17

C—s

Summary of Watee-eaoes. The net profits and losses on each of tho water-races, whether managed by the department or by a trust, have been shown separately, and on the same basis as any commercial transaction. But the colony derives certain collateral advantages which afprivate company could not share—namely, Customs and goldfields revenue; and, although these water-races have not been a commercial success, still they are no doubt the means of a number of people being employed on the goldfields that otherwise would have left the colony or turned their attention to something else; and it is well known that there are very few men working on the goldfields who are content to settle down unless they are connected with mining in some form or have a competency to live on. The value of these works to tho colony consists, therefore, mainly in the population they are the means of supporting and the amount of gold obtained through their construction. Without entering upon the revenues derived from Customs duty or other goldfields revenue other than duty on gold obtained by their means, the direct profit last year to the colony, and percentage on their construction, would be as follows : £ s. d. Waimea-Kumara Eace and Sludge-channel ... 5,476 17 4, 3-15 per cent. Nelson Creek Water-race ... ... ... 33 12 4, nil. Argyle Water-race ... ... ... 110 8 11, f per cent. Mount Ida Water-race ... ... ... 409 1 5, per cent. This does not show them to be profitable investments, as nothing is taken into account for the redemption of capital, which may be considered as entirely lost, as these water-races are of no practical value when the ground is worked out. The following table shows the direct profits and losses, also the amount of duty received for gold which the water-races have been the means of obtaining : —

3—C. 5.

Name of Water-race. Keceipts. Expenditure. Profit or Loss on Working. li > 8 So PhO < Value of Gold obtained. Duty received on Gold obtained. Total Profits or Losses, and Value of Duty. Total Cost of Construction. Waimea-Kumara and Sludgechannel. Nine years ending 31st March, 1887 Year ending 31st March, 1888 £ 6. a. 73,340 14 6 10,396 19 7 £ b. a. 51,016 17 0 6,271 2 3 £ s. a. 22,323 17 6 4,125 17 4 Oz. 157,773 13,510 171,283 £ s. d 602,629 0 6 51,338 0 0 £ s. £ , ,. £ s. a. 436 281 Total 83,737 14 1 57,287 19 3 26,449 14 10 419 653,967 0 6 17,128 6 43,578 0 10 173,363 7 Nelsoji Creek. Nine years ending 31st March, 1887 Year ending 31st March, 1888 4,084 7 11 *128 13 8 28,520 1,623 14,791 13 11 1,045 1 8 10,707 6 0 1,173 15 4 60 45 109, 0S9 0 0 6,207 19 6 Total 15,836 15 7 11,881 1 4 3,955 14 3 59 30,143 115,296 19 6 3,014 6 6,970 0 3 90,722 10 8 Argyle. Nine years ending 31st March, 1887 Year ending 31st March, 1888 4,009 7 3 455 12 9 3,600 17 4 398 3 10 408 9 1] 57 8 11 17 20 6,078 630 23,233 7 0 2,394 0 0 - •■ Total 4,465 0 0 465 18 10 — 37 6,708 1,136 14 10 14,701 15 3 3,999 1 2 25,627 7 0 670 16 Mount Ida. Nine years ending 31st March 1887 Year ending 31st March, 1888 " 13,160 8 2 1,355 0 9 16,168 15 2 1,255 18 4 *3,008 7 0 99 1 5 92 130 20,911 3,100 79,493 0 0 11,625 0 0 •• Total 14,515 8 11 17,424 13 6 ♦2,909 5 7 96 24,011 91,118 0 0 2,401 2 *508 3 7 65,776 3 8 Grand Totals 118,554 18 7 591 90,592 15 3l 127,972 2 4! 232,145 886,009 7 0 23,214 10 51,176 12 4! 344,553 16 8 * Loss on working.