8.-2

8

fair margin for contingencies. I have included in the liabilities referred to a sum of £446,400 for additional expenditure to complete works authorized, and I shall have to ask the Committee to sanction this expenditure by a vote. Particulars of the several items of expenditure, with all necessary information in respect to them, will be given in what I may call the Departmental Statements and Reports, which will shortly be delivered by my colleagues and myself. I have now placed before the Committee, at some length, the exact condition of the loans as they stood on 30th June last. "With the permission of the Committee, I will summarize what I have stated:

In concluding this part of my subject, I think it desirable to show in a compendious form the existing and prospective liabilities of the Colony, including all Provincial Loans. The first table shows—

THE NET PUBLIC DEBT UNDER COLONIAL AND PROVINCIAL ACTS ON 30TH JUNE, 1875.

Table A, page 2.

The total public debt of New Zealand on the 30th June, 1875, was £17,421,106, or including therein the sum of £250,000 advanced by the Bank of New Zealand on the security of debentures, £17,671,106 ; and the annual charge thereon for interest is £835,150 10s., and for Sinking Fund £110,635 ss; total, £945,785 15s. The charge for interest is calculated on the sum first mentioned, because, as I stated in my remarks on the General Purposes Loan, the colony is at no charge for interest on the sum of £250,000 advanced by the Bank. And I may further state that it is intended to ask the Committee to authorize the Government to redeem these hypothecated bonds out of Immigration and Public Works Funds, pending the raising of the balances of the General Purposes and Defence Loans. I have stated that the total existing liability to the bondholders, including the advance of £250,000 upon the hypothecated debentures, is £17,671,106, and that the annual charge thereon is £945,785 155.; but in diminution of this amount the colony has a balance of cash amounting to £2,167,896 Bs. 7d. yet to expend, subject, of course, to outstanding liabilities, made up as follows: — Amount raised but unexpended— £ s. d. Consolidated Loan ... ... ... 8,55117 O Defence Loan ... ... ... ... 24,8G0 5 4 Immigration and Public Works Loans ... ... 2.067,303 9 2 General Purposes Loan ... ... ... 07,020 17 1 North Otago District Public "Works Loan ... 160 0 0 £2,107,896 8 7 There is, besides, an item on the credit side of the account which should not be overlooked—l refer to the accumulated Sinking Funds. These funds amounted on the 30th June last to £1,074,647 ss. Id., and really represent the extinction of so much of the colonial indebtedness existing at that date.

LOANS. ArTHORIZED. Expended. Balances, Liabilities to 30 Jfme, 1875. Available. Totals. Balances of Loans tet to be Raised. Defence and Other Purposes Loan General Purposes Loan Immigration and Public Works Loan £ 1,000,000 £ s. d. 845,139 14 8 £ s. d. 154,860 6 4 £ 8. d. 29,545 4 0 £ s. d. 125,315 1 4 £ s. d. 1,000,000 0 0 £ ». d. 179,700 0 750,000 10,000,000 419,579 2 11 8,474,691 10 10 330,420 17 1 3,525,305 9 2 223,920 17 1 3,095,991 15 0 106,500 0 0 429,313 14 2 750,000 0 0 10,000,000 0 0 463,000 0 O 1,312,100 0 O Total ... 7,739,413 8 6 4,010,686 11 7 3,349,457 16 1 1,954,800 0 0 11,750,000 661,128 15 6 11,750,000 0 0

Colonial and Provincial Debentures in Circulation (for details see Table A) Advances on Debentures hypothecated, viz.,— On £210,500 Debentures of the General Purposes Loan On £52,700 Debentures of the Defence Loan £200,000 0 0 50,000 0 0 £ e. d. 17,421,106 0 0 250,000 0 0 Total 17,671,106 0 0 Deduct Sinking Funds accrued ... ... ... 1,074,647 5 1 Net Public Debt on the 30th June, 1875 16,596,458 14 11