 16 3 1,120,250 0 0 342,000 0 0 The New Zealand Loans Act, 1908, — The Naval Defence Act, 1909— Instalments received in respect of £1,250,000 Loan authorized Advances on the security of Debentures issued under the Aot Interest on overdue instalments 129,750 0 0 150,000 0 0 2 10 1 279,752 10 1 1,462, >A50 0 0 The New Zealand Loans Act, 1908,— 3£-per-oent. Inscribed Stock oreated to cover expenses of raising £1,250,000 Loan under the Naval Defence Act, 1909 47,821 13 11 £1, 462,250 0 0 Totals £958,104 0 3 AC OUNTS OF £ s. d. Dr. 4,708 18 9 18 6 0 Balance at beginning of Year, — Gash in the Public Account Advances in the hands of Officers of the Government— In the Dominion £ s. d. Dr. 3,079 16 0 73 7 4 £ s. d. Dr. 3,006 8 8 Dr. 4,690 12 9 Revenue received for Looal Bodies, — Fees, Pines, &c. .. Endowments of Land, &c... Goldfields Revenue Gold Duty 10,072 10 7 21,074 3 8 18,047 4 2 27,967 4 8 12,824 7 4 20,098 9 4 17,460 3 9 25,931 5 5 76,314 5 10 77,161 3 1 Counties Separate Account, — Revenue of Counties in which the Counties Act, 1908,is not in full operation .. 139 9 5 65 3 9 28,299 3 5 73 13 8 Advance Accounts, — Amount repaid by Local Bodies Ditto on account of Unauthorized Expenditure of previous years 27,391 5 6 13,331 18 2 40,723 3 8 28,372 17 1 Totals £100,982 16 10 £114,096 4 7

7

8.—6

STATEMENT of the RECEIPTS and EXPENDITURE of the CONSOLIDATED FUND for the Year ended 31st March, 1912, compared with the Financial Year ended 31st March, 1911—continued.

T. 1910-1911. EXPENDITURE. 1911-1912. £ s. d. 3,730 16 5 Annual Appropriation,— Vote 122—Scenery Preservation £ s. d. & s. d. 5,758 5 4 The New Zealand Loans Act, 1908,— The Scenery Preservation Aot, 1908— Debentures matured 1st May, 1911, renewed 30,000 0 0 2,921 19 10 Balance at end of Year, — Cash in the Publio Account 2,163 14 6 £6,652 16 3 Totals £37,921 19 10 ACT ACCO NT. & s. d. 489,289 0 0 Expenditure under the Act £ s. d. £ s. d. 605,711 0 0 The New Zealand Loans Act, 1908,— The Naval Defence Act, 1909— Charges and Expenses 48,030 9 0 431 3 9 342,000 0 0 The Naval Defence Act, 1909,— Temporary Advanoes repaid 309,818 16 3 Balance at end of Year, — Cash in the Public Aocount Advances in the hands of Officers of the Government— In London Investment Account 289,362 11 3 304,362 11 8 70,711 0 0 250,000 0 0 15,000 0 0 630,529 16 3 Totals £1,462,250 0 0 £958,104 0 3 LOCAL BO IES. £ s. d. 9,438 6 3 21,607 13 11 18,048 14 3 26,694 10 11 Revenue paid over to Looal Bodies, &c, — Fees, Pines, &o. Endowments of Land, &c. .. Goldfields Revenue Gold Duty £ s. d. 13,020 7 9 21,403 1 8 17,236 17 1 27,140 11 1 £ s. d. 78,800 17 7 75,789 5 4 *■ Counties Separate Account, — Amount distributed amongst Local Bodies where the Counties Act, 1908, is not in full operation 43 10 10 132 19 8 Advanoe Aooounts, — Payments on behalf of Looal Bodies 27,439 9 4 28,067 0 6 Dr. 3,079 16 0 Balanoe at end of Year,— Cash in the Publio Account Advances in hands of Offioers of the Government— In the Dominion 7,812 6 10 7,812 6 10 73 7 4 Dr. 3,006 8 8 Totals £100,982 16 10 £114,096 4 7

8.—6

8

Table No. 1—continued.

1910-11. RECEIPTS. 191 •12. £ s. d. 196,816 11 1 Balance at beginning of Year, — Cash in the Public Account Advances in the hands of Officers of the Government— In the Dominion £ s. a. 180,108 8 5 £ s. d. 14 0 0 62 16 3 180,171 4 8 196,830 11 1 10,327 4 3 10 4 7 125 0 0 14 8 9 1,565 17 0 90,315 3 1 153,961 5 4 38 0 0 210 4 6 2 18 4 197 5 0 Lodgments,— Education Reserves Amendment Aot, 1910 Emigrants' Deposits Fisheries Act, 1908 General Assembly Library .. Gold Duty Suspense Acoouct Hospitals and Charitable Institutions Acts, 1908 Land Act, 1908— Mining Distriots Land Occupation Account Miscellaneous Money-order Settlement Account Nelson Kifle Prize Fund New Zealand University Endowments, Taranaki New Zealand University Endowments, Westland North Island Experimental Dairy School North Island Main Trunk Railway Loan Application Act 1886 Amendment Act, 1889 .. Otago University Reserves Act, 1904 Public Trust Office Remittance Account Railways Rates on Workers' Dwellings Taranaki Scholarships Endowment Account Tauranga Educational Endowment Reserves Act, 1896 Thermal Springs Districts Act, 1908 Trustee Act, 1908 Westport Harbour Board Aot, 1884, Speoial Coal Rate Account 69,370 5. 6 6,391 19 3 3 12 0 70 0 0 5,174 10 1 4 19 1 1,338 2 1 59,539 13 9 221,658 2 6 38 0 0 130 15 11 2 5 10 197 0 0 24,283 2 4 256 7 5 21,071 3 11 978 0 0 184 6 1 33,663 3 9 292 18 5 24,473 4 3 6,700 0 0 35 13 6 701 13 0 21 12 7 248 15 8 3,857 1 2 1,523 13 2 253 15 9 48 14 2 1,998 4 7 435,437 1 6 305,841 5 1 1502,671 16 2 Totals £615,608 6 2

9

8.—6

STATEMENT of the RECEIPTS and EXPENDITURE of the CONSOLIDATED FUND for the Year ended 31st March, 1912, compared with the Financial Year ended 31st March, 1911—continued.

2—B. 6.

ACCOUN EXPENDITURE. 191: 1911-12. 1910-11. £ s. d. 10,096 4 3 22 16 3 270 0 0 7 0 0 865 18 8 157 1 9 112,413 4 8 161,745 7 10 Withdrawals, — £ s. d. Cyanide Process Royalties Account.. .. .. .. .. ..I 10,349 19 5 Education Reserves Amendment Act, 1910 .. .. .. .. .. 53,831 12 6 Emigrants'Deposits .. .. .. .. .. .. .. i 6,387 15 3 Fisheries Act, 1S08 .. .. .. .. .. .. .. I 8 13 11 General Assembly Library .. .. .. .. .. .. j 70 0 0 Gold Duty Suspense Aocount .. .. .. .. .. .. 5,174 7 5 Hospitals and Charitable Institutions Acts, 1908 :. .. .. .. i 17 2 11 Imperial Government (South Africa Contingents) .. .. .. .. 13,175 13 10 Land Act, 1908— Mining Districts Land Occupation Account .. .. .. .. 795 13 6 Maori Land Settlement Act, 1905 .. .. .. .. .. . . 131 11 5 Miscellaneous .. .. .. .. .. .. .. ..I 62,416 7 9 Money-order Settlement Account .. .. .. .. .. ..! 208,658 2 6 Native Townships— Karewa.. .. . , .. .. .. .. .. ..{ 080 Parata .. .. .. .. .. .. .. .. ..j 710 Potaka .. .. .. .. .. .. .. .. .. j 0 10 0 Nelson Rifle Prize Fund .. .. .. .. .. .. .. 44 5 0 New Zealand University Endowments—Taranaki .. .. .. .. 138 15 11 North Island Main Trunk Railway Loan Application Act 1886 Amendment Act, 1889 .. .. .. .. .. .. .. .. .. 3,586 18 7 North Island Experimental Dairy School .. .. .. .. Public Trust Office Remittance Account .. .. .. .. ..j 23,748 12 4 Railways . .• .. .. .. .. .. .. .. .. Rates on Workers' Dwellings .. .. .. .. .. .. 370 14 10 Taranaki Scholarships Endowment Account .. .. .. .. .. 413 11 1 Tauranga Educational Endowment Reserves Act, 1896 .. .. Thermal Springs Districts Act, 1908 .. .. .. .. .. , 63 18 4 Trustee Act, 1908 .. .. .. .. .. .. j £ s. d. 56 5 0 203 15 6 10,000 5 6 5 10 0 21,905 11 9 3,253 2 6 500 0 0 18 8 2 980 4 8 322,500 11 6 I 389,391 15 t> 180,108 8 5 Balance at end of Year, — Cash in the Public Account .. .. .. .. .. ..J 226,082 10 8 1 Advances in the hands of Officers of the Government— In the Dominion .. .. .. .. .. .. .. 134 0 0 i 226,216 10 8 62 16 3 180,171 4 8 £502,671 16 2 Totals i £615,608 6 2

8.—6

10

Table No. 1— continued.

1910-1911. RECEIPTS. 1911-1912. £ s. a. 304,741 1 11 7,625 4 2 Balance at beginning of Year, — Cash in the Public Account Advances in the hands of Officers of the Government— In the Dominion .. .. .. .. Investment Account £ s. d. 381,258 12 10 8,786 13 9 750,000 0 0 & s. d. 81,258 12 10 8,786 13 9 50,000 0 0 S, s. d. 1,140,045 6 7 312,366 6 1 The Aid to Publio Works and Land Settlement Act, 1911, - Debentures issued Temporary advance on seourity of Debentures issued 100,000 0 0 350,000 0 0 00,000 0 0 :50,000 0 0 81.650 0 0 j 450,000 0 0 1,568,350 0 0 The Aid to Publio Works and Land Settlement Act, 1910,— Instalments received in respect of £1,750,000 Loan authorized.. Interest on overdue instalments Temporary advances on the security of Debentures issued 181,650 0 0 3 10 2 tu.oou u u 3 10 2 181,653 10 2 150,000 0 0 1,718,350 0 0 The New Zealand Loans Act, 1908,— The Aid to Publio Works and Land Settlement Aot, 1901— Debentures issued in redemption of Debentures matured 1st December, 1911.. Temporary advance on Reserve Fund Securities— Provision for Debentures matured 29th December, 1911 Debentures matured 1st December, 1911, renewed I I 8,100 0 0 72,700 0 0 65,300 0 0 8,100 0 0 72,700 0 0 65,300 0 0 146,100 0 0 ! The Aid to Public Works and Land Settlement Aot, 1903 - Temporary advance on Beserve Fund Securities—■ Provision for Debentures matured 29th December, 1911 Provision for Debentures matured 1st January, 1912 25,000 0 0 5,000 0 0 30,000 0 0 25,000 0 0 5,000 0 0 The Aid to Public Works and Land Settlement Act, 1904— Temporary advance on Reserve Fund Securities — Provision for Debentures matured 1st January, 1912 565,500 0 0 [ ■• The Aid to Publio Works and Lnnd Settlement Act, 1906— Debentures issued for redemption of Debentures matured 1st January, 1912 .. Debentures matured 1st January, 1912, renewed 18,650 0 0 81,150 0 0 18,650 0 0 O1 1 Crt f\ A «1,1OU U U 99,800 0 0 : ! The New Zealand Loans Aot, 1908, — 34-per-cent. Inscribed Stock created to cover expenses of raising £1,750,000 Loan under the Aid to Public Works and Land Settlement Act, 1910 3J-per cent. Inscribed Stock created to cover expenses of raising £1,850,000 Loan under the Aid to Public Works and Land Settlement Act, 1909, and the Finance Act, 1909 66,950 7 5 fift osn n x. *j\j \jiju f t/ j I ! i 66,390 0 0 66,390 0 0 66,950 7 5 Revenue transferred from the Consolidated Fund in aid of Publio Works i 1 500,000 0 0 800,000 0 0 800 0 0 57 5 0 Recoveries on account of Expenditure of previous Years, — Value of mateiial formerly in use on North Island Main Trunk Railway construction now transferred to other works or sold Repayment for advances for bushfeiling, Rangitafcau Block Refund of overcharge on wire supplied to the improved-farm settlers Value of land at Te Kuiti transferred to Railwav Department for railway purposes Refund of loan for Johnson's Dam, Bow Bell Flat Public Trustee—Release of mortgage on Section 394. Whareama Block.. Railway Department—Amounts received from various purchasers of land at New Plymouth (Sentry Hill-New Plymouth Deviation) Value of Land at Papanui, Christchurch, transferred io Police Department for a site for police-station .. .. .. .. ■ .. .. Aotea District Maori Land B>ard—Reduction of Ohutu mortgage Ikaroa District Maori Land Board—Reduction of Horpwhenua mortgage Muddy Terrace Sluicirjg Company—Reduction of mortgage under the Mining Act, 1908 .. Westland Hospitals and Charitable Aid Board (quarter-cost of Hokitika Hospital) Amount advanced to Elsie Wallace pending completion of purchase of Kapiti No. 4 Block, now refunded Aotea District Maori Land Board—Survey liens on account of Wharetoto and Tauakira subdivisions Sale of traction-engine, &c, formerly in use on Marton-Te Awamutu Railway construction I 4,129 0 8 468 17 10 13 3 0 565 0 0 30 0 0 1,608 9 8 ; 2,758 8 5 100 0 0 800 0 0 : 57 5 0 ; 1,000 0 0 945 0 0 5 0 0 1,423 19 7 • * 651 16 2 10,530 4 7 4,883 0 9 Special Receipts in connection with the Ellesmere and Forsyth Reclamation and Akaroa Railway Trust Account I 1,622 15 2 1,615 9 10 I The Aid to Public Works and Land Settlement Act, 1909, - Proceeds of Scrip and Debentures issued I 600,000 0 0 • ■ 1,250,000 0 0 2 3 7 The Finance Act, 1909,— Proceeds of Scrip and Debentures issued .. Intercat on overdue instalment 1,250,002 3 7 Totals £4,753,614 5 7 £3,192,194 18 7

B.—6.

11

STATEMENT of the RECEIPTS and EXPENDITURE of the PUBLIC WORKS FUND for the Year ended Slat March, 1912, compared with the Financial Year ended 31st March, 1911.

1910-1911. EXPENDITURE. 1911-1912. £ s. a. I Annual Appropriations,— 42,532 16 8 ! Class " XVI.—Public Works, Departmental 1,104,070 17 10 j ,. XVII.—Railways .. ' .. 1,020 11 2 . XVIII.—Development of Water-power 1,562 8 1 j ., XIX.—Irrigation and Water-supply 325,612 11 10 ! , XX.—Public Buildings 8,426 15 1 i , XXI.—Lighthouses, Harbour-works, and Harbour Defences .. 5,91119 6 I ,. XXII.—Tourist and Health Resorts .. 9,440 15 1 „ XXIII. —Immigration XXIV.—Construction, Maintenance, and Supervision of Koads, Bridges, 254,163 5 4 j and other Public Works .. 10,845 3 7 . XXV.—Development of Goldfields .. 111,867 13 „ XXVI.—Telegraph Extension 6,070 18 4 . XXVII.—Contingent Defence 11,125 9 4 , XXVIII.—Lands improvement 200 0 0 Services not provided for i ■ & s. d. 49,863 11 0 1,125,905 9 6 9,082 4 0 2,793 16 11 349,654 17 9 12,575 17 2 13,360 11 8 11,680 13 5 S s. d. 424,578 3 10 21,244 12 6 147,692 6 8 10,436 15 8 19,214 12 5 2,660 19 0 1,892,851 4 11 The New Zealand Loans Act, 1908,— The Aid to Public Works and Land Settlement Aofc, 1901— Debentures matured 1st December, 1911, redeemed Debjntures matured 29th December, 1911, redeemed Debentures matured 1st December, 1911, renewed .. 2,200,744 11 6 8,100 0 0 72,700 0 0 65,300 0 0 146,100 0 6 I The Aid to Publio Works and Land Settlement Act, 1903— Debentures matured 29th Deoember, 1911, redef med Debentures matured 1st January, 1912, redeemed .. 25 0 0 Debentures matured 1st January, 1909, redeemed 200 0 0 I Debentures matured 1st February, 1909, redeemed .. 25,000 0 0 5,000 0 0 30,000 0 0 j 225 0 0 The Aid to Publio Works and Land Settlement Act, 1904— Debentures matured 1st January, 1912, redeemed 565,500 0 0 The Aid to Public Works and Land Settlement Aot, 1906— Debentures matured 1st January, 1912, redeemed Debentures matured 1st January, 1912, renewed 18,650 0 0 81,150 0 0 99,800 0 0 Charges and Expenses in respect of loans raised under, — The Aid to Public Works and Land Settlement Aot, 1.901 The Aid to Public Works and Land Settlement Act, 1902 The Aid to Public Works and Land Settlement Act, 1903 Tne Aid to Pub io Works and Land Settlement Act, 1906 The Aid to Public Works and Land Settlement Act, 1910 .. • .. The Aid to Public Works and Land Settlement Aot, 1911 1,533 19 0j The New Zealand Loans Act, 1908 .. 4 5 0 j The Aid to Publio Works and Land Settlement Aot, 1900 2 5 6 The Aid to Public Works and Land Settlement Act, 1908 21,024 14 5 The Aid to Public Works and Land Settlement Act, 1909 43,80110 2 The Finance Act, 1909 fifi.Rfifi 14 l 32 6 11 0 7 0 0 12 0 0 14 0 65,217 12 2 482 6 0 1,736 5 5 1,533 19 0 4 5 0 2 5 6 21,024 14 5 43,801 10 2 66,366 14 1 67,470 3 6 bo,3bb 14 1 The Aid to Publio Works and Land Settlement Act, 1910,— 150,000 0 0 Temporary Advances repaid 150,000 0 0 The Aid to Publio Works and Land Settlement Act, 1909,500,000 0 0 Debentures matured 31st March, 1910, redeemed 500,000 0 0 The Finance Aot, 1909,— 1,000,000 0 0 Temporary Advances repaid 1,000,000 0 0 The Ellesmere and Forsyth Railway Trust Account, — 150 0 0 Expenditure 150 0 >0 The Rotoiti Validation Act, 1909, Section 3,— 2,976 0 0 Expenditure 2,976 0 0 The Appropriation Act, 1910, section 27, — 1,000 0 0! Subsidy granted to Woodville County Council, applied in reduction of £3,000 Loan 1,000 0 0 ! Balance at end of Year, — 381,258 12 10 Cash in the Public Account Advances in the hands of Offioers of the Government — 8,786 13 9 In the Dominion 750,000 0 0 ! Investment Account 1 nn rus fi 7 381,258 12 10 8,786 13 9 750,000 0 0 65,941 5 0 16,638 18 7 82,580 3 7 1,140,045 6 7 £4,753,614 5 7 Totals 1,140,045 6 7 54,753,614 5 7 £3,192,194 18 7

8.—6

12

Table No. 1— continued.

PAEROA-WAIHI . 1910-1911. 1910-1911. RECEIPTS. 1911-1912. £ s. d. Tbe New Zealand Loans Act, 1908,— £ s. d. £ a. d. The Publics Works Act, 1908— The Paeroa-Waihi Railway Act, 1903— Debentures matured 31st March, 1912, and 30th September, 1912, renewed .. .. - 86,250 0 0 1 £ s. d. Total .. .. .. .. .. .. .. £86,250 0 0 WELLINGTON-HUTT RAILWAY AND I " " " ~ j £ s. d.! Balance at beginning of Year— j . £ s. d. £ s. d. I 12,210 5 9 I Cash in the Public Account .. .. .. .. .. .. .. 4,814 4 9 The Hutt Railway and Road Improvement Act, 1910,— 24,490 0 0 ! Debentures issued .. .. .. .. .. .. .. .. 5,190 0 0 The New Zealand Loans Act, 1908,— The Hutt Railway and Road Improvement Acts, 1903 and 1905— Debentures matured 1st May, 1911, renewed .. .. .. ..: .. 100,000 0 0 ■ The Hutt Railway and Road Improvement Act, 1907, — 3,130 0 0 i Debentures issued .. .. .. .. .. .. .. j t — ,—, 1 £39,810 5 9. Totals .. .. .. .. .. ... .. £110,004 4 9 " ~* - ~ - I —■ £39,810 5 9. THE RAILWAYS £ s. d. Balance at beginning of Year, — 18,197 11 0 Cash in the Public Account £ s. d. £ s. d. : 18,146 3 2 i : ; The Government Railways Amendment Act, 1910, — 56,900 0 0 Debentures issued 33,850 0 0 \ : The Government Railways Act, 1908,— 3,300 0 0 J Scrip and Debentures issued 16,000 0 0! Debentures issued for Redemption of Debentures matured 30th June, 1910 Debentures matured 30th June, 1910, renewed under the New Zealand Loans 1,500 0 0! Act, 1908 20,800 0 0 The Finance Aot, 1909,— The Government Railways Aot, 1908 — 100 0 0 Scrip and Debentures issued £95,997 11 0 Totals £51,996 3 2 I THE WAIHOU AND HINEMUR! . ______ _ . £ s. d. I Balance at beginning of Year, — £ s. d. Cash in the Public Account .. .. .. .. .. .. j The Waihou and Ohinemuri Rivers Improvement Act, 1910, — Receipts under Section 17 .. .. .. .. .. .. .. 1,667 0 0 Receipts under Section 18 .. .. .. .. .. .. .. 5,000 0 0 100,000 0 0 ; Debentures issued.. .. .. .. 100,000 0 0 £ s. d. 100,000 0 0 6,667 0 0 £100,000 0 0 Totals £106,667 0 0 STATEMENT of the RECEIPTS and EXPENDITURE of the CHEVIOT ESTATE ACCOUN £ s. d. Balance at beginning of Year, — 58,810 0 9 Cash in the Public Account •• i £ s. d. £ s. d. 62,771 15 8 Receipts under the Land Act, 1908, — 12,48ti 6 1 Rents from Lands.. I Other Receipts,— 356 17 0 j Interest on Securities held by Investment Acoount „ I £71,653 3 10 j Totals 14,375 4 8 £77,147 0 i

13

8.—6

STATEMENT of the RECEIPTS and EXPENDITURE of the PUBLIC WORKS FUND for the Year ended 31st March, 1912, compared with the Financial Year ended 31st March, 1911—continued

1910-1911. EXPENDITURE, 1911-1912. I £ s. d. The Publio Works Act, 1908,- £ s. d. & s. d. The Paeroa-Waihi Bailway Act, 1903— Debentures matured 31st March, 1912, renewed .. .. .. .. j 53,476 0 0 Debentures matured 30t,h September, 1912 (surrendered), renewed .. .. 26,738 0 0 I ! S 80,214 0 0 . .. Charges and expenses authorized by the New Zealand Loans Act, 1908— On renewals .. .. .. .. .. .. .. .. .. 6,036 0 0 J ■ i Total .. .. .. .. .. .. .. £86,230 0 0 I ' — _ _ — ROAD IMPROVEMENT ACCOUNT. £ s. d. Annual Appropriation,— £ s. d. £ s. d. 34,996 1 0 Vote 124—Hutt Railway and Road Improvement .. .. .. .. .. 7,704 10 7 The JSTew Zealand Loans Act, 1908,— The Hutt Railway and Road Improvement Acts, 1903 and 1905Debentures matured 1st May, 1911, renewed .. .. .. .. i .. 100,000 0 0 The Hutfc Railway and Road Improvement Act, 1910,— Charges and Expenses authorized by the New Zealand Loans Aot. 1908—On Sales j .. 0 7 0 — I Balance at end of Year, — 4,814 4 9 Cash in the Public Account .. .. .. .. .. .. .. 2,299 7 2 £39,810 5 9 Totals .. .. ..-• .. .. .. .. £110,004 4 9 IMPROVEMENTS ACCOUNT. I I ; i £ s. d. Annual Appropriation,— £ a. d. £ s. d. 60,345 15 6 Vote 125—Railway Improvements .. .. .. .. .. .. .. 51,428 2 5 The Government Railways Amendment Act, 1910, — Charges and Expenses authorized by the New Zealand Loans Act, 1908—On Sales j .. 0 10 6 , The Government Railways Act, 1908, — 16,000 0 0 Debentures matured 30th June, 1910, redeemed Debentures matured 30th June, 1910, renewed under the New Zealand Loans 1,500 0 Oj Aot, 1908 17,500 0 0 I i The Finance Aot, 1909,— The Government Railways Aot, 1908 — 5 12 4 j Charges and Expenses authorized by the New Zealand Loans Act, 1908 Balance at end of Year, — 18,146 3 2 1 Cash in the Public Aooount .. .. .. .. .. .. .. 567 10 3 , I .1 £95,997 11 0 Totals .. .. .. .. .. .. .. £51,996 3 2^ ~ "n"~z""' - .. ■- _ I RIVERS IMPROVEMENT ACCOUNT. 1 I £ s. d. Annual Appropriation,— £ s. d. £ s. d. Vote 126 —Waihou and Ohinemuri Kivers Improvement .. .. .. .. 3,769 6 10 £ s. d. £ s. d. 3,769 6 10 Interest on Debentures .. .. .. .. .. .. .. .. 3,226 14 2 3,226 14 2 100,000 0 0 Balanoe at end of Year, — 100,000 0 0 Cash in the Public Aooount .. .. .. .. .. ..! 39,670 19 0 Investment Account .. .. .. .. .. .. .. 60,000 0 0 I- — ■ 99,670 19 0 100.000 0 0 99,670 19 0 100,000 0 0 £100,000 0 0 Totals .. .. .. .. .. .. .. £106,667 0 0 izzzzzTznr. _ L —= £100,000 0 0 £106,667 0 0 for the Year ended 31st Mabch, 1912, compared with the Financial Year ended 31st Maech, 1911. £ s. d. i £ a. d. £ s. d. 8,866 2 6 Interest paid in respect of Debentures issued .. .. .. .. .. 8,866 2 6 15 5 8 Surveys, Boading, &c. .. .. .. .. .. .. .. j 38 17 6 I : 8,905 0 0 8,881 8 2 ■ Balance at end of Year,— 62,77115 8 Cash in the Public Aocount .. .. .. .. .. .. 18,242 0 4 Investment Account .. .. .. .. .. .. .. ! 50,000 0 0 : : 1 68,242 0 4 62,771 15 8 J £71,653 3 10 . Totals .. .. .. •• •• .. .. £77,147 0 i

8.-6

14

Table No. 1— continued.

1910-1911. RECEIPTS, 1911-1912. £ s. d. & s. d. £ s. a. i I 202,385 9 10 111 17 4 202,497 7 2 202,385 9 10 111 17 4 Balance at beginning of Year, — Cash in the Public Account Advances in the hands of Offioers of the Government— In the Dominion I 53,097 14 8 300 0 0 ; 53,397 14 8 202,497 7 2 33,000 0 0 33,000 0 0 Amount received from the New Zealand State-guaranteed Advances Office in terms of Section 89 of the New Zealand State-guaranteed Advances Aot, 1909 j 407,500 0 0 28,425 0 0 84,175 0 0 112,600 0 0 ! I The Land for Settlements Act, 1908, the New Zealand State-gua,ranteed Advances Acts, 1909, 1910, and the New Zealand Loans Acts, 1908,— Debentures issued for redemption of Debentures matured 1st October, 1911 Debentures issued for redemption of Debentures matured 1st November, 1911 .. Debentures issued for redemption of Debentures matured 1st January, 1912 Debentures issued for redemption of Debentures matured 1st February, 1912 Debentures matured 1st November, 1911, renewed Debentures matured 1st January, 1912, renewed Debentures matured 1st February, 1912, renewed Debentures issued for redemption of Debentures matured 1st January, 1911 Debentures matured 1st January, 1911, renewed 99,000 0 0 8,000 0 0 72,350 0 0 21,500 0 0 600 0 0 149,665 0 0 61,300 0 0 28,425 0 0 84,175 0 0 412,415 0 0 112,600 0 0 11,543 16 11 1,955 13 8 1Q AO.Q 1O 1 11,543 16 11 1,955 13 8 Receipts on acoount of oapital value of land under the Land Aot, 1908, — Section 177 Section 191 11,536 18 9 249 1 8 13,499 10 7 13,499 10 7 11,786 0 5 271,199- 7 7 Reoeipts derived from Estates,— Bents, &c. 281,695 19 7 21 3 3 313 18 4 21 3 3 313 18 4 26 17 0 Credits in rednotion, — . Eceleston No. 2 .. Heretaunga Lawry Makareao Ruapuna No. 2 .. .. .. Wiudle .. 20 18 3 58 8 7 186 5 9 67 8 4 7 9 6 40 6 6 26 17 0 361 18 7 QR1 1H 7 380 16 11 361 18 7 Recoveries on aooount of Estates, — Drayton 6 0 0 482 3 11 482 3 11 Other Raoeipts,— Interest on Securities held by the Investment Aooount 633,640 7 10 633.640 7 10 Carried forward .. 1,167,181 11 7

8.—6

STATEMENT of the RECEIPTS and EXPENDITURE of the LAND FOR SETTLEMENTS ACCOUNT for the Year ended 31st March, 1912, compared with the Financial Year ended 31st March, 1911.

15

1910-1911. EXPENDITURE. 1911-1912. £ s. d. 8,238 19 0 630 9 10 Annual Appropriations,— Vote 123—Land for Settlements Expenses Vote Workers' Dwellings Expenses Unauthorized £ s. d. £ s. d. £. s. d. 7,387 0 4 k a. d. i 8,869 8 10 Acquirement of Estates, and Expenses incidental thereto,— 347 17 10 ! 7,734 18 2 404 6 2 12 8 6 24,151 19 9 27 12 6 Name of Rntate. Airedale Albury Allanholm Annan Aorangi Ardgowan Argyll Ashley Gorge Avenel (T. Morland) Aviemore Barnego .. Beaumont .. Biokerataffe Blind River Braco Braeburn Buddo Oadman Garrington Carroll Chamberlain Clandeboye Clandeboye No. 2 .. Clandon Clydebank Conical Hills (W. Shennan) Cradock Culverden Douglas (E. Richards) .. .. Duncan Drayton Dyer Eccleston No. 1 Eccleston No. 2 Edendale Elderslie .. .. .. .. ■ . Elderslie No. 2 (J. B. Reid) Elsthorpe Epuni Ermedale .. .. .. .. Epworth Pencourt Fiaxbourne.. Forest Gate.. Four Peaks (H. D. Bell and W. Izard) Fy vie Glenham Glemanner (G. Murray) Greenfield Hall-Jones .. Hatuma Hawtrey Hekeao Hetana Higlibank .. Hikawera Hornby Horsley Downs Huinga Kaimabi Kanakanaia Kapua Kapuatohe Karapiro Kauroo Hill Kereta Kinloch Kitchener .. Kohika Kohika No. 2 Kumeroa Ladbrook Langdale Lindsay Linton Longbush Lougbnan Purchase-money. Incidental Expenses. 211 14 10 4 11 9 358 15 4 765 2 2 46 16 6 3 14 0 132 9 6 1 14 6 Total. 211 14 10 4 11 9 358 15 4 765 2 2 46 16 6 3 14 0 132 9 6 1 14 6 27,985 16 0 9 0 3 0 18 0 6 12 4 0 11 8 36 2 8 14 6 10 120 19 8 104 19 10 Total. 211 14 10 J 11 Q 7 8 0 60 12 4 1 18 0 27,985 16 0 9 0 3 0 18 0 6 12 4 0 11 8 36 2 8 14 6 10 120 19 8 104 19 10 950 0 0 2 10 0 42 11 8 34 7 0 100 6 0 122 7 0 39 11 10 813 0 10 13 3 3 8 6 14,864 13 9 8,301 15 10 2 7 8 894 10 5 108 6 10 2 2 3 83 1 10 5 19 2 17 7 1,275 2 9 294 1 4 2 2 0 198 19 0 1,645 18 2 2 10 0 146 7 7 157 9 8 108' 6 10 2 2 3 83 1 10 5 19 2 17 7 1,275 2 9 42,460 9 4 2 2 0 198 19 0 64,849 7 5 2 10 0 146 7 7 157 9 8 42,166 8 0 li' 3 3 6 0 9 63,203 9 3 21,326 15 0 1 10 0 0 4 0 13 15 3 121 3 10 3 9 0 304 13 10 304'13 10 21 16 1 7 15 6 364 17 10 0 7 C 30 12 8 229 9 8 18 1 3 33,42o' 0 0 33 0 9 29 2 3 19 3 7 281 19 0 33,453 0 9 29 2 3 19 3 7 281 19 0 39 16 1 210 12 10 37 12 1 39 16 1 210 12 10 37 12 1 17,821 14 9 80 7 10 32 16 2 2,288 11 7 2 12 0 1 14 0 115 6 1 6 14 9 17 6 23 0 7 6 9 0 25 1 5 53 4 10 17,82i'l4 9 80 7 10 32 16 2 7 6 7 2 12 0 1 14 0 115 6 1 6 14 9 17 6 23 0 7 6 9 0 25 1 5 53 4 10 15 6 14 9 9 ■2,281' 5 0 0 7 6 83 9 4 16 7 0 4 6 6 55 6 11 7 4 0 3,850 0 2 3 18 2 2 13 1 0 16 0 23 17 10 0 10 0 0 9 0 6 2 8 1,277 18 9 0 18 0 8 17 6 13 1 1 13 8 6,478 4 9 9 10 11 169 8 10 18 1 97 6 5 28 1 9 12 0 25 0 0 9 14 5 188 4 2 0 7 0 17 14 11 3 12 2 10 0 3 12 0 33 18 0 7 8 3 66 19 9 80 11 7 12 2 3 42 1 7 0 2 5 18 1 97 6 5 28 1 9 12 0 25 0 0 9 14 5 188 4 2 0 7 0 17 14 11 3 12 2 10 0 3 12 0 33 18 0 7 8 3 66 19 9 80 11 7 12 2 3 42 1 7 0 2 5 i 116 6 7 2 0 0 3 10 0 Carried forward .. 186,878 13 0 7,675 4 11 194,553 17 11 85,136 16 1 7,734 18 2

8.—6

16

Table No. 1— continued.

~~ 1 1910-1911. RECEIPTS. 1911-1912. £ 9. d. 333,640 7 10 Brought forward £ s. d. £ s. d.| {1,167,181 11 7 I 1 633,640 7 10 Carried forward .. 1,167,181 11 7

8.—6

STATEMENT of the RECEIPTS and EXPENDITURE of the LAND FOR SETTLEMENTS ACCOUNT for the Year ended 31st March, 1912, compared with the Financial Year ended 31st March, 1911—continued.

17

1910-1911. EXPENDITURE. 1911 ■1912. £ s. d. 8,869 8 10 £ s. d. £ s. d. £ s. d. £ s. d 7,734 18 2 Brought forward Name of Estate. Acquirement of Estates, and Expenses incidental thereto — continued Lyndon No. 1 Lyndon No. 2 Maerewhenua Mahora (R. Sowerby, Ehau and Hori Tupaea) .. Mahupuku Makareao Manga-a-toro Mangapouri Mangatahi Mangawhata Mangawhero Marawiti .. .. .. Matakanui Matamata .. . Maungaraki Maytown . Mead Meadowbank Meadows Merrivale Methuen Mills Morice Ngatapa Normandale Northbank Ohakea Okauia Omaka Opouriao Orakipaoa Otahu Otaio Otekaike Papaka Paparangi Pareora No. 1 Pareora No. 2 Patoa Pawaho Pitt Plumer Plunket Poerua Pomahaka . Pouparae Pourerere Prescot Puhipuhi Puhuka Puketapu Punaroa Rainolifl Rainford Rakitairi Rangiatea Rapuwai Raumati Raureka Rautawiri .. Rewi Richmond Brook Ringway Roimata Roeebrook Rosewill Ruapuna No. 2 Rugged Ridges Scargill (P. Holland) Selwyn Sherwood Downs (Sherwood Downs Company, Limited) Smithfield (J. Aitken) Spottis Oreek (R. M. Turnbull) Spotswood Starborough Steward Stoke Studholme Tablelands .. Takitu Purchase-money. Incidental Expenses. Total. 85,136 16 1 1 10 6 1 19 0 11 9 0 9 16 9 186,878 13 0 7,675 4 11 4 4 4 1 19 10 3 6 6 69 4 10 56 9 11 194,553 17 11 4 4 4 1 19 10 3 6 6 157 6 3 56 9 11 88' 1 5 85 17 8 24 19 8 5 12 6 34 13 6 2 10 0 16 5 8 3 2 6 31 17 6 98 4 1 1 12 0 1 12 0 2 16 14 14 6 13,758 10 11 63 0 10 10 2 10 54 18 9 31 1 0 21 3 9 2 0 6 7 5 6 170 11 5 45 13 8 12 0 3 10 0 93 13 6 374 14 8 22 7 7 9 12 6 3 3 6 2 6 10 27 8 8 118 2 3 20 16 5 38 15 11 6 10 11 23 17 11 32 5 6 2 10 6 4 2 7 0 4 9 1,954 6 10 0 5 0 9 17 0 0 8 9 13 6 63 0 10 10 2 10 54 18 9 31 1 0 21 3 9 2 0 6 7 5 6 170 11 5 45 13 8 12 0 3 10 0 93 13 6 374 14 8 22 7 7 9 12 6 3 3 6 2 6 10 27 8 8 118 2 3 20 16 5 38 15 11 6 10 11 23 17 11 32 5 6 2 10 6 4 2 7 0 4 9 1,954 6 10 0 5 0 9 17 0 0 8 9 13 6 5 15 9 4 0 2 1 19 0 3,187 14 1 20 18 3 567 3 4 2 10 0 24 1 5 24 10 11 16 19 3 0 11 0 293 19 3 2 0 0 0 12 0 1 19 6 1 14 0 6 10 0 2 0 2 206 17 0 1 13 10 8 18 0 10 16 10 11 11 8 3 16 5 4 8 9 0 15 8 0 2 0 1 13 5 44 0 4 4 9 0 0 7 6 0 2 0 1 13 5 44 0 4 4 9 0 0 7 6 718 0 23 17 4 718 0 23 17 4 3 2 5 32 5 6*18 0 18 0 3 7 0 0 4 2 18 3 1 2 12 0 11 13 11 1 10 0 20 10 2 4 5 7 17 6 33 8 6 15 17 11 16 7 11 10 0 16 10 10 61 1 10 6 19 8 0 9 6 22 0 4 22 15 11 5 5 3 16 7 11 10 0 16 10 10 61 1 10 6 19 8 0 9 6 22 0 4 22 15 11 5 5 3 0 3 0 6 11 6 86 16 4 011 6 86 16 4 86 16 2 40,250 10 10 880 0 0 6 2 1 89 7 8 211 17 0 6 2 1 19,153 16 8 211 17 0 19,064 9 0 78 16 7 70,030 0 0 18,253 0 9 400 0 0 248 9 9 70,278 9 9 18,253 0 9 400 0 0 2 0 8 330 2 6 5 2 0 33 19 9 0 11 6 48 19 6 2 0 0 3 4 10 347 9 8 39 13 0 18,280 3 3 2 0 8 330 2 6 5 2 0 33 19 9 0 11 6 48 19 6 2 0 0 iio o 1 15 8 Carried forward 12,272 15 2 306,986 19 4 163,740 4 5 294,714 4 2 7,734 18 2

8.—6.

18

Table No. 1— continued.

1910-191' RECEIPTS. 1911 ■1912. £ s. d 633,640 7 10 £ s. a. £ s. a. 1,167,181 11 7 Brought forward Totals • £1,167,181 11 7 E633.640 7 10 £

8.—6

19

STATEMENT of the RECEIPTS and EXPENDITURE of the LAND FOR SETTLEMENTS ACCOUNT for the Year ended 31st March, 1912, compared with the Financial Year ended 31st March, 1911—continued.

1910-1911. EXPENDITURE. 1911-1912. £ s. d. 8,869 8 10 £ s. d. £ s. d. £ s. d. £ s. d. 7,734 18 2 Brought forward .. .. .. Name of Estate. Purchase-money. Expenses' Purcbase-money. Incidental Expenses. Total. 163,740 4 5 '33 10 6 14 0 59 13 8 1 10 0 926 18 1 395 17 4 2 5 8 3 13 4 4 16 6 0 19 3 2,555 9 3 1 12 0 780 6 8 Acquirement of Estates, and Expenses incidental thereto— continued. .. .. .. 294,714 4 2 12,272 15 2 Tamai ■■ 004 Taumata Tautari ■■ 178 2 3 Tawaha .. .. .. .. .. • • 72 6 3 Te Anaraki .. .. .. .. .. ■ • 0 18 0 Te Arai . ■ 130 14 6 Teasdale .. 114 18 4 Tβ Mata .. .. .. .. .. ■ ■ 2 9 11 Te Matua .. .. .. • • .. • • 19 10 6 Timaunga (S. McKenzie and K. McLennan) .. 72,768 16 9 65 1 2 Tokaora .. .. .. .. •• •• 176 Tokarahi .. .. .. .. .. •■ 3 18 0 Tomoana .. .. .. •. • ■ • ■ 1 12 0 Tongoio •■ 2,485 14 4 Totara • • 6 11 0 Tripp .. .. .. .. .. •• 12 18 9 Valverde (G. W. Leadley) .. .. .. 14,000 0 0 Waari ■• 101 14 9 Waddington .. .. .. .. •• 272 Waiapi .. .. .. .. •• •■ 1 17 9 Waikakahi .. . . .. .. .. • • 16 19 2 Waimana .. .. .. .. • • • • 56 17 0 Waimarie .. .. .. .. .. • • 7 12 1 Waipapa .. .. ., .. •• ■■ 7 16 0 Waipuka .. .. .. .. .. • • 3 19 2 Waitakaruru No. 5b .. Wangapeka.. .. .. .. .. ■■ 10 15 7 Wharenui Whitehall .. .. .. .. • • • • 8 17 9 Wigan ■• 35 2 5 Wilford .. .. .. .. •• ■• 651 10 9 Willows .. .. .. .. ■• •■ 11 10 7 Windsor Park No. 1 .. 294,714 4 2 72,768 16 9 14,000 0 0 12,272 15 2 0 0 4 178 2 3 72 6 3 0 18 0 130 14 6 114 18 4 2 9 11 19 10 6 65 1 2 17 6 3 18 0 1 12 0 2,485 14 4 6 11 0 12 18 9 I I 306,986 19 4 0 0 4 178 2 3 72 6 3 0 18 0 130 14 6 114 18 4 2 9 11 19 10 6 72,833 17 11 17 6 3 18 0 1 12 0 2,485 14 4 6 11 0 12 18 9 14,000 0 0 101 14 9 2 7 2 1 17 9 16 19 2 56 17 0 7 12 1 7 16 0 3 19 2 46 19 4 174 5 i 2 10 0 54 16 3 56 3 11 9 16 3 12 1 5 101 14 9 2 7 2 1 17 9 16 19 2 56 17 0 7 12 1 7 16 0 3 19 2 6,522 2 7 3 6 10 0 10 7 17 10 80 4 5 21 10 0 15 11 10 12 6 1015 7 8 17 9 35 2 5 651 10 9 11 10 7 1015 7 8 17 9 35 2 5 651 10 9 11 10 7 175,516 9 9 Totals .. .. .. 381,483 0 11 16,285 18 2 381,483 0 11 16,285 18 2 397,768 19 1 397,768 19 1 The Land for Settlements Aot, 1908, and the New Zealand State-guaranteed Advanoes Acts, 1909, 1910,— Debentures matured 1st October, 1911, redeemed Debentures matured 1st November, 1911, redeemed Debentures matured 1st January, 1912, redeemed Debentures matured 1st February, 1912, redeemed Debentures matured 1st November, 1911, renewed Debentures matured 1st January, 1912, renewed Debentures matured 1st February, 1912, renewed Debentures matured 1st January, 1911, redeemed Debentures matured 1st January, 1911, renewed 99,000 0 0 8,000 0 0 69,150 0 0 21,500 0 0 600 0 0 149,665 0 0 61,300 0 0 28,425 0 0 84,175 0 0 112,600 0 0 Charges and Expenses — On issue of Debentures On renewal of Debentures On redemption of Debentures 409,215 0 0 33 13 7 0 3 5 19 5 i 0 3 0 100 1 10 119 10 2 33 17 0 Interest paid to Consolidated Fund in respeot of Debentures issued 222,169 0 4 224,037 8 9 106 1 3 Interest under subsection (8) of section 191 of the Land Act, 1908 44 9 7 Section 90 of the New Zealand State-guaranteed Advances Act, 1909, — Interest Sinking Fund 935 13 8 63,154 7 7 64,090 1 3 59,079 7 7 59,079 7 7 53,097 14 8 Balanoe at end of Year,— Cash in the Publio Account Advances in the hands of Officers of the Government — In the Dominion 66,039 13 0 300 0 0 66,039 13 0 53,397 14 8 Totals £633,640 7 10 £1,167,181 11 7

8.—6

20

Table No. 1— continued.

1910-11. RECEIPTS. 1911-1912. £ s. d. i. s. d. £ s. d. 4,299 19 8 Balance at beginning of Year, — Cash in the Public Account 4,299 19 8 26,050 0 0 24,650 0 0 Tne New Zealand Loans Act, 1908, — The Maori Land Settlement Act, 1905, — Debentures issued for redemption of Debentures matured 1st January, 1911 .. Debentures matured 1st January, 1911, renewed 50,700 0 0 Totals £54,999 19 8 £4,299 19 8 STATEMENT of the RECEIPTS and EXPENDITURE of the NA 1 'IVE LAND SETTLEMEN £ s. d. Balance at beginning of Year, — Cash in the Public Account Advances in the hands of the Officers of the Government — In the Dominion £ s. d. 44,300 17 8 21 12 0 £ s. d. 44,322 9 8 181,600 0 0 Amount received from the New Zealand State-guaranteed Advances Office in terms of section 94 of the New Zealand State-guaranteed Advances Act, 1909.. 254,500 0 0 241 17 4 Amount received in respect of Survey Liens 8,184 12 1 Rents, &c. 2,116 4 4 Totals £181,841 17 4 £309,123 6 1 STATEMENT of the RECEIPTS and EXPENDITURE of the C NVERSION ACCOUNT ioi £ e. d. Dr. 859 13 1 700 4 2 Balance at beginning of Year, — Cash in the Public Account Advances in the hands of Stock Agents— Cash .. In the hands of the High Commissioner — 3£-per-cent. Stock for sale £ s. d. Dr. 13,321 8 4 475 8 9 £ s. d. 2,154 0 5 15,000 0 0 Dr. 159 8 11 3,323,660 0 0 25,610 0 0 3J-per-oent. Inscribed Stock, — Issued for conversion of Debentures.. Issued for expenses of conversion 449,720 0 0 713 i 6 450,433 4 6 3,349,270 0 0 • 8,349,110 11 1 Totals £452,587 4 11

21

8.-6

STATEMENT of the RECEIPTS and EXPENDITURE of the MAORI LAND SETTLEMENT ACT ACCOUNT for the Year ended 31st March, 1912, compared with the Financial Year ended 31st March, 1911.

1910-1911. EXPENDITURE. 1911-1912. £ s. d. U6.050 0 0 24,650 0 0 The New Zealand Loans Aot, 1908,— The Maori Land Settlement Act, 1905— Debentures matured 1st January, 1911, redeemed Debentures matured 1st January, 1911, renewed £ s. d. 450 0 0 £ s. d. 450 0 0 50,700 0 0 The Maori Land Settlement Act, 1905, — Charges and Expenses authorized by the New Zealand Loans Act, 1908 — On renewals 5 18 9 4,299 19 8 Balance at end of Year, — Cash in the Public Acoount 3,844 0 11 Totals £54,999 19 8 £4,299 19 8 CCOUNT foi the Year ended 31st March, 1912, as compared with the Finanoial Year ended 31st I 1CH, 1911. £ s. cl 123 10 6 Annual Appropriation,— Vote 136 —Native-land Purchase Expenses £ s. d. a s. d. 333 4 1 Unauthorized .. .. .. .. 50 0 0 135,334 7 7 Expenditure under the Act 284,108 13 1 245 9 7 1,816 0 0 Payment to the New Zealand State-guaranteed Advanoes Office under section 95 of the New Zealand State-guaranteed Advances Act, 1909— Interest Sinking Fund 5,422 2 1 4,361 0 0 9,783 2 1 2,061 9 7 Advances under section 274 of the Native Land Act, 1909, — Aotea District Maori Land Board Tokerau District Maori Land Board 3,000 0 0 7,500 0 0 10,500 0 0 44,300 17 8 Balance at end of Year, — Cash in the Public Aocount Advanoes in the hands of Offioers of the Government— In the Dominion 1,823 14 0 21 12 0 2,524 12 10 4,348 6 10 44,322 9 8 Totals £181,841 17 4 £309,123 6 1 ihe Year ended 3: st Maboh, 1912, compared with the Financial Year ended 31st Mabch, 1911. £ s. d. Amount converted. £ £ s. a. £ s. d. Scrip and Debentures converted into 3iper-cent. Inscribed Stock, — Aid to Public Works and Land Settlement Act, 1910 Aid to Public Works and Land Settlement Act, 1905 Aid to Public Works and Land Settlement Act, 1904 Finance Act, 1909 Aid to Public Works and Land Settlement Act, 1909 Naval Defence Act, 1909 converted. £ 201,500 226,000 700 10,500 ±tate. premium. £ £ 102 4,030 103 6,780 par 102 210 Bate. Premium. 1,386,588 0 0 £ £ 201,500 102 4,030 226,000 103 6,780 500 0 0 1,022,142 0 0 700 10,500 par 102 "210 612,000 0 0 302,430 0 0 3,323,660 0 0 438,700 11,020 Expenses Account, — Brokerage and Commission Disoount Stamp Duty Bent and Office Expenses 449,720 0 0 449,720 0 0 1,056 10 0 237 4 0 21,565 19 6 436 17 2 39 5 9 579 8 9 2,973 0 11 506 10 8 4,098 6 1 23,296 10 8 Dr. 13,321 8 4 475 8 9 Balance at end of Year, — Cash in the Public Account Advances in the hands of Stock AgentsCash .. In the hands of the High Commissioner— 3J-per-eent. Stock for sale Dr. 2,059 19 10 828 18 8 15,000 0 0 Dr. 1,231 1 2 2,154 0 5 Totals £452,587 4 11 £3,349,110 11 1

8.—6

22

Table No. 1—continued.

1910-1911. RECEIPTS. 1911 1912. £ s. d. Balance at beginning of Year, — Cash in the Public Account £ s. a. £ s. d. 23,876 0 0 18,865 3 7 :16,000 0 0 The New Zealand Loans Act, 1908,— The Local Bodies' Loans Act, 1908— Debentures issued for redemption of Debentures matured 1st June, 1911 Debentures matured 1st March, 1911, renewed 50,000 0 0 50,000 0 0 16,000 0 0 227 8 3 1 13 11 92 9 10 18 10 1 100 0 0 320 15 0 1,000 0 0 Refunds under sections 64 and 72 of the Local Bodies' Loans Act, 1908, — Counties— Cook .. .; Hokianga .. Kiwitea Patangata Pohangina Waikohu Woodville 0 11 9 13 8 6 754 15 7 237 16 1 100 14 9 29 9 9 Boroughs— Eketahuna Mataura Palmerston Sumner Temuka Whangarei Woodville .. .. .. . 29 10 6 101 16 2 30 2 3 89 13 8 81 19 3 660 0 0 3 9 0 Town Board— Hunterville 55 4 8 9 11 9 Drainage Boards— Ellesmere Land Hopelands 2,162 3 7 1,796 17 2 The Local Bodies' Loans Act, 1908,--Debentures issued .. .. .. .. .. 70,000 0 0 39,820 0 0 Amount received from the New Zealand State - guaranteed Advances Office in terms of seotion 77 of the New Zealand State-guaranteed Advances Act, 1909 .. 151,858 3 7 Carried forward 70,662 0 9

23

8.—6

STATEMENT of the RECEIPTS and EXPENDITURE of the LOANS TO LOCAL BODIES ACCOUNT for the Year ended 31st March, 1912, compared with the Financial Year ended 31st March, 1911.

1910-1911. 1911-1912. EXPENDITURE. £ s. d. Loans under the Local Bodies' Loans Act, 1908,— Counties— Akitio Amuri Clifton Cook Bketahuna Hawera .. .. . v Hawke's Bay Hokianga Kawhia Kiwitea Lake Levels Manawatu Masterton Opotiki Fabiatua Piako Rangitikei Selwyn Stratford Tauranga Waikato Waimarino Waipa Waipawa Wairoa Whangamomona Whangarei ♦• • £ s. d. £ s. d. 800 0 0 1,000 0 0 600 0 0 300 0 0 565 0 0 200 0 0 575' 0 0 594 7 2 500 0 0 1,000 0 0 400 0 0 2,000 0 0 1,116 0 0 100 0 0 2,290 0 0 1,400 0 0 500 0 0 540 0 0 300 0 0 1,500 0 0 5,079 0 0 50 0 0 2,500 0 0 1,000 0 0 1,000 0 0 750 0 0 260 0 0 250 0 0 690 0 0 250 0 0 300 0 0 150 0 0 500 0 0 500 0 0 150 0 0 1,400 0 0 23,160 0 0 7,949 7 2 City Counoil— Christohuroh 2,000 0 0 1,000 0 0 35 0 0 2,000 0 0 1,000 0 0 1,000 0 0 10,000 0 0 1,250 0 0 2,000 0 0 2,000 0 0 2,000 0 0 250 0 0 2,000 0 0 7,000 0 0 Boroughs— Dannevirke Bketahuna Eltham Feilding Kaiapoi Lower Hutt Maori Hill Newmarket Northcote Palmerston Petone Sumner Whangarei .. .. .. * 500 0 0 250 0 0 250 0 0 2,700 0 0 1,700 0 0 31,535 0 0 56,695 0 0 Carried forward 10,649 7 2

8.—6

24

Table No. 1—continued.

1910-1911. RECEIPTS. 1911-1912. £ s. d. 551,858 3 7 Brought forward £ s. d. £ s. d. 70,662 0 9 * Totals £551,858 3 7 Totals £70,662 0 9 T of the EECEIPTS AND EXPENDITURE of the OPENING UP CRO stateme: N LANDS 'OR SETTLE- £ s. d. £ s. d. £ s. d. Balance at beginning of Year, — Cash in the Public Account Advances in the Hands of Officers of the Government— In the Dominion 7,212 17 3 1,361 12 5 8,574 9 8 54,265 0 0 £54,265 0 0 A'mount received from the New Zealand State-guaranteed Advances Office in terms of seotion 77 of the New Zealand State-guaranteed Advances Act, 1909 61,250 0 0 Totals £69,824 9 8

25

8.—6

4—B. 6.

STATEMENT of the RECEIPTS AND EXPENDITURE of the LOANS TO LOCAL BODIES ACCOUNT for the Year ended 31st March, 1912, compared with the Financial Year ended 31st March, 1911—continued.

1910-1911. EXPENDITURE. 1911-1912. £ s. d. 56,695 0 0 £ s. d. £ . s. d. 10,649 7 2 Brought forward 2,000 0 0 1,000 0 0 200 0 0 232 0 0 350 0 0 250 0 0 500 0 0 310 0 0 2,375 0 0 2,182 0 0 411 0 0 800 0 0 308 0 0 1,800 0 0 Loans under the Locttl Bodies' Loans Act, 1908— continued. Road Boards — Huntly Mangawhero Mataongaonga .. .. Moturoa Oero Okato Okain's Bay Okotuku Pukokohe West Riocarton Tamahere Turanga Wairoa Waiuku 300 0 0 500 0 0 56 0 0 1,050 0 0 450 0 0 12,718 0 0 2,356 0 0 Town Board— Opotiki .. .. 300 0 0 2,935 «0 0 1,000 0 0 500 0 0 2,800 0 0 225 0 0 Drainage Boards— Ellesmere Land Hungahunga Makerua Moutoa Tumu Kaituna 400 0 0 400 0 0 7,460 0 0 Total Loans .. .. .. .. •77,173 0 0 13,405 7 2 The New Zealand Loans Aot, 1908,— The Local Bodies' Loans Act, 1908— Debentures matured 1st June, 1911, redeemed Debentures matured 1st March, 1911, renewed 50,000 0 0 50,000 0 0 416,000 0 0 416,000 0 0 39,820 0 0 Amount transferred to Opening up Crown Lands for Settlement Account 18,865 3 7 Balance at end of Year, — Cash in the Public Account .. .. .. • .. 7,256 13 7 Totals £551,858 3 7 £70,662 0 9 A;ent acco NT for the Year ended 31st March, 1912, compared with tho Finanoial Year ( ended 31st Maeoh, 1911. £ s. d. 45,690 10 4 Annual Appropriation, — Vote 127 —Roads to open up Crown Lands £ s. d. £ s. d. 49,287 11 2 Unauthorized 451 6 11 Balance at end of Year, — Cish in the Public Acoount Advances in the hands of Officers of the Government— In the Dominion 19,836 12 10 20,085 11 7 7,212 17 3 1,361 12 5 248 18 9 8,574 9 8 Totals £54,265 0 0 £69,824 9 8

8.—6

26

Table No. 1— continued.

1910-1911. RECEIPTS. 1911-1912. £ s. d. £ b. d.S £ s. d. 5,387 6 1 1,705 5 6 Balance at beginning of Year, — Cash in the Publio Account Advances in the hands of Officers of the Government — In the Dominion 22,044 11 3 620 17 1 — — 22,665 8 i 7,092 11 7 Receipts under section 5 of the Hauraki Plains Act, 1908, — Land Sales Perpetual Leases Miscellaneous .. "■ i 2,263 0 0 3,710 13 10 40 15 10 T"; 52 18 0 "": 4,456 16 7 ' '150 2 3 — 4,659 16 10 6,014 9 8 Amount received from the New Zealand State-guaranteed Advanoes Office in terms of section 84 of the New Zealand State-guaranteed Advances Act, 1909 40,000 0 0 20,000 0 0 £47,325 5 2 £53,107 1 3 Totals STATEMENT of the RECEIPTS and EXPENDITURE of the ATIONAL INDOWMEN 1 £ s. d. Balance at beginning of Year, — Cash in the Public Account £ s. d. S, s. d. 55,861 12 2 66,149 8 0 95,331 0 9 Rents, &c, from National Endowment Lands .. 91,096 5 6 Totals £151,192 12 11 £157,245 13 6 STATEMENT of the RECEIPTS and EXPENDITURE of the NEW ZEALAND STATE-GUARANTEED ADVANCE £ s. d. The New Zealand State-guaranteed Advances Acts, 1909-1910,— Advances to Settlers— Instalment received in respect of £1,675,000 Loan authorized Temporary advances on the security of Debentures issued .. £ s. d. 173,865 0 0 500,000 0 0 £ s. d. 1,501,135 0 0 250,000 0 0 673,865 0 0 1,751,135 0 0 Advances to Workers— Instalment received in respect of £325,000 Loan authorized Temporary advances on the security of Debentures issued 33,735 0 0 291,265 0 0 i 250,000 0 0 I 33,735 0 0 541,265 0 0 Interest on overdue Instalments .. .. »•.. .. .. 4 0 3 The New Zealand Loans Act, 1908, — 3$-per-cent. Inscribed Stock created to cover expenses of raising £2,000,000 Loan 76,514 H 2 The New Zealand State-guaranteed Advances Acts, 1909-1910, and New Zealand Loans Act, 1908,— Advances to Settlers— Debentures issued for redemption of Debentures matured 1st December, 1911 I Debentures matured 1st December, 1911, renewed .. .. .. .. ! Temporary advance on Rf serve Fund Securities— Provision for Debentures matured 29th December, 1911 .. Si-per-cent. S: ock created for redemption of Debentures maturing 1st April, 1912 Advances to Workers— Debentures matured 1st January, 1912, renewed 20,000 0 0 255,000 0 0 117,300 0 0 140,000 0 0 205,000 0 0 20,000 0 0 255,000 0 0 , 117,300 0 0 140,000 0 0 205,000 0 0 I 737,300 0 0 =2.292.400 0 0 ] Totals .. .. .. .. .. ! £1,521,418 14 5

27

R—6

STATEMENT of the RECEIPTS and EXPENDITURE of the HAURAKI PLAINS SETTLEMENT ACCOUNT for the Year ended 31st March, 1912, compared with the Financial Year ended 31st March, 1911.

1910-1911. i EXPENDITURE. 1911-1912. £ s. d. 29,607 4 5 £ s. d. £ s. d. 37,142 2 4 Expenditure under the Act 834 8 6 Payment of Principal and Interest under section 84 of the New Zealand Stateguaranteed Advances Aot, 1909 2,661 11 11 22,044 11 3 Balance at end of Year, — Cash in the Public Account Advanoes in hands of Officers of the Government— In the Dominion 7,445 1 9 7,521 10 11 620 17 1 76 9 2 22,665 8 4 Totals £53,107 1 3 £47,325 5 2 .CCOUNT for the Year ended 31st Makoh, 1912, compared with the Financial Year ended 31st Maech, 1911. £ s. d. 5,619 8 8 Annual Appropriation,— Vote 128—Roads to open up National "Endowment Lands " £ s. d. £ s. d. 6,554 10 6 79,423 16 3 Expenditure under the Land Aot, 1908 .. 87,244 17 9 i Balance at end of Year, — Cash in the Public Aocount 63,446 5 3 66,149 8 0 £151,192 12 11 Totals £157,245 13 6 OAN ACCO NT for the Year ended 31st March, 1912, compared with the Finanoial Year inded 31st March, 1911. £ s. d. Amounts paid over to the State-guaranteed Advances Office Account on account of Loan,— Advances to Settlers Advances to Workers £ s. d. £ s. d. J 1,251,135 0 0 41,265 0 0 588,865 0 0 33,735 0 0 622,600 0 0 1,292,400 0 0 The Government Advanoes to Settlers Act, 1908, — Advances to Settlers — Debentures matured 1st December, 1911, redeemed Debentures matured 1st December, 1911, renewed Debentures matured 29th December, 1911, redeemed Debentures matured 15th January, 1912, redeemed.. The Government Advances to Workers Act, 1906— Debentures matured 1st January, 1912, renewed 20,000 0 0 255,000 0 0 117,300 0 0 85,000 0 0 205,000 0 0 682,300 0 0 The New Zealand State-guaranteed Advances Acts, 1909-1910, — Charges and Expenses authorized by the New Zealand Loans Aot, 1908— On issue of Debentures and Stock On redemption of Debentures 76,518 14 5 7,700 0 0 84,218 14 5 500,000 0 0 500,000 0 0 The New Zealand State-guaranteed Advances Act, 1909, — Temporary Advances repaid— Advances to Settlers Advanoes to Workers 1,000,000 0 0 Balance at end of Year,— Cash in the Public Aooount 132,300 0 0 £2,292,400 0 0 Totals £1,521,418 14 5

28

8.—6

Table No. 1—continued.

1910-11. RECEIPTS. 191 1-12. £ s. d. £ a. d. £ s. d. Balance at beginning of Year, — Cash in the Publio Account 25,715 10 10 715 10 10 Receipts under the Rangitaiki Land Drainage Act, 1910 605 7 5 25,000 0 0 Advances made by the New Zealand State-guaranteed Advances Office under Section 5 of the Rangitaiki Land Drainage Act, 1910 Totals .. £25,715 10 10 £26,320 18 3 STATEMENT of the RECEIPTS and EXPENDITURE of the BANK OP NEW ZEALAND ACT, 1903, £ s. d. £ s. d. £ s. d. 500,000 0 0 Balance at beginning of Year,— Investment Account 500,000 0 0 £500,000 0 0 Totals £500,000 0 0 STATEMENT of the RECEIPTS and EXPENDITURE of the RESERVE FUND ACCOUN . £ s. d. j Balance at beginning of Year, — 800,000 0 0 j Investment Account £800,000 0 0 Totals £ s. d. £ s. d. 800,000 0 0 £800,000 0 0 STATEMENT of the RECEIPTS and EXPENDITURE of the NEW ZEALA: .ND CONSOLS ACCOUNT £ s. d. Baianoe at beginning of Year, — Cash in Deposit Account Investment Account £ s. d. £ a. d. 7,359 0 11 402,765 0 0 1 14 0 462,165 0 0 462,166 14 0 410,124 0 11 53,145 0 0 Deposits inscribed .. 11,945 0 0 145 0 0 New Zealand Consols Act, 1908, — Consols due 1st February, 1910, renewed *■ Total? £463,414 0 11 £474,111 14 0 The Treasury, Wellington, 25th April, 1912.

29

8.—6

STATEMENT of the RECEIPTS and EXPENDITURE of the RANGITAIKI LAND DRAINAGE ACCOUNT for the Year ended 31st March, 1912, compared with the Financial Year ended 31st Maroh, 1911.

1910-11. EXPENDITURE. 191: 1-12. £ s. d. i ■ .. Expenditure under the Act £ s. d. £ s. d. 12,140 8 5 Balance at end of Year, — 25,715 10 10 Cash in the Publio Account Advances in the hands of the Government — In the Dominion 12,931 18 1 14,180 9 10 1,248 11 9 25,715 10 10 £25,715 10 10 525,715 10 10 Totals £26,320 18 3 ACCOUNT for the Year ended 31st March, 1912, oompared with the Finanoial Year ended 31st March, 1911. £ s. d. Balance at end of Year, — 500,000 0 0 Investment Account £500,000 0 0 Totals £ s. d. £ s. d. 500,000 0 0 £500,000 0 0 for the Year ended 31st Maech, 1912, oompared with the Financial Year ended 31st Makoh, 1911. ! £ s. d. Balance at end of Year, — 800,000 0 0 Investment Acoount ! £800,000 0 0 j Totals -i £ s. d. £ s. d. 800,000 0 0 £800,000 0 0 for the Year^endi id blst March, 1912, oompared with the Financial Year ended 31st March, 1911. £ b. d. & s. d. £ s. d. j 145 0 0 i 1,102 6 11 1,247 6 11 New Zealand Consols Aot, 1908,— Consols due 1st February, 1910, renewed Consols due 1st February, 1910, redeemed 1 14 0 462,165 0 0 Balance at end of Year, — Cash in Deposit Account Investment Account • • ■**' 6 14 0 474,105 0 0 462,166 14 0 £463,414 0 11 Totals .. 474,111 14 0 £474,111 14 0 J. W. POYNTON, Secretary to the Treasury. A. O. GIBBES, Acting Acoountant to the Treasury. Examined and found oorrect. ROBERT J. COLLINS, Controller and Auditor-General.

8.—6.

30

Table No. 1— continued. SUMMARY of BALANCES on 31st MARCH, 1912.

Balances. Cash. Advances. Investments. Total. I Consolidated Fund :— Ordinary Revenue Account State Forests Account State Coal-mines Account Scenery Preservation Account .. Naval Defence Act Account Accounts of Local Bodies Deposit Accounts £ s. d. J 807,275 11 8 31,587 7 11 23,478 14 6 2,163 14 6 304,362 11 3 7,812 6 10 226,216 10 8 £ s. d. 1,402,896 17 4 Consolidated Fund: — Ordinary Revenue Account State Forests Account.. State Coal-mines Account Scenery Preservation Account .. Naval Defence Act Account Accounts of Local Bodies Deposit Accounts £ s. d. J 770,341 3 8 I 30,977 19 1 J 15,425 11 11 2,163 14 6 [ 289,362 11 3 7,812 6 10 226,082 10 8 j £ s. d. 36,934 8 0 609 8 10 8,053 2 7 15,000' 0 0 134 0 0 £ s. d. £ s. d. 807,275 11 8 31,587 7 11 23,478 14 6 2,163 14 S 304,362 11 3 7,812 6 10 226,216 10 8 1,342,165 17 11 60,730 19 5 1,402,896 17 4 •• Public Works Fond 82,580 3 7 Public VVobks Fund 65,941 5 0 J 16,638 18 7 82,580 3 7 Wellington-Hutt Railway and Road Impkovement Account ., The Railways Improvements Account The Waihou and Ohinemuri Rivers Improvement Account .. Native Land Settlement Account Land for Settlements Account. . Maori Land Settlement Act Account Cheviot Estate Account Loans to Local Bodies Account Opening up Crown Lands for Settlement Account Hauraki Plains Settlement Account National Endowment Account .. Kangitaiki Land Drainage Account Conversion Account New Zealand State - guaranteed Advances Loan Account New Zealand Consols Account.. Reserve Fund Account.. Bank of New Zealand Act, 1903, Account Silver and Bronze Coin Account 2,299 7 2 567 10 3 99,670 19 0 4,348 6 10 66,039 13 0 3,844 0 11 68,242 0 4 7,256 13 7 20,085 11 7 Wellington-Hutt Railway and Road Improvement Account The Railways Improvements Account The Waihou and Ohinemuri Rivers Improvement Account .. Native Land Settlement Account Land for Settlements Account.. Maori Land Settlement Act Account Cheviot Estate Account Loans to Local Bodies Account Opening up Crown Lands for Settlement Account .. Haubaki Plains Settlement Ac2,299 7 2 j 567 10 3 39,670 19 0 1,823 14 0 I 66,039 13 0 3,844 0 11 J 18,242 0 4 i 7,256 13 7 19,836 12 10 2,524 12 10 24? 18 9 60,000 0 0 50,00o' 0 0 2,299 7 2 567 10 3 99,670 19 0 4,348 6 10 66,039 13 0 3,844 0 11 68,242 0 4 7,256 13 7 20,085 11 7 7,521 10 11 63,446 5 3 count National Endowment Account .. Rangitaiki Land Drainage Account Conversion Account New Zealand State-guaranteed Advances Loan Account New Zealand Consols Account.. Reserve Fund Account Bank of New Zealand Act, 1903, Account Silver and Bronze Coin Account General Services Account 7,445 1 9 63,446 5 3 76 9 2 7,521 10 11 63,446 5 3 •• 14,180 9 10 Dr. 1,231 1 2 12,931 18 1 ' Cr. 2,059 19 10 j 1,248 11 9 828 18 8 14,180 9 10 Cr. 1,231 1 2 132,300 0 0 474,111 14 0 800,000 0 0 132,300 0 ! 6 14 0 I 474,105' 0 0 800,000 0 0 132, 300 0 0 474,111 14 0 800,000 0 0 500,000 0 0 80,250 0 0 Or. 101,416 8 10 80,250 0 0 101,416 8 10 500,000 0 0 500,000 0 0 80,250 0 0 • • ■ • Total .. £3,828,410 2 5 Totals £1,680,341 4 5 £263,963 18 0 £1,884,105 0 0 £3,828,410 2 5

31

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, 1912.

Estimated. Actual. Diffeeences. More Less than Estimate than Estimate. DlFFEBENCES. RECEIPTS. Revenue Account :— Customs Railways Stamps Post and Telegraph Land-tax Income-tax Beer Duty Registration and other Fees Marine Miscellaneous Territorial Revenue Endowment Revenue £ s. d. 3,000,000 0 0 3,525,000 0 0 860,600 0 0 1,01)5,000 0 0 635,000 0 0 410,000 0 0 115,000 0 0 104,345 0 0 45,000 0 0 338,150 0 0 238,550 0 0 62,365 0 0 £ s, d. 3,279,012 2 11 3,665,613 7 6 943,188 6 3 1,089,808 2 10 647,015 7 8 448,934 11 5 119,130 11 2 108,495 5 5 48,321 14 3 371,867 17 1 248,791 6 4 62,365 5 0 £ s. d. 279,012 2 11 140,613 7 6 82,588 6 3 12,015 7 8 38,934 11 5 4,130 11 2 4,150 5 5 3,321 14 3 33,717 17 1 10,241 6 4 0 5 0 £ s. d. 5,191 17 2 10,429,010 0 0 11,032,543 17 10 608,725 15 0 5,191 17 2 5,191 17 2 Amount at credit of Deposit Account, Imperial Government South Africa Contingents, transferred to Consolidated Fund Recoveries on account of Expenditure of previous years 13,175 13 10 603,533 17 10 13,175 13 10 •15,441 7 3 15,441 7 3 Totals 10,429,010 0 0 11,061,160 18 11 632,150 18 11 EXPENDITURE. Revenue Account :— Permanent Appropriations, — Civil List Interest and Sinking Fund Under Special Acts Subsidies paid to Local Authorities Territorial Revenue Endowments Old-age Pensions £ s. d 35,500 0 0 2,663,556 "0 0 494,988 0 0 109,000 0 0 38,106 0 0 158,150 0 0 371,291 0 0 £ s. d. 33,679 15 8 2,656,339 18 1 512,448 9 6 105,937 13 4 38,477 12 11 152,772 8 10 386,962 8 6 £ s. d. 17,460 9 .6 £ s. d 1,820 4 4 7,216 1 11 3,062 6 8 371 12 11 15,671 8 6 5,377 11 2 3,870,591 0 0 3,886,618 6 10 33,503 10 11 17,476 4 1 Annual Appropriations,— Legislative Department of Minister of Finance Postmaster-General Working Railways Minister of Public Works.. Native Department Minister of Justice Minister of Mines Department of Internal Affairs Defence Department .. Commissioner of Trade and Cus-1 toms, Marine and Harbours, &c. f i Department of Labour Department of Lands and Survey .. Minisier of Agriculture, Commerce, and Tourifcts Education Department Services not provided for 29,597 0 0 50,155 0 0 975,103 0 0 2,549,266 0 0 96,480 0 0 23,157 0 0 385,331 0 0 27,791 Q 0 385,297 0 0 491,743 0 0 31,628 3 8 47,448 18 1 986,526 15 9 2,451,717 8 6 88,745 0 6 20,724 7 6 384,720 12 2 24,843 10 9 385,836 10 2 401,870 3 5 2,031 3 8 11,423 15 9 539 10 2 2,706 1 11 97,548 11 6 7,734 19 6 2,432 12 6 610 7 10 2,947 9 3 89,872 16 7 129,194 0 0 118,527 15 7 10,666 4 5 24,254 0 0 318,218 0 0 25,245 3 4 234,500 16 10 991 3 4 83,717 3 2 227,536 0 0 1,020,964 0 0" 219,434 10 8 1,012,048 4 7 19,932 3 1 8,101 9 4 8,915 15 5 19,932 3 1 6,734,086 0 0 6,453,750 4 7 34,917 16 0 315,253 11 5 - Totals 68,421 6 11 332,729 15 6 68,421 6 11 264,308 8 7 10,604,677 0 0 10,340,368 11 5 * Includes iS.140,613 7s. 6d. additional appropriation authorized by the Public lie Bevenues Act, 19c Beven lues Act, 1910. .0. RESULTS OV YEAR. £ Actual receipts, 1911-12 .. .. .. .. 11,061,160 Actual expenditure, 1911-12 .. .. .. .. 10,340,368 s. d. £ s. d. 18 11 11 5 £ s. d. I s. d. 0 18 11 8 11 5 Excess of receipts over expenditure Balance, 31st March, 1911 720,792 7 6 586,483 4 2 720,792 7 6 586,483 4 2 Total 1,307,275 11 8 Transferred to Public Works Fund 500,000 0 0 Balance, 31s( Mftrch, 1912 £807,275 11 8 £807,275 11 8

8.—6

32

Table No. 3. The PUBLIC DEBT of NEW ZEALAND on 31st March, 1912.

Amount outstanding. Due Date. Sinking Funds. Indebtedness. Rate. Annual Charge. Remarks. Amount. When payable. Int. I S.F. 3,000 12,200 £ £ £ % fa £ Canterbury Loan Ordinance, 1862 15,200 2 Jan., 1915 2 July, 1916 1 July, 1919 31 Oct., 1912 30 S'pt.,1915 30 Sept., 1915, 1 May, 1918 1 May, 1915 1 Feb., 1917 1 May, 1915 1 Feb., 1917 I 1 Jan., 1922 30 June, 1918 1 Jan., 1918 1 J-in., 1918 1 Jan., 1921 1 Jan., 1921 1 April, 1912 1 April, 1916 1 April, 1918 1 April, 1919 lAug., 1915 Uan., 1916 30 June, 1915 30 June, 1914 1 Mar., 1915 30 June, 1915 1 Aug., 1915 1 Feb., 1917 30 June, 1917 ■ 1 Jan., 1922 30 June, 1915 1 Mar., 1915 1 Feb., 1917 1 Feb., 1922 1 Feb., 1923 1 Feb., 1917 1 Jan., 1918 1 Feo., 1917 1 Jan., 1918 1 Jan., 1919 I 22,720 Or. 7,520 6 1 1,064 30 June and 31 Dec. District Railways Purchasing Acts, 1885-86 Native Land Purohases Act, 1892 Lands Improvement and Native Lands Acquisi- j tion Aot, 1894 I Hutt Railway and Road Improvement Acts, 1903, 1905, 1907, and 1910 Maori Land Settlement Aot, 1905 .. \ Maori Land Settlement Act Amendment Aot, 1907 " 398,000 2,000 100,000 117,000 42,590 10,000 12,600 17,300 5,190 25,650 23,900 150,000 40,000 125,000 400,000 304,680 40,000 125,000 398,000 2,000 100,000 117,000 42,590 10,000 12,600 17,300 5,190 25,650 23,900 150,000 50,000 100,000 30,000 10,000 10,000 4 4 4 4 4 4 4 4 3J 3J 3i 1,600 4,375 13,930 80 3,500 4,095 1,491 i 400 504 692 207 898 956 6,000 1,750 3,500 1,050 350 375 1 Jan. „ 1 July. 30 April „ 31 Oct. 31 Mar. „ 30 Sept. 31 Mar. „ 30 Sept. 1 May „ 1 Nov. 1 May „ 1 Nov. 1 Feb. „ 1 Aug. 1 May „ 1 Nov. 1 Feb. „ 1 Aug. 1 Jan. „ 1 July. 30 June . 31 Dec. 1 Jan. „ 1 July. 1 Jan. „ 1 July. 1 Jan. „ 1 July. 1 Jan. „ 1 July. 1 April , 1 Oct. 1 April „ 1 Oct. 1 April „ 1 Oct. 1 April „ 1 Oct. 199,550 100,000 30,000 10,000 10,000 438 1,343 110,000 75,000 1,600 30,000 2,000 3,300 17,500 68,100 50,000 1,200 20,600 1,500 1,700 50,350 11,150 3,000 17,490 8,760 50,000 Coal-mines Act, 1908 .. .. • • -U 150,000 v Dairy Industry Act, 1908 1,781 i 1,781 H 62 3,850 3,000 64 1,200 80 132 700 2,724 1,750 48 824 60 68 1,762 390 120 699 350 1 Feb. , 1 Aug. 30 June „ 31 Dec. 30 Jane „ 31 Dec. 1 Mar. , 1 Sept. 30 June „ 31 Dec. 1 Feb. „ 1 Aug. 1 Feb. „ 1 Aug. 30 June „ 31 Dec. 1 Jan. „ 1 July. 30 June „ 31 Dec. 1 Mar. „ 1 Sept. 1 Feb. , 1 Aug. 1 Feb. „ 1 Aug. 1 Feb. „ 1 Aug. 1 Feb. „ 1 Aug. 1 Jan. „ 1 July. 1 Feb. . 1 Aug. 1 Jan. „ 1 July. 1 Jail. „ 1 July. Government Railways Act, 1908 — Railwavs Improvements Authorization Acts, - 1904-7 Finance Act, 1909 307,500 110,000 75,000 1,600 30,000 2,000 3,300 17,500 68,100 50,000 1,200 20,600 1,500 1,700 50,350 11,150 3,000 17,490 8,760 3* 4 4 4 4 4 4 4 4 4 4 4 3-J 4 4 4 75,000 (I Government Railways Amendment Act, 1910 -j 90,750 Carried forward .. . • • • 1,759,461 64,700 22,720 1,736,741

33

8.—6

Table No. 3 — continued. The PUBLIC DEBT of NEW ZEALAND on 31st March, 1912— continued.

s—B. 6.

I Annual Chakge. . . Amount outstanding. Due Datk. Sinking Funds. Bate. Int. 1 S.F. Amount. Rkiwahk*. INDEBTEDNKSS. When payable. Brought forward .. .. .-| Looal Bodies' Loans Aot, 1903— Government Loans to Looal Bodies Aot, 1886 .. i £ £ 1,759,461 22,720 £ 1,736,741 % % £ 64,700 250,300 1 Sept., 1914 250,300 3| 8,761 1 Mar. and 1 Sept. Local Bodies' Loans Act, 1908 New Zealand Consols Act, 1908.. 250,000 790,000 395,000 416,000 50,000 4,965 469,146 ■ 1,901,000 1 Mar., ]915 1 Jan., 1916 \ 1 Mar., 1916 1 Mar., 1918 { 1 June, 1U18 250,000 790,000 395,000 416,000 50,000 I 4,965 I 469,116 34 3* 4 .. 8,750 27,650 13.825 14,560 1,750 174 18,766 1 Mar. „ 1 Sept. 1 Mar. . 1 Sept. 1 Mar. ,. 1 Sept. 1 M*r. . 1 Sept. 1 June „ 1 Dec. 1 Feb. . 1 Aug. 1 Feb. „ 1 Aug. I 474,111 1 Feb., 1925 i New Zealand Loans Act, 1908— New Zealand Iioan Act, 1803 Consolidated Loan Act, 1867:. - 266,300 13,000 15 July, 1914 15 April, 1913 238,778 27,522 13,000 I 1 15,978 5.20 15 Jan. . 15 July. 15 April . 15 Oct. - - •• Defence and other Purposes Loan Act, 1870 j 8,100 75,000 16,900 i 100,000 ( Uuly, 1917 \ 15 April, 1913 [ Uuly, 1917 8,100 75,000 16,900 3i 4 4 284 3,000 676 1 Jan. . 1 July. 15 April „ 15 Oct. 1 Jan. . 1 July. fr 14,520 1,256 Immigration and Public Works Loan Act, 1870 | 363,000 27,900 I 390,900 115 April, 1913 115 April, 1913 363,000 27,900 4 15 April . 15 Oct. 15 April » 15 Oct. General Purposes Loan Aot, 187S .. j 17,400 10,800 54,700 III 82,900 (15 Oct., 1913 \ 15 May, 1914 (28 Nov., 1914 .. 17,400 10,800 54,700 i 5 ! I 696 432 2,735 15 April . 15 Oct. 15 May . 15 Nov. 15 May . 15 Nov. Consolidated Stock Act, 1877 •29,150,302 L5,173, 155 6,600,815 [ 50,924,272* I 1 Nov., 1929 -j 1 Jan., 1940 ( 1 April, 1945 ■• 29,150,302 15,173,155 6,600,815 4 3 I 1,166,013 531,060 198,024 1 May . , 1 Nov. 1 Jan. „ 1 July. 1 April .. 1 Oct. 'Does not include £1,163,687 SJ-per-cent. and £3,059,165 3-percent, stock taken over by the State-guaranteed Advances Office. ■• i Consolidated Stock Act, 1884.. j 1 Aid to Public Works and Land Settlement Act, 1896 Aid to Publio Works and Land Settlement Act, J 1900 194,200 385,500 165,000 1 744,700 ( 1 Feb., 1919 \ 31 Dec, 1914 ( 1 Jan., 1916 194,200 385,500 165,000 3J I I 7,282 13,493 5,775 1 Feb. „ 1 Aug. 1 Mar. . 1 Sept. 1 Mar. , 1 Sept. .. tLoan may be paid off at any time on six mouths' notice being given. 56,500 200,000 3,000 500 41,000 51,500 500,0001 \- 353,100 15 Aug., 1921 / 1 May, 1916 1 April, 1912 j 1 May, 1912 j 1 Feu., 1915 1 May, 1916 \lMa,y, 1923 " 500,000 56,500 200,000 3,000 500 41,600 51,500 34 34 3S 4 4 4 4 17,500 1,977 7,500 120 20 1,6G4 2,060 2,151,521 15 Feb. „ 15 Aug. 1 May , 1 Nov. 1 Apiil „ 1 Oct. 1 M*y , 1 Nov. 1 Feb. „ 1 Aug. 1 May „ 1 Nov. 1 May . 1 Nov. j •■ ' Carried forward 57,760,014 I 261,498 57,498,546 r .■■.•■■• :

34

8.—6

Table No. 3— continued. The PUBLIC DEBT of NEW ZEALAND on 31st March, 1912— continued.

Annual Chabgb. Amount outstanding. Doe Date. Sinking Ponds. Remarks. Indebtedness. ite. When payable. Int. S.F. £ £ ■7,760,044 261,498 £ 57,498,546 % % 2,151,521 Brought forward few Zealand Loans Act, 1908— continued - •• Aid to Public Works arid Land Settlement Act, j 190J \ 32,600 45,000 52,800 2,500 8,100 10,000 72,700 1,000 300 125,000 542,900 3,000 61,525 25,O(iO 5,000 1,000 25,000 1.000 198,465 200,000 12,900 12,500 299,800f t 1 Jan., 1916 1 Apr., 191-2 1 Dec, 1918 1 Dec ,1918 IDec ,1918 1 Dec, 1916 32,600 45,000 52,800 2,500 8,100 10,000 72,700* 1,000 300 125,000 542,900 3,000 61,525 25,000' 5,000* I.OdO 25,000 1,000 198.465 200,000 12,900 12,500 299,800 3J 4 4 4 4 4 4 4 4 4 4 4 4 4 4 1,141 1,687 2,112 87 304 400 2,908 40 12 4,375 21,716 120 2,153 1,000 200 40 1.000 40 7,938 8,000 516 500 11,992 1 Jan. and 1 July. 1 April . 1 Oct. 1 June „ 1 Dec. 1 June . 1 Dec. 1 June , 1 Dec. 1 June „ 1 Deo. 225,000 ■ ■ IDec, 1912 k 1 Jan., 1916 I 1 Deo., 1912 1 Dec, 1912 I 1 Jan., 192-J f 1 Jan., 1916 1 June and 1 Dec. 1 Jan. „ 1 July. 1 June , 1 Dec. 1 June „ 1 Dae. 1 Jane „ 1 Dec. 1 Jan. , 1 July. *B\te varying. Calculated at 4 per cent. Temporary advance. Aid to Public Works arid Land Settlement Act, <! 1902 ( 670,900 Aid to Publio Works and Land Settlement Act,-! 1903 842,190 1 Jan., 1914 30 June, 1914 1 Jar., 1915 1 Jan., 1916 1 Feb., 1916 1 J*n., 192J 1 Jan , 1923 . 1 Feb., 1924 1 Jan. and 1 July. 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. Aid to Publio Works and Land Settlement Aci. 1904 .. .. 565,500 565,500* 4 22,620 fLoau may be paid 'off at an; time on six months' notici bdiug given. Aid to Publio Works and Land Settlement Act, ( 1905 1 (, Aid to Publio Works and Land Settlement Act, 1906 500,000 213,000 500,000 61,750 8,050 29,400 40,000 5,000 355,200 200,000 36,100 178,900 605,000 I 713,000 ' r 1,000,000 [ 1 July, 1916 I 1 Jan., 1921 I 1 Jan., 1922 1 Jan., 1919 1 Jan., 1919 1 1 Jan., 1919 1 Dec, 1912 1 Jan., 1917 1 Jan., 1922 ' 1 Jan., 1922 1 Jan., 1915 1 Jan., 1922 1 Jan., 19^3 .. 500,000 213,000 500,000 61,750 8,650 29,400 40,000 5,000 i 355,200 i 200,000 16,100 178,900 [ 605,000 ! 4 4 4 4 4 4 4 4 20,000 8,520 17,500 2,161 324 1,176 1,600 200 14,208 7,000 644 7,156 24,200 1 Jan. „ 1 July. 1 Jan. „ 1 July. 1 J*n. „ 1 July1 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 Julw 1 Jan. „ 1 July. Aid ti Public Works and Land Settlement Act, -I 1907 I ■ 1,000,000 Carried forward 62,776,634 ! 261,498 62,515,136 2,347,111 j ••

8.—6

Table No. 3— continued. The PUBLIC DEBT of NEW ZEALAND on 31st March, 1912— continued.

35

Annual [ARGE. Amount outstanding. Due Date. Sinking Funds. Indebtedness. Behakks ,te. Amount. When payable. Int. S.P. £ 62,776,634 [ 250,000 £ 261,498 £ 62,515,136 50,000 100,000 100,000 189,100 100,000 350,000 953,500 150.000 237,400 % 4 3J % 2,347,111 1,750 3,750 4,000 6,618 3,750 12,250 83,372 5,250 8,309 Brought forward Aid to Publio Works and Land Settlement Act, \ 1908 ( Aid to Public Works and Land Settlement Act, 1910 Aid to Publio Works and Land Settlement Act, I 1911 I The Naval Defence Act, 1909 50,000 100,000 100,000 ( 1 April, 1916 \ 1 April, 1912 113 Nov., 1913 31 Dec, 1914 131 Mar., 1913 1 4 Jan., 1914 /31Dec, 1914 ( 4 Jan., 1914 1 April, 1915 1 April and 1 Oct. 1 April „ 1 Got. 13 May „ 13 Nov. 1 Jan. „ 1 July. 1 June „ 1 Dec. & Jan. „ 4 July. 1 Jan. , 1 July. 4 Jan. „ 4 July. 1 Jan. „ 1 July. loo.ooo 350,000 953,500 150,000 189,100 I 450,000 I 1,103,500 4 Finance Act, 1909 .. .. .. Public Revenues Act, 1908 (Reserve Fund Securities Act, 1907) Post and Telegraph Act, 1908 Public Works Act, 1908— Paeroa-Waihi Railway Act, 1903 Waikaka Branch Railway Act, 1905 .. Scenery Preservation Act, 1908 .. i - 237,400 I " Sinking Fund payable on £1,250,000. 800,000 200,000 1 Aug., 1912 1 July, 1915 800,000 200,000 3J 28,000 7,000 1 Feb. > 1 Aug. 1 Jan. „ 1 July. 86,250 53,476 31 Mar., 1919 1 May, 1915 ( 1 May, 1918 \ 1 Nov., 1916 ( 1 May, 19 i9 1 May, 1918 86,250 53,476 30,000 10,000 5,000 2,000 3 3 at 4 2,537 1,604 1,050 350 188 70 31 Mar. , 30 S»pt. 1 May „ 1 Nov. 1 May „ 1 Nov. 1 May „ 1 Nov. 1 May „ 1 Nov. 1 May . 1 Nov. 30,000 10,000 5,000 I 45,000 ■ • I State Fire Insurance Act, 1908 Wellington-Manawatu Railway Purchase Act, 19U8 Waitiou and Ohinemuri Rivera Improvement Aci, 1910 .. .. .. The Public Debt Extinction Act, 1910 •• 2,000 500,000 100,000 1 Mar., 1916 1 Aug., 1918 500,000 100,000 4 i 20,000 J 3,500 149,343 2,689,852 1 Mar. „ 1 Sept. 1 Feb. „ 1 Aug. On £67,000,000 for 1912-13. •• 66,793,360 261,498 66,531,862 New Zealand State-guaranteed Advances Debt .. I 17,560,553 711,928 I 16,848,625 83,380,487 602,868 Less Sinking Fund in respeot of— The Government Loans to Local Bodies Acts The War and Defence Loans The Publio Debt Extinction Act, 1910 .. The Naval Defence Act, 1009 84,353,913 973,426 3,292,720 799,601 192,691 144,885 50,000 - 1,187,177 1,187,177 84,353,913 2,160,603 82,193,310 3,292,720 Totals ■• I

B.— 6

36

Table No. 4. Particulars of the Public Debt transferred to the New Zealand State-guaranteed Advances Office, and Loans raised by, or on behalf of, that Office for which the Dominion is indirectly liable, as at 31st March, 1912.

LAND FOR SETTLEMENTS BRANCH. The Land for Settlements Act, 1908.

J. . Annual Charge. Amount outstanding. Due Date. Indebted- , ness. Rate. I Amount. When payable. Annual Charge. When payable. RAISED BY TREASURY AND TRANSFERRED. . ADVANCES TO SETTLERS BRANCH. The Government Advances to Settlers Act, 1894. Extension, 1901. £ £ £ I °/ 1 £ 300,000 23 October, 1912 300,000 3°£ 10,500 1 June and 1 December. 80,000 5 June, 1915 80,000 3J 2,800 1 June and 1 December. 380,000 The Government Advances to Settlers Act, 1 08. 450,000 ; 23 October, 1912 ] 450,000 ) 3£ 15,750 1 June and 1 December. 105,000 1 June, 1915 i 105,000 ; 3J 3,675 1 June and 1 December. 676,100 1 April, 1912 676,100 i 3f , 25,354 1 April and 1 October. J.QO,QOQ L 13_November, 1913 | 100,000 4 1 4,000 | 13 May and 13 November. - '12,900 1 January, 1914 12,900 4 516 I 1 January and 1 July. : - 17,500 : 15 January, 1914 17,500 4 700 15 January and 15 July. 100,000 1 March, 1916 j 100,000 4 4,000 1 March and 1 September. . 45,000 1 July, 1922 45,000 4 1,800 1 January and 1 July. t -~- 1,fifie,fiOO 1 i I -- — •■ The New Zealand State-guaranteed Advances Acts, 1909-10. l.CTP.Oee- j-SI December, 1914 1,675,000 j 3£ j 58,625 1 January and 1 July. 70,000 1 December, 1914 ! 70,000 4 2,800 1 June and 1 December. •2O&J09&----- - 1 December, 1916 205,000 i 4 8,200 | 1 June and 1 December. 117 1 ..500;000i Temporary Advance ..j .. . ; — 2,567,300 | ■-'-— ~ 4;453;800 v ■"..■■' ADVANCES TO WORKERS BRANCH. The Government Advances to Workers Act, 1908. J25»QQQ 1 June, 1915 25,000 j 3J.L-.. 875 1 June and 1 December. 133,500 1 April, 1912 133,500 3f | 5,006 1 April and 1 October. 15,000 1 July, 1922 15,000 4 600 1 January and 1 July. 173,500 ! I The New Zealand State-guaranteed Advances Acts, 1909-10. -325=000 -j 31 Deeember. 1914 I 325,000 3J 11,375 ] 1 January and 1 July. 205,000 1 January, 1919 j 205,000 3| 7,175 j 1 January and 1 July. : 530,000 i ; 703,500

3,200 -■8145766—5,000 • 10,000 ■;_. i 650 - 76,150 62,000; 27,0001 44,925 345,400 7,700 ■ 39,500 r ; 45,300 ~ 50,000 281,500 84,300 77,475 : 308,990 10,000 91,550 158,985 1 January, 1912 31 October, 1912 1 January, 1915 1 February, 1915 1 August, 1915 1 January, 1916 1 April, 1916 1 May, 1916 1 January, 1918 1 April, 1912 1 January, 1916 1 April, 1912 1 May, 1912 1 April, 1913 30 June, 1914 1 July, 1914 1 January, 1915 1 February, 1915 1 March, 1915 1 August, 1915 -\ January, 1916 814,766 5,000 10,000 650 76,150 62,000 27,000 44,925 345,400 7,700 39,500 45,300 50,000 281,500 84,300 77,475 308,990 10,000 91,550 158,985 31 H 31 31 31 3J 31 31 3| 3f 4 4 4 4 4 4 4 4 4 4 28,517 175 350 23 2,665 2,170 945 1,572 12,952 289 1,580 1,812 2,000 11,260 3,372 3,099 12,360 400 3,662 6,359 Outstanding. 30 April and 31 October. 1 January and 1 July. 1 February and 1 August. 1 February and 1 August. 1 January and 1 July. 1 April and 1 October. 1 May and 1 November. 1 January and 1 July. 1 April and 1 October. 1 January and 1 July. 1 April and 1 October. 1 May and 1 November. 1 April and 1 October. 30 June and 31 December. 1 January and 1 July. 1 January and 1 July. 1 February and 1 August. 1 March and 1 September. 1 February and 1 August. 1 January and 1 July. 2,544,391 Carried forward.

Br— B

Table No. 4—continued. Particulars of the Public Debt transferred to the New Zealand State-guaranteed Advances Office, and Loans raised by, or on behalf of, that Office for which the Dominion is indirectly liable, as at 31st March, 1912 — continued.

• The sum of £4,227,852 is charged as follows:— Land for Settlements Accounts- £ Advances to Settlers and Workers,- 1 3-per-oent. Stock .. . . 69,165 Advances to Settlers— £ H „ .. .. 812,172 3-per-cent. Stock .. .. 2,990,000 3J „ .. .. 344,081 Advances to Workers— 3J-per-cent. Stock . . .. 12,434 3,346,515 881,337 £881,337 Total .. .. £4,227,852

37

I Amount outst nding. Due Date. Net Indebtedness. Rate. Amount. Annual Charge. When payable. RAISED BY TREASURY AND TRANSFERRED—continued. LAND FOR SETTLEMENTS BRANCH— continued. The Land for Settlements Act, 1908 —continued. £ £ £ % £ 2,544,391 Brought forward. :. 60,1.20 - . I 1 February, 1916 60,120 4 2,404 1 February and 1 August. 38,500 1 April, 1916 38,500; 4 1,540 1 April and 1 October. 28,700 1 May, 1916 28,700 4 1,148 1 May and 1 November. 128,300 30 September, 1916 128,300 4 5,132 31 March and 30 September. 413,000 1 January, 1917 413,000 4 j 16,520 1 January and Uuly. 135,000 1 February, 1917 135,000 4 5,400 1 February and 1 August, 67,675 . 1 January, 1918 67,675 4 2,707 1 January and 1 July. 38,000 1 February, 1920 38,000 4 1,520 1 February and 1 August. 168,700 1 January, 1921 ; 168,700 4 6,748 1 January and 1 July. 442,650 1 January, 1922 442,650 4 17,706 1 January and 1 July! 20,000 1 January, 1922 20,000 4 800 1 April and 1 October. 27,400 1 February, 1922 27,400 4 1,096 1 February and 1 August. 45,000 1 April, 1922 45,000 4 1,800 1 April and 1 October. 100,000 1 August, 1922 : 100,000 4 4,000 j 1 February and 1 August. 83,950 1 January, 1923 83,950 4 3,357 ! 1 January and 1 July. 40,000 1 April, 1923 40,000 4 1,600 i 1 April and 1 October. 126,000 1 May, 1923 ! 126,000 4 5,040 1 May and 1 November. 77,000 15 March, 1925 77,000 4 3,080 15 March and 15 September. 4,584,386 The New Zealand State-guaranteed Advances Acts, 1909-10. 33,000 1 April, 1918 33,000 4 , 1,320 1 April and 1 October. 99,000 1 October, 1918 99,000 3J 3,465 1 April and 1 October. 600 1 November, 1918 600. 4 24 1 May and 1 November. 8,000 1 November, 1918 8,000 3J 280 1 May and 1 November. 64,850 : :1 January, 1919 64,850 3£ 2,269 i January and 1 July: 12,350 1 January, 1919 ' 12,350 3| j 463 1 January and 1 July. 144,815 1 January, 1919 ! 144,815 i 4 5,792 1 January and 1 July. 21,500 1 February, 1919 21,500 3| 806 1 February and 1 August. 61,300 1 February, 1919 61,300 4 2,452 1 February and 1 August. 22,500 1 April, 1919 22,500 4 900 1 April and 1 October. —-r— . 467,915 ; ::; "■. 5,052,301 The. Consolidated Stock Act, 1877. 1,168,687 1 January, 1940 [1,168,687 I 3| 40,904 1 January and 1 July. 3,059,165 1 April, ' 1945 3,059,165 3 91,775 1 April and 1 October. ~ 4,227,8.52*::, :■!: ■;.*-: ,. ! ■ :;.; . Total 14,437,453

8.—6

38

Table No. 4 — continued. Particulars of the Public Debt transferred to the New Zealand State-guaranteed Advances Office, and Loans raised by, or on behalf of, that Office for which the Dominion is indirectly liable, as at 31st March, 1912 — continued.

Amount outstanding. Due Date. I Net Indebtedness. Rate. Amount. I I Annual Charge. When payable. RAISED BY SUPERINTENDENT. The New Zealand State-guaranteed Advances Acts, 1909-10. (Advances to Settlers.) £ £ £ "/ { £ 100,000 1 October, 1948 100,000 3 J j 3,500 \ 1 April and 1 October. 100,000 (Advances to Workers.) 75,000 1 June. 1917 75,000 4 3,000 1 June and 1 December. 100,000 30 June, 1925 i 100,000 4 4,000 30 June and 31 December. 325,000 1 October, 1948 325,000 3| 11,375 1 April and 1 October. 100,000 1 April, 1949 100,000 3f 3,750 1 April and 1 October. 600,000 (Local Authorities Branch.) 400,000 1 April, 1947 ! 400,000 3£ i 14,000 j 1 April and 1 October. 475,000 1 October, 1947 475,000 3J j 16,625 ; 1 April and 1 October. 212,000 1 April, 1948 212,000 3| ' 7,420 1 April and 1 October. 400,000 1 October, 1948 400,000 j 3| \ 14,000 ! 1 April and 1 October. 10,000 1 April, 1949 10,000 , 3| ' 375 \ 1 April and 1 October. 100,000 1 April, 1949 100,000 I 3J 3,500 ! 1 April and 1 October. 1,597,000 ; (Land for Settlements Branch.) 25,000 j 1 October, 1948 j 25,000 3£ 875 1 April and 1 October. 360,000 1 April, 1949 260,000 3£ j 13,500 1 April and 1 October. 385,000 (Native Land Settlement Branch.) 20,000 1 October, 1947 20,000 3£ 700 1 April and 1 October. 361,600 1 October, 1948 j 361,600 j 3£ 12,656 1 April and 1 October. 54,500 1 April, 1949 54,500 j 3f 2,044 ! 1 April and 1 October. 436,100 (Guaranteed Mining Advances Branch.) 5,000 j 1 April, 1949 5,000 A- 3| 187 ! 1 April and 1 October. 5,000 Total 3,123,100 Note. —Under section 30 of the New Zealand Sta' e-guarant< of capital moneys raised for the purposes of each branch is inveel :ed Advances Act, 1909, a sinking fund of 1 per cent, :ed with the Public Trustee.

39

8.—6

Table No. 5. Statement of the Estimated Liabilities chargeable on the Consolidated Fund (Revenue Account) outstanding on the 31st March, 1902, 1903, 1904, 1905, 1906, 1907. 1908, 1909, 1910, 1911, and 1912.

31st March, 1902 Slst March, 1903. 3!st March, 1904. 31st March, 1905. 31st March, 1906. 31st March, 1907. 31st March, 1908. 31st March, 1900. 31et March, 1910. 31st March, 1911. 31st March, 1912. Revenue Account. Permanent Appropriations, — Civil List .. Interest and Sinking Fund Under Special Acts of the Legislature Subsidies payable to Local Authorities Under tlie Land Acts, payable to Local Authorities Land Act National Endowments £ 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. I 287 8 8 849 11 8 £ s. d. 332 0 8 2,541 18 6 £ s. d. 663 15 10 __ I 6,324 6 0 £ s. d. 765 13 4 3,939 8 9 £ s. d. 753 11 8 1,458 11 10 £ s. d. 230 18 2 3,372 10 3 313 1 0 126 0 0 174 0 0 760 0 0 1,045 0 0 1,757 0 1 1,757 0 1 1,757 0 1 1,757 0 1 1,757 0 1 1,757 0 1 1,757 0 1 2,787 11 3 •• 3,803 16 9 3,940 10 0 3,112 13 8 3,654 0 5 5,675 19 3 6.9S8 1 10 3,603 8 5 Annual Appropriations, — Legislative .. Depaitment of Minister of Pinance* Postmaster-General .. Working Railways Public Buildings Maintenance and Improvement of Roads Minister of Jnsticet .. Minister of Defence .. Ministei of Mines Department of Internal Affaire Commissioner of Customs MinUter of Marine .. Minister of Labour .. Minister of Lands Minister of Agriculture Minister of Education 3,744 14 7 17,541 17 10 7,492 13 4 2,212 3 6 7 12 6 184 3 9 ' 62 3 5 85 11 8 91 10 2 85 16 2 76 1 5 64 1 9 33 19 6 176 2 0 74 15 11 2,256 16 11 34,029 0 0 y5,972 4 30 312 16 6 1,726 4 6 32,002 0 0 109,375 4 0 470 5 7 2,534 15 4 28,750 0 0 109,146 17 3 1,294 0 5 2,866 0 4 28,481 0 0 108,054 11 6 724 11 5 2,878 12 5 34,910 0 0 103,381 3 5 723 15 11 4,269 11 1 36,725 0 0 U9,2S9 0 0 850 14 3 2,150 13 8 43,550 0 0 156,471 0 0 848 18 10 2,308 0 9 41,703 0 0 191,727 0 0 832 0 4 1,600 11 3 42,545 0 0 129,131 0 0 663 9 4 1,780 15 0 49,039 0 0 143,363 0 0 1,543 1 9 427 16 8 63,981 0 0 172,451 0 0 1,961 15 11 2,323 11 2 21,688 8 0 2,033 16 0 10,604 5 11 2,09712 10 10,544 0 0 2,559 3 5 6,773 13 4 37 0 0 3,242 15 3 f 533 16 0 11,558 15 3 130 12 8 2,498 14 5 16,562 17 9 15 0 1,990 18 9 12,807 17 6 2,102 11 8 10,685 15 10 1,746 8 1 6,071 19 1 3,620 12 3 1,297 17 5 3,097 8 4 3,944 2 6 1,690 16 1 3,627 5 9 10,583 14 7 1,912 5 10 6,765 16 7 236 10 8 3,312 2 2 1,002 8 5 5,924 14 2 8,428 13 4 56 2 6 3,611 7 6 6,733 2 11 7,398 6 2 30 16 8 7,477 2 11 448 0 0 6,788 1 3 3,152 2 10 5,472 0 0 5,973 6 0 6,648 6 0 3,662 1 1 6,991 15 7 2,990 19 6 5,076 0 7 198 2 2 1,571 15 8 292 10 2 5,250 14 2 10,000 11 11 7,040 16 11 203 15 0 1,662 13 1 35L 3 9 1,710 1 5 6,033 18 6 3 0 11 8,798 0 7 370 17 8 4,293 5 4 485 2 0 4,561 5 9 10,552 12 5 2,638 3 0 8,297 3 4 170 9 3 2,730 0 8 1,185 7 10 18,811 17 4 7,166 16 6 327 4 10 13,309 10 2 11,549 2 5' 2,469 19 1 412 5 5 6,768 15 8 4,044 10 7 1,979 15 7 11,311 12 2 2,760 16 5 255 3 6 6,170 12 3 11,716 11 4 850 0 1 390 14 2 2,131 2 4 3,673 5 6 1,411 10 7 629 15 4 6,029 1 10 8,390 2 0 724 11 8 959 8 9 4,761 16 5 2,818 1 9 255 18 5 180,575 4 8 1S2,963 3 0 179,710 2 3 177,390 15 7 171,695 1 4 204,456 15 3 250,113 2 3 280,144 10 8 211,357 15 8 233,514 11 7 290,054 16 3 Services not provided for 21 9 0 783 19 3 6 11 10 10,922 12 3 647 9 1 82 10 1 •• Totals 184,319 19 3 200,505 0 10 179,513 19 0 208,894 14 11 255,795 13 4 287,132 12 6 293,740 14 9 181,331 5 7 174,829 4 0 229,773 1 3 236,374 4 2 * Includes Bates on Crown Lands. t Includes fative and Crown Law.

B— ft

40

Table No. 6. Statement of the Estimated Liabilities chargeable on the Public Works Fund outstanding on the 31st March, 1902, 1903. 1904, 1905, 1906, 1907, 1908, 1909, 1910, 1911, and 1912.

31st March, 1902. 31sfc March, 31st March, 1903. 1904. 31st March, 1905. 31st March, 1906. 31st March, 1907. 31st March, 1908. T 31st March, Hist March, Xlst March 1909. 1910. 1911. ! I 31st March, 1912. I , Annual Appropriations — Publio Woiks, Departmental Kailways .. .. Utilization of Water-power . i Development of Water-power Irrigation and Water-supply Publio Buildings Lighthouses and Harbour-works Tourist and Health Resorts Immigration Roads Development of Goldfields .. Native Lands Purchases Telegraph Extension Kates on Native Lands Contingent Defence Lands Improvement Miscellaneous .. £ s. d. 113,537 8 2 £ b<. d. 217,089 10 5 £ s. d. 113,057 16 6 £ s. d. 210,656 18 10 8 1 11 £ s. d. 196,099 10 8 3 18 6 £ s. d. 210,242 19 1 £ s. d. 797,179 13 4 £ s. d. 97 18 4 761,628 0 5 £ s. d. £ s. a. £ s. d. 97 18 4 47 3 3j 34 0 0 761,628 0 5 687,004 6 2 636,640 12 11 £ s. d. 283 19 3 622,761 12 2 - .. 212 13 6 10 0 52,457 9 5 200,406 17 3 221,135 14 6 793 6 3 286 0 7! 347. 5 7 7,369 12 9 5,142 i 4 442 1 9 2,857 14 0 159 0 0; 22 0 0 155,275 0 4 69,553 9 4 157,326 0 0 4,400 10 8 2,290 16 2 2,034 4 7 56,157 9 1 - 51,967 11 8 158 10 8 39,046 16 7 • • ■ 27,812 6 11 902 9 1 2,579 5 6 100,224 16 3 8,116 5 7 84,596 9 0 1,760 7 11 1,136 8 0 249,281 1 9 300 0 0 4,566 0 0 27,409 0 0 355 2 2 72 0 0 36,338 8 3 506 6 5 4,911 14 5 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 38,887 18 5 316 5 5 2,285 6 3 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 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 8 176,855 6 3 722 19 6 880 17 6 3,595 6 10 219,069 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 .. 68,837 0 0 39,310 0 0 71,904 0 0 111,372 0 0 1,155 6 7 303 9 8 407 11 11 303 9 8 221 18 9 33 5 10 407 11 11 574 14 11 1,973 12 0 148' 15 2 1,025 3 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 1,111,124 15 1 1,054,427 13 9 1-004,996 10 91,092,106 10 8 1,004,996 10 91,092,106 10 8 1,191,847 5 9 122 0 0 Services not provided for I •• 525,671 19 6 1,111,124 15 1 .. 316,274 7 4 536,565 19 3 293,422 7 11 425,802 0 9 157,139 4 4 1,054,427 13 9 1,191,969 5 9 : Totals ..

41

8.-6

Table No. 6— continued. Statement of the Estimated Liabilities chargeable on the undermentioned Separate Accounts outstanding on the 31st March, 1902, 1903, 1904, 1905, 1906, 1907, 1908, 1909, 1910 1911, and 1912.

i 31st March, 31st March, 31st March, 31st March, 31st March, 1902. 1903. 1904. 1905. 1906. 31st March, 31st March, 31st March, 31st March, 1907. 1908. 1909. 1910. 31st March, 31et March, 1911. 1912. State Forests Account State Coal mines Account .. Scenery Preservation Account Land for Settlements Account Maori Land Settlement Act Account Loans to Local Bodies Account Hauraki Plains Settlement Account Paeroa-Waihi Railway Account Welling'on-Hutt Railway and Eoad Improvement Account Waikaka Branch Railway Account Railways Improvements Account Chtviot Estate Account .. State guaranteed Advances Account Public Trustee's Account Government Life Insurance Account Government Accident InxUiance Account State Fire Insurance Account Nat onal Endowment Account Opening up Crown Lands for Settlement Account Native Land Settlement Account .. Rangitaiki Land Drainage Account Waihou and Ohinemuri Rivera Improvement Account £ s. d. 251 16 4 £ s. d. 780 1 8 331 19 0 £ 8. d. 217 0 2 £ 8. 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 £ s. d. 161 8 4 13,606 4 9 113 7 0 1,664 14 5 £ 8. d. 559 1 0 14,547 3 9 83 8 0 2,849 17 1 £ s. d. 600 19 8 990* 4 3 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 3 102* 2 3 2,977 3 9 1,125 5 5 3,189 0 0 3,038* 5 6 3,505' 9 2 6,087 13 6 7,64512 8 759 7 9 4,296 15 11 896* 2 10 2119 2 1,861* 3 1 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 0 0 15,320 0 0 15,324 0 0 7,600 0 0 7,856 11 8 33,809 0 0 22,494 0 0 6 12 0 129 12 7 7,756 8 7 1,213 14 9 682 1 11 632 9 10 19,277 0 0 31,352 0 0 132,480* 0 0 23* 18 0 48 12 9 28* 7 2 103 19 4 132 4 10 24,871 10 0 326 11 0 562 6 4 355* 7 6 318 11 5 389* 0 11 1,214' 0 6 1,238* 5 4 1,019* 2 6 1,069 15 2 2,553 7 0 614 14 4 790 18 0 725 5 0 432 10 0 543 18 4 904 15 10 4,945 3 0 10,376 0 0 173 18 3 142 15 3 412 11 10 606 14 4 8S4 1 7 4,687 5 8 9,582 0 0 429 10 0 889 3 8 450 0 0 88* 6 8 9,902 5 6

42

8.—6

Table No. 7. STATEMENT showing the Total Ways and Means of the Public Works Fund and the Total Net Expenditure to the 31st March, 1912.

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 Acr, 1876 New Zealand Loan Act, 1877 New Zealand Lean Act, 1879 New Zealand Loan Act, 1882 New Zea'and Colonial Inser bed 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, 18e8 .. Native Land Purchase Act, 1892 Lands Improvement and Native Lands Acquisition Aot, 1894 Aid to Public Works and Laud 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 Woiks and Land Settlement Ac, 1899 Aid to Public Works and Land Settlement Act, 1900 Aid to Public Works and Laud Settlement Act, 1901 Aid to Public Works and Land Settlement Act, 1902 Aid to Pubic Works and Land Settlement Acr, 1903 Aid to Public Works and Land Settlement Act, 1904 Aid to Public Woiks and Land Settlement Act, 1905 Aid to Public Works and Land Settlement Act, 1906 Aid to Public Works and Land Settlement Aot, 1907 Aid to Public Woiks and Land Settlement Act, 1U08 Aid to Public Works and Land Settlement Act, 1909 Aid to Public Works and Land Settlement Act, 1910 Ad to Public Works and Land Settlement Act, 1911 The Finance Act, 1909 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 0 500,000 0 0 1,000,000 0 0 250,000 0 0 500,000 0 0 1,000,000 0 0 1,013,100 0 0 1.230,000 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 1,250,000 0 0 1,000.000 0 0 1,750,000 0 0 450,000 0 0 1,250,000 0 0 200,000 0 0 150,000 0 0 75,000 0 0 50,000 0 0 £ e. a. Expenditure on — Immigration Public Works, Departmental Railways, including Surveys of New Lines Roads* Land Purchases Development of Goldfields .. Telegraph Extension Public Buildinas .. Lighthouses, Harbour Works, and Defences .. Contingent Defence Hates on Native Lands Thermal Springs Tourisr. and Heath Resorts .. Lands Improvement C arges and Expenses of raising Loans C ml-mines Iiterett and Sinking Fund .. Pa,\ ment to Midland Railway Bondholders Irrigation and Water-supply ■■ Development of Water-power .. .. j £ 2,239,91 726, 6< 28,679,9: 9,349,51 2,066,6! 868, V, 2,0-25, 11 5,042,05 1,C81,4! 920,1 68,6' 14,5! 216,6i 82,5< 1,242,4! 10,8: 218,51 150,01 4, * i £ s. a. 2,239,912 4 11 726,669 9 3 28,679,914 8 8 9,349,519 12 11 2,066,637 11 10 868,173 3 2 2,0-25,750 14 6 5,042,032 8 0 1,081,422 2 2 920,118 14 1 68,671 16 10 14,599 13 2 216,638 2 1 82,545 12 2 1,242,422 19 8 10,835 8 0 218,500 0 0 150,000 0 0 4,356 5 0 18,450 14 1 b. a. (12 4 11 169 9 3 114 8 8 il9 12 11 >87 11 10 73 3 2 50 14 6 )32 8 0 122 2 2 [18 14 1 >71 16 10 >99 13 2 >3>i 2 1 545 12 2 122 19 8 535 8 0 >00 0 0 X)0 0 0 i56 5 0 150 14 1 £ s. a. 55,027,466 0 6 £ s. d. Balance on 81st March, 1912,— Cash in the Public Account Advances in the bands of Officers of the Government 65,9 16,6 65,941 5 0 16,638 18 7 I 341 5 0 338 18 7 83,580 3 7 Receipts in Aid: — Amount transferred from Consolidated Fund Contributions of Canterbury Province for Railways Stamp Duties to 31st December, 1876 .. Transfer from Confiscated Lands Liabilities Account Proceeds of Railway Material handed over to Cook County Council Special Receipts under section 9 of the Railways Construction Act, 1878 Special Receipts under the Ellesmere Lake Lands Acts, 1888 and 1893 Special Receipts under the Railways Authorization and Management Act, 1891 Special Receipts under the North Island Main Trunk Railway Loan Application Act, 1886 Sinking Funds released .. .. .. i. 8,530,000 0 0 56,000 0 0 264,657 16 4 19,963 1 3 4,963 7 4 45,591,977 7 11 I ' I 60,616 3 0 45,210 2 3 2,257 1 9 9,518,068 16 2 £55,110,046 4 1 : 27,581 5 0 506,819 19 3 I £55,110,046 4 1 Receipts and expenditure under the Wiik&ka Branch Railway Act, 1905, now included. • Has been reduced by £89,800 eceived under section 31 of the Government Loans to Local Bodies Act, 1886.

43

8.—6,

Table No. 8. Estimated Expenditure of the Consolidated Fund (Revenue Account) for 1912-13, compared with Actual Expenditure of 1911-12.

Table No. 9. Estimated Revenue of the Consolidated Fund (Revenue Account) for 1912-13, compared with the Actual Revenue of 1911-12.

Estimate for 1912-13. Actual for 1911-12. Differences. Increase. Decrease. Differences. Revbhue Account. £ 35,500 2,749,851 1,321,332 4,106,683 £ 33,680 2,656,340 l,li*6,598 £ 1,820 93,511 124,734 a Civil List Interest and Sinking Fund Under special Acts 3,886,618 220,065 Annual Appropriations, — Legislative Departments Department of Finance Post and Telegraph Department Working Railways Department Public 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, Industries, and Commerce Education Department 30,195 54,301 1,054,624 2,546,600 107,592 23,551 400,139 32,217 317,391 456,599 132,230 31,628 47,449 986,527 2,451,717 88,745 20,724 379,309 24,843 437,727 401,870 118,528 6,852 68,097 94,883 18,847 2,827 20,830 7,891 1,433 120,336 54,729 13,702 26,658 301,978 163,079 1,106,211 25,245 234,501 172,957 1,012,048 1,413 70,477 9,878 94,163 6,756,385 6,433,818 454,214 131,647 Services not provided for 19,932 19,932 10,863,068 674,279 151,579 522,700 151,579 Total 10,340,368

Differences. Estimate for 1912-13. Actual for 1911-12. Increase. Decrease. Bbvbndb Account. Ordinary Revenue, — Cu-toms Railways .. Stamps Postal and Telegraph Land-tax .. Income-tax.. Beer Duty Registration and other Fees .. Marine Miscellaneous Territorial Revenue Endowment Revenue A- £ 3,200,000 3,745,000 898,800 1,141,000 6rj0,000 450,000 119,000 95,165 47,000 369,530 173,495 59,414 £ 3,279,012 3,665,613 943,188 1,089,808 647,016 448,935 119,131 108,495 48,322 371,868 248,791 62,365 £ 79,387 51,192 2,984 1,065 ■ £ I 79,012 44,388 ! ! 131 13,330 1,322 2,338 75,296 2,951 '■ ,, Total 134,628 218,768 134,628 84,140 ! 10,948 404 11,032,544

8.—6;.

44

Table No 10. Statement showing the Amount charged to "Unauthorized" in each Financial Year from 1st July, 1875, to 31st March, 1912.

By Authority : John Mackay, Government Printer, Wellington.—l9l2.

Consolidated Fund.—Bevbnue Account. Financial Yeab. SerV 4d e edTor Pr< " Excess of Vote8 ' Total. Other Accounts. public woek8 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.. 1909-1910.. 1910-1911.. 1911-1912.. £ 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 15,324 6 7 10,427 9 4 20,332 3 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 87,713 8 11 50,890 5 1 23,100 14 0 27,200 14 6 62,950 14 7 £ a. 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 58,424 19 7 87,628 3 10 83,282 17 8 £ a. d. 3,155 9 2 3,490 6 1 653 6 5 3,938 14 8 1,005 8 10 18,443 11 3 13,590 6 10 12,343 2 2 9,003 18 7 7,163 15 3 13,965 10 1 6,212 16 7 27,821 16 11 18,506 2 8 23,631 7 1 5,459 18 11 9,188 10 6 4,754 17 10 522 12 2 1,890 7 5 16,995 9 9 24,726 3 6 4,743 17 10 2,304 8 10 £ s. d. 63,875 11 8 2,197 4 5 22,009 14 0 32,179 1 1 17,096 9 9 34,133 17 3 2,217 9 8 8,137 17 11 31,741 17 10 872 0 11 6,465 17 5 28,633 10 8 30,407 2 3 18,633 2 10 12,287 18 10 7,097 19 9 7,594 1 2 11,149 14 2 1,335 12 11 330 8 1 33,245 2 4 7,051 0 8 53,648 14 0 8,222 10 6 7,990 18 7 17,518 3 7 6,955 4 10 12,837 3 6 9,584 9 11 31,862 8 3 19,965 16 2 55,556 14 10 80,170 3 3 16,641 15 7 11,638 18 8 12,833 7 5 4,982 8 7 £ s. d. 99,394 2 7 37,483 14 7 100,452 10 1 94,997 16 3 42,386 5 5 91,554 8 9 58,182 11 6 89,585 15 11 93,323 8 8 53,057 11 9 76,875 8 11 87,302 0 3 107,637 12 10 70,819 0 1 83,588 12 2 99,946 5 7 40,092 11 2 45,929 15 9 11,584 19 5 20,353 19 6 88,892 14 8 59,161 4 6 99,966 4 9 50,300 16 1 79,831 5 10 107,336 12 10 79,911 11 5 123,140 19 2 62,952 18 9 73,734 16 8 104,884 6 2 101,973 0 9 122,446 4 5 96,916 19 10 53,564 5 3 51,471 0 10 89,125 11 7 662 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 3,500 7 0 1,009 9 7 860 5 4