7

8.—2

While, however, the Government has been unable to pay off the advances, it has, by an arrangement with the Bank, annulled the liability for interest, by depositing with it a sum of £250,000 of the Immigration and Public Works Loan, to bear the same rate of interest as that payable to the Bank on its advances. Honorable members will recognize that, with the large funds now at our disposal, it would be unwise to seek outside for the ways and means required to carry on the services authorized by the General Purposes Loan Act and the Defence Loan Act; and I shall accordingly ask the Committee to sanction the transfer of such sums from the Immigration and Public Works Loan Account as may be necessary to provide for the expenditure to be made under those Acts during the current financial year. THE IMMIGEATION AND PUBLIC WOHKS LOANS, 1870, 1873,1874. I now come to the consideration of the three Immigration and Public Works Loans of 1870, 1873, and 1874. I propose to treat these for the purpose of this Statement as one loan, with the double object of saving the time of the Committee and of making the position of these loans clearer to honorable members. The following table shows the amount authorized for each service, the sum spent to 30th June, the balance in hand on that date, the liabilities outstanding against that balance, and the balance remaining for appropriation.

IMMIGRATION AND PUBLIC WORKS LOANS. 30th JUNE, 1875.

The balance yet to be raised of the three Immigration and Public Works Loans amounts to £1,312,100, including the £800,000 covered by the Imperial guarantee. The sums required during the next two years to complete works will absorb £882,786 ss. lOd. of that sum, and the balances comprised in the total of £429,313 14s. 2d., though not in all cases specifically appropriated, will all be required for expenditure on the services to which they were originally dedicated in the Schedules to the Acts. It must be remarked that the sum of £6,474,694 10s. 10d., specified in the Table I have just read as the amount expended to the 30th June last, is simply the disbursements made out of the money borrowed. Other disbursements to a large amount have been made out of the Immigration and Public Works Loan Account; but those disbursements are balanced by large recoveries of various kinds, and by the Stamp Duties, amounting to £179,303 19s. 4d., which have been brought into the account, and have been set off against the cost of the lines constructed in the several Provinces. It will be seen that as respects the amount authorized for railways the liabilities (and under this term are included not only the contract liabilities incurred, but the engagements yet to be entered into to complete certain works) the liabilities, I say, will exceed the total amount originally authorized by a sum of £35,405 12s. lid. Against this excess may be placed the Stamp Duties accruing between the Ist July last and the date of completion of the lines in respect of which they are available, and some minor recoveries yet to be made. These items will co-f er the excess, and will leave a

Sebvice. AUTHOBIZED. Expended to 30 June, 1875. Balance. Liabilities. Balance Available. Railways Immigration Roads, North Island Water Supply—Gold Fields Lands, North Island Telegraph G-old Fields Public Works ... Buildings Telegraph Lighthouses Other Purposes ... Grants to Road Boards £ 6,500,000 1,500,000 460,000 300,000 700,000 90,000 50,000 £ a. d. 3,949,397 12 0 1,029,599 3 6 449,012 4 5 214,875 18 0 377,059 18 1 90,000 0 0 15,000 0 0 £ s. d. 2,550,602 8 0 470,400 16 6 10,987 15 7 85,124 2 0 322,940 1 11 £ s. d. 2,586,008 0 11 81,781 0 0 14,995 12 7 83,373 17 4 193,159 0 0 £ s. d. Dr. 35,405 12 11 388,619 16 6 Dr. 4,007 17 0 1,750 4 8 129,781 1 11 35,000 0 0 35,000 0 0 400,000 61,926 5 2 428 7 6 137,395 2 2 150,000 0 0 [- 200,250 5 2 j Dr. 150,000 0 0 10,554 2 3 13,512 0 0 35,058 19 11 42,549 2 0 t 98,576 1 0 Z>r.l50,000 0 0 10,000,000 6,474,694 10 10 3,525,305 9 2 3,095,991 15 0 429,313 14 2