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names of the provincial districts in which the land during the year has been purchased, the acreage, and the prices paid therefor: — Acres. Price. Hawke's Bay,— £ Hatuma ... ... ... ... 26,350 ... 141,618 Mangatoro ... ... ... ... 19,550 ... 87,975 Wellington, — Langdale ... ... ... ... 9,406 ... 30,669 Mangawhata ... ... ... ... 1,226 ... 16,129 Maungaraki ... ... ... ... 423 ... 3,000 Epuni ... ... ... ... 103 ... 9,146 Marlborough,— Waipapa 3,600 ... 8,250 Canterbury,— Lyndon ... ... ... ... 4,243 ... 15,750 Kohika ... ... ... ... 3,864 ... 28,093 Eaincliff ... ... ... ... 745 ... 2,424 Taranaki ... ... ... ... 32 ... 2,858 Pukaka ... ... ... ... 39 ... 981 Mrs. Delargy ... ... ... ... 100 ... 300 Otago, — Earnscleugh ... ... ... ... 1,152 ... 3,000 Total ... ... ... 70,833 ... £350,193 THE PUBLIC DEBT. The gross public debt on the 31st March, 1900, was £47,874,452 ; on the 31st March, 1901, it was £49,591,245, or an increase of £1,716,793 for the year. The net public debt on the 31st March last was £48,557,751, showing £1,627,675 of net increase for the debt during the year. Analysing the above-stated increase, I find that, as I have before mentioned, £900,000 of new loan-money has been raised for the Public Works Fund, consisting of £700,000 under " The Aid to Public Works and Land Settlement Act, 1899," and £200,000 under the similar loan Act of last session. The requirements of the Advances to Settlers Office necessitated our raising £380,000 ; and for the purchase of estates for close settlement we obtained £219,000. To enable grants to be made to local authorities £176,000 had to be borrowed, and further sums of £1,781 and £2,000 for dairy industries and the Government Accident Insurance respectively. £17,902 was deposited in New Zealand Consols, and £52,800, representing debentures for accretions of sinking funds, were disposed of, as also £18,000 of 3-per-cent. inscribed stock. On the other hand £50,400 5-per-cent. debentures were paid off under " The Consolidated Loan Act, 1867," and £290 under "The Naval and Military Settlers' and Volunteers' Land Act, 1892." With respect to the interest upon nearly £800,000 of the moneys raised last year, it is right to mention that no burden will be imposed upon the taxpayers, such interest being recouped according to the conditions under which the loans have been applied, so that these loans are virtually self-supporting. With regard to the balance, it is impossible to assist our settlers in developing our country without providing them with roads and bridges, and to provide for such expenditure it is essential that moneys shall be found out of loan. By the same means only can our railways system be extended, and effect be given to the wishes of honourable members and the people with regard to a vigorous prosecution towards the completion of our main lines. During the year £509,500 of debentures under " The Government Loans to Local Bodies Act, 1886," fell due, and were renewed under the provisions of " The Consolidated Stock Act, 1884." The Bank of New Zealand having paid £500,000, the value of its preferred shares, that amount was handed over to the Public Trustee, and by him invested

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