2

8.—2

June last; £400,000 for such expenditure as the House might direct between the close of last year and the date at which further funds could be provided during this Session for the continuance of our Public Works; and £250,000 to provide for probable contracts, and other liabilities of the Provinces requiring to be met before the end of the financial year. When authority was asked to raise this £1,000,000, I stated that we had grounds for believing that we could get the money in the colonies, and that if this should prove to be the case we should gladly avoid going upon the London market for another year at least. Our expectations in this respect were realized, and we have succeeded in obtaining the required amount upon the following terms : —Erom the Bank of New South Wales, my colleague, Mr. G. McLean, obtained an advance of £500,000, secured upon short-dated debentures, bearing five per cent, interest, payable half-yearly in Wellington, and one-half per cent, commission. The principal is repayable in London in three equal instalments, at intervals of one month ; the first instalment falls due on Ist December, 1878. Erom the Bank of New Zealand we have also obtained £500,000, secured upon short-dated debentures, bearing five per cent, interest, payable half-yearly in Wellington. The principal is repayable in London upon the 15th Eebruary, 1879. We have also entered into a further arrangement with the Bank of New Zealand by which, under the Bank agreement, we can obtain an advance of £400,000 upon remittable securities, instead of £300,000, making the total advance we are entitled to under that arrangement £500,000, and fixing the 15th Eebruary, 1879, for the repayment of all such advances. I shall presently explain the object of this arrangement. Papers relating to these transactions will be laid upon the Table. The House during the last Session made very liberal provision for Immigration and Public Works, the total sum voted for these services being £2,032,286 6s. 3d. Of this large sum £1,480,617 19s. 2d. has been actually expended.

£500,000 advance from Bank of New South Wales.

Like advance from Bank of New Zealand;

And increase of advances under Banking Account Agreement.

Public Wobks Account; 1876-77.

PUBLIC WORKS ACCOUNT, 1876-77.

Expenditure authorized, £2,032,286 6s. 3d.; But £551,663 7s. Id. unexpended.

The balance being £551,668 7s. Id., which represents a saving to that amount upon the year's expenditure. The Committee will remember that, in asking for these votes, I said I regretted having to ask for so large a sum, and that my honorable friend the Minister for Public Works would restrain the expenditure as far as was compatible with prudence. That is, we pledged ourselves to the House to reduce the expenditure under these votes, if in our opinion it could be done without injury to the Public Service. I wish to call the attention of the Committee to this fact, because the Government have been very unjustly blamed for not having expended the whole of each vote. If any particular district has been unfairly neglected the Government are clearly blamable. But, Sir, I have no doubt my honorable friend the Minister for Public Works will be able to give a

DlFFE] IENCES. Expenditure. Estimated expenditure. Net Expenditure to 30TH June, 1877. In Excess of Estimate. Less than Estimate. Class I.—Immigration II. —Departmental Public Works III.—Railways IV.—Roads V.—Land Purchases, North. Island VI.-Water Supply on Gold Fields VII.—Coal Mining VIII.—Telegraph Extension IX.—Public Buildings... X. —Lighthouses XI. —Charges raising Loan XII. —Advances to Otago £ a. d. 205,677 7 6 17,817 10 0 1,300,600 0 0 52,007 10 5 125^817 14 6 147,460 6 11 1,860 16 8 46,040 0 0 65,963 12 8 49,700 0 0 6,000 0 0 13,341 7 7 £ a. d. 183,495 4 3 17,049 13 6 967,133 14 10 16,003 9 10 85,644 4 9 85,671 10 7 1,336 14 3 33,224 15 0 43,309 4 2 26,379 18 5 7,736 3 8 13,341 7 7 £ a. d. £ a. d. 22,182 3 3 767 16 6 333,466 5 2 36,004 0 7 40,173 9 9 61,788 16 4 524 2 5 12,815 5 o 22,654 8 6 23,320 1 7 1,736" 3 8 Services not included in Immigration and Public Works Appropriation ActMiscellaneous 2,032,286 6 3 1,480,326 0 10 1,736 3 8 553,696 9 1 291 18 4 291 18 4 2,028* 2 0 2,032,286 6 3 1,480,617 19 2 551,668 7 1