STATEMENT OF THE COLONIAL TREASURER.

5

B.—No. Ib,

Auditor would therefore suggest that it is not advisable to disturb the adjustment of the whole Surplus Eevenues from the year 1858, as is done in the Parliamentary Paper. The proposition to be w*orked out is a simple one :itis to distribute the sum of £306,887 2s. 4d. equitably among the Provinces. Under this proposal each Province would receive a share of the dividend, and the sum allocated to each should bear the same proportion to the gross sums to be distributed as the Eevenues bear to the aggregate Eevenues of the Colony, taking into the calculation the whole Eevenues collected since the year 1858. Redistributing the sum of £306,887 2s. 4d. among the Provinces in the proportions now proposed, the new adjustment is shown in the following tabular Statement. It will be seen, on comparing it with the Parliamentary Paper, that no important change is made. It is thought best, however, to supply it for the information of the Provinces.

This adjustment is only a settlement of differences : it leaves untouched the* more important question, How is the sum of £306,877 2s. 4d. to be made good to the Treasury? The over-issue has not been made out of tho Ordinary Eevenues, but out of other moneys held by the Treasury ; nor has the Legislature been called upon to make provision for more of it than £183,688 9s. 6d. " The Appropriation Act, 1867-8," appears to charge this last-mentioned sum on the Ordinary Eevenues of 1867-8 ; but the Comptroller is of opinion that tho Act simply indemnifies the Colonial Treasurer for the unauthorized issue, without charging it on any particular fund. As the case stands at present the Colonial Chest is deficient by the whole of the sums issued in excess, and tho Treasury is only enabled to carry on its operations by the disposal of Treasury Bills, and by the use of Savings of Votes, Reserve Eund, and other moneys, as will be seen on reference to an analysis of the Treasury Balances, near the end of this Report. Abstract 11. The Advances made out of tho General Chest on" account of " Auckland Reserves " and the " Bay of Islands Settlement " are still outstanding. The Land Eevonue Account of the Province of Otago, as shown in the Colonial Treasurer's Statement, includes no Gold Eields Revenue for the months of April, May, and June, 1867, nor for the previous months of January, Eebruary, and March, for Nokomai. On reference to the Accounts for the Financial Year 1867-8, it is found that tho greater portion of the deficient Accounts are introduced into tho Treasury Accounts for tho month of December, 1867. Abstract 111. It will be observed that tho Half-Million Loan, 1856, has been credited with the sums issued to the Provinces of Auckland and Wellington in excess of the moneys allotted under "The Provincial Debt Apportionment Act, 1858." The total charge for Interest and Sinking Fund on this Loan is £30,000. Of this sum £9,360 is a charge on the General Eevenues of the Colony; the remainder is apportioned among the Provinces in the several amounts shown at page 15 of the printed Statement. The Colonial Treasurer states that the following sums have been reimbursed by Provinces, viz.: — £ Auckland ... ... ... ... ... ... 5,400 Wellington ... ... ... ... ... ... 1,620 Hawke's Bay ... ... ... ... ... ... 1,020 Nelson and Marlborough ... ... ... ... ... 2,700 Canterbury ... ... ... ... ... ... 4,440 Otago " ... ... ... ... ... ... 3,780 Southland ? ... ... ... ... .... ... 1,080 Total ... ... ... ... £20,640 On reference, however, to tho Land Eevenuo Accounts, page 100. it will be seen that the sums actually reimbursed by Provinces are as follows : — £ s. d. Auckland ... ... ... ... ... 3,853 15 9 Wellington ... ... ... ... ... 485 5 0 Hawke's Bay ... ... ... ... ... Nil. Nelson and Marlborough ... ... ... ... 2,925 0 0 Canterbury ... ... ... ... ... 4,440 0 0 Otago ... ... ... ... ... 3,780 0 0 Southland ... ... ... ... ... 1,080 0 0 Total ... ... ... ... £16,564 0 9 2

Half-Million Loan.

Provisoes. Over-issued. To be Issued under proposed Adjustment. Sums to Receive. Snis to Pat. Auckland Taranaki Wellington Hawke's Bay Nelson Marlborough Canterbury Otago Southland £ s. d. 39,445 8 7 6,132 6 5 21,281 14 4 7,993 9 6 12,533 11 3 13,745 9 0 65,976 15 0 120,296 3 4 19,482 4 11 £ s. d. 07,151 11 0 6,396 11 0 33,530 15 4 7,995 16 0 19,051 0 0 2,695 12 0 63,447 2 0 91,930 17 0 14,681 18 0 £ s. d. 27,706 2 5 264 4 7 12,249 1 0 2 6 6 6,517 8 9 £ s. d. 11,019 17 0 2,529 13 0 28,359 0 4 4,800 6 11 Totals 306,887 2 4 306,887 2 4 46,739 3 3 46,739 3 3