SINKING FUNDS.

Appendix to the Journals of the House of Representatives, 1888 Session I, B-09

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1888. NEW ZEALAND.

SINKING FUNDS.

REPORT AND ACCOUNTS OF THE COMMISSIONERS OP THE PUBLIC DEBTS SINKING FUNDS FOR THE YEAR ENDED 31st MARCH, 1888.

Presented to both Houses of the General Assembly in compliance with the 6th Section of " The Public Debts Sinking Fiends Act, 1868."

EEPOBT. Government Buildings, Wellington, 25th June, 1888. The Commissioners of the Public Debts Sinking Funds have the honour to lay before Parliament the accounts of their transactions during the year ended on the 31st March last. They have to report that, in the case of one of the local bodies in whose debentures funds have been invested, there has been a failure, to meet the periodical interest and sinking fund. At the time of the investment of £15,650 with the Waitara Harbour Board the revenue of that body was amply sufficient to justify the stop; but the trade of the port has unexpectedly fallen off to an extent which places it in a state of (it is to be hoped) temporary embarrassment. The deficiency in interest and sinking fund, at present, amounts to £1,597 15s. James Edwaiid FitzGeeald, Chairman of the Commissioners of the Public Debts Sinking Funds.

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ACCOUNT of the RECEIPTS and DISBURSEMENTS of the

De or t: eab ende: BEOEIPTS. & s. a. £ s. d. "New Zealand Loan Act, I860:"— Contributions of Sinking Fund at 2 per cent., — On £74,100, one year to 31 December, 1887 Interest on Investments, — Immigration and Public Works Loan Debentures at 4 per cent., — On £1,000, one year to 15 October, 1887 Immigration and Public Works Loan Debentures at 4J per cent., — On £5,589, one year to 15 October, 1887 General Purposes Loan Debentures at 5 per cent., — On £13,270, one year to 15 November, 1887 Consolidated Stock Debentures at 4,J per cent., — On £7,950, one year to 28 November, 1887 Consolidated Stock Debentures at 5 per cent., — On £5,700, 1 July, 1886, to 28 May, 1887 £5,700, half-year to 28 November, 1887 Defenco Loan Debentures at 4J per cent., — On £12,600, one year to 31 December, 1887 Deficiency Bills at 5 per cent., — On £2,400, 31 March to 30 June, 1887 £5,400, half-year to 30 Jnne, 1887 £7,800, half-year to 31 December, 1887 £2,000, 8 August to 31 December, 1887 £1,030, 15 December to 31 December, 1887 £10,830, 1 January to 29 March, 1888 Borough of Hawera Debentures at 6 per cent., — On £3,200, one year to 1 February, 1888 .. ■ . ' ■• £100, half-year to 1 August, 1887 Borough of Patea Debentures at 6 per cent., —■ On £3,000, half-year to 1 August, 1887 Wellington-Manawatu Eailway Debentures at 5 per cent., — On £6,500, half-year to 1 June, 1887, less income-tax at 7d. Cambridge Debentures at 6 per cent., — On £230, one year to 1 February, 1887 On balances at Bank of New Zealand Investments realised, — Borough of Hawera Debentures, redeemed 1 August, 1887 Borough of Cambridge Debentures, redeemed 1 February, 1888 Deficiency Bills, redeemed 29 March, 1888 1,482 0 0 40 0 0 251 10 0 663 10 0 357 15 0 258 9 0 142 10 0 567 0 0 29 18 5 135 0 0 195 0 0 39 14 5 2 5 1 130 11 1 192 0 0 3 0 0 90 0 0 157 15 8 13 16 0 26 17 9 100 0 0 70 0 0 10,830 0 0 15,778 12 5 "Auckland Loan Act, 1863:"—■ Contributions of Sinking Fund at 2 per cent., — On £31,600, one year to 1 July, 1887 Interest on Investments, — Immigration and Public Works Loan Debentures at 4J per cent., — On £1,618, one year to 15 October, 1887 General Purposes Loan Debentures at 5 per cent., On £3,030, one year to 15 November, 1887 Consolidated Stock Debentures at 4-J per cent., —■ On £4,870, one year to 28 November, 1887 Consolidated Stock Debentures at 5 per cent., — On £100, 1 July, 1886, to 28 May, 1887 £100, half-year to 28 November, 1887 Defence Loan Debentures at 4J per cent., On £1,980, one year to 31 December, 1887.. Deficiency Bills at 5 per cent., — On £350, 31 March to 30 June, 1887 £1,450, half-year to 30 June, 1887 ... £1,800, half-year to 31 December, 1887 £620, 15 December to 31 December, 1887 £2,420, 1 January to 29 March, 1888 Wellington-Manawatu Eailway Debentures at 5 per cent., — On £1,450, half-year to 1 June, 1887, less income-tax at 7d. Borough of Cambridge Debentures at 6 per cent., — On £100, one year to 1 February, 1888 On balances at Bank of New Zealand Investments realised — Deficiency Bills, redeemed 29 March, 1888 632 0 0 72 16 2 151 10 0 219 3 0 4 10 9 2 10 0 89 2 0 4 7 3 36 5 0 45 0 0 17 2 29 3 5 35 3 10 6 0 0 12 4 9 2,420 0 0 "Wellington Loan Act, 1866:"— Interest on balance in Bank of New Zealand 3,761 3 4 0 13 0 ii Lyttelton and Christchurch Railway Loan Ordinance, 1860: "— Contributions of Sinking Fund at 2 per cent., — On £77,700, one year to 31 December, 1887 Interest on Investments, — General Purposes Loan Debentures at 5 per cent., — On £21,760, one year to 15 November, 1887 Consolidated Stock Debentures at 4J per cent.,— On £3,300, one year to 28 November, 1887 1,554 0 0 1,088 0 0 148 10 0 Carried forward 2,790 10 0 19,540 8 9

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COMMISSIONERS of the PUBLIC DEBTS SINKING FUNDS

1st Maech, 1888. DISBURSEMENTS. £ s. d. £ s. a. " New Zealand Loan Act, 1800; " — Investments, —■ Deficiency Bills at 5 per cent., 8 August, 1887 Borough of Thames Debentures at 5 per cent., 30 September, 1887 Deficiency Bills at 5 per cent., 15 December, 1887 .. Consolidated Stock Debentures at 4J per cent., 29 March, 1888 2,000 0 0 400 0 0 1,030 0 0 12,400 0 0 15,830 0 0 "Auckland Loan Act, 18G3: "— Investments, — Borough of Thames Debentures at 5 per cent., 30 September, 1887 Deficiency Bills at 5 per cent., 15 December, 1887 Consolidated Stock Debentures at 4i per cent., 29 March, 1888 GOO 0 0 620 0 0 2,500 0 0 3,720 0 0 " Lyttblton and Christchuech Bailway Loan Obdinance, 1860 : " — Investments, — Deficiency Bills at 5 per cent., 8 August, 1887 .. f: Deficiency Bills at 5 per cent., 15 December, 1887 .. Consolidated Stock Debentures at &$ per cent., 29 March, 1888 12,840 0 0 1,900 0 0 1,040 0 0 9,900 0 0 Carried forward 32,390 0 0

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ACCOUNT of the RECEIPTS and DISBURSEMENTS of the

>j:. on t: BAE ENDB: RECEIPTS. £ s. d. £ 6. d. Brought forward ii Lyttelton akd Ciibistchubch Railway Loan Obdinance, 18G0 " — contcl. Interest on Investments— continued. Consolidated Stock Debentures at 5 per cent., — On £3,800, 1 July, 1886, to 28 May, 1887 £3,800, half-year to 28 November, 1887 Defence Loan Debentures at 4| per cent., — On £100, one year to 31 December, 1887 Deficiency Bills at 5 per cent., — On £1,420, 31 March, to 30 June, 1887 £8,900, half-year to 30 June, 1887 £10,320, half-year to SI December, 1887 £1,900, 8 August to 31 December, 1887 £1,040, 15 December to 31 December, 1887 £8,750, 1 January to 29 March, 1888 Borough of Hawera Debentures at 0 per cent., — On £2,824, one year to 1 February, 1888 Borough of Patea Debentures at 0 per cent., — On £2,000, half-year to 1 August, 1887 .. Immigration and Public Works Loan Debentures at 4J per cent., — On £2,102, one year to 15 October, 1887 .. Wellington-Manawatu Railway Debentures at 5 per cent., — On £5,215, half-year to 1 June, 1887, less income-tax at 7d. Waitara Harbour Debentures at G per cent., — On £650, half-year to 1 October, 1887 On balances at Bank of Now Zealand Investments realised, — Deficiency Bills, redeemed 29 March, 1888 2,790 10 0 172 G 0 95 0 0 4 10 0 17 13 11 222 10 0 258 0 0 37 14 8 2 5 7 105 9 7 19,540 8 9 169 8 10 GO 0 0 97 5 10 126 11 4 19 10 0 21 1 7 8,750 0 0 12,949 17 4 "Canterbury Loan Obdinance, 1862:"— Contributions of Sinking Fund at 1 per cent., — On £22,800, one year to 31 December, 1887 Interest on Investments, — Immigration and Public Works Loan Debentures at 4£ per cent., — On £1,015, one year to 15 October, 1887 General Purposes Loan Aci Debentures at 5 per cent., — On £1,420, one year to 15 November, 1887 Consolidated Stock Debentures at 4J per cent., — On £300, one year to 28 November, 1887 .. .. Consolidated Stock Debentures at 5 per cent., — On £200, 1 July, 1886, to 28 May, 1887 £200, half-year to 28 November, 1887 Defence Loan Debentures at 4Jper cent., — On £370, one year to 31 December, 1887 .. .. Deficiency Bills at 5 per cent., — On £230, 31 March to 30 June, 1887 £320, half-year to 30 June, 1887 £550, half-year to 3 L December, 1887 .. £290, 15 December to 31 December, 1887 Wellington-Manawatu Railway Debentures at 5 per cent., — On £480, half-year to 1 June, 1887, less income-tax at 7d. On credit balances at Bank of New Zealand 228 0 0 45 13 8 71 0 0 13 10 0 9 1 5 5 0 0 16 13 0 2 17 3 8 0 0 13 15 0 0 12 8 11 13 0 5 0 6 430 16 6 " Otago Loan Obdinance, 1862:" — Contributions of Sinking Fund at 1 per cent.— On £116,700, one year to 1 July, 1887 Interest on Investments, — Immigration and Public Works Loan Debentures at 4J per cent., — On £2,567, one year to 15 October, 1887 General Purposes Loan Debentures at 5 per cent., — On £14,570, one year to 15 November, 1887 Consolidated Stock Debentures at 4J per cent., — On £8,580, one year to 28 November, 1887 Consolidated Stock Debentures at 5 per cent., — On £3,700, 1 July, 1886, to 28 May, 1887 £3,700, half-year to 28 November, 1887 Deficiency Bills, — On £1,170, 31 March to 30 June, 1887 £3,470, half-year to 30 June, 1887 £4,640, half-year to 31 December, 1887 £1,130, 8 August to 31 December, 1887 £760, 15 December to 31 December, 1887 Defence Loan Debentures at 4J per cent., — On £4,950, one year to 31 December, 1887 City of Dunedin Mortgage at 7 per eent.,On £3,300, one year to 1 January, 1888 Wellington-Manawatu Railway Debentures at 5 per cent., — On £3,705, half-year to 1 June, 1887, less income-tax at 7d. On balances at Bank of New Zealand 1,107 0 0 115 10 4 728 10 0 386 2 0 167 15 3 92 10 0 14 11 8 86 15 0 116 0 0 22 8 9 1 13 4 222 15 0 231 0 0 91 7 6 20 6 11 3,464 5 9 Carried forward 36,385 8 4

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COMMISSIONERS of the PUBLIC DEBTS SINKING FUNDS

1st Maech, DISBURSEMENTS. £ s. d. £ s. d. Brought forward 32,390 0 0 " Canterbury Loan Obdinance, 18G2 :"— Investments, — Deficiency Bills at 5 per cent., 15 December, 1887 290 0 0 290 0 0 " Otago Loan Ordinance, 1862: " — Investments, — Deficiency Bills at o per cent., 8 August, 1887 Deficiency Bills at 5 per cent., 15 December, 1887 .. Borough of Thames Debentures at 5 per cent., 30 September, 1887 1,130 0 0 760 0 0 1,200 0 0 3,090 0 0 Carried forward 35,770 0 0

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ACCOUNT of the RECEIPTS and DISBURSEMENTS of the

Wellington, 30th April, 1888.

>B. OR T EAB ENDE RECEIPTS. £ s. d. £ s. d. Brought forward " Westland Loan Act, 1873:" — Receipts per Treasury Interest on Investments, — Deficiency Bills, — On £160, 31 March to 30 Juno, 1887 £100, half-year to 30 June, 1887 £200, half-year to 31 December, 1887 .. £40, 15 December to 31 December, 1887 Wellington-Manawatu Railway Debentures at 5 per cent, — On £45, half-year to 1 June, 1887, less income-tax at 7d. .. On credit balance at Bank of New Zealand .. 35 7 0 1 19 11 2 10 0 G 10 0 0 19 30,385 8 4 1 1 9 0 15 0 48 5 11 Waitara Harbour Board :— Contributions of Sinking Fund, at 1 per cent., — On £050, half-year to 1 October, 1887 Interest on Investments, — Immigration and Public Works Loan Debentures at 4J per cent., — On £49, one year to 15 October, 1887 General Purposes Loan Debentures at 5 per cent., — On £90, one year to 15 November, 1887 Deficiency Bills at 5 per cent., — On £50, half-year to 30 June, 1887 £50, half-year to 31st December, 1887 £30, 15 December to 31 December, 1887 Wellington-Manawatu Railway Debentures at 5 per cent., — - . ■ On £85, half-year to 1 June, 1887, less income-tax at 7d. On balances at Bank of New Zealand 3 5 0 2 4 0 4 10 0 15 0 15 0 0 14 2 12 0 G 0 Borough op Haweka :— Contributions of Sinking Fund at 1 per cent., — On £6,300, one year to 1 August, 1887 Interest on Investments, — General Purposes Loan Debentures at 5 per cent, — On £80, one year to 15 November, 1887 Borough of Hawera Debentures at 6 per cent., — On £176, 1 year to 1 February, 1888 Deficiency Bills at 5 per cent., — On £70, 8 August to 31 December, 1887 £10, 15 December to 31 December, 1887 On balance at Bank of New Zealand G3 0 0 4 0 0 10 11 2 18 2 0 0 5 0 3 9 Greymouth Harbour Board :— Contributions of Sinking Fund at 1 per cent., — On £100,000, one year to 1 March, 1888 Interest on Investments, — Deficiency Bills at 5 per cent., — On £570, 31 March to 30 June, 1887 £570, half-year to 31 December, 1887 £60, 15 December to 31 December, 1887 General Purposes Loan Debentures at 5 per cent., — On £480, one year to 15 November, 1887 Wellington-Manawatu Railway Debentures at 5 per cent., — On £980, half-year to 1 June, 1887, less income-tax at 7d. .. On balances at Bank of New Zealand 79 3 6 1,000 0 0 7 2 2 14 5 0 0 2 8 24 0 0 28 15 8 2 16 8 Westport Harbour Board :— Contributions of Sinking Fund at 1 per cent., — On £150,000, one year to 1 March, 1888 Interest on Investments, — Wellington-Manawatu Railway Debentures at 5 per cent., — On £1,480, half-year to 1 June, 1887, less income-tax at 7d. Deficiency Bills at 5 per cent., — On £800, 31 March to 30 Juno, 1887 £410, half-year to 30 June, 1887 £1,210, half-year to 31 December, 1887 £20, 15 December to 31 December, 1887 Borough of Cambridge Debentures at 0 per cent., — On £160, one year to 1 February, 1888 On balances at Bank of New Zealand 1,072 2 2 1,500 0 0 35 18 5 9 19 6 10 5 0 30 5 0 0 0 11 9 12 0 4 2 3 1,600 3 1 Balance on 31 March, 1887 t i 39,200 0 6 149 17 10 £39,349 18 4

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COMMISSIONERS of the PUBLIC DEBTS SINKING FUNDS

i ■ —■ —■ James C. Gavin, Secretary and Accountant to the Commissioners,

,ST .ABCH, DISBURSEMENTS. & s. a. £ s. a. Brought forward " Westland Loan Act, 1873 :" — Investments, — Deficiency Bills at 5 per cent., 15 December, 1887 .. 35,770 0 0 40 0 0 Waitap.a HauboU-R Board :— Investments, — Deficiency Bills at 5 per cent., 15 December, 1887 30 0 0 40 0 0 Borough op Hawbba :— Investments, — Deficiency Bills at 5 per cont., 8 August, 1887 Deficiency Bills at 5 per cent., 15 December, 1887 70 0 0 10 0 0 30 0 0 Gbeymouth Habboub Boaed :— Investments, — Thames Borough Debentures at 5 per cent., 30 September, 1887 Deficiency Bills at 5 per cent, 15 December, 1887 Oonsolidatea Stock Debentures at 4| per cent., 29 March, 1887 500 0 0 60 0 0 500 0 0 80 0 0 Westport Habboub Board :— Investments, — Thames Borough Debentures at 5 per cent., 30 September, 1887 Deficiency Bills at 5 per cent., 15 December, 1887 Gonsoliaatea Stock Debentures at 4£ per cent., 29th March, 1888 800 0 0 20 0 0 700 0 0 1,060 0 0 Balance on 31 Mabch, 1888 1,520 0 0 38,500 O 0 849 18 4 £39,349 18 4

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James C. Gavin, Wellington, 30th April, 1888. Secretary and Accountant to the Commissioners.

STATEMENT of the Funds held by the Commissioners of the Public Debts Sinking Fund on the 31st March, 1888.

a. Loans j_n bespect of which the Sinking Funds are held. Sl.CUBITIES. When Securities are redeemable. <M ! <_. j M I "New "Auckland _2_& L-A ct> I860." Ibbo- " Wellington Loan Act, 1866." " Lyttelton and Christchurch Eailway Loan Ordinance, I860." " Canterbury Loan Ordinance, 1862." " North Otago District Public Works Loan Act, 1872." Greymoutll Westport Harbour Harbour Board. Board. Totals. " Otago Loan Ordinance, 1862." " Westland Loan Act, 187.-" Waitara Harbour Board. Borough of Hawera. I Defence and Other Purposes Loan Debentures Immigration and Public Works Loan Debentures Ditto General Purposes Loan Debentures City of Dunedin Mortgage Borough of Patea Debentures.. Borough of Hawera Debentures Waitara Harbour Debentures .. Ditto Ditto Cambridge Borough Debentures Wellington-Manawatu Railway Debentures Consolidated Stock Debentures Ditto Borough of Thames Debentures Deficiency Bills 1 July, 1910 15 Apr., 1913 15 Apr., 1913 28 Nov., 1914 1 July, 1898 1 Feb., 1898 1 Apr., 1897 1 July, 1897 1 Aug., 1897 1 Apr., 1897 1889-1894 4 5 7 6 6 6 6 6 6 4*1 £ s. a. 12,600 0 0 1,000 0 0 5,589 0 0 13,270 0 0 3,000 0 C; 3,200 0 0 2,760 0 0 800 0 0 £ s. a. 1,980 0 0 1,618 0 0 3,030 0 0 •• •• 1,000 0 0 1,200 0 0 £ s. d. •- I - £ s. a. 100 o o 2,162 0 0 21,760 0 0 2,000 0 0 2,824 0 0 2,000 0 0 500 0 0 650 0 0 £ s. d. 370 0 0 1,015 0 0 1,420 0 0 210 A 0 £ s. d. 4,950 0 0 2,567 0 0 14,570 0 0 3,300 0 0 3,000 0 0 3,000 0 0 £ S. a. ! •• i j £ s. d -• ! 49 0 0 1 90 0 0 ! ■■ 240 0 0 90 0 0 £ s. d.j I I so o a " 176 6 0 £ s. a. 480 0 0| .- ! i £ s. a. I ■• 200' 0 0 £ s. a. 20,000 0 b 1,000 0 t 13,000 0 (J 54,700 0 C 3,300 0 C 5,000 0 t 6,200 0 C 9,000 0 C 6,000 0 C 650 0 C 420 0 C i '" ; .. I 160 0 0 100 0 0 I '" ■- 160 0 0! - 1 June, 1905 28 Nov., 1891 28 Nov., 1891 5 5 5 5 0,500 0 0 20,350 0 0 5,700 0 0 400 0 0 1,450 0 0 7,370 0 0 100 0 0 600 0 0 5,215 0 0 13,200 0 0 3,800 0 0 480 0 0 300 0 0 200 0 0 3,765 0 0 8,580 0 0 3,700 0 0 1,200 0 0 3,530 0 0 45 0 0 I 85 0 0 i 980 0 0 500 0 Oi 1,480 0 0 j 700 0 0 20,000 0 C 51,000 0 C 13,500 0 C 3,500 0 C 14,200 0 C 30 June, 1888 4,510 0 0 840 A 0 300 0 0 80 0 0 80 6 0 500 "o 0 630 0 0 800 A 01 1,230 0 0 •• Cash in Bank of New Zealand 75,329 0 0 13 3 3 18,448 0 0 50 8 4 43 A 7 ! 58,721 0 0 95 5 6 4,835 0 0 144 15 5 55,162 0 0 377 4 6 '345 0 0' 11 10 10 |634 0 0 13 0 330 0 0 1 8 15 0 '3,090 o a 17 17 61 :4,570 0 0 86 0 2 221,470 0 849 18 0 10 9 Totals |4,056 0 2| 75,342 3 3 118,498 3 4 43 8 7 158,816 5 6 4,979 15 5 155,539 4 6 0 10 9: j356 10 10 635 3 0 344 15 0i 3,107 17 ffl 222,319 18

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STATEMENT showing the Debentures of each Loan in Circulation, and the Sinking Funds accrued on 31st March, 1888.

STATEMENT of the Expenses incurred during the Year ended 31st March, 1887. .... £ s. a. Salary of the Secretary and Accountant .. .. .. 50 0 0 James C. Gavin, Secretary and Accountant to the Commissioners. Wellington, 30(h April, 1888. Examined and found correct. James Edward FitzGerald, Controller and Auditor-General. [Approximate Cost 0/ Paper.— Preparation, nil printing; (1,375 copies), _£7 10s. 6d.]

Authority : George Didsbuby, Government Printer, Wellington.—lBBB.

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Loans. Debentures in Circulation. Rate of Sinking Fund. When redeemable. Sinking Funds Accrued. " New Zealand Loan Act, 1860 " .. " Auckland Loan Act, 1863 " " Wellington Loan Act, 1866 " " Lyttelton and Christchurch Bailway Loan Ordinance, 1860 " " Canterbury Loan Ordinance, 1862 " " Otago Loan Ordinance, 1862 " .. £ 74,100 31,600 Per cent. 2 2 1 July, 1891 1 June, 1896 £ s. d. 75,342 3 3 18,498 3 4 43 8 7 77,700 22,800 116,700 2 1 1 30 years from issue 50 years from issue 1 July, 1898 58,816 5 6 4,979 15 5 55,539 4 0 " Westland Loan Act, 1873 " " North Otago District Public Works Loan Act, 1872 " .. 322,900 213,219 0 7 356 10 10 { 9,000 6,000 650 6,200 100,000 150,000 } 1 July, 1897 1 August, 1897 .. 1 April, 1897 .. 1 April, 1897 . . 1 March, 1925 .. 1 March, 1925 .. 0 10 9 Waitara Harbour Loans . ■ 635 3 6 Borough of Hawera Loans.. Greymouth Harbour Loan Westport Harbour Loan 1 1 1 344 15 0 3,107 17 6 4,656 0 2 Total [222,319 18 4