B.—No. 2b

6

FINANCIAL STATEMENT.

From this it will be seen that out of the £635,000 raised under this loan there remained, at 30th June last, only £106,922 19s. 7d. available for the Defence Services of the current year, instead of £158,247 ss. 4d. as stated by my predecessor. This discrepancy of £51,324 ss. 9d. requires to be accounted for. £23,792 17s. 4d. of it is accounted for by the fact stated by my predecessor, that the balance of £158,247 ss. 4d. was inclusive of liabilities, and therefore to that amount not available for expenditure for the services of the current year. Still there remains a discrepancy of £27,531 Bs. sd. to be accounted for. Of this, £17,921 19s. is accounted for by the fact that my predecessor, whilst taking credit in the Consolidated Fund Account for £8,358 11s. 4d. to be received from Defence, has omitted to debit it as a liability against Defence; and that he omitted to observe that £9,563 7s. 8(1., raised under Schedule 11. of the Loan Act, is applicable to the redemption of Otago Dock Bonds still to be redeemed, which is a liability against this fund, and which it may be called upon any day to discharge. £9,373 9s. lid. further is accounted for by that sum (which, as formerly stated, was an advance from the Special Eund on account of Confiscated Lands) having been treated as an asset, but which I cannot recognize as such. The remainder of the discrepancy is the sum of £235 19s. 6d., charges on raising the last £150,000 of this loan, of which my predecessor was not aware when his Statement was made. I now come to the Immigration and Public Works Loan Account; and of it also I present to the Committee a Balance Sheet to 30th June, 1872. BALANCE SHEET, IMMIGEATION AND PUBLIC "WOKKS LOAN, 30th JUNE, 1872.

ASSETS. CR.

LIABILITIES. DR.

The Committee will see from this, that out of the sum of £1,600,000 raised under the Immigration and Public Works Loan, £845,096 17s. 6d. remained at 30th June last, available in cash for carrying out the works already contracted for, or which may hereafter be contracted for. Here lam happy to say that but little discrepancy exists between the accounts of myself and my predecessor, beyond this—that when he showed on this account a balance left of £925,684 Is. 4d., he did so without taking into account the then existing liabilities actually due and

£ s. d. £ s. d. 40,666 7 0 By Cash in the Colony in the Bank of New Zealand ... By Cash on Deposit in London By ditto, being the proceeds of sale of Bonds for £850,000, after paying all charges* ... 97 7 7 848,662 16 2 848 760 3 9 By Advances in the hands of the Crown Agents and Agent-G-eneral, London By Advances in the hands of Officers in the Colony ... 17,790 10 5 9,629 16 4 f27,420 6 9 By Amount advanced to and recoverable from the County of Westland ... 7,500 0 0 I £924,346 17 6 j * The Accounts of the Loan Agents, in which this sum a] 30 June, 1872. f Of this amount about £14,000 has Bince been repaid. ipears, were not re< :eived until after

£ s. a. & s. d. To Liabilities: — Interest and Sinking Fund for three months to 15 April on £750,000 Ditto to 15 July on £1,600,000 ... 11,250 0 0 24,000 0 0 35,250 0 0 To Estimated Amount due and payable for services rendered to 30 June, 1872, including such advances outstanding at that date as have probably been expended 44,000 0 0 By Cr. Balance available for 1872-73 79,250 0 0 845,096 17 6 £924,346 17 6