THE FINANCIAL STATEMENT.

Mount Ida Chronicle, Volume VI, Issue 335, 6 August 1875, Page 3

THE FINANCIAL STATEMENT.

delivered ! Mni,ncial Statemexrfc. He said'that ;hecxJid so, under a, a.tr.ong sense of re--spone'bility. There had been so many positive statements and intangible ru-mors-discrediting the financial position ''ofithe Colony, that he desired at the outset to-.giveihem an official refute-' tation. lie thought a plain, unvar-': nished statement of the true condition of o'iir monetary p'ofcS'fcidri would' be the best possible .answpr ; to.-.unscrupulous' slanderers, while it would'enable honest dbiibters to ascertain for themselves the truth .^!felaftl\o,Qd bad .read^ and heard. His subject natiirMly divided' itself'inttj" tvv& parts, vi^,, : Loans and Revenue.—Withi.regard to THE b*'i | it must be remembered that the Immigration and Euhlic Works scheme, when originally submitted by Sir Juliiis Wdgol/.tjQ|B ia long period ; but it had been impossible to resist tot hurry on, works. In obedience to the desire pf the Assembly, immigration and public works were both pushed on vigorously, and. as a ; tfe ; loaps. had to he raised more rapidly than was - at first proposed. The Government decided to sell~tlre~"whole four million if possible, and appointed Sir J. Vogfel, Sir and -Mr. Sargeaun.t,for r the r p.urpose., Grave difference's of A opinrdif arose between Si? J. ~Yogel and his r co-agents. The former wished to the whole amount iaff" ofice ' ifhile. Julyan, Featherston, and Sargeaunt thought a better*" price could be obtained Jf requirements of the,, Go.b6ing sold by'two instalments; They ultimately J. Yogel ? s r plai}.- i Th&'loan was to be raised by Eothschilds. at 94, out ;of which Eothschilds received a commission of 2 per cent., they taking, up, i three millions immediately, and the remaining 0116 Million Mfchin a year. The net-price-reeeiyed by the .Colpny; is £9O 19s. Id*- this arrangement the Colony was to obtain the necessary means to carry, on public works and" immigration. "Whether Eothschilds successfully floated: the doanf;or niot, this fact was particularly commended ■for their' eoiisideratioii. : >>The repbrfc received from Sir J. Yogel and that from the other three, agents, although differing materially in opinion, 6n some' points, concurred in the result as being successful.: Heatherßton and the Crown Agents wrote, " that considering its ' magnitSdeV'i'th'e terms upon, which this transaction has been carried out appear to TiSkfexceptionally favorable." , r With .these facts before them (the s lif6lrfr''''pl , itf^atf' a the; Government £*£& .decidedly of opinion that the course'pursued was the right: one, that marvellously good, and "that to Sir J. Yogel" is due ttas,.-successf'ul termination of the negotiations, ilothschilds. placed the ■Kfhole, lopn, had b^h*paid"'to v^r of the/public, account at the date J of last ad vice '(3lst May). Qn .qo;b paring tlie loans, the average ann%t'rate:'6f interest of ;the per cent.l' the last "la t£s 2s. <-i per cent.; and the "average"of : ,'fhe Whole £5 .per cent.; wjhen it is remembered "that ,'Jffr the original .estimate,.introducing and Pubiici'Yforks policy,-it was calcur lated that Wans.rdighl: be obtained • at.s^,^er'fe«|i!t. x ' 4 f I*''* 1 *''* : ''* '" j :.f. ... '..jfHe the loan tables .showas, J fdllbWs i Authorised, ' £11X60,060; expended to June: 30, i 487&r^^39^3TM8^?^i®85£2,531,923; available ba.la.nce/j61,478,664; balanceyet to - be raised^—£-1,954,809. The public dSbt«jon(Sofch of June was ' £17,671,106 ;i ; rlesK accrued sinking fund, £1,074,§4C) ; the annual charge for interest, £.835,150 ; and the sinkirigVfund Of the debt of the Colony, a. 'balance in hand of £2,ls .raised, but ..HP.t -y.^t, BU bject of course' to' 'Be'j3id.es .-thjSj. .T.he, <% apcumu,lated sinking presents the extinction; i§i'ufiO:;- c neß». When the amount still to be

realised is obtained, th,o total indebtedness, will be £ 1ft,380,906; and the total annual charge 'thereon' £1,035,775 ; but,? ."before this; prospective debt is reached; the whole of the balance no\y. available; plus of the pop-", ti.bn of 1 oans I to be ;. raised- —£} l; £3',B^7>69Q ; —wjpib a Y.e to,be. expended. : .Asau.ming ..this to.fee the ac-' cumulated jsrnking , fund iwill; by* that! I time hive practically reduced the debt' to £17,9§Q,906. . jsqme sof the loans! forming this 4.ebt,are specially secured! cn the proceeds "of land,'which will ac-! intervals. V; > .'> i