THE Evening Star. MONDAY, JULY 26, 1869.

Evening Star, Volume VII, Issue 1941, 26 July 1869, Page 2

THE Evening Star. MONDAY, JULY 26, 1869.

Finance is a dry subject at all times, but so long as money is necessary to carrying on the work of the world, it is one a that must be dealt with. And this is especially necessary now that so much is in course of expenditure on the Northern war. Few of ns going about our every-day’s work cast a of how much the Colony in which we live is in debt. Just as wo used to move about very contentedly at Home, with a debt of eight lumttted millions, owing by Great Britain, so in New Zealand the larger debt per head owing by the Colony seems to sit very easily upon ns. It is only when the figures are placed before our eyes that the real amount of Colonial obligations is realised. On the Bth June, Mi Jo [.lie moved in the House of Representatives for “A return “ of the Total Liability of the Colony, “ as well as of the several Provinces, “ on account of existing Loans (Con- “ solidated, or otherwise) at the close “ of the current Financial Year, to- “ gether with the Annual Charge, as “ nearly as may be practicable.” That return shews an amount of indebtedness for which few were prepared, but which most will at any rate feel interested in knowing. It will be necessary to bear in mind that through the operation of the “ Consolidated Loan “Act” of 1867, a very large amount that has been borrowed by the different Provinces, appears now as a General Government Loan, and that in the statement that follows care must be taken to remember that it will appeal’ twice; once as a General Government debt, and a second time as included in the separate indebtedness of the Provinces. The conversion of all Provincial Loans into General Government Stock is not yet completed, but as the amounts remaining to be transferred are not important in the statement we shall omit them. The whole Government debt is L 7,210,716, of which L 4,191,000 are included in the Consolidated Loan under the Act of 1807. The annual interest payable on this amount is L 371,007, and the sinking fund L 85,783, making a total of L 456.790. The true General Government Debt was raised under the following authorities ; —Ordinance of the Legislative Council, L 316 ; New Zealand Loan Act, 1856, L 500,000 ; New Zealand Loan Act, 1860, L 95,500 ; New Zealand Loan Act, 1863, L 1,656,800; Treasury Bills Act, 1866, L 150,000 ; and Treasury Bills Act, 1868, L 78,000. There is no return whatever of the Exchequer Bills now afloat in addition to the above. The statement which the Colonial Treasurer will make to-morrow will in all probability inform the country on this point. That they will be very heavy is almost certain, for it is understood that by means of them alone has the war been prosecuted for some months without calling the Assembly together. The amount of Provincial debentures still in circulation'—that is, not converted into Government stock—is stated to be L 539,100, which must be deducted from the L 7,210,716, to show the General Government debt. It will then appear as L 6,671,616. Of this amount there is chargeable to the Provinces the sum of L 2,722,600 ; and this deducted gives our common debt, incurred mainly for Maori wavs, as L 3,949,016. The total indebtedness of the various Provinces, with the annual interest and sinking funds, is stated to be as follows: —Auckland, L 631.450 ; interest, L 31,060; sinking fund, L 7,602; total annual charge, L 38,662. Taranaki, L 25,000; interest, L 1,250 ; sinking fund, L 250 ; total annual charge, L 1,500. Wellington, L 211,450 ; interest, L 13,825 ; sinking fund, L 2,171 ; total annual charge, L 15,996. Hawkes Bay, L 87,000; interest, L 4,080 ; sinking fund, LI, 140 ; total annual charge, L 5,220. Nelson, L 93,900 ; interest, L 4,767 ; sinking fund, L 1,563 ; total annual charge, L 6,330. Canterbury, L 989,400 ; interest, L 50,173; sinkingfundjLl 1,840; total annual charge, L 54,725. Otago, L 781,000 ; interest, L 43,721 ; sinking fund, LI 1,004 ; total annual charge, L 54,725. Southland, L 442,500 ; interest, L 21,945; sinking fund, L 4,605 ; total annual charge, L 26,550. A portion of the loan charged to the Province of Wellington is chargeable to the Province ot Hawkes Bay; part of that debited to Nelson is due by the Province of Marlborough; and a proportion of that set down as due by Canterbury, is payable by the County of Westland. It would premature to comment further upon the present condition of the Colony, but it is plain that in proportion to its population, the amount of indebtedness is greater than in any other country. The amounts owing by the Provinces, not yet converted into Government Stock, are set down in the return as follows :—Auckland, L 38,750; Wellington, L 86,750; Nelson, LI 7,400 ; Canterbury,

L 122,500 ; Otago, L 273,700. There may have been some change in these amounts, as more Stock may have been taken up in London than the Government were advised of up to the date of the return.