8.—6

IX

Particulars of the Public Debt from 31st March, 1891, to 31st March, 1895.

While it is satisfactory to know that the increase in the public debt is compensated for by the large earning-powers which are indicated in my previous remarks, it will be of considerable interest to honourable members to have before them the indebtedness per head of our population during the last seven years. The following table gives the amounts of debentures and stock in circulation, the gross indebtedness per head, amount of sinking fund accrued, the net indebtedness, the net indebtedness per head of the European population, and the annual charge for interest and sinking fund. These figures speak for themselves. In 1889 the annual charge for interest and sinking fund was £1,866,588, while in 1895 it was £1,656,970. The net indebtedness per head in 1889 was £60 12s. 2d., and in 1895 it was £57 9s. 9d., a reduction of £3 2s. sd. per head. Considering the enormous amount of public works that have been carried on throughout the colony during the past year, and the fact that our population has not so largely increased as could have been wished, such a marked reduction of indebtedness per head must give general satisfaction.

£ £ £ £ 38,830,351 Gross public debt on 31st March, 1831 .. .. .-. Increases of public debt— By issue of debentures under— The Government Loans to Local Bodies Act, 1886— At 5 per cent. .. . 41 . „ 4 90,000 327,800 112,000 The Native Land Purchases Act, 1892— At 5 per cent. .. „ ii „ 529,800 9,700 140,000 149,700 The Land for Settlements Acts, 1892 and 1894— At 4J per cent. „ 4 53,966 10,100 64,066 250,000 The Cheviot Estate Payment Act, 1893, at 4£ per cent. The Lands Improvement and Native Lands Acquisition Act, 1894, at 4 per cent. 184,000 The New Zealand Consols Act, 1894, at 31 per cent. .. 1,177,566 158,025 The District Railways Purchasing Acts, 1885-86 (Kaihu Valley Railway), at 5 per cent. The Consolidated Stock Act, 1884— For accretions of Sinking Fund, At 4J per cent. „ 4 847,100 117,800 47,000 964,900 ' The' Naval and Military Settlers' and Volunteers' Land Act, 1892, at 4J per cent. 27,226 By conversion operations — 4 per cent. Inscribed Stock 31 . . 328,347 295,926 624,273 Less — By redemption of debentures 2,998,990 1,442,376 Net increase of public debt 1,556,614 £40,386,964 Gross public debt on 31st March, 1895 ..

Years ended 31st March. Amount of Debentures and Stock in Circulation. Gross Indebtedness per Head of European Population. Amount of Sinking Fund accrued. Net Indebtedness. Net Indebtedness per Head of European Population. Annual Charge (Interest and Sinking Fund). .889 .890 .891 .892 .893 .894 .895 £ 38,375,050 38,667,950 38,830,350 38,713,068 39,257,840 39,826,415 40,386,964 £ s. d. 62 17 10 62 10 1 61 19 4 60 14 8 59 16 7 58 17 0 58 11 6 £ 1,395,389 1,383,432 1,486,427 1,037,862 1,113,770 951,924 751,932 £ 36,979,661 37,284,518 37,343,923 37,675,206 38,144,070 38,874,491 39,635,032 £ s. d. 60 12 2 60 5 4 59 11 11 59 2 0 58 2 7 57 8 10 57 9 9 £ 1,866,588 1,851,421 1,864,575 1,842,686 1,837,169 1,873,682 1,656,970 ""■'*"' """*'"'—•—T"' ii—B 6.