5

8.—2

TOTAL PUBLIC DEBT, INCLUDING TREASUEY BILLS. Before concluding this part of my subject, the Committee will perhaps allow me to say a few words about our Public Debt. The gross Public Debt of the Colony, General and Provincial, including Treasury Bills, when the balances of all loans now authorized are raised, will be £20,895,311. As against this debt, we had a balance of £980,189 13s. Id. at credit of the Public Works Account on 30th June, £35,416 18s. 9d. at credit of the Defence Loan Account, and accrued Sinking Funds amounting to £1,353,562 2s. lOd. Our total revenue last year was £3,061,594 14s. 6d., and—excluding land sales —£2,171,059 15s., that is, after setting apart that portion of our income derived from the sale of land, which in most colonies is called revenue, our net public debt is eight and a half times our revenue, or, if we include our income from land sales, our public debt is equal to six times our revenue, while the public debt of Great Britain is more than ten times the amount of her revenue. This seems to me a far fairer way of comparing our indebtedness than at so much per head of the population. It should, moreover, be remembered that the public debt of England has been incurred for war purposes, while that of New Zealand has mainly been incurred for reproductive works. It may, perhaps, be interesting to state the purposes for which the several loans, General and Provincial, which constitute our national debt, have been raised, and the amount applied to each. I have ascertained, by an examination of the several Loan Acts, that those purposes and amounts may be classified thus : — About £8,300,000 has been spent upon railways; £3,500,000 on immigration; £4,400,000 on harbours, lighthouses, public buildings, roads, bridges, and other public works for opening up the country; £1,300,000 in the purchase of Native lands, including the payment of the debt to the New Zealand Company; £2,000,000 in the suppression of the Native outbreak; and the remaining £500,000 on miscellaneous purposes. CONSOLIDATED FUND. I will now invite the attention of the Committee to the Expenditure and Revenue of the past year. Expenditure of the Tear 1876-77. The expenditure for the year, as finally authorized by Parliament, exclusive of that for Railways, to which I shall refer presently, amounted to £1,858,467 2s. The actual expenditure made was £1,681,682 17s. lid., as will be seen by the following Table:—

Total Public Debt (including Treasury Bills), £29,895,311.

But of this, lis. lOd. at credit; and accrued Sinking Funds amount to £1,353,562 2s. lOd. Revenue and Debt compared with those of Great Britain.

How amount of the Debt haa been applied.

Consolidated Fund.

Expenditure, 1976-77: £f" tod> £1>858>4C7 nf al' £i>m'm 173'

Railways Appropriations £263,386 19a. ; Expenditure, £220,722 153. 7d.

Diffe: tENCES. Heads of Expenditure. Appropriation. Net Expenditure. In Excess of Appropriation. Less than Appropriation. Civil List Interest and Sinking Fund ... Under Acts of the Legislature Appropriations, — Class I.—Public Departments ... II. —Law and justice III.—Postal and Telegraphic IV. —Customs V. —Miscellaneous VI.—Native VII.—Militia, Volunteers, and Armed Constabulary VIII. —Public Domains and Buildings ... X. —Grants to Municipalities, &c. ... £ s. d. 29,750 0 0 736,385 6 10 36,064 18 8 £ s. d. 27,573 7 9 663,062 0 2 34,858 16 9 £ a. d. £ s. d. 2,176 12 3 73,323 6 8 1,206 1 11 99,656 14 6 184,338 5 5 229,424 0 0 74,941 2 3 72,844 2 0 34,610 18 4 88,929 1 0 145,230 10 0 217,472 12 6 61,383 16 5 66,832 0 4 37,417 0 6 10,727 13 6 39,107 15 5 11,951 7 6 13,557 5 10 6,012 1 8 2,806* 2 2 78,340 10 0 28,361 4 0 75,000 0 0 66,315 2 7 24,727 3 6 53,157 13 0 12,025 7 5 3,634 0 6 21,842 7 0 Capitation and Special Allowances Moiety of Stamp Duties Services not provided for Refunds of Revenue 150,000 0 0 28,750 0 0 148,811 3 6 28,612 12 2 12,931 17 9 4,368 0 0 12,931*17 9 4,368 0 0 1,188 16 6 137 7 10 Totals 1,858,467 2 0 1,681,682 17 11 20,105 19 11 196,890 4 0 Appropriations— Class IX. —Railways ... ,,, 263,386 19 0 220,722 15 7