THE FIVE MILLION LOAN.
The Wellington Post says the total expenditure during the year of the Public Works fond amounted to £1,960,974. After quoting the principal items of expenditure it says—There was a balance in hand on 31st March last, subject to liabilities, of £1,360,373, which together with £500,000 balance of Imperial Guaranteed Debentures unissued (which are kept as security for temporary advances) makes a total balance, subject to liabilities, of £1,860,373. It is estimated, however, that outstanding liabilities for works and contracts in progress amount to about half a million sterling, thus leaving a net balance* of £1,300,000 or £1,400,000. As has been explained on previous occasions, this would be pretty nearly absorbed if the native land purchases on which deposits have been made were carried out. It is pretty generally known, however, that it is the policy of the present Government to abandon these purchases, and if this policy is approved by the House, there will be so much money available for carrying on public works.
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Patea Mail, 17 May 1881, Page 3
Word Count
168THE FIVE MILLION LOAN. Patea Mail, 17 May 1881, Page 3
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