8.—6

V

error in the 19th section of the Act prevented us from floating the loan. That Act was therefore repealed last session by a new Act similar in all respects to the one repealed except that the section containing the error was omitted. The loan was floated last year, and the account credited with £50O ? 000. Credit was also- given for £3,000 under the District Eailways Purchasing Acts 1885-86, and for £19,426 recoveries in respect of expenditure of previous years. These credits, with the balance at the beginning of the year, amount to £722,817, subject to the repayment of the temporary advance of £150,000 received in 1887-88, leaving £572,817. The expenditure during the year amounted to £240,258 for public works, and £28,758 for charges and expenses of raisingloans, including discount, making together £269,016, and leaving an unexpended balance of £303,801 at credit of this account on the 31st March last. The principal items of expenditure were: Eoads, £104,631; public buildings, £34,592; lighthouses, harbour works, and defences, £52,593 ; and telegraph extension, £12,047 —the amount expended on other services being £36,394. Further information regarding this expenditure, as well as the expenditure charged upon Accounts Nos. 2 and 3, will be afforded when my honourable colleague the Minister for Public Works makes his Statement. In addition to the balance of £303,801 at credit on the 31st March last, there is an available asset under " The Government Loans to Local Bodies Act, 1886," which authorises the conversion into a liability, under that Act, of debentures given by local bodies to the Treasury for advances out of the Public Works Fund, under " The Eoads and Bridges Construction Act, 1882." The Act of 1886 gave power to the Treasurer to issue debentures for the amount of the liability created by conversion, and to pay the proceeds into the Public Works Fund. That liability amounted at the 31st March last to £87,974, which, with the balance of £303,801 at credit, made £391,775 available for expenditure, subject to liabilities amounting to £165,273. No. 2 Account. The North island Main Trunk Eailway Loan of £1,000,000, authorised in 1882, was raised last year in conjunction with the million loan authorised last session. In anticipation of the raising of the loan there had been expended up to the 31st March, 1888, £478,000, leaving a balance of £522,000 unexpended. Last year there was expended £86,184, including £51,788 for charges and expenses of raising the loan, including- discount, leaving an unexpended balance of £435,818, subject to outstanding liabilities amounting to £28,972. No. 3 Account. At the 31st March, 1888, the balance at credit of this account was £546,244, including £150,000 temporarily raised under the Loan Act of 1887, in circumstances similar to those referred to in my remarks on No. !• Account. The loan of 1888, which authorised £500,000 to be raised for this account, having been floated last year, the amount available for expenditure, including the balance at the beginning of the year, was therefore £896,244. The expenditure during the year was : For railways £241,801, and departmental expenses £12,000. The charges and expenses of raising the loan, including discount, amounted to £24,365, thus making the total charges £278,166, leaving an unexpended balance of £618,078, subject to liabilities outstanding amounting to £174,394. SuiWMARY. The balance of the Public Works Fund, as a whole, on the 31st March, 1888, including the loans authorised but nnraised, amounted to £1,968,635. During the year this amount was augmented by £3,000 under the District Eailways Purchasing Acts 1885-86, and £19,426 recoveries on account of expenditure of previous years, making a total of £1,991,061. The expenditure on public works amounted to £528,453 ; but, including charges and expenses of raising the loans, including discount, £104,912, the total charge amounted to £633,365. The balance left at credit on the 31st March, 1889, was therefore £1,357,696 ; to which I add the asset of £89,974, referred to in my remarks on No. 1 Account,

Expenditure, £269,016 ; unexpended balance, £303,801.

Asset under • Government Loans to Local Bodies Act, £87,974.

Liabilities, £165,273. Table No. 0. No. 2 Account.

Expenditure, £86,184; unexpended balance, £435,818; liabilities, £28,972. Table No. 6. No. 8 Account.

Expenditure, £278,166; unexpended balance, £018,078 ; liabilities, £174,394. Table No. 6.

Summary.

Expenditure, £633,365 ; unexpended balance, £1,445,670; liabilities, £368,639,