MEMORANDUM BY THE HON. THE COLONIAL TREASURER, R. J. SEDDON, SHOWING APPROXIMATELY THE POSITION OF THE PUBLIC ACCOUNTS ON MARCH 31st, 1897

Appendix to the Journals of the House of Representatives, 1897 Session I, B-01

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Sbss. 1.—1897. NEW ZEALAND.

MEMORANDUM BY THE HON. THE COLONIAL TREASURER, R. J. SEDDON, SHOWING APPROXIMATELY THE POSITION OF THE PUBLIC ACCOUNTS ON MARCH 31st, 1897

Laid on the Table by the Hon. the Colonial Treasurer, with the Leave of the House.

The necessity for laying this Memorandum on the table of the House arises as honourable members are aware, from the fact that it was deemed advisable to hold a special meeting of Parliament for the purpose of enabling arrangements to be made for a fitting representation of the colony at the celebration in honour of the sixtieth anniversary of Her Most Gracious Majesty's reign. To get the accounts audited and passed is impracticable, for members will remember that, according to the existing law, the Treasury has thirty days allowed for preparation and printing of the abstract of the revenue and expenditure of the year, and within this period the abstract has to be sent to the Audit Offices, who have a further period of fourteen days allowed for the examination and passing of the accounts. Honourable members may think this is a long period to be allowed when it is compared with the rapidity with which the public obtain somewhat similar information of the year's results of the Australian Colonies; but a little reflection will show that the cases are dissimilar, inasmuch as they have in each colony only one or two centres, and, more important still, the information supplied has not been audited; while in our colony, with quite ten centres, we are obliged to wait until the accounts reach the Treasury from long distances, to be afterwards examined and passed by the Audit officers before they can be finally included in the public accounts of the colony. With this explanation I will now proceed to give you a close approximate result of the past year's financial operations, which will be sufficiently accurate for all practical purposes. The information which I know you are all anxious to ascertain is as to the surplus—for there really is a surplus, and a handsome one too. Well, I make this to be at least ,£340 000 arrived at thus :— Receipts for the year ... £4,796,000 Expenditure of the year ... 4,671^000 Excess of receipts over expenditure ... 125,000 Add balance to begin the year with ... 215,000 Surplus at end of year ... ... £340,000 This is an exceedingly satisfactory result, I am sure you will be willing to allow. And these figures would have been better still had it not been for the necessity to Charge three half-yearly payments of the interest on the Advances to Settlers Loan of £1,£00,000 during the past year, so as to bring the accounts m line with the dates upon which the interest is paid over to the Bank of England in London. This extra half-year's interest having to be met has decreased the surplus by £22,500. The Advances to Settlers Office is doing well • for, notwithstanding it has had to pay £67,500 within the year, it has only required an advance from the Consolidated Fund to the extent of £26,000. For this current year and hereafter of course only £45,000 per annum will require to be paid for interest on the £1,5000,000 loan, and there is a certainty that the office will soon be able to provide for each year's charge, and to pay off the arrears of debt due to the Consolidated Fund. I—B. 1.

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I do not propose to weary you with a mass of figures connected with the results of last year's Treasury work. I have already reminded you that such figures as I shall be able to place before you must not be considered final, but only approximate, and therefore I am sure you will excuse me if I confine myself to the main features of our receipts and expenditure. AS TO THE EECBIPTS FOE 1896-97. The receipts for the financial year 1896-97 were estimated at £4,484,000) while the actual receipts, so far as I can at present learn, have reached £4,796,000Customs revenue exceeded the estimate by £148,500, Eailways by £86,000, Stamps by £38,500, Land- and Income-tax by £17,500, Territorial by £5,500, and the remaining heads of revenue and receipts by £16,000. These tell their own tale, and it is quite superfluous to observe that they evidence a substantial increase in the material prosperity of our colony. EXPENDITUEE OF 1896-97. The approximate results of the revenue can be ascertained with a considerable degree of certainty, but it is more difficult to furnish an estimate of the actual expenditure. It has to be remembered that on the close of business on the 31st March last over £230,000 of imprest moneys were outstanding against the Ordinary Revenue Account of the Consolidated Fund. This amount is reduced by the departments dealing with the imprestees' vouchers, and charging the votes with the respective amounts paid, and also by the cash repayments by the imprestees of their respective balances on the 31st ultimo. If, on the one hand, we estimate the expenditure out of imprests at too large a figure, we unduly reduce the surplus, while, on the other hand, if our estimate is too little, the surplus is proportionately increased. The Treasury and the departments concerned have, however, made very careful estimates, and I am able to submit the results with every confidence. The figures, however, must not be accepted as final, but the alterations are not likely to be large. I estimate our permanent expenditure, including interest and sinking fund, subsidies, payments to local bodies of endowment moneys, pensions, &c, at £2,076,000. My estimate for the year was £2,093,000. For the annual appropriations members were good enough to vote £2,438,000. Ido not anticipate, however, that the final expenditure will reach more than £2,420,000. Under the two heads, therefore, a saving of some £35,000 may be expected. Economy has been rigidly practised by departments, but members, I am sure, do not expect large savings to be effected, as it would bear the appearance of having asked the Committee for sums in excess of what was really required. To this expenditure there has also to be added £150,000 transferred to the Public Works Fund out of the previous year's surplus, and also £26,000 advanced to the Advances to Settlers Office. I do not propose on this occasion to submit what I call the minor accounts connected with the Consolidated Fund, such as the " Accounts of Local Bodies," " Deposits," &c, but I shall at once pass on to the more important accounts, and take up the state of the Public Works Fund. Part I. of this fund commenced the year with a balance of £31,150, and also received £150,000 from the Consolidated Fund surplus of the previous year. Other miscellaneous receipts swelled the available balance to £196,413. During the year we were able to raise £750,000 of the £1,000,000 authorised under " The Aid to Public Works and Land Settlement Act, 1896," and of this £375,000 was credited to Part 1., making the total receipts, including the balance brought forward, £571,413. The expenditure, after the imprests have been duly accounted for, I estimate at £420,655, leaving a balance of £150,758. £250,000 has still to be raised under the Act I have just mentioned, so there will be further funds available for this account to the amount of £125,000, which, with the amount in hand and the usual assistance from the Consolidated Fund, should be amply sufficient for our requirements during the current year. Part 11. had a balance of £13,900 to begin the year with : expenditure will be charged so as to clear off this balance. This account is now practically merged in Part 1., where further appropriations for the North Island Main Trunk Railway have been provided.

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" The Lands Improvement " and " The Native Lands Purchase " accounts have also been placed, in funds to the amount of .£187,500 each through the raising of the three-quarters of a million under " The Aid. to Public Works and Land Settlement Act, 1896," and with the proceeds of debentures amounting to £52,000 raised under the Act of 1894. The estimated expenditure of the Lands Improvement Account is set down at £109,000, leaving a balance of £134,500 to go on with. In the Native Lands Purchase Account the expenditure is estimated at £127,000, leaving a balance of £97,200 to provide for purchases during the current year. As 1 have before mentioned, there is still a balance of a quarter of a million to be raised under "The Aid to Public Works and Land Settlement Act, 1896," and when the proceeds have been received " The Lands Improvement Account" and "The Native Lands Purchase Account" will each be entitled to be credited with £62,500 of the £250,000 to be raised. With these sums available I am satisfied that the works in progress to improve and open up the roading of the country will be steadily continued, and further lands can be acquired from the Natives, and our engagements in this direction successfully carried out. Some large estates have been purchased under " The Land for Settlements Act, 1894," for which purpose £297,300 has been raised during the past year, and this amount, with some £20,000 derived from rents, has been sufficient to provide for an expenditure of £312,500, leaving a balance in hand of £6,000. I shall presently deal very briefly with the operations within the Public Debt and Conversion Accounts, but at this point, I think, it may be convenient to recapitulate some of the balances. The surplus of the Consolidated Fund amounted to .... .... £340,000 of which I hope to be able to aid the Public Works expenditure to the amount of .... .... .... .... .... .... 200,000 leaving .... .... .... .... .... .... .... £140,000 Of this balance of £140,000 I think it would be expedient to set aside £50,000 for the purposes of assisting the requirements of the Land Improvement and Native Lands Purchase Accounts, in case the available balances of these accounts should not prove sufficient for the expenditure which it may be found absolutely necessary to incur. With this extra assistance, it is quite certain that I shall have plenty of funds to carry on the public-works services of the country, and for the acquisition of Native lands for the current financial year. £ The balance of the Public Works Fund was ... ... ... 150,000 Proportion of balance of loan ... ... ... ... 125,000 Aid from Consolidated Fund ... ... ... ... 200,000 Total available balance for current year ... ... ... £475,000 £ The balance of the Lands Improvement Account was ... ... 134,500 Proportion of balance of loan ... ... ... ... 62,500 Aid from Consolidated Fund, say ... ... ... ... 25,000 Total available balance for current year ... ... ...£222,000 £ The balance of the Native Lands Purchase Account was ... ... 97,000 Proportion of balance of loan ... ... ... ... 62,500 Aid from Consolidated Fund, say ... ... ... ... 25,000 Total available balance for current year ... ... ... £184,500 These balances will sufficiently prove that our resources for the current year in respect of our loan accounts are ample, and will cover all possible requirements. The operations within the " Conversion Account" last year were small, and the table speaks for itself.

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lam able to place before you the usual table of the Public Debt. The gross total has increased by £1,315,838, and the net debt by £1,280,682. Of this sum, however, one million is absolutely represented by equivalent assets, and the interest thereon is paid back to the Treasury by those who have obtained the benefit of the expenditure. Of the million authorised by "The Aid to Public Works and Land Settlement Act, 1896," £750,000 has been raised; deposits amounting to £136,015 under "The New Zealand Consols Act, 1864," have been received; £93,800 of debentures under " The Government Loans to Local Bodies Act, 1886," have been issued; purchases under "The Land for Settlements Act, 1894," have required the issue of £297,300 of debentures; and for the purpose of opening roads and giving access to lands £52,000 of debentures under " The Lands Improvement and Native Lands Acquisition Act, 1894," have been sold ; £70,300 was issued as Sinking Fund Debentures under " The Consolidated Stock Act, 1884," but of this amount only £20,000 was issued against the accretion of Sinking Fund of the Loans to Local Bodies; and £56,891 of stock was inscribed at 3 and per cent, for purposes of conversion and redemption of other Government securities. On the other hand, we have paid off or redeemed various parcels of debenture stock amounting to £87,068, and have converted £53,400 of debentures into lower interest-bearing inscribed stock. EXPECTATIONS FOE THE EECESS. Of course you will expect me to say something about the financial expectations during the time between the 31st March last past and the time when further supplies will be granted. In the first place I shall ask you to extend the appropriations from three months (as provided for by the Public Eevenues Act of last session) to twenty-eight weeks, or, say, to the 14th October next. The Public Revenues Act provides that no payments shall be made for any services than those for which provision was made in the respective Appropriation Acts and estimates of the preceding year, or in excess of the scale therein set forth. You therefore tie me down in a narrower compass than would be the case if I were to ask you merely for supply under Imprest Supply Bills. Some effect of this restrictive appropriation is to drain the £100,000 provided for unauthorised expenditure; and it happens frequently, so the Treasury officials inform me, that the limit of £100,000 is practically exhausted by the time that Parliament usually meets and Imprest Supply Bills are obtained. Under these circumstances I am going to ask you for a temporary increase for " unauthorised " expenditure, so that the limit of £100,000 may be raised to £150,000 for services not provided for between this and the 14th October next. You understand that all "unauthorised " expenditure incurred before the estimates are passed, has to be included in the estimates and appropriations of the year, and, of course, the whole of the expenditure made under the extended appropriations. Last year's appropriations for Consolidated Fund services amounted to £2,438,000, one-half of which, for services required to the 30th September next, will amount to .... .... .... .... £1,219,000 Add to this a moiety of permanent charges 1,047,000 Additional estimated expenditure for two weeks 175,000 Making a total for the twenty-eight weeks of £2,441,000 required for expenditure. Our receipts during last year produced, as I have stated, approximately, £4,796,000, but of this amount £377,500, for Land- and Income-tax, was received, and will again be received during the second half of the year, so that this amount will not be available until after October. The lull in mining business in the Auckland Provincial District may affect the receipts from Customs and Stamps; and, unhappily, the accounts of the grain crops from the Canterbury and North Otago Districts justify me in thinking that our railway revenue may also suffer. But let it be understood that I am by no means depreciating the probabilities of our income; but, as I thoroughly believe in

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strong finance, I think it is best to place the position candidly before you. Our resources may be stated thus : — £ Eeceipts for past year... ... ... ... ... 4,796,000 Deduct land-and income-tax ... ... ... £377,500 Deduct sinking fund debentures ... ... ... 70,300 447,800 £4,348,200 A moiety of £4,348,200 is, say ... ... ... ... 2,174,000 To this may be added the unappropriated balance of the surplus ... 90,000 Sinking fund debentures to be issued ... ... ... 73,000 Additional estimated receipts for two weeks ... ... 167,000 Making a total of estimated receipts ... ... ... 2,504,000 Estimated expenditure (as above)... ... ... ... 2,441,000 Leaving an excess of receipts ... ... ... ... £63,000 I have put these figures before you so as to show you that there is no uncertainty as to the finances being amply sufficient to meet requirements until Parliament is again in session. I must, at the same time, state that the first half of the year is very much the worst half so far as the revenue is concerned : on the other hand, the expenditure is scarcely likely to reach the figures quoted. Members will notice that I have included a sum of £73,000 for sinking fund debentures to be issued during this current year; but lam carefully considering whether the time has not arrived, as the finances of the colony appear to be able to bear it, to dispense altogether with the issue of debentures against the accretions of sinking fund derived from the Loans to Local Bodies. Probably, next session I shall ask you to have the law amended in this direction. I hope that in placing before the House this memorandum and accompanying tables honourable members will recognise the difficulties there are in the way of giving the necessary information in a more complete form. I trust, however, that I have sufficiently demonstrated that there is no cause whatever for any anxiety in respect to the financial position of the colony.

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TABLES ACCOMPANYING THE MEMORANDUM BY THE HON. THE COLONIAL TREASURER, SHOWING APPROXIMATELY THE POSITION OF THE PUBLIC ACCOUNTS ON THE 31ST MARCH, 1897.

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Table STATEMENT of the ESTIMATED RECEIPTS and EXPENDITURE of the REVENUE

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1895-96. ESTIMATED RECEIPTS. 189 i-97. £ s. d. 180,024 5 9 Balance at beginning op Yeab £ s. d. £ s. d. 215,558 16 0 1,649,310 7 2 707,187 12 0 364,172 12 1 54 18 8 62,657 11 6 1,182,279 16 6 48,434 12 8 20,560 6 10 72,419 16 8 Ordinary Revenue, — Customs Stamps, including Postal and Telegraph Cash Receipts Land-tax and Income-tax Property-tax Beer Duty Railways Registration and other Fees .. .. .. .. Marine Miscellaneous 1,818,500 0 0 730,500 0 0 377,500 0 0 69,000 0 0 1,286,000 0 0 49,000 0 0 20,700 0 0 97,000 0 0 4,107,077 14 1 Territorial Revenue, — Cash Land Sales .. .. .. .. .. .. £70,000 0 0 Deferred-payment Land Sales .. .. .. .. 42,500 0 0 Pastoral Runs, Rents, and Miscellaneous .. .. .. 163,000 0 0 4,448,200 0 0 73,521 10 11 53,049 14 3 165,102 4 8 275,500 0 0 4,398,751 3 11 4,723,700 0 0 Receipts in Aid, — Debentures issued under " The Consolidated Stock Act, 1884 " — For Increases of Sinking Fund 70,300 0 0 145,400 0 0 8,000 0 0 3,864 1 7 11,864 1 7 Amount recovered from the Cheviot Estate Account, — Balance of the Purchase-money In respect of Expenditure charged in previous year to " Unauthorised " 2,600 0 0 2,600 0 0 4,736,039 11 3 5,012,158 16 0 Debentures issued under, — "The District Railways Purchasing Act 1885 Amendment Act, 1886," in renewal of like amount matured 1st Oct., 1896 .. 35,000 0 0 18,000 0 0 18,000 0 0 11,101 1 3 Sinking Funds set free, — " The Lyttelton and Christchurch Railway Loan Ordinance, 1860 " Applicable to the Redemption of Debentures issued under "The Consolidated Stock Act, 1884," in respect of— " Auckland Loan Ordinance, 1863 " " The Lyttelton and Christchurch Railway Loan Ordinance, 1860" " The New Zealand Loan Act, 1863 " .. 4,700 0 0 19,571 0 0 3,396 10 8 47,701 1 3 Amount transferred from Released Sinking Fund Suspense Account 27,667 10 8 0 9 4 27,668 0 0 j 62,668 0 0 Totals j£4,783,,740 12 6 £5,074,826 10 0 TREASURY BILLS Treasury Bills outstanding at beginning of Year, — 334,000 0 0 In anticipation of Revenue 476,000 0 0 In redemption of Guaranteed Debentures .. 810,000 0 0 335,000 0 0 400,000 0 0 735,000 0 0 1,255,100 0 0 255,100 0 0 Treasury Bills issued during Year 1,525,000 0 0 £2,065,100 0 0 065,100 0 0 Totals £2,260,000 0 0

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No. 1. ACCOUNT for the Year ended 31st March, 1897, compared with the Financial Year ended 31st March, 1896.

ESTIMATED EXPENDITURE. £ s. d. 23,044 15 11 1,683,775 0 8 200,558 0 3 63,879 9 7 Permanent Appropriations,— CivilList.. Interest and Sinking Fund Under Special Acts of the Legislature Subsidies paid to Local Bodies Amounts paid over to Local Bodies and to Deposit Accounts in respect of Payments under the Land Acts Endowments— New Plymouth Harbour Board Greymouth Harbour Board .... Westport Harbour Board £ s. d. 23,000 0 0 1,712,000 0 0 192,000 0 0 64,000 0 0 £ s. d 44,006 7 3 45,000 0 0 2,076,000 0 0 8,987 11 10 11,348 10 2 17,013 10 9 6,500 0 0 11,000 0 0 22,500 0 0 2,052,673 6 5 18,537 17 11 72,380 14 10 24,784 0 6 122,728 4 11 331,062 11 11 62,741 10 9 22,565 17 1 420,155 14 11 53,129 4 6 8,088 6 1 15,806 14 7 43,347 16 4 743,670 5 2 46,939 2 3 68,647 12 2 98,272 1 9 121,533 15 1 493 1 3 22,422 16 10 Annual Appropriations,— Class I.—Legislative IL—Colonial Secretary „ III. —Colonial Treasurer „ IV.—Minister of Justice „ V. —Postmaster-General „ VI.—Commissioner of Trade and Customs „ VII.— Commissioner of Stamps VIII. —Minister of Education — Education Department Lunacy and Charitable Aid Department Department of Labour „ IX.—Minister of Mines ,, X. —Minister of Agriculture „ XI.—Working Railways „ XII. —Minister for Public Works „ XIII. —Defence Department .. „ XIV.—Police Department XV. —Minister of Lands „ XVI.—Rates on Crown Lands Services not provided for .. 20,000 0 0 102,500 0 0 29,000 0 0 122,500 0 0 352,500 0 0 91,000 0 0 22,500 0 0 428,000 0 0 54,500 0 0 7,500 0 0 19,000 0 0 52,500 0 0 778,000 0 0 46,500 0 0 69,000 0 0 101,500 0 0 119,500 0 0 500 0 0 3,000 0 0 2,297,307 8 10 2,419,500 0 0 150,000 0 0 Amount transferred to the Public Works Fund, Part I... Advanced to Government Advances to Settlers Office Management Account in terms of section 49 of " The Government Advances to Settlers Act, 1894 " 150,000 0 0 20,500 0 0 26,000 0 0 4,671,500 0 0 215,558 16 0 Estimated Balance at end op Year 340,658 16 0 4,736,039 11 3 5,012,158 16 0 29,100 0 0 18,000 0 0 Debentures redeemed, — Consolidated Stock Act, 1884 (Colonial Issue) Lyttelton and Christchurch Railway Loan Ordinance, 1860—due 1st Jan., 1896 District Railways Purchasing Act, 1885, due 1st Oct., 1896 Released Sinking Funds transferred to Deposit Suspense Account 22,968 0 0 4,700 0 0 35,000 0 0 62,668 0 0 1 1 3 47,701 1 3 Totals |£4,783,740 12 6 £5,074,826 16 0 ACCOUNT. Treasury Bills paid off during Year Treasury Bills outstanding at end of Year, — In anticipation of Revenue In redemption of Guaranteed Debentures 1,530,000 0 0 1,330,100 0 0 335,000 0 0 400,000 0 0 254,000 0 0 476,000 0 0 - 730,000 0 0 735,000 0 0 Totals £2,065,100 0 0 £2,260,000 0 0

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Table STATEMENT of the ESTIMATED RECEIPTS and EXPENDITURE of the STATE FORESTS

£ s. d. 5,205 19 1 Balance at beginning of Year, — Gash in the Public Account £ s. d. £ s. d. 7,192 8 6 ~~r 1,815 15 10 652 10 8 Rents from Lands set apart Miscellaneous 1,000 0 0 5,500 0 0 6,500 0 0 2,468 6 6 Totals £7,074 5 7 £13,692 8 6 STATEMENT of the ESTIMATED RECEIPTS and EXPEND!' URE of the PU: LIC WORK; Part I. £ s. d. 218,217 2 4 11,780 7 2 29,528 9 4 9,000 0 0 Balance at beginning of Year, — Cash in Public Account Advances in the hands of Officers of the Government— In the colony In London Investments 4,811 14 7 10,588 14 6 15,749 10 3 268,525 18 10 Proceeds of Debentures created under " The Aid to Public Works and Land Settlement Act, 1896" .. Premium received in respect of same 31,149 19 4 375,000 0 0 5 12 6 375,005 12 6 150,000 0 0 Amount transferred from the Consolidated Fund 150,000 0 0 Special Receipts in connection with the Ellesmere and Forsyth Reclamation and Akaroa Railway Trust 1,662 3 1 N 1,635 7 0 572 15 11 Recoveries, — In respect of Debentures issued under "The Roads and Bridges Construction Act, 1882" In respect of Expenditure charged in previous years 365 0 5 334 0 0 572 15 11 699 0 5 64 3 4 Sinking Funds released under " The Consolidated Stock Act, 1884," in respect of— " The New Zealand Loan Act, 1856 " .. .. .. " The Auckland Loan Ordinance, 1863 " 36 13 4 12,859 12 9 12,896 6 1 64 3 4 Totals £420,798 5 1 £571,413 1 5 Part II. 24,104 19 10 2,499 18 3 Balance at beginning of Year, — Cash in the Public Account Advances in the hands of Officers of the Government— In the Colony 12,960 15 7 962 5 2 26,604 18 1 13,923 0 9 Transfer from "The North Island Main Trunk Railway Loan Application Act 1886 Amendment Act, 1889," Deposit Account, in terms of section 4 of the Act .. v^ 10,000 0 0 I £36,004 18 1 Totals £13,923 0 9

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No. 1—continued. ACCOUNT for the Year ended 31st March, 1897, compared with the Financial Year ended 31st March, 1896.

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1895-96. ESTIMATED EXPENDITURE. 189' i-97. £ s. d. 481 17 1 Annual Appropriations,— Class XVII. —State Forests Account £ s. d. £ s. d. 2,500 0 0 7,192 8 6 Estimated Balance at end of Year 11,192 8 6 Totals £7,674 5 7 £13,692 8 6 'UND for the ear ended 31st Mabch, 1897, compared with the Financial Year ended 3lst Mab> !H, 1896. Part I. Or. 9 11 0 12,499 10 0 176,223 11 9 66,715 3 1 9,345 0 5 35,537 15 2 76,239 11 10 7,409 9 4 340 1 5 5,000 0 0 Annual Appropriations,— Class I. —Immigration II. —Public Works, Departmental III.—Railways IV.—Roads V.—Development of Goldfields „ VII. —Telegraph Extension .. „ VIII.—Public Buildings IX.—Lighthouses and Harbour-works „ X.—Rates on Native Lands XI.—Contingent Defence 300 0 0 14,500 0 0 198,500 0 0 64,500 0 0 10,500 0 0 37,000 0 0 72,000 0 0 11,500 0 0 300 0 0 10,500 0 0 389,300 12 0 419,600 0 0 Services not provided for 1,000 0 0 288 19 7 58 14 2 Local Bodies' Finance and Powers Act 1885 Amendment Act, 1887, — Moiety of subsidy to Waipa County 55 3 4 Estimated Balance at end of Year 31,149 19 4 150,757 18 1 _— Totals £420,798 5 1 £571,413 1 5 Part II. 20,881 17 4 1,800 0 0 Annual Appropriations,— Class I, —Railways Public Works, Departmental 13,923 0 9 22,681 17 4 13,923 0 9 13,923 0 9 Estimated Balance at end of Year Totals £36,604 18 1 £13,923 0 9

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Table STATEMENT of the ESTIMATED RECEIPTS and EXPENDITURE of the LANDS IMPROVEMENT

1895-96. ESTIMATED RECEIPTS. 189 i-97. £ s. d. Balance at beginning of Year, — Cash in the Public Account Advances in the hands of Officers of the Government — In the Colony .. .. £ s. d. £ s. d. 24,868 15 10 19,523 5 1 10,724 1 2 35,592 17 0 Proceeds of Debentures created under— " The Lands Improvement and Native Lands Acquisition Act, 1894 " .. " The Aid t > Public Works and Land Settlement Act, 1896 " .. Premium received in respect of ditto 11,901 10 1 31,424 15 2 104,000 0 0 21,200 0 0 187,500 0 0 2 16 3 208,702 16 3 3,375 14 6 Recoveries on account of expenditure of previous years £139,592 17 0 Totals £243,503 5 11 STATEMENT of the ESTIMATED RECEIPTS and EXPENDITURE of the NATIVE LANDS PURCHASE 5,051 12 2 Balance at beginning of Year, — Cash in the Public Account Advances in the hands of Officers of the Government— In the Colony 4,354 19 10 4,279 12 0 1,564 18 11 9,331 4 2 Proceeds of Debentures created under — " The Lands Improvement and Native Lands Acquisition Act, 1894 " .. " The Aid to Public Works and Land Settlement Act, 1896 " .. Premium received in respect of ditto 5,919 18 9 160,000 0 0 30,800 0 0 187,500 0 0 2 16 3 160,000 0 0 218,302 16 3 Totals £169,331 4 2 £224,222 15 0 'ATEMENT of the ESTIMATED RECEIPTS and EXPENDITURE of the LAND FOR SETTLEMENTS 554 7 7 Balance at beginning of Year, — Cash in the Public Account 1,357 11 9 Proceeds of Debentures created under — " The Land for Settlements Act, 1894 " 305,990 0 0 163,200 0 0 5,925 2 8 Receipts derived from Rents and Lease-fees 20,000 0 0 17 10 0 Proceeds of sale of saleyards, Merivale Estate 127 14 10 Refund in respect of excess area charged to Blind River Estate .. 20,000 0 0 6,070 7 6 Totals £327,347 11 9 £169,824 15 1 STATEMENT of the ESTIMATED RECEIPTS and EXPENDITU ;E of the CHEVIOT ESTATE £ s. d. 14,512 14 3 £ s. d. j £ s. d. 14,500 0 0 Receipts under " The Cheviot Estate Disposition Act, 1893 " Totals £14,512 14 3 £14,500 0 0

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No. 1—continued. ACCOUNT for the Year ended 31st March, 1897, compared with the Financial Year ended 31st March, 1896.

1895-96. ESTIMATED EXPENDITURE. 189 i-97. £ s. d. 108,168 1 10 Annual Appropriations,— Vote 118—Roads and Bridges £ s. d. £ s. d. 109,000 0 0 31,424 15 2 Estimated balance at end of Year 134,503 5 11 Totals £139,592 17 0 £243,503 5 11 ihe Year ended 31st Mabch, 1897, compared with the Financial Year ended 31st Ma CCOUNT for ich, 1896. 163,411 5 5 Annual Appropriations,— Vote 120 —Native-Land Purchases .. 127,000 0 0 5,919 18 9 Estimated balance at end of Year 97,222 15 0 £169,331 4 2 Totals £224,222 15 0 .CCOUNT for the Year ended 31st Mabch, 1897, compared with the Financial Year ended 31st :abch, 1896. 2,411 16 4 Annual Appropriations,— Vote 75—Lands for Settlements Expenses 3,000 0 0 166,055 7 0 Acquirement of estates, — Purchase money Expenses .. .. .. .. 299,500 0 0 10,000 0 0 309,500 0 0 8,690 0 0 Debentures matured and reissued under " The Land for Settlements Act, 1894 " .. 1,357 11 9 Estimated balance at end of year 6,157 11 9 Totals £169,824 15 1 £327,347 11 9 ACCOUNT for the Year ended 31st Mabch, 1897, compared with the Financial Year ended 31s Mabch, 1896. £ s. d. Expenditure,— 869 3 6 Interest on Debentures 5,499 6 7 Surveys, Roading, &c. £ s. d. £ s. d. 11,511 0 9 2,609 3 9 0,368 10 1 Appropriations,— 8,144 4 2 Class XVIII., Vote 73 379 15 6 £14,512 14 3 Totals £14,500 0 0

Table STATEMENT of the ESTIMATED RECEIPTS and EXPENDITURE of the CONVERSION

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1895-96. ESTIMATED RECEIPTS, 189> i~97. £ s. d. 350 4 2 3,839 5 6 Balance at beginning of Year, — In the hands of Stock Agents— Cash .. .. .. .. .. .. .. £1,054 10 5 3J-per-cent. Inscribed Stock £ s. d. 1,054 10 5 £ s. d. 4,189 9 8 36,177 17 8 In the hands of the Agent-General— 3J-per cent. Inscribed Stock 61,017 3 2 40,367 7 4 173 18 6 Less cash overdrawn .. 62,071 13 7 1,595 5 3 40,193 8 10 3£-per-cent. Inscribed Stock, — Issued for redemption of Debentures Issued in exchange for Debentures 60,476 8 4 118,000 0 0 704,570 0 0 30,271 0 0 30,271 0 0 822,570 0 0 3-per-cent. Inscribed Stock, — Issued in exchange for debentures .. 26,620 0 0 3J-per-cent. Stock (Colonial issue), — Issued under " The Consolidated Stock Act, 1884," for conversion of debentures 478,300 0 0 464 0 6 In reduction of Conversion Expenses,— Premium on sale of 34-per-cent. Inscribed Stock sold above par 3,012 1 9 Suspense Account, — " The Consolidated Stock Act, 1884,"— Debentures outstanding now written off 53,400 0 0 Totals £1,394,927 9 4 £120,379 10 1

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No. 1—continued. ACCOUNT for the Year ended 31st March, 1897, compared with the Financial Year ended 31st March, 1896.

4—B. 1.

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189 :-97. £ s. d. £ s. d. £ s. d . Pro. flnnuoptoi Original Amount. Bate. <^££ Debentures converted into 3£-per-cent. £ £ £ £ Inscribed Stock, — Consolidated Loan, 1867 .. .. 15,900 104 636 16,536 1,900 103 57 1,957 8.400 102 lfifi R.fifiS Original Amount. Bate. Premium. Converted Stock. £ £ £ £ 63,195 0 0 15,900 1,900 8,400 104 103 102 636 57 168 16,536 1,957 8,568 28,417 0 0 O,4UU IV) A I DO O,OOO —— 26,200 New Zealand Loan, 1863 (1914) .. .. 1,400 111 154 1,554 26,200 1,400 111 154 1,554 27,061 0 0 1,656 1,554 0 0 2,650 0 0 Otago Loan, 1862, due 1st July, 1898 .. 1,600 103J 56 1,656 1,600 103J 56 1,656 0 0 1,000 0 0 District Eailways Purchasing Act, 1885, due 1st April, 1905 109,308 0 0 Consolidated Stock Act, 1884 (Colonial issue), due 28th November, 1895.. 500,000 0 0 Bank of New Zealand and Banking Act, 1895, due 31st December, 1896 QQ Ofin 1 A71 29,200 704,570 0 0 ! W,200 1,071 I Debentures converted into 3-per-cent. Stock at 110, — Land for Settlements Act, 1894, due 30th April, 1926.. Premium on same 1,071 30,271 0 0 24,200 0 0 2,420 0 0 26,620 0 0 44,656 0 0 50,000 0 0 Debentures redeemed, — Auckland Loan, 1863, due 1st June, 1896 Consolidated Loan Act, 1867 Cheviot Estate Payment Act, 1893, due 18th October, 1900 16,200 0 0 42,586 0 0 58,786 0 0 94,656 0 0 Debentures converted into 3J-per-cent. Stock under the Consolidated Stock Act, 1884 (Colonial issue), — Government Loans to Local Bodies Act, 1886, due 1st March, 1896 Nelson Loan Act, 1874, due 23rd March, 1896 463,300 0 0 15,000 0 0 478,300 0 0 Debentures converted into 4-per-cent. Stock, — Balance of £4,214,100 5 per cent, converted 15th April, 1892 (debentures not handed in at the time) 53,400 0 0 214 5 0 953 13 9 1,729 7 3 307 15 0 Expenses Account, — Brokerage and Commission Stamp Duty Interest (including overlap of interest) Office Expenses Printing and Advertising Miscellaneous 54 10 0 1,337 11 3 1,044 9 2 329 8 9 363 10 6 320 0 0 3,129 9 8 3,525 1 0 Dr. 1,595 5 3 1,054 10 5 Estimated Balance at end of Year, — Cash in the Public Account In the hands of Stock Agents : Cash .. In the hands of the Agent-General: 8J-per-cent. Inscribed Stock 1,103 10 6 : 469 9 11 61,017 3 2 1,573 0 5 60,476 8 4 Totals !1,394,927 9 4 £120,379 10 1

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Table STATEMENT of the ESTIMATED RECEIPTS and EXPENDITURE of the LOANS TO LOCAL BODIES

The Treasury, Wellington, sth April, 1897.

16

1895-96. ESTIMATED RECEIPTS. 1896-97. £ s. d. 290 8 0 Balance at beginning of Year,— Cash in the Public Account £ s. d. £ s. d. 858 13 7 The Government Loans to Local Bodies Act, 1886,— Debentures created 93,800 0 0 105,500 0 0 243 5 7 Refunds under sections 8 and 15 of " The Government Loans to Local Bodies Act, 1886" 2,494 15 0 131 0 0 Amount paid last year under section 2 of " The Government Loans to Local Bodies Act Amendment Act, 1891," and now refunded — Coonoor Block Totals £97,153 8 7 £106,164 13 7 STATEMENT of the ESTIMATED RECEIPTS and EXPENDITURE of the NEW ZEALAND CONSOLS Balance at beginning of Year,— 90 0 0 25 0 0 Cash in Deposit Account .. .. • • • • 161 300 0 0 158,000 0 0 Investment Account .. •• •• •■ " \ 161,390 0 0 90 0 0 161,300 0 0 161,390 0 0 158,025 0 0 ,. 136,015 0 0 3,365 0 0 Deposits inscribed .. .. •• •• •■ ■■ .... £297,405 0 0 £161,390 0 0 Total •■ •• •• •• " ___ ==i=ii=aiaiiliisa= 136,015 0 0 £297,405 0 0

No. 1—continued. ACCOUNT for the Year ended 31st March, 1897, compared with the Financial Year ended 31st March, 1896.

James B. Heywood, Secretary to the Treasury. Eobeet J. Collins, Accountant to the Treasury.

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1895-96. ESTIMATED EXPENDITURE. 1896-97. £ s. d. 75,249 0 0 Grants to Local Bodies £ s. d. £ s. d. 65,433 0 0 30,057 0 0 Appropriations,— Vote 119.—Roads to open up Crown lands 30,800 0 0 858 13 7 920 8 7 Estimated balance at end of Year £106,164 13 7 Totals £97,153 8 7 ACCOUNT for the Year ended 31st March, 1897, compared with the Financial Year ended 31st March, 1896. 90 0 0 161,300 0 0 Estimated balance at end of Year, — Cash in Deposit Account.. Investment Account 5 0 0 297,400 0 0 297,405 0 0 161,390 0 0 Totals £161,390 0 0 £297,405 0 0

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Table No. 2. COMPARATIVE STATEMENT of the Estimated and the Approximate Receipts and Expenditure of the Consolidated Fund (Revenue Account) for the Financial Year ended 31st March, 1897.

£ , s. d. £ s. d. Surplus at 31st March, 1896 .. .. .. .. 215,558 16 0 Approximate receipts, 1896-97 .. .. 4,794,000 0 0 Repayment by Cheviot Estate Account .. 2,600 0 0 4,796,600 0 0 Approximate expenditure, 1896-97 .. .. .. 4,521,500 0 0 275,100 0 0 490,658 16 0 Less— Amount applied in aid of Public Works Fund .. .. .. .. 150,000 0 0 Estimated Surplus at 31st March, 1897 .. .. .. £340,658 16 0

DlFFEBENCES. Estimated. Approximate. - More - Less than Estimate, than Estimate. RECEIPTS. Revenue Account :— Customs Stamps Land- and Income-tax Beer Duty .. Railways Registration and other Fees .. Marine Miscellaneous Territorial £ s, d. 1,670,000 0 0 692,000 0 0 360,000 0 0 62,000 0 0 1,200,000 0 0 49,000 0 0 20,700 0 0 90,000 0 0 270,000 0 0 £ a. d. 1,818,500 0 0 730,500 0 0 377,500 0 0 69,000 0 0 1,286,000 0 0 49,000 0 0 20,700 0 0 97,000 0 0 275,500 0 0 £ s. d. 148,500 0 0 38,500 0 0 17,500 0 0 7,000 0 0 86,000 0 0 £ s. d. 7,000 0 0 5,500 0 0 Sinking Fund Increases 4,413,700 0 0 4,723,700 0 0 310,000 0 0 70,300 0 0 70,300 0 0 Totals 4,484,000 0 0 4,794,000 0 0 310,000 0 0 EXPENDITURE. Revenue Account :— Permanent Appropriations, — Civil List Interest and Sinking Fund Under Special Acts Subsidies Territorial Revenue paid over to Local Bodies, and Deposit Accounts Endowments Annual Appropriations, — Legislative Colonial Secretary Colonial Treasurer Minister of Justice Postmaster-General Commissioner of Trade and Customs Commissioner of Stamps Minister of Education Minister of Mines Minister of Agriculture Working Eailways Public Buildings Defence Department Police Department Department of Lands and Survey Bates on Crown Lands Services not provided for £ s. d. 25,700 0 0 1,720,753 0 0 191,930 0 0 69,000 0 0 47,000 0 0 39,100 0 0 20,782 0 0 102,529 0 0 28,657 0 0 125,207 0 0 355,134 0 0 92,342 0 0 20,665 0 0 490,041 0 0 19,851 0 0 52,748 0 0 768,434 0 0 47,630 0 0 75,664 0 0 106,750 0 0 131,362 0 0 900 0 0 £ s. d. 23,000 0 0 1,712,000 0 0 192,000 0 0 64,000 0 0 45,000 0 0 40,000 0 0 20,000 0 0 102,500 0 0 29,000 0 0 122,500 0 0 352,500 0 0 91,000 0 0 22,500 0 0 490,000 0 0 19,000 0 0 52,500 0 0 778,000 0 0 46,500 0 0 69,000 0 0 101,500 0 0 119,500 0 0 500 0 0 3,000 0 0 £ s. d. VO 0 0 900 0 0 343 0 0 £ s. d. 2,700 0 0 8,753 0 0 5,000 0 0 2,000 0 0 782 0 0 29 0 0 2,707 0 0 2,634 0 0 1,342 0 0 1,835 0 0 41 0 0 851 0 0 248 0 0 9,566 0 0 1,130 0 0 6,664 0 0 5,250 0 0 11,862 0 0 400 0 0 3,000 0 0 Advanced to Government Advances to Settlers Office 4,532,179 0 0 4,495,500 0 0 26,000 0 0 15,714 0 0 26,000 0 0 52,393 0 0 41,714 0 0 Totals 4,532,179 0 0 4,521,500 0 0 10,679 0 0

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Table No. 3. The PUBLIC DEBT of NEW ZEALAND on 31st March, 1897.

Amount outstanding. Due Date. Estimated Sinking Funds ACCRUED. Indebtedness. Annual Charge. Eemabks. Bate. When payable. Int. j S.F. £ £ 273,800 107,900 £ 165,900 o/ 5 % £ 16,428 New Zealand Loan Act, 1863 15 July, 1914 15 Jan. and 15 July. Consolidated Loan Act, 1867 552,500 Ann. drawing 552,500 5 27,625 Quarterly, 15 Jan., &c. Immigration and Public Works Loan Act, 1870 .. 1,000,000* 1 June, 1907 481,400 518,600 4 2-4 64,000 J 1 June and 1 Dec. Sinking Fund payable 13 Mar. and 13 Sept. t Balance of debentures not yet sent in for payment. Lyttelton and Christchurch Eailway Loan, 1860.. 4,500f 1 Jan. 1897 9,090 Cr. 4,590 Canterbury Loan Ordinance, 1862 .. j 3,800 12,200 I 16,000 f 2 Jan., 1915 \ 2 July, 1916 1 9,750 6,250 6 1 1,120 30 June and 31 Deo. Otago Loan Ordinance, 1862 72,200 1 July, 1898 97,050 Cr. 24,850 6 + 4,332 1 Jan. „ 1 July. Consolidated Loan Act, 1867 13,000 15 April, 1913 13,000 4 520 15 April „ 15 Oct. Immigration and Public Works Loan Act, 1870 J 372,100 27,900 1 400,000 J 15 April, 1913 ]15 April, 1913 372,100 27,900 4 14,884 1,256 15 April „ 15 Oct. 15 April „ 15 Oct. Defence and Other Purposes Loan Act, 1870 j 25,000 75,000 ) 100,000 f Uuly, 1910 (15 April, 1913 25,000 75,000 4 1,125 3,000 30 June „ 31 Dec. 15 April „ 15 Oct. General Purposes Loan Act, 1873 .. J 18,500 12,300 54,700 1 85,500 (15 Oct., 1913 \ 15 May, 1914 (28 Nov., 1914 18,500 12,300 54,700 4 5 740 492 2,735 15 April , 15 Oct. 15 May „ 15 Nov. 15 May „ 15 Nov. District Railways Purchasing Acts, 1885-86 J 35,000 40,000 101,600 47,000 I 223,600 (28 May, 1898 J 1 July, 1909 1 1 April, 1905 ( 1 April, 1899 I ■ 223,600 (34 1,225 2,400 4,064 2,350 ■ 1 April „ 1 Oct. Carried forward 2,741,100 148,296 705,190 2,035,910 * Only £200,000 has actually been issued to the public; the unsold debentures are available lor the purpose of obtaining temporary advances from time to time. I Further contributions of Sinking Fund not required _

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Table No 3— continued. The PUBLIC DEBT of NEW ZEALAND on 31st March, 1897— continued.

•6 S v g o fl a o o o o" CO o SO a o 3 d DO d ■—I H

Approximate Cost of Paper.—Preparation, not given; printing (1,600 copies), £20 10s.

By Authority : John Mackay, Government Printer, Wellington.—lB97. Price 9d.~)

Annual Charge. Amount outstanding. Due Date. Estimated Sinking Funds accrued. Indebtedness. Amount. When payable. Remarks. Kate. Int. S.F. £ £ 2,741,100 £ 705,190 £ 2,035,910 % % £ 148,296 Brought forward •• Government Loans to Local Bodies Act, 1886 141,800 31 Dec, 1900 141,800 34 14 20,774* 1 Mar. and 1 Sept. "The Sinking Fund is payable on £1,054,100; the Land Assurance Fund is also charged with J per cent, as a contribution towards Sinking Fund. Consolidated Stock Act, 1877 .. -I 29,150,302 6,161,167 1,526,620 1 Nov., 1929 1 Jan., 1940 1 April, 1945 29,150,302 6,161,167 1,526,620 I 4 3 1,166,013 215,640 45,798t 1 May „ 1 Nov. 1 Jan. „ 1 July 1 April „ 1 Oct. Consolidated Stock Act, 1884 — Colonial Issue 263,032 40,000 1,306,100 253,200 558,600 I 2,420,932 1 28 May, 1897 j I 22 May, 1898 -j 28 May, 1898 28 May, 1898 \28 May, 1898 } - 1,609,132 253,200 449,743 H 4 3i T2,411 10,128 15,741 28 May „ 28 Nov. 28 May „ 28 Nov. 28 May „ 28 Nov. f£45,000 of this amount will be recouped by the Government Advances to Settlers Office. 108,857+ {Represents the accrued Sinking Fund upon £1,054,100, the amount borrowed under " The Government Loans to Local Bodies Act, 1886," to the 31st March, 1896, of which £912,300 has been converted into Consolidated Stock debentures. Naval and Military Settlers' and Volunteers' Land Act, 1892 27,226 31 Oct., 1899 27,226 . H 1,225 30 April „ 31 Oct. Native Land Purchases Act, 1892 j 140,000 9,700 I 149,700 f31 Oct., 1899 {31 Oct., 1899 140,000 9,700 5 6,300 485 30 April „ 31 Oct. 30 April „ 31 Oct. Land for Settlements Act, 1892 45,276 31 Oct., 1899 45,276 44 I 2,037 30 April „ 31 Oct. Land for Settlements Act, 1894 .. j 134,100 320,990 I 455,090 i [31 Oct., 1899 (31 Oct., 1899 134,100 320,990 4 34 5,364 11,235 30 April „ 31 Oct. 30 April „ 31 Oct. Lands Improvement and Native Lands Ac- f quisition Act, 1894 { 383,000 117,000 I 500,000 30 Sep., 1908 ( 383,000 \ 117,000 4 34 15,320 4,095 31 Mar. „ 30 Sept. 31 Mar. „ 30 Sept. §Loan may be paid off at any time after 15th February, 1907, on six months' notice being given. New Zealand Consols Act, 1894 297,405 1 Feb., 1910 297,405 34 10,409 1 Feb. „ 1 Aug. Aid to Public Works and Land Settlement f Act, 1896 ( 250,000 500,000 I 750,000 | lFeb., 1902 |l5Aug.,1921§ } - 750,000 34 26,250 1 Feb. „ 1 Aug. Totals 44,366,618 814,047 43,552,571 1,777,521