FINANCIAL STATEMENT (In Committee of Supply, 25th July, 1905) BY THE COLONIAL TREASURER. THE RIGHT HON. R.J. SEDDON, P.C., LL.D.

Appendix to the Journals of the House of Representatives, 1905 Session I, B-06

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1905. NEW ZEALAND.

FINANCIAL STATEMENT (In Committee of Supply, 25th July, 1905) BY THE COLONIAL TREASURER. THE RIGHT HON. R. J. SEDDON, P.C., LL.D.

Mr. Millab, — I have now the honour to submit my tenth Budget, which I hope will prove satisfactory, for there is ever a natural desire on the part of members to have the Statement dealing with the finances of the colony as early as possible—finance being of paramount importance, and the barometer by which the progress of the colony may be accurately gauged. A very pleasing feature of the Statement arises from the fact that we have been able to provide for an increased grant for the deserving aged, for an increase to the salaries of school-teachers, and to largely increase otherwise the grant for educational purposes, to provide also for the development of the natural motive pow r er in our lakes and rivers, for the irrigation and water-supply so essential to Central Otago and to our goldfields generally; and after doing so, and making provision for the supplementary estimates, there will still remain a substantial surplus. The transfer of £600,000 last year from the Consolidated Fund to the Public Works Fund marks an epoch well worthy of note, seeing that that sum at 4 per cent, is equal to a saving in interest to the taxpayer of £24,000 per annum. Another matter for congratulation is that we had to the credit of the Public Works Fund on the 31st March last .£861,000, being the largest credit balance and amount available for many years past, notwithstanding the fact that the expenditure on public works amounted to £1,282,378 during the past year. It is felt that this should be satisfactory and pleasing to members generally. This sum, with the aid of moneys intended to be raised, and referred to later in the Budget, goes to insure the extension of railways and the construction of roads, especially those in the back blocks. The increased public debt should not give concern, because, as will be seen from the table attached, a very large amount of it is directly interestproducing — that is, those borrowing the money from the Government pay the interest. Thus, the Advances to Settlers and Land for Settlements Departments, and others, are self-supporting : in addition to this, real estate forms a direct security for the loans referred to. As a matter of fact, the taxpayer during late years has had only to provide interest on about 50 per cent, of the amount of the increased indebtedness. I have not, however, the slightest hope that there will be any departure from what has occurred in the past —namely, a demand for increased expenditure on public works, especially on railways in given parts of the colony: each member representing a district, or members representing provincial districts, will claim that certain railways and particular roads should have preference, and because sufficiently large increases have not been made they will find fault with the Administration. Then, again, if sums are expended, they will proceed to denounce the Government and its administration for having increased the indebtedness of the colony, ignoring the fact that they had used strenuous efforts to induce the Government so to do. In other words, if

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nothing is done the Government will be blamed; if, on the other hand, something is done, fault will still be found. Ministers with due philosophy resign themselves to the inevitable and accept the position. The millenium may arrive some day, when public works, roads, and bridges will be removed from the arena of Parliament, and when the system of local government obtaining will obviate the necessity for roads and bridges beingreferred to in Budgets or made the subject of debate in the House —I say the sooner the better a change is made in this direction. In respect to railways, so long as the State has the construction thereof, and the making of the connections to the several centres of population necessary for the development of the colony, the railways will necessarily come up for debate. When, however, the main trunk lines are completed it may be possible to fix the expenditure on district railways on some assured and definite basis, and when this can be done the accusation of favoritism in respect to given districts will be a thing of the past. I shall now proceed to deal with the Budget, giving to members, in as concise and explicit a manner as possible, the particulars as to the many transactions of the year, how we stand at the present time, and how the balance is arrived at, together with the proposals for the immediate future.

FINANCES, 1904-5.

CONSOLIDATED FUND. Beceipts. The ordinary revenue amounted to £7,282,870, and other receipts (including £63,200 for sinking-fund accretions) to £64,327, making a total of £7,347,197. The revenue exceeded that of the previous year to the amount of £261,484, and was in excess of the estimates to the extent of £248,070. Compared with the revenue of the preceding year, Stamp revenue yielded an increase of £80,835; Railways, £49,775; Income-tax, £32,583; Customs, £30,659 ; Miscellaneous, £27,003 ; while Land-tax, Registration, Marine, and Territorial also gave increases amounting in all to £41,143. Some honourable members will, I have no doubt, be pleased to learn that the Beer Duty fell short by £511 of the amount collected the previous year; and, singularly enough, comparing the actual with the estimated, all heads of revenue were exceeded saving that of Beer Duty, which fell short by the sum of £3,790. Statement .showing the Revenue received for the Financial Year ended 31st March, 1905, compared with the corresponding Period of the Previous Year.

Statement showing the Revenue received for the Financial Year ended 31st March, 1905, compared with the corresponding Period of the Previous Year.

Consolidated Fund 1904-5. 1903-4. Increase. Decrease. Ordinary revenue— Customs Stamps, including Post and Telegraph receipts Land-tax Income-tax Property-tax Beer duty Railways Registration and other fees Marine Miscellaneous Territorial revenue — Cash land-sales ... Deferred-payment land-sales Pastoral runs, rents .... £ £ £ £ £ 2,631,984 1,160,119 352,854 253,952 631,984 ,160,119 352,854 253,952 4 ; 2 9 I 1 4 2 £ 2,601,325 1,079,284 334,991 221,369 3 96,721 2,167,992 92,647 35,836 143,375 2,601,325 1,079,284 334,991 221,369 ) 30,659 1 80,835 L 17,863 ) 32,583 96,210 2,217,767 103,465 36,121 170,378 I 3 511 96,210 ,217,767 103,465 36,121 170,378 3 I 7 2 5 1 3 I 96,721 2,167,992 92,647 35,836 143,375 L I 49,775 J 10,818 5 285 j 27,003 44,169 5,357 210,494 44,16S 50,567 5,505 191,771 50,567 [ 6,398 148 5,357 210,494 7 4 5,505 191,771 I 18,723 268,544 7,060 7,060 Totals ... 7,282,870 7,021,386 261,484

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Statement of the Estimated Revenue compared with the Actual Revenue of the Consolidated Fund for the Financial Year ended 31st March, 1905.

Expenditure. The amount expended reached the sum of £6,635,902, which exceeded that of the previous year to the extent of £201,621, of which the permanent charges absorbed £57,055, and the annual charges £144,566. Comparing the actual expenditure with the estimates, there was a saving of £21,683 in the permanent charges and of £142,862 in the annual appropriations, making a total saving for the year of £164,545. Referring again to the excess of expenditure over the annual charges of the preceding year, I find that the services provided by the Postmaster-General, the expenditure upon Education, the increased earnings of the Railways producing increased expenditure, and unforeseen expenditure out of " Unauthorised " are accountable for £118,570 of the excess; and if we add £11,977 in the Justice Department, £2,211 for the Lunacy and Charitable Institutions, and £3,759 for Police, we reach a further sum of £17,947, or, in all, £136,517, undoubtedly representing increased expenditure consequent upon the increased requirements of our country which follow prosperity and increased population. The balance of £8,049 in the excess of expenditure under votes is not worth comment. In addition to the ordinary expenditure, transfers to the Public Works Fund to the amount of £600,000 were made during the year. Results. We commenced the year with a balance of £649,741, and transferred, as I have said, £600,000 to the Public Works Fund, leaving a net balance of £49,741. The excess of receipts over the expenditure amounted to £711,295, thus producing a balance of £761,036 at the close of the year 1904-5. This gratifying result I have already announced to the public.

Difference. Consolidated Fund. Estimated. Actual. More. Less. ievenue Account — Customs Railways Stamps Land-tax Income-tax Beer duty Registration and other fees Marine Miscellaneous ... Territorial revenue __ £ 2,610,000 2,180,000 1,095,000 330,000 222,000 100,000 93,000 34,800 140,000 230,000 £ 2,631,984 2,217,767 1,160,119 352,854 253,952 96,210 103,465 36,121 170,378 260,020 £ 21,984 37,767 65,119 22,854 31,952 I 10,465 1,321 i 30,378 30,020 £ 3,790 251,860 3,790 3,790 Totals 7,034,800 . 7,034,800 7,282,870 248,070

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Honourable members who are anxious to keep down the indebtedness per head of the population, and to save payment of interest in or outside the colony, will be delighted to know that from the consolidated revenue there has been transferred to the Public Works Fund during the last fourteen years, up to the 31st March last, £4,355,000, on which, had the money been borrowed to provide for the same expenditure on public works, an additional interest charge at the rate of =£143,800 per annum would have been added to our expenditure. Statement showing the Amount transferred yearly from the Consolidated Fund to the Public Works Fund, and the Amount of Interest saved by such Transfers at the Rates current at the Time. £ £ 1891-92 .... .... .... .... 30,000 \ 1892-93 .... .... .... .... 200,000 ' v . ai , OK ~ Kn 1893-94 250,000 At 3i per cent 25,550 1894-95 .... .... .... .... 250,000 J 1895-96 .... .... .... .... 150,000^ 1896-97 .... .... .... .... 150,000 1897-98 .... .... .... .... 300,000 1898-99 .... .... .... .... 425,000 A , ~ , „»„„, 1899-1900 450,000 At A ? er cent 80 > 2oU 1900-01 .... .... .... ... 500,000 1901-02 .... .... .... .... 500,000 1902-03 .... .... .... .... 200,000 1903-04 850 > 00n Ut4nercent 38 000 1904-05 600,000 j At 4 per celit d8 ' UUO £4,355,000 Saving per annum .... .... .... .... £143,800

PUBLIC WORKS FUND. The proceeds derived from loans amounted to £1,138,613; other receipts were £11,633; add to these the £600,000 transferred from the Consolidated Fund, and the total reached is £1,750,246. The expenditure was £1,282,378, including a sum of £62,540 for acquiring the Point Elizabeth Railway, the original expenditure on this line having been provided out of the State Coal-mines Account. Deducting the £1,282,378 of expenditure from the £1,750,246 of receipts, there remained a balance of £467,868, to which had to be added £393,802 brought forward from the previous year, and this left a balance of £861,670 at the credit of the Public Works Fund to commence the current year with. In addition to this there is a sum of £32,937 to be received in respect of loaninstalments not paid at the time of closing our books. £750,000 of debentures belonging to this account fell due during the past year, of which £365,600 were paid off and £384,400 were renewed. It will be interesting for members at this point to have placed before them in tabulated form the balances of the Consolidated and Public Works Funds for the last fourteen years, and the following are the details:—

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Financial Year. Consolidated Fund. Public Works Fund. £ £ 1891-92 .... .... .... .... 167,761 575,677 1892-93 .... .... .... .... 283,780 330,549 1893-94 .... .... .... .... 290,238 342,856 1894-95 .... .... .... .... 180,024 295,130 1895-96 .... .... ... .... 215,559 45,073 1896-97 .... .... .... .... 354,286 157,363 1897-98 .... .... .... .... 521,144 51,492 1898-99 .... .... .... .... 495,861 70,856 1899-1900 ... .... .... .... 605,352 139,749 1900-01 .... .... .... .... 532,564 232,516 1901-02 .... .... .... .... 270,489 454,059 1902-03 .... .... .... .... 303,906 338,566 1903-04 .... .... .... .... 649,741 393,802 1904-05 .... .... .... .... 761,036 861,670 THE LAND FOR SETTLEMENTS ACCOUNT. The transactions within this account continue to be large and numerous. The purchase-money for estates, including expenses, reached a total of £446,130; charges under the votes amounted to £8,945; and £134,703 was paid for interest on debentures issued. Charges and expenses of raising loans amounting to £14,134 were also paid. On the receipt side, £730,200, proceeds of the sale of debentures issued to provide for purchases, were credited; and rents and other receipts, amounting to £150,276, together with £12,875 for interest, were received. Debentures to the amount of £1,213,950 fell due during the year, and £1,222,550 of debentures were created and issued to provide for the same. £565,300 were paid off and £648,650 were renewed. The balance at the close of the year amounted to £716,697. LOANS TO LOCAL BODIES ACCOUNT. Up to the 31st March last the total amount of debentures created and issued and carried into this account was £2,412,100, and the total disbursements have been —to local bodies, £1,943,443; to Lands and Survey Department towards opening up blocks of land for settlement, £387,561; and to Public Works Fund, £89,800, in exchange for debentures under " The Roads and Bridges Construction Act, 1882." The balance at credit of the Loans to Local Bodies Account on the 31st March, 1904, was £13,418. Debentures for £185,000 were created and issued during the past year, and refunds of unexpended balances of grants amounting to £1,890 were received. Payments on account of loans were made during the year —to local bodies, £165,893; and towards opening up blocks of land for settlement, £28,895 ; leaving at the end of last year a balance of £5,520 to the credit of the account. Of the total amount of debts inscribed to the Ist February last, the following figures will show the proportion of the various rates at which the loans were made : — £ Loans at 5-per-cent. rate .... .... .... 7,033 Loans at 4j-per-cent. rate .... .... .... 1,038,066 Loans at 4-per-cent. rate .... .... .... 63,729 Loans at 3J-per-cent. rate .... .... .... 929,666 £2,038,494

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On account of the continuation of the stringency of the money-market I have had to refuse applications for loans totalling £180,012, principally applied for by Borough Councils, whose valuable resources, it is considered, would enable them to obtain loans outside the Government; and, as there are still so many necessitous local authorities having large areas in the back blocks, and clamouring for loans from the Government, these claims must have my first consideration. The payments of the half-yearly instalments of interest on the inscribed debts of the various local authorities continue to be fully and punctually paid. LAND AND INCOME TAX. The total receipts from these sources was £606,806. As the estimated amount collectible was £552,000, this Department of the revenue therefore produced £54,806 more than was anticipated. This increase was made up of —■ land-tax, £22,854 (estimated £330,000, actually collected £352,854); incometax, £31,952 (estimated £222,000, actually collected £253,952). Land-tax. Despite the fact that the land-tax has exceeded the estimate, I am not altogether satisfied with the result. A further analysis of the figures shows that, although the enhanced value of land in the colony has resulted in an increased revenue from the ordinary land-tax, the graduated tax (in which, of course, is included the tax paid by absentees) actually shows a decrease as compared with 1903-4. The following table shows this :—

Making all allowances for the loss of revenue caused by the acquisition of properties under the Land for Settlements Act, this clearly demonstrates that the landowners of the colony are evading the graduated tax, and there can be no doubt that this has been done by means of family subdivisions by persons holding large estates. Sixty per cent, of this loss of revenue is attributable to this evasion. Income-tax. This still continues to give satisfactory results, and is further proof of the steadily increasing prosperity of the colony. Compared with 1903-4 the figures are, — n 1904-5 .... .... .... 253,952 1903-4 .... .... .... 221,369 Increase .... .... £32,583 ■>'" PROPERTY-TAX VEBSUS LAND AND INCOME TAX. - £ Receipts for the last year of the Property-tax (IH9I-92) 356,741 Receipts for the first year of the Land and Income Tax (1892-93)— £ Land-tax .... .... .... 297,181 Income-tax .... .... .... 67,367 364,548 The number of land-tax payers has increased during the ten years ending 1904 by 11,318, equal to an increase of 90 per cent. The number of owners of land has increased by 24,212 during the ten years ending 1903, equal to an increase of 26 - 5 per cent.

1903-4. 1904-5. Increase. Decrease. Net Increase. Ordinary land-tax Graduated, including absentee-tax £ 232,800 102,190 £ 254,727 98,127 £ 21,927 £ 4,063 £ 334,990 352,854 17,864

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I append a table showing the revenue from land and income taxes for the past ten years, with other particulars which may be of interest: —

An increase of land-tax payers of 81 per cent., and increase of income-tax payers of 133 per cent. The cost of collection for 1904-5 was, — Land-tax .... .... 4-28 per centum. Income-tax .... .... 2-25 per centum. THE PUBLIC DEBT. The gross public debt has been increased during the year by the sum of £2,389,785, and the net debt by £2,339,304; but when analysed it will be found that nearly half the amount has been borrowed for purposes which return to the Government considerably more than is required per annum to provide for the interest on the capital. For the purchase of estates and closer settlement £730,200 was raised. To enable us to make grants at a very low rate of interest to local bodies for making roads and bridges, so that our settlers may be able to bring their produce to suitable markets, we borrowed £185,000. For the purpose of developing the State coal-mines we obtained £33,000, and to start our Fire Insurance Department £2,000. A small sum of £10,000 was borrowed to lend again through the Advances to Settlers Office; and £1,458 was received for our Consols inscription, and has been suitably invested. These remunerative self-earning borrowings amount to £961,658, and which represent a very large proportion of the increase in the public debt. £63,200 was raised for the purpose of providing for the sinking fund payable during the year; and, as a result of conversion operations and renewals, an increase in the capital amount of £24,639 took place. To make a start towards the preservation of our magnificent scenery, and the acquiring of further beauty spots and places of historical importance, we raised £10,000. For public - works purposes we raised £1,330,288, including £26,738 towards the completion of the Paeroa-Waihi Railway, £45,000 towards the Hutt Railway and Road Improvement Account, and £416,050 representing the balance of the million loan authorised in 1903. Under the authority of last year we borrowed £750,000 under " The Aid to Public Works and Land Settlement Act, 1904," and £92,500 authorised by Parliament under " The Railways Improvements Authorisation Act, 1904." Taking the population on 30th June last to be in round figures 922,000, the indebtedness per head in respect of the public debt, exclusive of reproductive loans, amounts to £31, and upon the balance of the debt which is reproductive the indebtedness per head amounts to £34.

Land-tax. Revenue. Taxpayers. Income-tax. Year. Revenue. Taxpayers. 1895-96 1896-97 .1897-98 1898-99 1899-00 1900-01 1901-02 1902-03 1903-04 1904-05 271,394 12,577 272,309 13,360 267,286 , 13,132 298,052 i 15,449 293,627 : 15,892 294,583 ! 16,888 312,835 18,468 296,062 18,869 334,991 | 20,865 352,854 22,778 £ 92,778 105,504 115,210 115,480 128,721 173,808 179,397 200,683 221,369 253,952 3,822 4,276 4,588 4,647 5,088 5,656 6,556 7,589 8,258 8,934

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The following tables have been prepared to show the purposes to which the debt has been applied : — The Increase of the Public Debt for the Financial Year ended 31st March, 1905, and the Purposes for which the Moneys were raised. For following purposes :— £ Public works .... .... .... 1,335,788 Land for settlements .... .... 738,800 Local bodies .... .... .... 185,000 State coal-mines .... .... 33,000 State fire insurance .... .... 2,000 Scenery-preservation .... .... 10,000 Advances to settlers .... .... 10,000 New Zealand Consols .... .... 1,458 Accretions, sinking funds .... 63,200 Increase by conversions .... .... 10,539 £2,389,785 The Increase of the Public Debt between the 31st March, 1891, and the 31st March, 1905, and the Purposes for which the Money was raised. For following purposes : — £ Native-land purchases .... .... .... 649,700 Land-settlement.... .... .... .... 4,361,566 Loans to local bodies .... .... .... 2,087,100 Lands improvement .... ... .... 500,000 Advances to settlers .... .... .... 3,200,000 Bank of New Zealand preference shares 500,000 New Zealand Consols .... .... .... 475,734 District railways.... .... .... .... 47,000 Public works .... .... .... .... 8,458,214 Increase by conversions .... .... .... 681,108 Sinking-fund accretions .... .... .... 1,646,000 Naval and military settlers .... .... 27,226 Government Accident Insurance .... .... 2,000 State Fire Insurance .... .... .... 2,000 State coal-mines.... .... .... .... 140,000 Advances to dairy companies .... 1,781 Scenery-preservation .... .... .... 10,000 22,789,429 Less redemptions — " Consolidated Stock Act, 1884" debentures 1,260,420 Other debentures .... .... .... 447,359 1,707,779 £21,081,650

Statement of the Allocation of the Public Debt.

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Year. Direct Interest-producing j Purposes. Non-interest producing. lint March, 1893 1894 1895 1896 1897 1898 1899 1900 1901 1902 1903 1904 1905 15,319,420 16.128,802 16,863,504 .. I 18,972,488 .. ' 19,890,963 20,512,654 21,525,467 22,944,340 23,961,119 26,231,131 28,163,643 30,351,719 .. I 31,321,977 23,938,420 23,697,613 23,523,460 24,078,292 24,475,655 24.450,770 25,412,539 24,930,112 25,630,126 26,735,316 27,735,376 27,170,496 28,590,023

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It will be of interest to members to give New Zealand's wealth per head of population, and to append an extract from Mulhall upon the " Wealth of Rations." Latest Estimate, Latest Estimate, Country. per Inhabitant. Country. per Inhabitant. New Zealand ... ... 308 | J7 United Kingdom ... ... 302 Norway f "' ' •114 Prance ... ... ... 252 Denmark ... ... ... 230 United States of America ... 234 Holland ... ... 183 Germany ... ... ... 156 Belgium ... ... ... 154 Russia ... ... ... 61 Switzerland ... ... ... 164 Austria ... ... ... 104 Greece ... ... ... 101 Italy ... ... ... 101 Boumania) .. Spam ... ... ... 135 Servia ) - - - 90 Mr. T. A. Coghlan, Agent-General for New South Wales, speaking recently in London, pointed out that one of the most notable facts connected with the progress of New Zealand during the past fourteen years—during which period the greater portion of the advanced legislation now in force was passed—was the very large decrease in the private capital employed in the colony owned by nonresidents. Trustworthy estimates placed the investments of British capital on private account in New Zealand in the year 1891 at 20J millions sterling, and these investments had now fallen to 9J millions, a reduction of 11 millions in twelve years. Under ordinary circumstances this withdrawal of capital would be considered a very serious matter, and there were not wanting persons who pointed to it as a fulfilment of the prophecy that the social and industrial legislation of New Zealand would ultimately drive British capital out of the country. In the year 1891 the value of property in New Zealand was 150 millions sterling, and of this, 20J millions, or nearly 14 per cent., belonged to British investors.' At the present time the valuation of property was 222 millions, and the amount of British investments only 9J millions, or less than 4£ per cent. Here, then, they had the extraordinary position that during the short space of twelve years the New Zealand people had reduced their indebtedness to outside investors to such an extent that what remained of it was now an insignificant portion of the accumulated wealth of the country, and while that process of repayment had been going on, the value of property increased by 72 millions or 50 per cent.—that is to say, from 150 millions to 222 millions. This achievement was a notable one for a population whose numbers were still considerably short of a million. THE MILLION LOAN OF 1904. The money-market having first been sounded as to the possibility of floating a 3£-per-cent. loan, it was ascertained that, owing to the war in the East, the market could not be approached at a higher price than £95 10s., with' the certainty that we should not net more than £92 10s., and that the public subscriptions would be small. I judged it would be more prudent to arrange for the issue of a 4-per-cent. loan that would yield us a fair percentage of cash. In view of the contemplated action in another colony, which was arranging also for a loan issue, there was no time to lose, and, therefore, early in December arrangements were completed, and the Bank of England announced the issue of a million 4-per-cent. loan at par, payable Ist January, 1912, lists to be closed within six days. Deposit and instalments were payable—£s per cent. deposit on application, £20 per cent, on 16th December, 1904, £25 per cent, on 24th January, £25 per cent, on 21st February, and £25 per cent, on 21st March, 1905, with a discount at £3 per cent, per annum on instalments paid in full on or after the 16th December, 1904; a full half-year's interest beinopayable on the Ist July, 1905. The public were also offered an option to convert into 3j-per-cent. inscrbed stock: if availed of by the 31st J 'ecember, 1906, they would get £103 of stock for every £100 of debentures; or, up to the 31st December, 1908, they would get £101 of stock, after which the conversion would be at par.

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The arrangements made by the Loan Agents were excellent, and it is most gratifying to be able to say that the response to the loan issue was larger than the most sanguine could have anticipated ; indeed, nearly three days before the advertised time the applications had reached such a huge figure that our agents, the Bank of England, advised that the lists should at once be closed, which was accordingly done. The sum of £2,526,300 was applied for by 1,(512 applicants, and it is gratifying to state that no less than 1,349 of this number were for sums of £1,000 and under. Honourable members will join with me in the opinion that, considering the very unsettled state of the money-market, the subscription for our loan of more than two and a half times the amount required was a splendid result, and clearly demonstrated that our credit in London financial circles is as high as ever, notwithstanding the attempts by detractors to belittle it from time to time. It is also right to mention that the success of the flotation was fully recognised in London, and was made the subject of general congratulation as the most successful issue by a self-governing colony for many years past. Comparing the result of our loan issue with those of other colonies emitted about the same time, I find that a ten-years 4-per-cent. loan of two millions was issued at £99 10s., and that a 3j-per-cent. two-million loan issued at £95 gave a net return of something under £92, only half of the amount being taken up by the public. I have not yet been advised of the cost of raising our loan, but it is not likely to exceed £25,000. I subjoin a table showing the quotations for New Zealand and other colonial stocks as on 15th July, 1905 :—

FINANCE FOB 1905-6. EXPENDITUBE. Honourable members cannot reasonably expect any diminution in our estimated expenditure as long as the population is augmented and the tide of prosperity flows on. The volume of our produce, trade, and commerce increases, and as a consequence the Government is importuned on all sides to provide greater conveniences in its postal and telegraphic arrangements; a greater number of teachers in our schools; increased facilities on its railways; and a larger expenditure on surveys, so as to get our people placed upon the land as rapidly as possible. Added to this, we have to make provision for an increased pension to our deserving aged, for the more complete educational equipment of our children, for the cheapest motive power which will enable our industries to encounter more successfully the keen competition of the day, and for interest on our loans augmented from year to year mainly for remunerative purposes. These are good and sufficient reasons, I maintain, for asking Parliament to sanction an increased expenditure. I propose very briefly to give an outline of our estimates of expenditure for the current year. The House will be asked to appropriate a total sum of £6,960,713. Although this is in excess of the amount provided last year, it must, however, be borne in mind that with an increased population and with increased commerce the excess is indispensable. The permanent charges absorb £180,325, interest and sinking fund is responsible for £83,017, and £96,567 under appropriating Acts.

3 per Cent. 3J per Cent. 4 per Cent. New Zealand £ a. d. 88 0 0 £ s. d. 98 10 0 £ s. a. 107 0 0 New South Wales Victoria South Australia .. Queensland West Australia Tasmania 87 10 0 87 10 0 87 10 0 87 10 0 89 0 0 90 10 0 99 10 0 98 0 0 99 0 0 98 0 0 96 0 0 98 10 0 107 0 0 105 0 0 105 10 0

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Turning to the annual votes, the excesses amount to £183,238, being the estimated expenditure over the actual amount disbursed last year, and, as I have already stated, honourable members will find on looking at the table which I append, that the larger items arise in the Departments of Post and Telegraph, Education, Working Kailways, and Lands and Survey. These Departments are responsible for £149,185, clearly proving what I have already advanced. Unfortunately, with the growth of our population additional demands for support of our Mental Hospitals and Charitable Department are made, which run into some £9,000. As our Customs revenue expands we must expect increased expenditure, and this is set down at £6,315. The expense of the general election this year I estimate at £26,000, which will be non-recurring, I hope, for some three years hence. In the Mines Department we require to provide £1,325 for a Colonial Analyst's Department, and £4,555 for the Geological Survey Department, to assist in the discovery of fresh fields of mineral wealth, and the development of mineral areas already known. The items I have just mentioned more than absorb the increased estimated expenditure on annual votes, and I am convinced that honourable members, upon reflection, will find no fault with the figures I submit, which are the result of very careful consideration after making due allowance for the absolute requirements of our colony arising from increased population and prosperity. The decreased proposed expenditure, amounting to £38,752, will be seen from the table appended, and is scattered through a number of Departments, and does not call for any particular comment.

Estimate for 1905-6. Differei nces. Expenditure. Actual for 1904-5. Inorease. | Decrease. 3ivil List ... ... ... interest and Sinking Fund Jnder special Acts £ 34,900 2,076,746 739,652 £ 34,159 1,993,729 643,085 £ 741 83,017 96,567 £ 2,851,298 2,670,973 180,325 Annual Appropriations:— Legislative Departments Colonial Secretary's Department Public Health Department ... Industries and Commerce and Tourist Department Colonial Treasurer's Department Old-age Pensions Department Justice Department... Crown Law Department Postal and Telegraph Department Customs Department Marine and Harbours, &c. Printing and Stationery Stamp and Deeds Department Education Department Mental Hospitals and Charitable Department ... Department of Labour Mines Department ... Department of Agriculture Working Railways Department Public Buildings and Domains Defence Department Police Department ... Lands and Survey Department Valuation Department 23,559 74,281 26,729 53,940 44,328 4,333 144,623 3,005 584,338 46,89» 54,446 40,446 30,535 690,479 87,412 11,024 25,140 112,770 1,520,000 26,410 173,168 133,206 169,109 29,235 24,599 69,469 31,773 62,479 41,029 3,937 145,468 2,493 557,535 40,584 54,304 42,122 30,771 635,937 78,473 10,848 18,489 112,631 1,471,827 26,268 188,253 130,676 149,442 29,307 4,812 3',299 396 512 26,803 6,315 142 54,542 8,939 176 6,651 139 48,173 142 2.530 19,667 1,040 5,044 3,539 845 1,676 236 15,085 '"72 services not provided for ... .... 4,109,415 2,958,714 6,215 183,238 32,537 6,215 363,563 38,752 38,752 Total 6,960,713 6,635,902 324,811

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XII

BEVENUE. I have been optimistic in my views of the prosperity of this country during a number of years, and, fortunately, my impressions and forecasts have been fully verified, and I am still confident that the outlook is most promising as regards our revenue during the current year. Such being the case, I feel justified in submitting an estimate of £7,467,600, which is £121,530 in excess of the actual amount of revenue received last year. I have carefully considered each head of revenue, and feel satisfied that I am not oversanguine as to the several amounts I have estimated will be received. Our pastoral, agricultural, and commercial business is just as sound as ever. I see no reason why there should be any falling-off of revenue in connection with any of these pursuits. As the population increases and the wealth and resources of our colonists are improved, I am justified in concluding that receipts from Customs, Eailways, Stamps, and other heads of revenue will be increased, and I have therefore added reasonable sums, as shown in the table appended. " Miscellaneous " is increased by £29,622, of which the principal item is £25,000 derived from the 5-per-cent. dividend paid by the Bank of New Zealand upon the half-million of preference shares held by the Government on behalf of the colony as a guarantee that the affairs of the bank will not again be allowed to drift. It gives me much pleasure to note that the bank has been doing good and sound business, and has obtained a large measure of success, derived undoubtedly from the general prosperity of the colony, aided by careful and skilful management.

I have now placed before you our estimates of expenditure and of revenue, and will proceed to set down the estimated results at the close of the current year. _ Our estimated expenditure is .... .... •••• 6,960,713 Our estimated revenue .... .... •••• 7,467,600 Excess of revenue over expenditure .... .... 506,887 Add balance at close of past year .... .... 761,036 Estimated balance .... ... .... 1,267,923 For transfer to Public Works Fund, say £500,000 Education, school buildings, salaries, &c. 150,000 Development of natural motive power .... 50,000 Irrigation water-supply .... •••• 50,000 6 750,000 Balance £517,923 This balance will be, of course, diminished by the amount appropriated in the supplementary estimates, and for subsequent assistance to the ways and means of the Public Works Fund.

Differi inces. Revenue. Estimate for 1905-6. Actual for 1904-5. Increase. Decrease. Customs Railways Stamps Land-tax Income-tax ... Beer Duty ... Registration and other Fees Marine ... ■•• Miscellaneous Territorial Revenue ... £ 2,662,000 2,240,000 1,171,500 365,000 262,000 97,000 108,500 36,500 200,000 260,100 £ 2,631,984 2,217,767 1,160,119 352,854 253,952 96,210 103,465 36,120 170,378 260,021 £ 30,016 22,233 11,381 12,146 8,048 790 5,035 380 29,622 79 £ ... 7,402,600 65,000 7,282,870 63,200 119,730 1,800 Sinking Fund increases Total 7,467,600 7,346,070 121,530

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XIII

FOUBTEEN YEABS' RESULTS. The following table will be read with interest, showing as it does results of a most gratifying nature — i.e., reduced Customs taxation, remission on railway charges, decreased interest charges, reduction of public debt —at the same time demonstrating our ability to give comfort to the deserving aged and at the same time having credit balances, and beyond question proves the prosperous times we have had and are enjoying. 1. Showing the amount transferred from the Con- £ solidated Fund to the Public Works Fund 4,355,000 2. Saving to the colony of annual interest thereon .... .... .... .... 839,700 3. Amount paid for old-age pensions up to 31st March, 1905 .... ... .... 1,174,005 4. Amount paid in reduction of the public debt .... 100,000 5. Eeduction of indirect taxation through the Customs, 1895 715,605 6. The same through the Customs, 1900 .... 1,070,361 7. Kemissions of revenue in railway-freights, &c. 680,000 Total .... .... .... .... £8,934,671 ASSISTANCE TO THE PUBLIC WOBKS FUND. The balance at credit of the Public Works Fund on the 31st March last was £861,670, to be augmented by the balance of the 1904 loan not paid in, amounting to £32,937, and it is likely we shall be able to supplement this by transferring during the current year, say, £500,000 of our Consolidated Fund balance. This would produce ways and means to the amount of £1,394,607. It is quite evident to the Government that there is a general consensus of opinion that more rapid progress must be made in the construction of our railways, and to that end, and also to enable bridges to be erected and a greater mileage to be undertaken and completed of roads in our back blocks, the Government have decided to ask the House to provide authority for the raising of £1,000,000 during the current year, full details concerning which will be submitted by my colleague the Minister for Public Works. CONCLUSION. Having now placed the finance of the colony before honourable members, it would be anticipating the impossible for me to expect that every member would be satisfied, or that fault will not be found therewith. The really sound and strong position of our finance is a matter for sincere congratulation, and adverse criticism under the circumstances would give ground for the conclusion that there are those in politics whom it is impossible to please. Should the existing prosperity continue, I have every hope in the next Budget of submitting proposals for a reduction of taxation. An important departure will be found to have been made in this Statement, finance alone being dealt with, the usual reference to the several State Departments being omitted. This change will, I hope, commend itself to honourable members, seeing the fullest information concerning the Departments will be found fully set out in the departmental reports submitted to the House. Members will, I trust, strictly adhere to what is contained in the Statement, and confine their remarks entirely to finance. By the Statement submitted, and supported in every detail by figures showing the receipts and expenditure, I trust I may have dispelled once and for ever the conclusion hastily formed and thoughtlessly stated by many who ought to know better, that the credit balance, or what is commonly known as a surplus, was simply a question of book-keeping. I have said "thoughtlessly" with a desire of being generous to those who have from time to time made the statement, in- my innocence believing that they would not wilfully cast a reflection upon those deserving Government officers who are

iii—B. 6.

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XIV

intrusted with the proper keeping of the accounts of the colony, and upon the Controller and Auditor-General, who certifies to their correctness. The system of keeping the accounts is the same to-day as it was many years ago. Virtually the same officers keep the accounts, and they in years gone by could not make the accounts balance, deficits being shown from time to time, to meet which increased taxation had to be imposed. These same officers now show, notwithstanding a reduction in Customs taxation and a remission in railway charges —amounting during the last ten years in the aggregate to over £2,300,000 —that, as previously stated, on the 31st March last, there was a credit balance of £761,036. If the statement is repeated through the course of the debates, I think I am within my rights, and it would not be unreasonable, to ask all those who challenge the present system of keeping accounts to show where and how an improvement could be made; and, above all, I challenge them to demonstrate how they could so juggle with figures as to prove a deficiency instead of a credit balance of £761,036. It will not be questioned that £600,000 was transferred from the Consolidated Fund to the Public Works Fund. The total expenditure out of the Public Works Fund last year was £1,282,378. Nearly half that amount was from revenue, and if the balance expended on public works was subtracted from the credit balance of £761,036 there would still be a handsome surplus left. It is frequently written and stated by ignorant persons that non-expendi-ture of moneys on public works helps to swell the credit balance of the Consolidated Fund. There is no connection whatever between the two. There may be a million unexpended in the Public Works Fund, yet it would not increase the surplus in the Consolidated Fund by one penny piece. Now, unthinkingly, a very large number of persons, including some members of Parliament, from time to time state that the increased indebtedness of the colony is much greater than the colony can bear, or than the ability of the taxpayer to meet the interest and charges entailed. By the reiteration of this statement the credit of our colony is not improved—nay, more, an injustice is done to it. In the year 1855 —fifty years ago —our population, exclusive of Maoris, was 37,192, of which number 1,400 represented births for the year. In 1904 the population of the colony had increased to 857,539, the births for that year being 22,756. In 1858 the live-stock—namely, horses, cattle, and sheep—totalled 1,675,440, whilst in 1904 they had increased to 20,331,978. In 1858 the area of land included in sown grass and under cultivation was 141,007 acres, whilst in 1904 land under similar cultivation amounted to 13,868,074 acres. In 1855 exports the produce of the colony were £365,867, whilst in 1904 they had increased to £14,601,787. In 1855 the imports were £813,460, whilst in 1904 they were £13,291,694. The total trade in 1855 was £1,179,327, and in 1904 it was £27,893,481. The shipping in 1855 was : Inwafds, 88,614 tons ; and outwards, 79,825 tons. In 1904 the inward shipping was 1,154,569 tons ; and outwards, 1,144,764 tons. The above gives only a bird's-eye view of the progress which has already been made, and which will be eclipsed during the next fifty years. We have a country which by nature has been lavishly endowed. The area of the Colony of New Zealand is about one-seventh less than the area of Great Britain and Ireland—the Middle Island of New Zealand alone being a little larger than the combined areas of England and Wales. The population of Great Britain is forty millions, whilst the population of our colony, including Maoris, is less than one million. We have in a small degree laid the foundation of what is destined to be a great nation. We must proceed with the superstructure cautiously, and at the same time energetically. The estimated population of the colony on the 31st March, 1905, amounted to 908,114 persons. The gross public debt at that date was £59,912,000, and the net debt was £57,403,632. The gross debt per head was £65 19s. 6d., and the net debt was £63 4s. 3d.

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XV

In addition to the natural increase of the colony, the excess of arrivals over departures for the year ending 31st December, 1904, was 10,355. Between the 24th March, 1904, and the 23rd March, 1905, the number of persons who arrived in the colony under the reduced passage-scheme was 1,751, and they brought with them capital amounting to £94,711, in addition to which they had a declared annual income of £3,396. Capitalising the annual income on a 5-per-cent. basis, the total sum of declared capital taken out by these persons was £172,631; and there can be no doubt that many of them brought out a larger amount of capital than they named in their applications, so that it may be reasonably assumed that the actual amount of capital brought into the colony under the assisted immigration scheme exceeds £200,000. I may further add that under the previous conditions extending over a period of eleven years, 3,391 persons came to the colony, bringing with them capital and income equal to £623,450, being an average per annum of 281 persons and £56,677. The ascertained wealth of the United Kingdom per head of population is £302, that of France is £252, that of the United States of America is £234, and of Germany £156, whilst for New Zealand it is £308 per head of population; and the ability to meet our engagements has never been questioned. This has been demonstrated by the increased returns from our railways, from incometax, and especially by the large amount of voluntary taxation subscribed in the purchase of luxuries under the head of Customs and Excise duties. In the years 1893-94 it will be found that 3,620 persons paid income-tax amounting to £75,237, equalling £20 15s. Bd. per taxpayer. In 1904-1905 the number of persons paying income-tax increased to 8,934, and the amount increased to £253,951, which equals £28 Bs. 6d. per taxpayer The people of our colony are the envied of nations, and yet there are amongst us those who are ever railing and prophesying depression and disaster. Luckily little or no attention is paid to them or to their pessimistic forebodings. Solid facts and improved economic conditions are against the detractors of our colony ; the colony has prospered, is prospering, and will go on prospering in spite of them. The pessimists are like the seeds of the thistle, blown hither and thither. They settle down and germinate only to be eradicated as noxious political weeds. It is a free country, and their absence from the country of which they have such a pessimistic idea would be to its lasting advantage. We must not omit to take lessons from the past, and be warned by the unfortunate conditions obtaining in older countries, especially by the evils arising from the unequal distribution of material wealth, the holding of the land by the privileged few, and the massing of people in the large centres of population. In this new country care must be taken to avoid the overcrowding of our cities, so common in the older worlds ; the poverty, vice, degradation, and death engendered there must be to us as buoys to the mariner, showing the sunken rocks imperiling the ship of State. It will be pleasing to members to know that our population is rapidly increasing, that the volume of trade has greatly expanded, that our staple industries flourish, that capital finds satisfactory investment, and that there is no dearth of employment; that the condition of our school-teachers and educational matters generally are in a much improved position ; that it is open to all our youths to go from the primary school to the university, and there to be fittingly equipped for the battle of life ; and that our colony still proves attractive to a large number of tourists, who much admire our varied, unique, and beautiful scenery, and enjoy the sport our'rivers and mountains provide. Whilst placing before honourable members the position of the colony in a well-merited rosy hue, I would warn you that it must not be led on to extravagance. We must ever be careful and thrifty, leaving nothing to chance nor doing anything which would lead our colony and its people into an embarrassed position—in other words, the keynote of our safety is a sound finance. We must be economical and keep the expenditure within reasonable

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XVI

limits : if we do so the time will shortly arrive when we shall be able to make further remissions of taxation. We must give to the people increased comfort, and something brighter to look forward to and hope for. Happily, our experiments have so far proved successful, and have been largely copied by other countries; and to-day even some of those who strenuously opposed them are willing to concede that what was done was in the best interests of the people of our colony, and to the good of the Empire to which we are proud to belong. New Zealand is a fair country, inhabited by a contented and happy people. Material wealth is fairly distributed, and opportunities for advancement are within the reach of all. We enjoy the confidence and respect of our kindred, and the progressive legislation and improved conditions under which we live command universal admiration and respect, and I am sure it will be the duty as well as the pleasure of honourable members to assist in maintaining our colony in its present proud and satisfactory condition.

TABLES TO ACCOMPANY THE FOREGOING STATEMENT.

Page Table No. I.—Abstract op Receipts and Expenditure of the Financial Year ended 31st March 1905 .. .. .. ~ ~ _ _ ' a Table No. 2.—Comparative Statement of the Estimated and Actual Receipts and Expenditure op the Consolidated Fund for the Financial Year ended 31st March, 1905 25 Table No. 3.—The Public Debt on 31st March, 1905 .. .. .. .. 26 Table No. 4.—Statement of the Estimated Liabilities of the Consolidated Fund outstanding ok 31st March from 1895 to 1905 inclusive .. .. .. ... 29 Table No. s.—Statement op the Estimated Liabilities of the Public Works Fund outstanding on 31st March prom 1895 to 1905 inclusive .. .. .. .. .. .. 30 Table No. 6.—Statement showing the Total Ways and Means op the Public Works Fund and the Total Net Expenditure to 31st March, 1905 .. .. .. .. .. 31 Table No. 7.—Estimated Expenditure op 1905-6 compared with the Actual Expenditure op 1904-5 .. 32 Table No. 8. -Estimated Revenue op 1905-6 compared with the Actual Revenue of 1904-5 .. 32 Table No. 9.—Statement showing the Amount charged to " Unauthorised " in each Financial Year prom Ist July, 1875, to 31st March, 1905 .. .. .. .. .. 33 Table No. 10.—Statistics for 1884-1894-1904 .. .. .. .. .. 34 Table No. 11.—Value of some of the Principal Exports .. .. .. .. .. ..34 Table No. 12.—Trade Exchange between New Zealand and other Countries .. .. .. 35 Table No. 13.—Development op Shipping trading to and from Places beyond New Zealand .. 35 Table No. 14.—Registered Vessels belonging to New Zealand .. .. .. .. .. 36 Table No. 15.—Increases for Two Decennial Periods, 1884-1894 and 1894-1904 ~ .. ..36

I—B. 6.

2

8.—6

Table STATEMENT of the RECEIPTS and EXPENDITURE of the CONSOLIDATED.

V RECEIPTS. 1904-1905. 1903-1904-. £ s. d. £ s. d. £ s. d. 800,248 4 5 37,894 11 6 64,859 11 4 579 10 11 323 14 4 Balance at beginning of Year,— Cash in the Public Account Advances in the hands of Officers of the Government, - In the Colony K? 10 <) In London n0 <f< 10 . \ On acoount of Imperial Pensions .. .. .. ■• ™ J J On account of other Governments .. .. • • Q95 1 1 1 1,126,830 10 11 62,910 6 4 160,000 0 0 100,000 0 0 1,003,905 12 6 700,000 0 0 Investment Acoount Less Treasury Bills outstanding ..... 1,349,740 17 3 700,000 0 0 649,740 17 3 303,905 12 6 2,601,325 7 1 1,079,284 1 10 334,990 10 6 221,368 18 11 3 9 2 96,720 12 2 2,167,992 2 10 92,647 7 5 35,836 0 6 143,375 2 1 Ordinary RevenueCustoms .. . • • • • • • • . ■ • ■ • • Stamps, including Postal and Telegraph Cash Receipts Land-tax Income-tax Property-tax Beer Duty .. • • ■ • • • • • • • • •» Railways Registration and other Pees Marine Miscellaneous .. .. • • • • • • • • ■ ■ 2,631,983 12 0 1,160,119 5 10 352,853 14 4 253,951 14 4 96,210 9 7 2,217,767 0 5 103,465 6 3 36,120 12 10 170,377 18 6 6,773,543 12 6 7,022,849 14 1 £50,566 8 0 5,505 2 9 191,770 16 8 Territorial Revenue, — Cash Land Sales .' £44,168 13 8 Deferred-payment Land Sales .. .. .. •• 5,357 3 ! Pastoral Runs, Rents, and Miscellaneous .. .. .. 210,494 16 9 260,020 14 2 247,842' 7 5 7,282,870 8 8 7,021,385 19 11 60,600 0 0 Receipts in Aid, — Debentures issued under " The Consolidated Stock Act, 1884,"— For Increases of Sinking Fund 63,200 0 0 47,741 0 8 371 11 6 17 18 3 Recoveries in respect of Expenditure of previous Years,— In respect of payments made on account of Cook Islands In respect of payments made on account of South Africa Contingents Recoupment of interest paid under State Coal-mines Act Unauthorised 1,126 17 9 1,126 17 9 48,130 10 5 Totals £7,434,022 2 10 !£7,996,938 3 3 TREASU Y BILLS £ s. d 700,000 0 0 Treasury Bills outstanding at beginning of Year £ s. d. £ s. d. 700,000 0 0 Treasury Bills issued during Year,— 900,000 0 0 In renewal of Bills matured 200,000 0 0 In anticipation of Revenue .. 700,000 0 0 700,000 0 0 £ £1,800,000 0 0 El.800.000' 0 0 Totals £1,400,000 0 0

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No. 1. FUND for the Year ended 31st March. 1905, compared with the Financial Year ended 31st, March, 1904.

1903-1904. EXPENDITURE 1903-1904. 19Q4■1905. £ s. d. Permanent Appropriations,— 35,258 6 8 Civil List.. 1,957,962 12 5 Interest and Sinking Fund.. 252,567 6 3 j Under Special Acts of the Legislature 70,548 3 8 Subsidies paid to Local Bodies Amounts paid over to Local Bodies and to Deposit Accounts in respect of 33,354 1 3 I Payments under the Land Acts .. Endowments— 3,209 11 7i New Plymouth Harbour Board .. 15,662 6 2 Greymouth Harbour Board 44,510 5 11 Westport Harbsur Board 200,844 10 1 Old-age Pensions .. £ s. d. 35,258 6 8 1,957,962 12 5 252,567 6 3 70,548 3 8 £ s. d. 34,159 0 0 1,993,729 5 7 ■286,376 13 7 73,639 18 5 £ s. d. 33,354 1 3 30,759 11 10 3,209 11 7 15,662 6 2 44,510 5 11 200,844 10 1 3,135 17 4 12,964 6 3 42,233 14 5 193,973 13 5 2,613,917 4 0 2,670,972 0 10 2,613,917 4 0 Annual Appropriations,— 25,548 10 7 Class I.—Legislative .. 80,748 6 5' „ II.—Colonial Secretin-* 32,64110 1 „ III.—Public Health 57,616 6 9 „ IV. —Industries and Commeroe and Tourist Department 43,407 16 6 „ V.—Colonial Treasurer 3,655 2 2: „ VI.—Old-age Pensions 135,984 19 5 „ VII.—Minister of Justice .. 524,499 17 8 ., VIII.—Postmaster-General .. 37,467 10 6 „ IX.—Commissioner of Trade and Customs 51,128 7 3: „ X.—Marine 41,300 6 0 „ XL—Printing and Stationery 28,394 5 6, ., XII. —Commissioner of Stamps 576,488 9 7 ,. XIII.—Education Department 76,261 15 I „ XIV.—Lunacy and Charitable Department 9,602 15 9 „ XV.—Department of Labour .. 19,065 5 6 „ XVI.—Minister of Mines 112,420 19 3 . XVII.—Minister for Agriculture 1,451,953 17 8 „ XVIII.—Working Railways 22,815 1 2 „ XIX.-Minister for Public Works 170,325 14 3 i „ XX.—Defence Department .. 126,917 14 . XXI.—Police Department .. 160,804 5 2 „ XXII.—Department of Lands and Survey 27,971 7 0 „ XXIII.—Valuation Department 3,344.11 0 ; Services not provided for 3,820,364 1 7 25,548 10 7 80,748 6 5 32,641 10 1 57,616 6 9 43,407 16 6 3,655 2 2 135,984 19 5 524,499 17 8 37,467 10 6 51,128 7 3 41,300 6 0 28,394 5 6 576,488 9 7 76,261 15 1 9,602 15 9 19,065 5 6 112,420 19 3 1,451,953 17 8 22,815 1 2 170,325 14 3 126,917 1 4 160,804 5 2 27,971 7 0 3,34411 0 24,599 0 7 (10,469 7 2 31,772 17 8 62,478 15 1 41,029 7 5 3,936 18 0 147,961 4 5 557,535 1 11 40,583 13 4 54,303 19 4 42,122 0 3 30,771 1 4 635,936 17 9 78,472 19 8 10,848 0 1 18,489 1 8 112,630 16 3 1,471,827 8 8 26,267 11 0 188,253 10 7 130,676 7 7 149,441 14 11 29,306 18 10 6,215 4 8 3,964,929 18 2 3,820,364 1 7 Amount transferred to the Public Works Fund, in terms of section 13 of "The 350,000 0 0 Appropriation Act, 1904" .. 600,000 0 0 350,000 0 0 1,126,830 10 11 30,718 11 2 30,837 10 9 658 7 4 695 17 1 160,000 0 0 Balance at end of Year, — 1,126,830 10 11 Cash in the Public Account Advances in the hands of Officers of the Government—30,718 11 2 Iu the Colony .. 30,837 10 9 In London 658 7 4 On account of Impeiial Pensions 695 17 1 On account of other Governments 160,000 0 0 Investment Account 1,278,053 12 7 24,161 12 8 56,951 0 1 956 18 10 913 0 1 100,000 0 0 1,349,740 17 3 1,349,740 17 3 700,000 0 0 700,000 0 0 Less Treasury Bills outstanding .. 649,740 17 3 1,461,036 4 3 700,000 0 0 761,036 4 3 649,740 17 3 27,434,022 2 10 Totals 57,434,022 2 10 £7,996,938 3 3 ACCOUNT, £ s. d. 900,000 0 0 I Treasury Bills renewed during Year .. 200,000 0 0 ; Treasury Bills paid off during Year .. £ s. d. 700,000 0 0 £ s. d. 1,100,000 0 0 700,000 0 0 700.000 0 0 Treasury Kills outstanding at end of Year 700,000 0 0 11, 800,000 0 0J Totals £1,400,000 0 0

4

8.—6

Table STATEMENT of the RECEIPTS and EXPENDITURE of the CONSOLIDATED

1903-1904. RECEIPTS. 1904-1905. 1904-1905. £ s. d. * s - d - £ S - d - Balance at beginning of Year,— 31,364 13 8 I Cash in the Public Account .. •• •• •• •• •• 32,ol0 i 7 Advances in hands of Officers of the Government — 165 19 IntheColony ™_!_1 M .« 7 11«8 £ s. d. £ s. d. 32,510 7 7 161 9 1 , 32,OU 10 1 31,529 15 5 1,992 18 6 Rents from Lands set apart .. .. .. •• •• •• ■• 3,246 10 2 14,733 4 11 Miscellaneous .. .. .. ■• ■• •• •• ■• 9,537 12 6 32,671 16 8 3,246 10 2 9,537 12 6 12,784 2 8 3,246 10 2 9,537 12 6 16,726 3 5 i _ OAK AKK If. A £48,255 18 10 Totals •• £45,455 19 4 £45,455 19 4 STATE COAL- £ s. d. Balance at beginning of Year,— d n * s - d ' 1,076 10 0 Cash in the Public Acoount .. .. •• ■ •• •■ 2,168 18 J Advances in the hands of Officers of the Government - 1,500 0 0 IntheColony .. .. .. .. •■ ■■ 1,863 19 0 10,000_J) 0 In London •• •• 4,032 17 9 io r.nc* in n £ s. d. 1,076 10 0 1,500 0 0 10,000 0 0 12,576 10 0 12,576 10 0 ±y> yj " The State Coal-mines Act, 1901,"— 55,000 0 0 Debentures created .. .. .. .. •• •• •• 33,000 0 0 1,702 16 3 Proceeds of sale of coal .. .. •• •■ •• - : •■ 108,502 2 9 Transfer from Public Works Fund, being amount expended in acquiring and partially completing the Point Elizabeth Railway •• •• •• •• 62,540 1110 ' J f e, 1 —, 204,042 14 7 55,000 0 0 1,702 16 3 56,702 16 3 £69,279 6 3 Totals •• £208,075 12_ _i_ 56,702 16 3 £69,279 6 3 £208,075 12 4 SCENERY PRESERVATION ! ■ £ s. d. Debentures created under " The Scenery Preservation Act, 1903" .. .. .. 10,000 0 0 Total •• £10,000 0 0 £10,000 0 0 X ' = ACCOUNTS OF I £ s. d. Balance at beginning of Year, — £ s. d. £ s. d. 24,224 12 9 Cash in the Public Account .. .. .. .. .. .. 7,866 16 5 Advances in the hands of Officers of the Government — 151 15 8 In the Colony .. .. .. .. .. .. .. .. I 92 15 10 : ! 7,959 12 3 a A orrc Q fi £ s. d. 24,224 12 9 151 15 8 24,376 8 5 24,376 8 5 : . Revenue received for Local Bodies,— 7,696 3 5 Fees, Fines, &c. .. .. .. .. .. .. .. .. 8,340 7 2 20,080 2 3 Endowments of Land, &e. .. .. .. .. .. .. .. 19,688 0 9 23,463 14 11 Goldfields Revenue .. .. .. .. .. .. .. 20,485 17 1 23,400 6 6 GoldDuty .. .. .. .. .. .. .. .. 22,219 13 1 . 70,733 18 1 74,640 7 1 7,696 3 5 20,080 2 3 23,463 14 11 23,400 6 6 74,640 7 1 . j. , ~~~ . — Counties Separate Accounts, — 278 3 6 Revenue of Counties in which " The Counties Act, 1886," is not in full operation .. 234 18 10 278 3 6 Advance Account, — 39,776 19 7 Amount repaid by Local Bodies .. .. .. .. .. .. 30,274 4 9 64 7 9 Ditto on account of Unauthorised Expenditure of previous years .. .. 93 18 0 30,368 2 9 on a At 17 A 39,776 19 7 64 7 9 39,841 7 4 39,841 7 4 £139,136 6 4 Totals •• £109,296 1111 £139,136 6 4

5

8.—6

No. 1—continued. FUND for the Year ended 31st March, 1905, compared with the Financial Year ended 31st March, 1904.

1903-1904. EXPENDITURE. 1904--1905. £ s. d. Annual Appropriation,— 15,584 2 2 Vote 116—State Forests Branch £ s. d. £ s. d. £ s. d. 18,675 5 5 Balance at end of Year, — 32,510 7 7 Cash in the Public Account Advances in the hands of Officers of the Government— 161 9 1 In the Colony 26,637 9 4 143 4 7 26,637 9 4 143 4 7 32,671 16 8 26,780 13 11 £45,455 19 4 £48,255 18 10 Totals __ aiu,iiuu x» t \ \ MINES ACCOUNT. £ s. d. Annual Apnropriation, - 63,174 2 1 Vote 117—State Coal-mines £ s. d. £ s. d. 106,348 1 3 £ s. d. 2,072 6 5 . Interest on Debentures issued 3,778 6 3 Balance at end of Year, — 2,168 18 9 Cash in the Public Account Advances in the hands of Officers of the Government— 1,863 19 0 IntheColony .. In London 93,519 14 6 93,519 14 6 4,078 15 6 350 14 10 4,078 15 6 350 14 10 97,949 4 10 4,032 17 9 ! ~.... ,._.. - — £69,279 6 3 Totals £208,075 12 4 ____! ACCOUNT. Annual Appropriation,— Vote 118 —Expenses of Commissioners Balance at end of Quarter, — Cash in the Public Account Advances in the hands of Officers of tue Government— IntheColony .. £ s. d. 7,779 16 -5 130 1 6 £ s. d. 2,090 2 1 7,909 17 11 Total £10,000 0 0 LOCAL BODIES. £ s. d. Revenue paid over to Local Bodies, — 7,982 7 7 Fees, Fines, &c. .. 30,192 2 8 Endowments of Land, &c. .. 23,753 7 8 Goldfields Revenue 29,034 16 0 Gold Duty 90.962 13 11 £ s. d. 8,553 4 4 19,773 0 9 18,812 18 3 21,766 4 3 £ s. d. 68,905 7 7 90,962 13 11 yu,yoz i.-i ii Counties Separate Accounts, — Amount distributed amongst Local Bodies where "The Counties Act, 1886," 294 17 5 is not in full operation 230 12 9 294 17 5 Advance Accounts, — 39,919 2 9 Payments on behalf of Local Bodies . 39,919 2 9 30,165 3 7 Balance at end of Year, — 7,866 16 5 Cash in the Public Account Advances in the hands of Officers of the Government — 92 T5 10 In the Colony 7,866 16 5 9,938 14 1 56 13 11 9,938 14 1 9,995 8 0 92 T5 10 56 13 11 7,959 12 3 7,959 12 3 £139,136 6 4 Totals £139,136 6 4 £109,296 11 11

8.—6.

6

Table STATEMENT of the RECEIPTS and EXPENDITURE of the CONSOLIDATED

1903-1904. RECEIPTS. 1904 1904-1905. £ s. d. 131,362 7 3 Balance at beginning of Year, — Cash in the Public Account Advances in the hands of Officers of the Government— In the Colony In London £ s. d. 134,803 11 3 2,710 12 8 6,066 9 9 £ s. d. £ s. d. 134,803 11 3 5,522 6 3 10,006 6 1 2,710 12 8 6,066 9 9 148,580 13 8 146,890 19 7 1,424 6 11 15,424 0 0 50 0 0 16 3 2 48 0 8 873 17 8 70,599 0 3 344 4 3 138 0 0 945 10 6 52,837 11 3 47,396 6 8 1,236 7 9 4 16 6 17 6 3 64 1 8 24 6 3 174 19 4 88 19 6 16 15 9 85 17 6 34 10 0 53 16 3 172 9 9 104 12 6 91 5 6 28 7 0 I odgments,— Cyanide Process Gold-extraction Act, 1897 .. Emigrants' Deposits General Assembly Library Fund Hospitals and Charitable Institutions Acts, 1885-86 .. Imperial Government (Contracts) Imperial Government (Crown Agents) Imperial Government (South Africa Contingents) Land Transfer Act, 1885 Maori Land Administration Suspense Account Mining Districts Land Occupation Act, 1894 .. ■• Miscellaneous Money order Settlement Moiety of Rotorua Bath Pees Native Township of Hokio .. „ Karewa ■ • ■ • • ■ ■ • • ■ I Parata Parawai Pipiriki • • • • • ■ Potaka . ■ • • ■ • • • Kotoiti ■ • • ■ • • • • ■ • I Te Araroa .. .. ■ ■ ■ ■ ' • • Te Puia Te Puru Tokaanu Tuatine Waipiro Nelson Rifle Prize Puna (Interest Account) New Zealand University Endowment, Canterbury .. .. .. New Zealand University Endowment, Taranaki New Zealand University Endowment, Westland North Island Experimental Dairy School North Island Main Trunk Railway Loan Application Act 1886 Amendment Act, 1889 .. Public Trust Office Remittance Account Railways Tauranga Educational Endowment Reserves Act, 1896 Thermal-springs Districts Act, 1881 .. Trustee Act, 1883 1,790 10 10 51,263 10 0 125 0 0 23 10 4 1,867 3 5 152 12 6 121 18 0 819 14 3 42,938 0 5 77,329 4 2 1,243 14 2 6 0 0 14 10 0 77 19 10 44 15 0 164 5 10 202 10 6 31 8 9 63 6 0 56 5 0 35 1 3 200 13 10 46 2 8 71 4 4 23 9 9 390 0 0 580 14 1 416 9 6 47 0 3 9,010 18 8 18,731 19 8 3,270 0 0 30 5 0 1,888 14 10 541 15 1 5 0 0 46 19 9 12,070 0 1 16,998 11 9 1,565 0 0 167 5 5 24 2 9 22 4 7 213,078 12 10 223,736 12 3 Totals £356,659 6 6 :370,627 11 10

7

8.—6.

No. 1—continued. FUND for the Year ended 31st March, 1905, compared with the Financial Year ended 31st March, 1904.

ACCOUNTS. 1903-1904. EXPENDITURE. £ r. d. | Withdrawals — 11,514. 0 0 Emigrants'Deposits 50 0 0 General Assembly Library Fund 20 18 11 j Hospitals and Charitable Institutions Acts, 1885-86 .. 86,033 11 8 : Imperial Government (South Africa Contingents) 352 15 0 ! Land Transfer Act, 1883-85 637 0 0 Mining Districts Land Occupation Act, 1894.. 55,278 2 10 Miscellaneous Moiety of Rotorua Bath Fees 42,796 6 8 Money-order Settlement .. 168 12 2 ' Native Land Purchases Native Township, Parata 166 1 0 „ Pipiriki .. 78 15 0 „ Potaka .. 62 5 0 , Tokaanu.. Waipiro 46 0 0 Nelson Rifle Prize Fund New Zealand University Endowment, Westland 2 17 5 Ngatirahiri Compensation 2 14 4 j North Island Experimental Dairy School North Island Main Trunk Railway Loan Application Act 1886 Amendment Act, 1,138 7 3 1889 .. 18,350 15 7 Public Trust Office Remittance Account 10,213 '9 4 Railways.. 134 6 0 Thermal-springs Districts Act, 1881 227,046 18 2 ' 1904- £ s. d. 53,719 10 0 125 0 0 16 3 2 5,747 12 1C 245 0 0 569 0 1 46,435 6 9 0 7 3 78,129 4 2 258 16 1 111 9 6 141 3 9 645 17 0 20 6 0 406 9 6 25 6 5 18,740 1 1 17,957 4 8 2,913 4 2 6 9 10 1904-1905. £ s. d. 226,213 12 3 227,046 18 2 Balances at end of Year, — 134,803 11 3 Cash in the Public Account Advances in the hands of Officers of the Government— 2,710 12 8 In the Colony .. 6,066 9 9 In London ua ssn is s 116,392 16 7 2,463 6 11 11,589 10 9 134,803 11 3 116,392 16 7 2,710 12 8 6,066 9 9 2,463 6 11 11,589 10 9 130,445 14 3 143,580 13 8 143,580 13 8 £370,627 11 10 Totals £370,627 11 10 £356,659 6 6

8.—6

8

Table STATEMENT of the RECEIPTS and EXPENDITURE of the PUBLIC WORKS

1903-19Q4. RECEIPTS. 1904-1905. £ s. d. £ s. d. £ s. d. 287,342 2 0 16,467 7 It 34,756 4 2 Balance at beginning of Year, — Cash in Public Account Advances in the hands of Officers of the Government — IntheColony .. .. .. .. £22,891 9 7 In London .. .. .. .. 12,545 6 10 Investment Account .. .. .. .. .. 37,575 2 5 320,790 8 4 73,011 18 10 393,802 7 2 338,565 14 1 The Aid to Publio Works and Land Settlement Act, 1899,— Provision for repayment of £300,000 advances — 3J-per-cent. Stock created 4-per-cent. Debentures sold 100,000 0 0 200,000 0 0 300,000 0 0 The Aid to Public Works and Land Settlement Act, 1900, — Provision for debentures due 1st April, 1904, £500,000 — Temporary advances against issue of debentures Debentures sold Debentures issued in renewal .. .. .. • . . Provision for debentures due 1st April, 1903, — Debentures issued in renewal 203,500 0 0 301,000 0 0 204,500 0 0 465,000 0 0 709,000 0 0 The Aid to Public Works and Land Settlement Act, 1901, — Provision for Debentures due 1st December, 1904, £250,000 — Debentures sold Debentures renewed 70.100 0 0 179,600 0 0 The Aid to Public Works and Land Settlement Act, 1902, — Instalments received in respect of £1,000,000 Loan 3-per-cent. Stock, issued in London Interest on overdue instalments, Loan of 1902 Premium on £2,000 at Is. per cent. .. 249,700 0 0 740,000 0 0 28 3 0 1 0 0 583,950 0 0 The Aid to Public Works and Land Settlement Act, 1903,— In respeot of issue of £1,000,000 authorised— Debentures issued Brought to charge in previous year 1,000,000 0 0 583,950 0 0 416,050 0 0 The Aid to Public Works and Land Settlement Act, 1904, — Instalments received in respect of £750,000 Loan, 4 per cent., issued in London.. Temporary advances on security of short-dated debentures issued in anticipation of loan 717,063 0 0 200,000 0 0 917,063 0 0 1,788,979 3 0 Special Receipts in connection with the Ellesmere and Forsyth Reclamation and Akaroa Railway Trust 1,635 8 1 1,633 6 7 350,000 0 0 Amount transferred from the Consolidated Fund in terms of section 13 of "The Appropriation Act, 1904 " .. 600,000 0 0 Amount transferred from North Island Main Trunk Loan Application Act Deposit Acoount 10,000 0 0 150,000 0 0 The Midland Railway Petitions Settlement Acts, 1902-1903,— Debentures created Totals 52,629,180 0 2 3,597,248 13 9

8.—6,

9

No. 1—continued. FUND for the Year ended 31st March, 1905, compared with the Financial Year ended 31st March, 1904.

2—B. 6.

1903-1904. EXPENDITURE. 1904-1905. £ s. d. £ s. d. £ s. d. 16,088 19 0 802,240 12 0 216,191 13 3 10,863 2 2 15,643 4 3 Cr. 6 11 8 361,044 18 1 16,278 5 4 5,351 14 8 47,226 19 7 666 0 3 38,723 16 3 2,019 3 11 Annual Appropriations,— Class XXIV. —Public Works, Departmental XXV.—Railways .. XXVI. —Utilisation of Water-power „ XXVII.—Public Buildings .. „ XXVIII. —Lighthouses, Harbour-works, and Harbour Defences .. XXIX.—Tourist and Health Resorts.. „ XXX.—Immigration XXXI.—Roads XXXIL—Development of Goldfields .. „ XXXIII.—Purchase of Native Lands .. „ XXXIV.—Telegraph Extension XXXV. —Rates on Native Lands , XXXVI.—Contingent Defence , XXXVII. —Lands Improvement „ XXXVIII. —Charges and Expenses of raising Loans 12,813 17 11 677,674 8 4 467 13 3 116,677 14 10 5,990 8 7 17,107 15 6 6,481 14 0 226,462 13 4 6,257 19 11 6,280 10 4 79,297 15 1 631 4 9 46,588 7 1 2,248 4 5 403 3 6 1,205,383 10 10 1,532,331 17 1 Unauthorised, — Services not provided for 3,549 1 10 796 18 11 465,000 0 0 The Aid to Public Works and Land Settlement Act, 1899,— Debentures matured 1st April, 1903, paid off Repayment of advances .. .. .. .. .. Charges and expenses 300,000 0 0 2,219 13 0 302,219 13 0 The Aid to Public Works and Land Settlement Aot, 1900,— Temporary advances, as per contra, repaid Debentures due 1st April, 1904, redeemed Debentures due 1st April, 1904, renewed Charges and expenses connected therewith 203,500 0 0 295,500 0 0 204,500 0 0 5,369 16 9 708,869 16 9 The Aid to Publio Works and Land Settlement Act, 1901, — Debentures due 1st December, 1904, paid off Debentures due 1st December, 1904, renewed Charges and expenses 70,100 0 0 179,600 0 0 2,332 12 9 252,032 12 9 82,188 3 11 The Aid to Public Works and Land Settlement Act, 1902,— Charges and expenses 5,060 13 1 The Aid to Publio Works and Land Settlement Act, 1903,— Charges and expenses 438 0 7 The Aid to Public Works and Land Settlement Act, 1904,— Temporary advances, as per contra, repaid 200,000 0 0 The Appropriation Act, 1904, section 24, — Transferred to State Coal-mines Account, being amount expended in acquiring and partially completing Point Elizabeth Railway, now being treated as part of the Government railways 62,540 11 10 552,248 17 0 The Ellesmere and Forsyth Railway Trust Account, — Expenditure 544 18 0 150,000 0 0 The Midland Railway Petitions Settlement Acts, 1902-1903,— Debentures issued.. 320,790 8 4 22,891 9 7 12,545 6 10 37,575 2 5 Balance at end of Year, — Cash in the Public Account Advances in the hands of Officers of the Government— In the Colony In London Investment Account 833,041 5 1 4,123 2 8 24,506 0 5 861,670 S 2 393,802 7 2 Totals £2,629,180 0 2 £3,597,248 13

8.—6

10

Table STATEMENT of the RECEIPTS and EXPENDITURE of the PUBLIC WORKS PAEROA-WAIHI

1903-1904. RECEIPTS. 1904-1905. £ s. d. £ s. d. Balance at beginning of Year, — Cash in the Publio Account Amount received for purchase of £26,738 3-per-cent. Debentures under " The Paeroa-Waihi Railway Act, 1903 " .. 23,537 4 10 50,000 0 0 25,000 0 0 £50,000 0 0 Totals £48,537 4 10 HUTT RAILWAY AND ROA £ s. d. *" The Hutt Railway and Road Improvement Act, 1903," — Debentures issued 45,000 0 0 Total £45,000 0 0 THE RAILWAYS IMPROVE ENTS AUTHORISATIO £ s. d. " The Railways Improvements Authorisation Act, 1904," — Instalments received in respect of 4-per-cent. issue of £92,500 88,437 0 0 Total .. £88,437 0 0 STATEMENT of the RECEIPTS and EXPENDITURE of the CHE' tot estat: £ s. d. £ s. d. £ s. d. 22,433 11 11 Balance at beginning of Year, — Cash in Public Account 27,347 1 6 13,685 9 7 90 0 0 4 2 6 Receipts under " The Cheviot Estate Disposition Act, 1893," — Rents from Lands Interest on Advances .. ... Miscellaneous 15,279 6 4 15,279 6 4 13,779 12 1 Total* £36,213 4 0 £42,626 7 10

11

8.—6

No. 1—continued. FUND for the Year ended 31st March, 1905, compared with the Financial Year ended 31st March, 1904. RAILWAY ACCOUNT.

1903-1904. EXPENDITURE. 1904-1905. £ s. d. 26,462 15 2 23,537 4 10 Expenditure Balance at end of Year, — Cash in the Public Aocount Totals £ s. d. 39,675 11 3 8,861 13 7 £48,537 4 10 £50,000 0 0 MPROVEME T ACCOUNT for the Year ended 31st March, 1905. Annual Appropriation,— Vote 119—Hutt Railway and Road Improvement £ s. d. 32,103 8 7 Balance at end of Year, — Cash in the Public Account 12,896 11 5 Total £45,000 0 0 CT ACCOUNT for the Year ended 31st Makch, 1905. £ s. d. Balance at end of Year, — Cash in the Public Account 88,437 0 0 Total £88,437 0 0 March, 1904. CCOUNT for the Year ended 31st March, 1905, compared with the Financial Year ended 31si £ s. d. 8,866 2 6 Interest Surveys, Roading, &c. £ s. d. 8,866 2 6 48 13 10 ££ s. d. 16 4 8,866 2 6 Balance at end of Year, — Cash in the Publio Account 27,347 1 6 33,711 11 6J Totals £36,213 4 0 £42,626 7 10

8.-6

12

Table STATEMENT of the RECEIPTS and EXPENDITURE of the LAND FOR SETTLEMENTS

1903-1904. RECEIPTS. 1904-1905. £ s. d. £ s. d. £ s. d. 38,352 1 5 2,722 18 4 325,000 0 0 Balance at beginning of Year, — Cash in the Public Account Advances in hands of Officers of the Government— In the Colony .. .. .. .. Investment Account 93,069 19 2 588 19 7 325,000 0 0 418,658 18 9 366,074 19 9 The Land for Settlements Consolidation Aot, 1900,— Provision for Debentures due 1st April, 1904 (£250,000), and 1st May, 1904 (£527,950)— Debentures sold.. Debentures issued in renewal 456,100 0 0 330,450 0 0 786,550 0 0 Provision for Debentures due 1st November, 1904 (£21,000) — Debentures sold.. Debentures issued in renewal 2,400 0 0 18,600 0 0 Provision for Debentures due 1st February, 1905 (£415,000)— Debentures sold.. Debentures issued in renewal 21,000 0 0 115,400 0 0 299,600 0 0 415,000 0 0 Debentures Bold for purchase of estates Temporary advances against Debentures issued to provide for the redemption of maturing securities 730,200 0 0 584,500 0 0 511,350 0 0 Proceeds of Sorip and Debentures 511,350 0 0 150,406 18 5 Receipts derived from Estates, — Rents, &c. 149,606 0 11 13,608 11 3 Other Receipts,— Interest on Investments held by the Land for Settlements Investment Account.. 12,875 0 0 2 2 0 0 10 0 2 3 10 3 16 8 Credits in reduotion, — Albury Estate Braco Estate Highbank Estate Langdale Estate Okauia Estate Orakipaoa Estate 2 13 0 10 6 0 10 6 10 13 9 8 0 0 50 15 3 30 6 3 316 2 0 63 2 6 Recoveries, — Epuni Estate Chamberlain Estate Hekeao Estate Kapua Estate Kohika Estate Langdale Estate Lyndon Estate Maungaraki Estate Opouriao Estate Rapuwai Estate 23 13 0 3 5 0 622 18 5 20 0 0 8 0 0 669 16 5 476 6 0 ,041,927 9 2 Carried forward 3,119,060 6 7

13

8.—6

No. 1—continued. ACCOUNT for the Year ended 31st March, 1905, compared with the Financial Year ended 31st March, 1904.

1903-1904. EXPENDITURE. 19Q. -1905. £ s. d. £ s. d. £ s. d. £ s. d. £ s. d. 2,207 11 6 2,531 8 10 Annual Appropriations,— Vote 120—Land for Settlements Expenses Vote 121—Land for Settlements Roads 4,803 9 8 4,141 10 4 8,945 0 0 4,739 0 4 Acquirement of Estates, — Name of Estate. Purchase-money. Expenses. Total. 1 11 0 96,922 14 6 4,563 17 7 114 5 9 7 6 4 44,761 6 0 5 7 3 162 9 6 11,640 18 2 186 15 2 108 12 9 1 10 8 581 5 10 4 5 2 87 17 9 36 4 7 1,062 12 9 362 10 10 766 8 4 1,102 15 1 1,082 15 8 10 2 9 2 2 0 195 7 9 25 18 3 1,203 1 0 14 0 13 11 6 180 11 1 727 3 3 152 6 0 26 17 6 Albury Annan (Highfield) Argyll Barnego Beaumont Bickerstaffe Blind River.. Chamberlain Clandon Cradock Duncan Earnscleugh Eccleston Edendale (New Zealand and Australian Land Company) Elsthorpe Epuni Fencourt Fiaxbourne Forest Gate Glenham Greenfield (John, James, and W. M. Smith) Hatuma Hekeao Hetana Highbank Hikawera (Horiana Kingi) Janefield Kaimahi Kapuatohe Karapiro Kitchener Kokatahi Kumeroa Langdale (H. and A. Cameron) Lindsay (Mount Vernon), (A. and J. W. Harding) Linton Longbush Lyndon Lyndon No. 2 Maerewhenua Mahora Mahupuku Makareao (Waihemo Grange) Manga-a-toro Manga-a-toro No. 2 .. Mangawhata Marawiti .. .. Matamata (Assets Realisation Board) Maungaraki Maytown Mead Merrivale Methuen Momona Normandale North Bank Ohakea Opouriao Orakipaoa Otarakaro Papaka Paparangi Pareora Pareora No. 2 Pawaho Piripiri .. .. .. ... Plumer Poerua Pomahaka Pubuka Rainford (G. E, Parsons) Rakitairi 113,613 19 10 58,595 17 6 9,380* 0 0 50' 0 0 95,369 11 0 574 3 10 3,105 4 7 110 4 10 5,424' 3 3 241 18 5 120 3 3 56 17 0 817 3 3,100 9 8 6 4 11 304 17 6 36 7 3 4,793 15 9 326 16 0 052 8 10 648 12 0 2 0 0 399 4 9 6 5 6 2 13 58 18 9 10 19 3 98 9 0 433 18 7 17 4 11 2,407 18 11 7 13 416 13 1 5 3 2 10 8 9 0 12 6 6 4 11 9 9 0 171 18 2 646 10 1 574 3 10 3,105 4 7 110 4 10 5,424' 3 3 241 18 5 120 3 3 56 17 0 8 17 3 116,714 9 6 6 4 11 304 17 6 36 7 3 4,793 15 9 326 16 0 59,248 6 4 648 12 0 2 0 0 399 4 9 6 5 6 9,380 0 0 2 13 58 18 9 10 19 3 98 9 0 433 18 7 67 4 11 97,777 9 11 7 13 416 13 1 5 3 2 10 8 9 0 12 6 6 4 11 9 9 0 171 18 2 646 10 1 1,657 19 10 1,401 9 2 13 5 6 62 17 6 8 10 5 3,310 2 5 496 3 8 23 5 9 26 13 6 142 3 0 300 15 0 127,515 13 4 473* 2 11 5,291 18 9 294 5 8 79 17 9 1 16 0 111 5 2 189 6 0 0 2 0 2,764 17 4 60 0 8 473' 2 11 132,807 12 -1 294 5 8 79 17 9 1 16 0 111 5 2 189 6 0 0 2 0 2,764 17 4 60 0 8 12 460 11 6 103 15 6 3 7 6 33 1 4 34 15 6 2 8 6 21 10 0 33 1 4 34 15 6 2 8 6 21 10 0 1 15 6 4 15 0 88 4 7 52 1 6 4 8 3 34 15 0 13 0 6 0 16 5 81 19 0 6,155 13 5 9 0 0 27 16 4 55 3 3 107 10 2 123 8 7 4 16 0 5 2 0 6 6 2 27 16 4 55 3 3 107 10 2 123 8 7 4 16 0 5 2 0 6 6 2 192,559 5 2 Carried forward 404,525 1 8 33,910 16 3 438,435 17 11 8,945 0 0

8.—6,

14

Table STATEMENT of the RECEIPTS and EXPENDITURE of the LAND FOR SETTLEMENTS

1903-1904. RECEIPTS. 1904-1905. £ a. d. ,041,927 9 2 Brought forward £ s. d. £ s. d. 3,119,060 6 7 • Totals £3,119,060 6 7 !1,041,927 9 2

15

8.—6

No. 1—continued. ACCOUNT for the Year ended 31st March, 1905, compared with the Financial Year ended 31st March, 1904-continued.

1903-1904. EXPENDITURE. 1904-1905. £ s. d. 4,739 0 4 £ s. d. £ s. d. £ s. d. £ s. d. Brought forward .. .. .. 404,525 1 8 33,910 16 8 404,525 1 8 33,910 16 3 438,435 17 11 8,945 0 0 192,559 5 2 Acquirement of Estates— continued. Purchase-money. 23 10 0 59 1 5 248,444 3 6 4,452 7 9 858 15 6 6 5 6 300 0 0 1,190 8 0 139 10 6 65 1 6 21 12 2 174 15 6 47 15 10 0 6 8 460 13 11 1 12 9 Name of Estate. Purchase-money. Expenses. Rangiatea .. .. .. .. .. .. 0 14 0 Richmond Brook .. .. .. .. .. 376 18 6 Ringway .. .. .. .. .. .. 44 19 10 Rosewill .. .. .. .. .. .. 2,967 9 3 St. Helen's .. .. .. .. .. .. 130 Spotswood .. .. .. .. .. .. 606 7 0 Starborough Station Peak Tablelands .. .. .. .. .. .. 863 2 8 Takitu .. .. .. .. .. .. 175 2 0 Tamai .. .. .. .. .. .. 178 15 2 Tamaki Tarawahi .. .. .. .. .. .. 135 2 8 Toka-ora .. .. .. .. .. .. 53 0 3 Tokarahi .. .. .. .. .. .. 110 19 9 Waari .. .. .. .. .. .. 751 10 11 Waikakahi .. . . .. .. .. .. 16 16 7 Waipapa .. .. .. .. .. .. ' 497 17 1 Whitehall .. .. .. .. .. .. 330 Wigan .. .. .. .. .. .. 884 8 7 Windsor Park .. .. .. .. .. 26 8 0 Windsor Park No. 2 .. 404,525 1 8 41,604 14 6 Expenses. 0 14 0 376 18 6 44 19 10 2,967 9 3 13 0 606 7 0 Total. 0 14 0 376 18 6 44 19 10 2,967 9 3 13 0 606 7 0 863 2 8 175 2 0 178 15 2 863 2 8 175 2 0 178 15 2 135 2 8 53 0 3 110 19 9 751 10 11 16 16 7 497 17 1 3 3 0 884 8 7 26 8 0 135 -2 8 53 0 3 110 19 9 751 10 11 16 16 7 497 17 1 3 3 0 884 8 7 26 8 0 97 19 6 54,356 1 0 28 19 1 136 17 3 503,425 2 6 404,525 1 8 41,604 14 6 446,129 16 2 446,129 16 2 "The Land for Settlements Consolidation Act, 1900," — Temporary Advances repaid, as per contra .. Debentures redeemed— Due 1st April, 1904 .. .. .. .. .. £189,000 0 0 Due 1st May, 1904 .. .. .. .. .. 258,500 0 0 Due 1st November, 1904 .. .. .. .. .. 2,400 0 0 Due 1st February, 1905 .. .. .. .. .. 115,400 0 0 584,500 0 0 565,300 0 0 Debentures renewed— Due 1st April, 1904 .. .. .. .. .. £61,000 0 0 Due 1st May, 1904 .. .. .. .. .. 269,450 0 0 Due 1st November, 1904 .. .. .. .. .. 18,600 0 0 Due 1st February, 1905 .. .. .. .. .. 299,600 0 0 648,650 0 0 14,133 19 3 15 18 5 Charges and Expenses on issue of Debentures under the Act ... 15 18 5 1,812,583 19 3 115,088 9 2 Interest recouped to Consolidated Fund in respect of Debentures issued 134,703 13 7 93,069 19 2 588 19 7 Balanoe at end of Year, — Cash in the Public Account Advances in the hands of Officers of the Government— In the Colony Foreign Investment Aocount .. 379,097 17 7 325,000 0 0 20,000 0 0 317,600 0 0 716,697 17 7 418,658 18 9 Totals il,041,927 9 2 £3,119,060 6 7

16

8.—6

Table STATEMENT of the RECEIPTS and EXPENDITURE of the CONVERSION

1903-1904. RECEIPTS, 1904-1905. £ s. d. £ s. d. £ s. d. 1,216 2 2 446 2 0 Balance at beginning of Year, — Cash in the Publio Aocount In the hands of Stock AgentsCash 4,816 2 2 222 17 6 5,038 19 8 1,662 4 2 60,000 0 0 3J-per-cent. Inscribed Stock, — Issued for redemption of Debentures Issued in exchange for Debentures Issued for expenses 60,000 0 0 92,791 0 0 2,000 0 0 154,791 0 0 60,000 0 0 3-per-oent. Inscribed Stock, — Issued in exchange for Debentures 848 0 0 Premium received on sale of Stock 87 10 0 Consolidated Stock Act, 1884, — Issued in renewal of Debentures, Aid to Publio Works Act and Land Settlement Acts, 1896-97 165,000 0 0 Totals £226,662 4 2 £160,765 9 8 STATEMENT of the RECEIPTS and EXPENDITURE of the EW ZEALAND CONSOLS £ s. d. £ s. d. £ s. d. Balance at beginning of Year, — 56 1 1 Cash in Deposit Account .. 472,500 0 0 Investment Acoount 472,556 1 1 1,720 0 0 Deposits insoribed .. £474,276 1 1 Totals 5 76 1 1 474,200 0 0 474,276 1 1 1,458 0 0 £475,734 1 1

17

8.—6

No. 1—continued. ACCOUNT for the Year ended 31st March, 1905, compared with the Financial Year ended 31st March, 1904.

3—B. 6.

1903-1904. EXPENDITURE. 1904-1905. £ s. d. £ s. d. £ s. d. 55,900 0 0 Debentures redeemed, — Consolidated Loan Act, 1867, 5 per oent. Auokland Loan, 1863 54,200 0 0 600 0 0 54,800 0 0 55,900 0 0 165,000 0 0 Debentures converted into 3-per-oent. Stock, — Aid to Public Works and Land Settlement Acts, 1896-99 Land for Settlements Consolidation Act, 1900, at rate of £106 for every £100 Premium 848 0 0 800 0 0 48 0 0 165,000 9 0 Debentures converted into 3i-per-oent. Inscribed Stock, — Consolidated Loan Act, 1867, 5 per oent. at par Land for Settlements Consolidation Act, 1900, 4 per oent., at rate of £103 for every £100 Premium.. .. .. .. . .. ... £12,000 0 0 360 0 0 400 0 0 12,360 0 0 Railways Improvements Authorisation Aot, 1904, 4 per cent., at rate of £103 for every £100 Premium £77,700 0 0 2,331 0 0 80,031 0 0 Expenses Account, — Brokerage and Commission Disoount Stamp Duty Office Expenses Rents Interest 92,791 0 0 375 4 2 258 0 4 90 0 0 305 0 0 7,660 0 0 1,103 14 3 221 4 2 67 10 0 6 13 0 9,364 1 5 723 4 6 4,816.2 2 Balanoe at end of Year, — Cash in the Public Account In the hands of Stock Agents— Cash 1,137 11 8 2,962 8 3 222 17 6 1,824 16 7 5,038 19 8 | i Totals £160,765 9 8 £226,662 4 2 C COUNT for the Year ended 31st March, 1905, compared with the Financial Year ended 31st March, 1904. £ s. d. Balance at end of Year, — Cash in Deposit Account Investment Account £ s. d. £ s. d. 76 1 1 474,200 0 0 284 1 1 475,450 0 0 475,734 1 1 474,276 1 1 £474,276 1 1 Totals £475,734 1 1

18

8.—6

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

RECEIPTS. 1904-1905. 1903-1904. £ s. d. £ s. d. £ s. d. 23,138 9 5 Balance at beginning of Year, — Cash in the Public Account Advances in hands of Officers of the Government— In the Colony 11,365 12 6 6,019 5 5 2,052 6 7 13,417 19 1 29,157 14 10 Debentures created, — Under " The Local Bodies' Loans Act, 1901 " .. 185,000 0 0 205,000 0 0 15 6 1 18 5 124 1 7 296 10 10 Repayments under section 70 of "The Local Bodies' Loans Act, 1901," — Counties — Ashburton Clifton Clutha Eketahuna Geraldine Kiwitea .. • • • • Masterton .. • • • • Pahiatua Rangitikei Wairarapa South Road Boards— Drury Manganui Porangahau Pukekohe West Boroughs— Akaroa Blenheim Port Chalmers Temuka 590 3 3 8 12 0 70 18 8 695 6 5 38 16 4 147 7 11 162 8 0 47 19 4 4 10 5 72 1 2 16 1 187 0 10 40 15 4 2 19 2 39 1 4 9 2 9 665 3 1 1,890 12 10 Carried forward 200,308 11 11 234,822 17 11

19

8.—6

No. 1—continued. ACCOUNT for the Year ended 31st March, 1905, compared with the Financial Year ended 31st March, 1904.

1903-1904. EXPENDITURE. 1904-1905. £ s. d. 2,600 0 0 2,380 0 0 500 0 0 3,000 0 0 1,950 0 0 600 0 0 160 0 0 512 0 0 2,750 0 0 3,200 0 0 1,200 0 0 1,995 0 0 400 0 0 2,594 0 0 5,110 0 0 800 0 0 Grants under " The Local Bodies' Loans Act, 1901,"— Counties — Bruce Castlepoint Clifton Clutha Collingwood Cook Coromandel Eketahuna Featherston Hawera Hawke's Bay Hobson Horowhenua Inangahua Kairanga Kiwitea Manawatu Masterton Mauriceville Oroua Pahiatua Pohangina Raglan Rangitikei Selwyn Stratford Taranaki Waipawa Wairoa Waitotara Wanganui Whakatane Woodville £ s. d. 950 0 0 700 0 0 150 0 0 4,700 0 0 675 0 0 2,003 0 0 1,656 0 0 2,000 0 0 1,314 0 0 5,950 0 0 4,008 0 0 750 0 0 350 0 0 460 0 0 1,850 0 0 569 0 0 4,204 0 0 6,000 0 0 3,070 0 0 5,600 0 0 £ s. d. 500 0 0 300 0 0 6,000 0 0 6,000 0 0 6,000 0 0 1,000 0 0 4,600 0 0 1,317 0 0 3,000 0 0 700 0 0 3,486 0 0 2,300 0 0 94 0 0 600 0 0 56,545 0 0 56,062 0 City Council — Christchurch 10,000 0 0 100 0 0 300 0 0 500 0 0 1,000 0 0 6,000 0 0 3,500 0 0 2,000 0 0 250 0 0 10,118 0 0 2,500 0 0 500 0 0 1,700 0 0 5,500 0 0 3,727 0 0 1,500 0 0 2,500 0 0 2,000 0 0 900 0 0 10,000 0 0 7,300 0 0 1,500 0 0 1,600 0 0 4,000 0 0 3,500 0 0 500 0 0 650 0 0 10,000 0 0 2,400 0 0 200 0 0 330 0 0 Boroughs— Akaroa Alexandra Balolutha Blenhein Cambridge Carterton Eltham Feilding Foxton Gisborne Hamilton Hawera Hokitika Inglewood Kaitangata Lower Hutt Lyttelton Marton Masterton Napier New Brighton Oamaru Onehunga Pahiatua Palmerston North Petone Port Chalmers Ross Stratford Sumner Temuka • Timaru Waihi Westport Winton Woodville 2,500 0 0 700 0 0 380 0 0 4,900 0 0 10,000 0 0 6,300 0 0 1,000 0 0 2,250 0 0 200 0 0 2,172 0 0 9,000 0 0 419 0 0 2,000 0 0 500 0 0 2,250 0 0 7,500 0 0 10,000 0 0 4,500 0 0 400 0 0 2,300 0 0 350 0 0 250 0 0 5,000 0 0 8,645 0 0 600 0 0 86,575 0 0 84,116 0 0 Carried forward 153,120 0 0 140,178 0 0

8.—6.

20

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

1903-1904. RECEIPTS. 1904-1905. £ s. d. 234,822 17 11 £ s. d. £ s. d. 200,308 11 11 Brought forward Totals £234,822 17 11 j £200,308 11 11

21

8.—6

No. 1 - continued. ACCOUNT for the Year ended 31st March, 1905, compared with the Financial Year ended 31st March, 1904— continued.

1903-1904. EXPENDITURE. 1904-1905. £ s. d. 153,120 0 0 £ s. d. £ s. d. 140,178 0 0 1,600 0 0 96 0 0 950 0 0 969 0 0 1,000 0 0 2,100 0 0 3,000 0 0 2,625 0 0 400 0 0 200 0 0 2,130 0 0 1,777 0 0 1,000 0 0 250 0 0 249 0 0 1,000 0 0 Brought forivard Grants under " The Local Bodies' Loans Act, 1901 " — continued. Road Boards — Akaroa-Wainui Arch Hill Drury .. .. Egmont Eyreton Frankley Heathcote Manchester Manganui Mataongaonga Mauku Moa Mount Edon Mount Roskill Newcastle Oakura Okato Omata One-tree Hill Otaki .. .. .. .. ■ Oxford Parihaka Porangahau Pukekohe East Pukekohe West Taruheru Te Horo Tuhikaramea Upper Wangaebu Waimate Waipipi Waitara West Waiwakaiho Whangamarino Wirokino 3,000 0 0 160 0 0 950 0 0 200 0 0 1,800 0 0 1,220 0 0 500 0 0 700 0 0 500 0 0 500 0 0 1,844 0 0 3,000 0 0 100 0 0 2,288 0 0 2,000 0 0 2,000 0 0 595 0 0 200 0 0 150 0 0 200 0 0 2,220 0 0 1,400 0 0 1,050 0 0 40 0 0 200 0 0 2,097 0 0 800 0 0 550 0 0 600 0 0 1,600 0 0 17,468 0 0 34,342 0 0 300 0 0 300 0 0 200 0 0 300 0 0 90 0 0 300 0 0 Town Boards— Bull's Havelock Lethbridge Opotiki Otautau Waipawa 300 0 0 300 0 0 1,490 0 0 River Boards— Hutt Lochiel Upper Orari West Winton 600 0 0 4,800 0 0 500 0 0 5,000 0 0 7,100 0 0 1,000 0 0 1,100 0 0 5,300 0 0 50 0 0 500 0 0 100 0 0 850 0 0 400 0 0 Drainage Boards— Berwick Eltham Mangahoe Otakia West Taieri .. .. .. 100 0 0 350 0 0 547 0 0 97 0 0 1,400 0 0 195,652 0 0 Annual Appropriation,— Vote 122—Roads to open up Crown lands 25,752 18 10 28,894 16 9 11,365 12 6 Balance at end of Year, — Cash in the Public Account Advances in hands of Offioers of the Government— In the Colony 4,970 15 9 5,520 15 2 2,052 6 7 549 19 5 13,417 19 ■ 1 334,822 17 11 Totals £200,308 11 11

22

8.—6

Table STATEMENT of the RECEIPTS and EXPENDITURE of the GOVERNMENT ADVANCES TO SETTLERS

1903-1904. RECEIPTS. 1904-1905. £ s. d. £ s. d. £ s. d. 64,955 0 8 Balanoe at beginning of Year, — Cash in the Publio Account Investment Account 9,393 15 7 9,393 15 7 64,955 0 8 The Government Advances to Settlers Act, 1894,— Debentures issued Dividend on £10,000 3-per-cent Stock received by the AgentGeneral Less income-tax £150 0 0 6 17 6 10,000 0 0 143 2 6 185,000 0 0 200,000 0 0 7 0 9 283 15 0 44 19 4 Loan of £250,000 3-per-cent. Stock issued in London, 1903 .. Temporary advances on seourity of short-dated Debentures Interest on overdue instalments, Loan of 1902 Interest on investments Recoveries in respect of oharges of previous years 10,143 2 6 385,335 15 1 Totals .. .. .. ' £19,536 18 1 £450,290 15 9 STATEMENT of the RECEIPTS AND EXPENDITURE of the GOVERNMENT ACCIDENT INSURANCE _ _ - . i For repayment of advance, as per contra, in 1900-1, on security of debentures for 0 £2,000 £1,000 0 0 STATEMENT of the RECEIPTS and EXPENDITURE of the STATE FIRE INSURANCE Debentures issued under ' The State Fire Insurance Act, 1903" .. .. •• £2,000 0 0 £2,000 0 0 STATEMENT of the RECEIPTS and EXPENDITURE of the BANK OP NEW ZEALAND ACT, £ s. d. 500,000 0 0 Balance at beginning of Year, — Investment Account Securities held by the Public Trustee for transfer under section 9 Preference Shares Certificate for 75,000 shares of £6 13s. 4d. each received from Bank of New Zealand in terms of section 10.. Totals .... £ s. d. 500,000 0 0 £500,000 0 0 500,000 0 0 £1,000,000 0 0

23

8.—6

No. 1- continued. OFFICE LOAN ACCOUNT for the Year ended 31st March, 1905, compared with the Financial Year ended 31st March, 1904.

1903-1904. EXPENDITURE. 1904-1905. £ s. . d. 220,349 19 2 Amount paid over to Government Advanoes to Settlers Office Acoount.. £ 8. d. £ s. d. 19,536 18 1 200,000 0 0 Temporary Advances paid off 20,547 1 0 Charges and expenses of raising Loans, — In respect of Loan issued in London 9,393 15 7 Balance at end of Year, — Cash in the Public Aocount Investment Account Totals £450,290 15 9 £19,536 18 1 iOAN ACCOUNT for the Year ended 31st March, 1905, oompared with the Financial Year ended 31st March, 1904. Temporary advances made under section 6 of "The Government Accident Insurance £1,000 0 0 Act, 1899," repaid to Government Life Insurance Aocount OAN ACCOUNT for the Year ended 31st March, 1905, compared with the Financial Year ended 31st March, 1904. Amount paid over to the State Fire Insuranoe Office £2,000 0 0 'T for the Year ended 31st March, 1905, compared with the Financial Year em 903, accou: ed 31st March, 1904. £ s. d. 500,000 0 0 Securities transferred and delivered to the Bank of New Zealand under section 9 .. £ s. d. 500,000 0 0 Balance at end of Ye*r,— Investment Account — 75,000 preference shares ssued by the Bank of New Zealand 500,000 0 0 £1,000,000 0 0 Totals | £500,000 0 0 ROBERT J. Assistant lOLLINS, Secretary and Accountant. JAMES B. HEYV Secretary ti OOD, i the Treasury.

8.—6

24

Table No. 1— continued. SUMMARY of BALANCES on 31st MARCH, 1905.

Balances. Cash. Advances. Investments. Total. Consolidated Fund :— Ordinary Revenue Account* State Forests Account State Coal-mines Account Scenery Preservation Account .. Accounts of Local Bodies Deposit Accounts £ s. d. 1,461,036 4 3 26,780 13 11 97,949 4 10 7,909 17 11 9,995 8 0 130,445 14 3 £ s. d. Consolidated Fund :— Ordinary Revenue Account State Forests Account State Coal-mines Account Scenery Preservation Account .. Accounts of Local Bodies Deposit Accounts £ s. d. 1,278,053 12 7 26,637 9 4 93,519 14 6 7,779 16 5 9,938 14 1 116,392 16 7 £ s. d. 82,982 11 8 143 4 7 4,429 10 4 130 1 6 56 13 11 14,052 17 8 £ s. d. 100,000 0 0 £ s. d. 1,461,036 4 3 26,780 13 11 97,949 4 10 7,909 17 11 9,995 8 0 130,445 14 3 1,734,117 3 2 1,532,322 3 6 101,794 19 8 100,000 0 0 1,734,117 3 2 Public Works Fund 861,670 8 2 Public Works Fund 833,041 5 1 28,629 3 1 861,670 8 2 Paeroa-Waihi Railway Account Hutt Railway and Road Improvement Account The Railways Improvements Authorisation Act Account .. Cheviot Estate Account Land for Settlements Account Conversion Account Loans to Local Bodies Account New Zealand Consols Account Remittances to London Account Bank op New Zealand Act, 1903, Account 8,861 13 7 12,896 11 5 88,437 0 0 33,711 11 6 716,697 17 7 2,962 8 3 5,520 15 2 475,734 1 1 Dr. 500,000 0 0 Paeroa-Waihi Railway Account Hutt Railway and Road Improvement Account The Railways Improvements Authorisation Act Account .. Cheviot Estate Account Land for Settlements Account Conversion Account Loans to Local Bodies Account New Zealand Consols Account Remittances to London Account Bank op New Zealand Act, 1903. Account 8,861 13 7 12,896 11 5 88,437 0 0 33,711 11 6 379,097 17 7 1,137 11 8 4,970 15 9 284 1 1 Cr. 500,000 0 0 20,000 0 0 1,824 16 7 549 19 5 317,600 0 0 8,861 13 7 12,896 11 5 88,437 0 0 33,711 11 6 716,697 17 7 2,962 8 3 5,520 15 2 475,734 1 1 Cr. 500,000 0 0 475,450 0 0 500,000 0 0 500,000 0 0 500,000 0 0 Total 3,940,609 9 11 Total 2,394,760 11 2 152,798 18 9 1,393,050 0 0 3,940,609 9 11 *A| jainst thi Treasury Bills amounting to £700,000 are outstanding.

25

8.—6

Table No. 2. COMPARATIVE STATEMENT of the Estimated and Actual Receipts and Expenditure of the Consolidated Fund (Revenue Account) for the Financial Year ended 31st March, 1905.

4—B. 6.

Estimated. Actual. More Less than Estimate. , than Estimate. Differences. RECEIPTS. Revenue Account: — Customs Railways Stamps* Land-tax Income-tax Beer Duty Registration and Fees Marine Miscellaneous Territorial Revenue £ s. d. 2,610,000 0 0 2,180,000 0 0 1,095,000 0 0 330,000 0 0 222,000 0 0 100,000 0 0 93,000 0 0 34,800 0 0 140,000 0 0 230,000 0 0 £ s, d. 2,631,983 12 0 2,217,767 0 5 1,160,119 5 10 352,853 14 4 253,951 14 4 96,210 9 7 103,465 6 3 36,120 12 10 170,377 18 6 260,020 14 2 £ s. d. 21,983 12 0 37,767 0 5 65,119 5 10 22,853 14 4 31,951 14 4 £ s. d. 3,789 10 5 10,465 6 3 1,320 12 10 30,377 18 6 30,020 14 2 Sinking Fund Increases 7,034,800 0 0 7,282,870 8 3 251,859 18 8 3,789 10 5 63,200 0 0 63,200 0 0 Recoveries on account of Expenditure of previous years 1,126 17 9 1,126 17 9 252,986 16 5 3,789 10 5 3,789 10 5 Totals 7,098,000 0 0 7,347,197 6 0 249,197 6 0 EXPENDITURE. Revenue Account :— Permanent Appropriations,— £ s. d. £ s. d. £ s. d. £ a. d. CivilList.. .. .. .. 33,100 0 0 34,159 0 0 1,059 0 0 Interest and Sinking Fund .. .. 2,003,354 0 0 1,993,729 5 7 .. 9,624 14 5 Under Special Acts .. .. 259,801 0 0 286,376 13 7 26,575 13 7 Subsidies paid to Local Bodies .. 87,000 0 0 73,639 18 5 .. 13,360 1 7 Territorial Revenue paid over .. 30,000 0 0 30,759 1110 759 1110 Endowments .. .. .. 64,400 0 0 58,333 18 0 .. 6,066 2 0 Old-age Pensions .. .. .. 215,000 0 0 193,973 13 5 .. 21,026 6 7 Annual Appropriations, — Legislative Department .. .. 24,690 0 0 24,599 0 7 .. 90 19 5 Colonial Secretary's Department .. 72,519 0 0 69,469 7 2 .. 3,049 12 10 Public Health Department .. .. 41,702 0 0 31,772 17 8 .. 9,929 2 4 Industries and Commerce and Tourist Department 69,906 0 0 62,478 15 1 .. 7,427 4 11 Colonial Treasurer's Department .. 45,827 0 0 41,029 7 5 .. 4,797 12 7 Old age Pensions Department .. 4,168 0 0 3,936 18 0 .. 231 2 0 Justice Department .. .. 143,230 0 0 147,961 4 5 4,731 4 5 Postal and Telegraph Department .. 564,088 0 0 557,535 111 .. 6,552 18 1 Customs and Marine Department .. 41,849 0 0 40,583 13 4 .. 1,265 6 8 Marine and Harbours, &o. .. .. 58,611 0 0 54,303 19 4 .. 4,307 0 8 Printing and Stationery .. .. 42,338 0 0 42,122 0 3 .. 215 19 9 Stamps and Deeds Department .. 30,799 0 0 30,771 14 .. 27 18 8 Education Department .. .. 648,690 0 0 635,936 17 9 .. 12,753 2 3 Lunaoy and Charitable Department.. 85,626 0 0 78,472 19 8 .. 7,153 0 4 Department of Labour .. .. 11,011 0 0 10,848 0 1 .. 162 19 11 Mines Department.. .. .. 21,631 0 0 18,489 18 .. 3,14118 4 Department of Agriculture .. .. 123,587 0 0 112,630 16 3 .. 10,956 3 9 Working Railways Department .. 1,502,949 0 511,471,827 8 8 .. 31,12111 9 Public Buildings and Domains .. 27,325 0 0 26,267 11 0 .. 1,057 9 0 Defence Department .. .. 198,114 0 0 188,253 10 7 .. 9,860 9 5 Police Department .. .. 131,398 0 0 130,676 7 7 .. 721 12 5 Lands and Survey Department .. 188,291 0 0 149,44114 11 .. 38,849 5 1 Valuation Department .. .. 29,443 0 0 29,306 18 10 .. 136 1 2 £ s. d. 33,100 0 0 2,003,354 0 0 259,801 0 0 87,000 0 0 30,000 0 0 64,400 0 0 215,000 0 0 24,690 0 0 72,519 0 0 41,702 0 0 69,906 0 0 45,827 0 0 4,168 0 0 143,230 0 0 564,088 0 0 41,849 0 0 58,611 0 0 42,338 0 0 30,799 0 0 648,690 0 0 85,626 0 0 11,011 0 0 21,631 0 0 123,587 0 0 1,502,949 0 5f 27,325 0 0 198,114 0 0 131,398 0 0 188,291 0 0 29,443 0 0 £ s. d. 34,159 0 0 1,993,729 5 7 286,376 13 7 73,639 18 5 30,759 11 10 58,333 18 0 193,973 13 5 24,599 0 7 69,469 7 2 31,772 17 8 62,478 15 1 41,029 7 5 3,936 18 0 147,961 4 5 557,535 1 11 40,583 13 4 54,303 19 4 42,122 0 3 30,771 1 4 635,936 17 9 78,472 19 8 10,848 0 1 18,489 1 8 112,630 16 3 1,471,827 8 8 26,267 11 0 188,253 10 7 130,676 7 7 149,441 14 11 29,306 18 10 £ s. d. 1,059 0 0 26,575 13 7 759 11 10 4,731 4 5 £ s. d. 9,624 14 5 13,360 1 7 6,066 2 0 21,026 6 7 90 19 5 3,049 12 10 9,929 2 4 7,427 4 11 4,797 12 7 231 2 0 6,552 18 1 1,265 6 8 4,307 0 8 215 19 9 27 18 8 12,753 2 3 7,153 0 4 162 19 11 3,141 18 4 10,956 3 9 31,121 11 9 1,057 9 0 9,860 9 5 721 12 5 38,849 5 1 136 1 2 6,629,686 14 4 Services not provided for .. .. .. 6,215 4 8 6,215 4 8 39,340 14 6 203,885 15 11 6,629,686 14 4 6,215 4 8 6,215 4 8 39,340 14 6 203,885 15 11 39,340 14 6 39,340 14 6 Totals .. .. .. 6,800,447 0 5 6,635,901 19 0 .. 164,545 1 5 164,545 1 5 •Includes £133,158 18s. 2d. Post and Telegraph cash receipts. Unclndes .437,767 Os. 5d. additional appropriation mthorieed by " The Public Revenues Acta Amendment, 1900," section 5. RESULTS OF YEAR. £ s. d. £ t. d. Actual receipts, 1904-5 .. .. .. .. 7,347,197 6 0 Actual expenditure, 1904-5 .. .. 6,635,90119 0 Excess of receipts over expenditure .. .. .. .. .. 711,295 7 0 Balanoe, 31st March, 1904 .. .. .. .. .. .. 649,740 17 3 711,295 7 0 649,740 17 3 Total .. .. .. .. .. 1,361,036 4 3 Transferred to Public Works Fund 600,000 0 0 Balanoe 31st Maroh, 1905 .. .. .. .. ■• .. £761,036 4 3

8.—6.

Table No. 3. The PUBLIC DEBT of NEW ZEALAND on 31st March, 1905.

26

Amount outstanding. Due Date. Sinking Net Funds INDEBTEDACCRUED. NESS. Ii Rate, int. ; S. Annual Charge. Remarks. When payable. Int. i S.F. New Zealand Loan Act, 1863 £ £ 266,300 15 July, 1914 £ 164,572 £ 101,728 % 5 % 1 £ 15,978 15 Jan. and 15 July. Consolidated Loan Act, 1867 125,900 Ann. drawing 125,900 5 6,295 Quarterly, 15 Jan., &c. Sinking Fund payable 13 Mar and 13 Sept. •Only £200,000 has actually been issued to the public. Immigration and Public Works Loan Act, 1870 .. 1,000,000* 1 June, 1907 859,338 140,662 4 2-4 64,000 1 June and 1 Dec. Canterbury Loan Ordinance, 1862 .. j 3,000 12,200 1 15,200 f 2 Jan., 1915 | 2 July, 1916 I 15,917 Cr. 717 6 1 1,064 30 June . 31 Dec. . ... 13,000 15 April, 1913 13,000 4 520 15 April . 15 Oct. Consolidated Loan Act, 1867 .. Immigration and Public Works Loan Act, 1870 j ■ 363,000 27,900 j- 390,900 j 15 April, 1913 \ 15 April, 1913 363,000 27,900 4 11,520 1,256 15 April . 15 Oct. 15 April . 15 Oct. Defence and other Purposes Loan Act, 1870 j 25,000 75,000 | 100,000 I Uuly, 1910 115 April, 1913 25,000 75,000 i 1,125 3,000 30 June „ 31 Dec. 15 April , 15 Oct. General Purposes Loan Act, 1873 .. i 17,400 10,800 54,700 l 82,900 I (15 Oct., 1913 \ 15 May, 1914 (28 Nov., 1914 17,400 10,800 54,700 4 4 5 696 432 2,735 15 April „ 15 Oct. 15 May . 15 Nov. 15 May „ 15 Nov. District Railways Purchasing Acts, 1885-86 i 40,000 97,100 | 137,100 f 1 July, 1909 \ 1 April, 1905 40,000 97,100 6 4 ' 2,400 3,884 I 1 April . 1 Oct. Government Loans to Local Bodies Act, 1886 250,300 1 Sept., 1907 250,300 H t 37,553 1 Mar. . 1 Sept. fThe Sinking Fund is payable on £2,412,100 (1J percent, on £1,644,366, 1 per cent, on £57,703, and J per cent. on £710,031); the Land Assurance Fund is also charged with J per cent, as a contribution towards Sinking Fund. ;£89,700 of this amount will be recouped by the Government Advances to Settlers Office. Consolidated Stock Act, 1877 .. .. | 29,150,302 6,415,958 9,573,845 | 45,140,105 ( 1 Nov., 1929 \ 1 Jan., 1940 ( 1 April, 1945 29,150,302 6,415,958 9,573,845 4 3 1,166,012 224,558 287,215t 1 May „ 1 Nov. 1 Jan. „ 1 July 1 April „ 1 Oct. Consolidated Stock Act, 1884 — / Colonial Issue 332,600 509,500 65,000 100,000 63,200 - 1,070,300 I 1 Sept., 1905 31 Dec, 1907 \ 4 Jan., 1909 4 Jan., 1909 [ IFeb., 1912 | 842,100 65,000 100,000 63,200 H 3 29,473 1,950 3,500 2,212 . 1 Mar. „ 1 Sept. 1 Feb. „ 1 Aug. Native Land Purchases Act, 1892 (Renewed under the Aid to Public Works and Land Settlement Aot, 1898) Land for Settlements Act, 1892 I Renewed under the Land for Settlements Acts Amendment Act, 1899) 125,000 31 Oct., 1906 125,000 3* 4,375 30 April . 31 Oct. 45,276 31 Oct., 1906 45,276 34 1,585 30 April . 31 Oct. Carried forward 48,762,281 1,876,338 1,039,827 47,722,454

27

8.—6

Table No. 3— continued. THE PUBLIC DEBT of NEW ZEALAND on 31st March, 1905— continued.

Annual Charge. Amount outstanding. Due Date. Sinking Funds accrued. Indebtedness. Rate. Remarks. Int. j S.F. Amount. When payable. £ £ 48,762,281 £ 1,039,827 £ 47,722,454 I 283,000 I 117,000 %! % £ 1,876,338 11,320 4,095 Brought forward Lands Improvement and Native Lands Acquisi-I tion Act, 1894 f 400,000 3i 31 Mar. and 30 Sept. 31 Mar. » 30 Sept. 30 Sept., 1908 New Zealand Consols Act, 1894 Land for Settlements Act, 1894, and Amend- j ment Act, 1897 ] 769,490 349,000 62,000 56,000 475,734 1 Feb., 1910 (31 Oct., 1906 J 1 April, 1909 1 1 April, 1909 I, 1 April, 1905 475,734 769,490 349,000 62,000 56,000 31 3| 4 16 ,'650 26,932 13,088 2,170 2,240 1 Feb. . 1 Aug. 30 April „ 31 Oct. 1 April , 1 Oct. 1 April , 1 Oct. 1 April . 1 Oct. - 1,236,490 r Land for Settlements Consolidation Aot, 1900 .. -j 10,000 10,000 10,000 50,000 3,000 100,000 88,000 50,000 559,600 250,000 230,650 29,400 263,350 337,400 127,500 300,000 137,800 8,600 5,000 34,800 118,100 2,723,200 f 1 April, 1906 1 Nov., 1905 1 Feb., 1906 30 June, 1906 1 Nov., 1906 1 Dec, 1906 1 Feb., 1907 30 June, 1907 1 Feb., 1908 1 April, 1908 1 1 Aug., 1908 1 Jan., 1909 1 May, 1909 1 May, 1909 30 Sept., 1909 1 Jan., 1910 1 Feb., 1910 1 Nov., 1911 1 Jan., 1912 1 Feb., 1912 30 June, 1914 10,000 10,000 10,000 50,000 3,000 100,000 88,000 50,000 559,600 250,000 230,650 29,400 263,350 337,400 127,500 300,000 137,800 8,600 5,000 34,800 118,100 34 I 4 ' 4 ! 4 : 4 ! i 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 350 400 400 2,000 120 4,000 3,520 2,000 22,384 10,000 9,226 1,176 10,534 13,496 5,100 12,000 5,512 344 200 1,392 4,724 1 April „ 1 Oct. 1 May . 1 Nov. 1 Feb. . 1 Aug. 30 June , 31 Deo. 1 May „ 1 Nov. 1 June „ 1 Dec. 1 Feb. „ 1 Aug. 30 June , 31 Dec. 1 Feb. „ 1 Aug. 1 April . 1 Oct. 1 Feb. „ 1 Aug. 1 Jan. . 1 July 1 May , 1 Nov. 1 May . 1 Nov. 31 Mar. . 30 Sept. 1 Jan. „ 1 July 1 Feb. „ 1 Aug. 1 May „ 1 Nov. 1 Jan. . 1 July 1 Feb. „ 1 Aug. 30 June » 31 Deo. I Aid to Public Works and Land Settlement Act, 1896 500,000* 15 Aug., 1921 500,000 34 17,500 15 Feb. . 15 Aug. •Loan may be paid off at any time after 15th February, 1907, on six months' notice being given. Aid to Public Works and Land Settlement Act,) 1899 j 500,000 200,000 I 700,000 : (15 Aug., 1905 I ] 1 Mar., 1907 1 700,000 (8 14 15,000 8,000 1 April „ 1 Oct. 1 Mar. . 1 Sept. Aid to Publio Works and Land Settlement Act,1900 250,000 175,000 3,500 20,000 20,000 227,400 125,000 149,600 970,500 , 1 April, 1905 1 April, 1906 I 1 May, 1907 j 1 Feb., 1908 ) 1 April, 1908 1 April, 1908 1 April, 1908 1 May, 1909 250,000 175,000 3,500 20,000 20,000 227,400 125,000 149,600 4 4 4 4 4 4 4 4 10,000 7,000 140 800 800 9,096 5,000 5,984 1 April „ 1 Oct. 1 Aoril . 1 Oct. 1 May , 1 Nov. 1 April „ 1 Oct. 1 April „ 1 Oct. 1 April „ 1 Oct. 1 April „ 1 Oct. 1 May „ 1 Nov. Carried forward 2,141,031 55,768,205 I 1,039,827 54,728,378

28

8.—6

Table No. 3— continued. The PUBLIC DEBT of NEW ZEALAND on 31st March, 1905— continued.

Amount outstanding. Due Date. Sinking Funds accrued .>ti Indebtedness. Annual Charge. Remarks. Rate. Int. I S.F. Amount. When payable. £ 55,768,205 \ 1 Dec, 1904 1 Dec, 1905 250 000 J 1 Deo -' 1906 - 250,000 ■< 1D(JC] lg08 IDec, 1911 , 1 Jan., 1909 £ 1,039,827 £ 54,728,378 300 15,000 1,000 152,700 63,400 17,600 % £ 2,141,031 Brought forward .. .. Aid to Public Works and Land Settlement Act,) 1901 | Aid to Public Works and Land Settlement Act, 1902 Aid to Publio Works and Land Settlement Act, 1903 1 "300 15,000 1,000 ' 152,700 63,400 17,600 I 4 4 4 4 4 600 40 6,108 2,536 704 1 June and 1 Dec. 1 June „ 1 Dec. 1 June „ 1 Dec. 1 June „ 1 Dec. 1 Jan. . 1 July. Outstanding, unpresented. 299,800*1 200,200 342,500 I 157,500 750,000 1 Dec, 1906 1 (IFeb., 1924 J ( 1 Jan., 1912 I - 750,000 500,000 4 4 30,000 20,000 1 June „ 1 Dec. 1 Feb. . 1 Aug. • Loan may be paid off at any time after 1st February, 1909, on six months' notioe being given. 342,500 157,500 4 4 13,700 6,300 1 Jan. „ 1 July. 1 Jan. „ 1 July. Aid to Public Works and Land Settlement Aot, 1904 Government Advances to Settlers Act, 1894 Dairy Industry Act, 1898 30,000 ; 80,000 . lOO.OOOf! 438 ! 843 500 750,000 1 Jan., 1912 ') 1 Feb., 1906 [ 210,000 5 June, 1908 !) i lAug., 1908 1,781 ■ IJan., 1911 J I I IJan., 1916 750,000 30,000 80,000 100,000 4 4 34 + 30,000 1,200 2,800 3,500 1 Jan. » 1 July. 1 June „ 1 Dec. 31 July „ 31 Dec. t Short-dated debentures. J One-quarter per cent, over bank rate: varying interest, calculated at 34 per cent. 1,781 H 62 1 Feb. and 1 Aug. Local Bodies' Loans Act, 1901 685,000 55,000 !- 740,000 ! I } f u ' I ] ( 1 Jan., 1909}! 140,000 1 April, 1907 150,000 IJan., 1906 | 8f) „ 14 (31 Mar., 1912 - 8U.214 |soSept.,1912 45,000 1 Mav, 1911 685,000 55,000 140,000 150,000 31 4 31 23,975 2,200 4,900 5,250 1 Mar. , 1 Sept. 1 Mar. „ 1 Sept. 1 April „ 1 Oot. 1 July , 1 Jan. State Coal-mines Act, 1901 Midland Railway Petitions Settlement Aot, 1902.. Paeroa-Waihi Railway Act, 1903 .. j 53 |476 26,738 80,214 3 2,406 31 Mar. „ 30 Sept. Hutt Railway and Road Improvement Act, 1903.. State Fire Insurance Act, 1903 2,000 1 May, 1911 45,000 ( 1,500 \ 500 10,000 14,800 34 31 4 31 4 1,575 52 20 350 592 1 May „ 1 Nov. 1 May , 1 Nov. 1 May „ 1 Nov. 1 May „ 1 Nov. 1 Jan. „ 1 July. Scenery Preservation Act, 1903 Railway Improvements Authorisation Act, 1904 .. 10,000 1 May, 1911 14,800 IJan., 1912 59,912,000 Add— Accrued Sinking Fund in respeot of the Government Loans to Local Bodies Acts Sinking Fund, Government Advances to Settlers Office Acoount Investments in Securities included above on account New Zealand Consols Investment Account Bank of New Zealand Preference Shares held by Government 1,039,827 58,872,173 417,003 193,888 357,650 500,000 j 59,912,000 1,468,541 Totals 2,508,368 57,403,632 2,299,901 Treasury bills amountin; to £700,000 are not included.

8.—6.

Table No. 4. STATEMENT of the Estimated Liabilities chargeable on the Consolidated Fund (Revenue Account) outstanding on the 31st March, 1895, 1896, 1897, 1898 1899, 1900, 1901, 1902, 1903, 1904, and 1905.

29

Slst March, 1895. 31st March, 1896. 31st March, 1897. 31st March, 1898. 31st March, 1899. 31st March, 1900. 31st March, 1901. 31st March, 1902. 31st March, 1903. 31st March, 1904. 31st March, 1905. Revenue Account. Permanent Appropriations, — Civil List Interest and Sinking Fund Under Special Acts of the Legislature Subsidies payable to Local Authorities Under the Land Acts, payable to Local Authorities £ s. d. £ a. d. 350 0 0 £ s. d. 894 11 8 £ s. d. £ s. d. £ s. d. £ s. d. £ s. d. £ s. d. £ s. d. 622 14 5 ! 588 12 11 15,000 0 0 I 437 0 0 950 0 0 991 15 0 505 0 0 793 6 6 I 951 4 11 859 10 4 9 4 6 155 2 0 ; 163 4 6 214 8 0 731 14 11 i 930 1 4 881 7 0 .372 14 8 I 36 3 4 I 1,284 3 9 959 3 10 1,170 3 0 651 15 0 631 5 0 160 17 11 867 12 6 136 18 0 313 1 0 126 0 0 174 0 0 2,553 2 1 2,553 2 1 2,553 2 1 1,824 17 2 1,824 0 6 1,757 0 1 : 1,757 0 1 1,757 0 1 1,757 0 1 1,757 0 1 ! 1,757 0 1 3,958 10 5 3,940 10 0 4,228 7 1 4,262 13 3 | 3,620 10 2 1,984 18 5 4,348 2 6 3,328 19 5 3,744 14 7 17,541 17 10 3,803 16 9 f I Annual Appropriations, — Legislative Colonial Secretary Public Health Department Industries, Commerce, and Tourist Departments Colonial Treasurer Minister of Justice Postmaster-General Commissioner of Customs Minister of Marine Printing and Stationery Office Commissioner of Stamps Minister of Education Lunacy and Charitable Institutions, &c Minister of Labour Minister of Mines Minister for Agriculture Working Railways Public Buildings Minister of Defence* Minister of Lands Rates on Crown Lands Valuation Department 10 13 0 2,689 17 9 150 0 0 2,525 6 2 19,460 0 0 2,837 0 1 " 282 17 0 2,333 8 7 15 17 7 3,876 19 10 23 9 0 3,974 13 2 15,912 0 0 3,936 1 8 219 2 7 1,268 8 9 6,430 5 9 2,550 0 0 3,590 0 0 17,452 0 0 3,469 1 2 451 2 0 1,361 4 7 87 4 11 i 3,083 0 0 812' 6 11 3,605 0 0 22,689 3 2 6,218 8 4 346' 1 0 418 0 0 45 5 10 2,247 17 3 50 0 0 3,789 12 2 17,830 0 0 4,564 12 3 745 3 11 651 17 4 33 19 4 51 1 2 6,583 4 6 12,893 9 7 70 0 0 2,653 0 0 2,397 14 3 2,542 4 7 21,247 0 0 28,276 0 0 4,646 10 9 5,750 17 1 529 16 8 506 14 2 1,970 19 7 ! 1,724 2 11 85 11 8 10,604 5 11 • ■ 87 0 4 2,155 10 5 34,029 0 0 3,662 1 1 1,054 9 7 1,411 10 7 91 10 2 6,991 15 7 144 2 11 1,901 0 7 32,902 0 0 2,990 19 6 473 15 7 724 11 8 85 16 2 866 4 11 406 12 10 11,170 17 8 491 12 3 2,516 11 8 28,750 0 0 533 16 0 1,558 15 3 1,591 14 6 925 4 11 15 0 76 1 5 2,070 7 1 1,575 4 8 1,206 11 11 553 1 0 1,944 7 11 28,481 0 0 198 2 2 1,571 15 8 1,274 6 4 1,456 4 5 " 112 19 6 42 9 0 6 0 11 4,335 15 3,202 6 2 74,911 6 6 90,777 9 3 185 0 0 81 0 0 9,925 0 0 44,050 0 0 4,908 10 5 9,587 1 9 838 7 9 i 280 0 4 600 0 0 980 0 0 390 14 2 2,033 16 0 3,673 5 6 95,972 4 10 312 16 6 21,856 8 9 2,131 2 4 278 9 1 836 17 11 629 15 4 378 3 0 130 12 8 37 0 0 5,392 0 1 109,146 17 3 1,294 0 5 6,816 5 1 2,498 14 5 156 2 6 292 10 2 57 7 4 ' 1,936 10 7 61,912 6 2 413 12 3 1,000 0 0 6,535 0 0 184 4 7 815 10 5 2,037 4 3 52,542 7 4 108 14 4 4,000 0 0 6,659 0 0 100 0 0 213 10 10 2,266 17 3 65,971 3 1 181 14 9 3,463 0 0 4,142 10 9 60 0 0 149 19 7 2,521 16 10 74,818 16 6 2,556 5 4 7,580 0 0 15,008 10 10 56 2 8 2,633 18 10 66,169 16 11 8,390 2 0 109,375 4 0 470 5 7 10,740 12 3 6,029 1 10 296 6 10 811 19 2 8,794 0 0 108,054 11 6 724 11 5 12,854 8 4 5,250 14 2 4,500 0 0 10,175 11 4 735 18 4 460 0 0 " 1,117 18 2 856*14 11 ■• Services not provided for 102,328 3 6 95,489 8 11 111,602 10 2 139,894 13 5 114,655 16 10 133,225 0 2 : 203,474 7 5 180,575 4 8 162,963 3 0 175,710 2 3 177,390 15 7 420 4 9 522 8 0 116,387 11 5 •• 3 7 6: 25 0 0 Totals 184,319 19 3 200,505 0 10 179,513 19 0 181,331 5 7 1106,706 18 8 ! 99,717 16 0 [143,515 3 7 116,640 15 3 137,576 10 2 1206,828 6 10 I i

8.—6

30

Table No. 5. STATEMENT of the Estimated Liabilities chargeable on the Public Works Fund outstanding on the 31st March, 1895, 1896, 1897, 1898, 1899, 1900, 1901, 1902, 1903, 1904, and 1905.

31st March, 1895. 31st March, 1896. 31st March, 1897. 31st March, 1898. 31st March, 1899. 31st March, 1900. 31st March, 1901. 31st March, 1902. 31st Maroh, 1903. 31st March, 1904. 31st March, 1905. Annual Appropriations — Immigration Railways Roads Development of Goldfields Utilisation of Water-power Telegraph Extension Touri9t and Health Resorts .. Public Buildings Lighthouses and Harbour-works Rates on Native Lands Native Lands Purchases Contingent Defence Lands Improvement Miscellaneous £ s. d. £ s. d. £ s. d. £ s. d. £ s. d. £ s. d. 155 19 4 103,638 4 6 316,562 16 9 5,375 9 5 £ s. d. £ s. d. £ s. d. £ s. d. £ s. d. 127,972 16 10 191,480 17 0 7,860 19 7 96,998 2 11 148,874 19 6 15,265 10 10 106,312 8 4 213,856 11 1 29,910 16 10 77,167 7 4 268,798 12 2 7,135 6 7 77,870 15 4 310,764 9 3 6,625 15 8 591,995 19 0 447,388 4 5 2,010 15 0 113,537 8 2 100,224 16 3 8,116 5 7 217,089 10 5 249,281 1 9 300 0 0 113,057 16 6 80,787 4 7 2,038 14 7 210,656 18 10 98,326 1 7 1,794 16 3 8 1 11 30,114 0 0 2,285 6 3 38,887 18 5 316 5 5 300 0 0 4,580 11 8 38,151 0 0 381 0 5 13,987 0 0 4,000 0 0 16,283 0 0 11,722 0 0 20,273 0 0 26,989 0 0 43,8?3 0 0 2,579 5 6 27,812 6 11 902 9 1 370 19 8 27,409 0 0 1,136 8 0 84,596 9 0 1,760 7 11 355 2 2 4,566 0 0 72 0 0 43,877 0 0 4,911 14 5 36,338 8 3 506 6 5 355 15 8 7,298 0 0 4,240 0 0 11 7 6 29,336 15 11 3,626 8 3 287 14 5 24,137 7 2 33,044 18 3 6,573 19 2 110 0 0 25,768 13 3 24,180 7 10 1,884 2 2 110 0 0 31.549 11 4 11.550 0 0 14,806 5 2 3,229 12 9 439 1 2 28,030 0 0| 3,826 0 0 1 715 18 111 | 44,346 9 4 3,988 19 10 554 5 8 73,375 2 4 10,313 16 7 22 14 8 11,129 0 0 18,450" 0 0 140,000 0 01 17,832 13 2 " •• - •• .. 1,025 3 0 • • .. -- Totals 398,689 19 2 446,282 19 2 494,895 4 10 330,636 3 11 435,636 17 7 394,427 5 2 1,292,095 12 0 316,274 7 4 586,565 19 3 293,422 7 11 425,802 0 9 iTATEMENT of the Estimated Liabilities chargeable on the undermentioned Accounts outstanding on the 31st March, 1895, 1896, 1897, 1898, 1899, 1900, 1901, 1902, 190i 1904, and 1905. 31st March, 31st March, 1895. 1896. 31st March, 1897. 31st March, 1898. 31st March, 1899. 31st March, 1900. 31st March, 1901. 31st March, 1902. 31st March, 1903. 31st March, 1904. 31st March, 1905. £ s. d. £ s. d. £ s. d. 574 9 7 £ s. d. 454 19 7 £ s. d. 723 17 7 £ s. d. 302 8 6 £ s. d. 1,067 16 0 £ s. d. 251 16 4 £ s. d. 780 1 8 331 19 0 £ s. d. 217 0 2 £ s. d. 527 4 8 18 19 1 State Forests Account State Coal-mines Account Cheviot Estate Account Land for Settlements Account Loans to Local Bodies Account Paeroa-Waihi Railway Account Hutt Railway and Road Improvement Account Government Advances to Settlers Offioe Management Account Government Life Insurance Account Stats Fire Insurance Account 2,4o6' 0 0 101,121 0 0 130 0 0 160,171 19 9 •■ 3,492 16 0 104,951 15 11 21,058 9 8 21,833 16 1 27,238 1 2 3,671 6 4 34,717 16 6 2,405 5 4 32,034 4 10 4,820 11 0 33,259 0 4 990 4 3 1,125 5 5 3,546° 9 1 3,189 0 0 8,076 13 7 3,038 5 6 4,296 15 11 8,636 2 11 3,505 9 2 896 2 10 7,851 17 8 23 18 0 1,214 0 6 48 12 9 1,238 5 4 450 0 0 •• •• ••

8.—6

Table No. 6. STATEMENT showing the Total Ways and Means of the Public Works Fund and the Total Net Expenditure to the 31st March, 1905.

31

WAYS AND MEANS. NET EXPENDITURE. Loans :— Immigration and Public Works Loan, 1870 Immigration and Public Works Loan, 1873 Immigration and Public Works Loan, 1874 General Purposes Loan Act, 1873 New Zealand Loan Act, 1876 New Zealand Loan Aot, 1877 New Zealand Loan Act, 1879 New Zealand Loan Act, 1882 New Zealand Colonial Inscribed Stock Loan Act, 1882 North Island Main Trunk Railway Loan Act, 1882 .. New Zealand Loan Act, 1884 New Zealand Loan Act, 1886 District Railways Purchasing Acts, 1885 and 1886 .. New Zealand Loan Act, 1888 Native Land Purchase Act, 1892 Lands Improvement and Native Lands Acquisition Act, 1894 Aid to Publio Works and Land Settlement Acts Midland Railway Petitions Settlement Acts, 1902-3.. £ s. d. 4,000,000 0 0 2,000,000 0 0 4,000,000 0 0 750,000 0 0 750,000 0 0 2,200,000 0 0 5,000,000 0 0 3,000,000 0 0 250,000 0 0 1,000,000 0 0 1,500,000 0 0 1,325,000 0 0 479,487 7 11 1,000,000 0 0 149,700 0 0 £ s. d. Expenditure on — Immigration .. Public Works, Departmental Railways, including Surveys of New Lines Roads Land Purchases Development of Goldfields Telegraph Extension Public Buildings Lighthouses, Harbour Works and Defences Contingent Defence Rates on Native Lands.. Thermal Springs Tourist and Health Resorts Lands Improvement Charges and Expenses of raising Loans .. Coal-mines Interest and Sinking Fund Payment to Midland Railway Bondholders Utilisation of Water-power £ 8. d. 2,154,475 8 3 519,939 9 6 20,804,174 16 3 6,839,051 13 2 2,010,645 17 3 748,427 15 2 1,132,990 4 7 3,186,223 19 10 1,008,206 13 0 819,151 11 8 66,565 7 3 14,599 13 2 55,359 15 0 8,357 5 9 1,249,067 10 10 10,835 8 0 218,500 0 0 150,000 0 0 467 13 3 £ a. d. 500,000 0 0 8,472,592 3 0 150,000 0 0 36,526,779 10 11 17,040 1 11 Receipts in Aid : — Amount transferred from Consolidated Fund Contributions of Canterbury Province for Railways.. Stamp Duties to 31st December, 1876 Transfer from Confiscated Lands Liabilities Account Proceeds of Railway Material handed over to Cook County Council Special Receipts under section 9 of " The Railways Construction Act, 1878 " Special Receipts under the Ellesmere Lake Lands Acts, 1888 and 1893 .. Special Receipts under " The Railways Authorisation and Management Act, 1891 " Special Receipts under "The North Island Main Trunk Railway Loan Application Act, 1886 " Sinking Funds released 4,355,000 0 0 56,000 0 0 264,657 16 4 19,963 1 3 4,963 7 4 60,616 3 0 Balanoe on 31st March, 1905, — Cash in the Public Account Advanoes in the hands of Officers of the Government 34,072 5 3 2,257 1 9 27,581 5 0 506,819 19 3 833,041 5 1 28,629 3 1 5,331,930 19 2 861,670 8 2 £41,858,710 10 1 £41,858,710 10 1 * Has been reduced by £89,800 received under section 31 of " The Government Loans io Looi ilB. li, »>

8.—6.

Table No. 7. Estimated Expenditure of the Consolidated Fund (Revenue Account) for 1905-6, compared with Actual Expenditure of 1904-5.

Table No. 8. Estimated Revenue of the Consolidated Fund (Revenue Account) for 1905-6, compared with the Actual Revenue of 1904-5.

32

Differences. Estimate for 1905-6. Actual for 1904-5. Increase. Decrease. Revenue Account. £ 34,900 2,076,746 739,652 £ 34,159 1,993,729 643,085 £ 741 83,017 96,567 180,325 £ Civil List Interest and Sinking Fund Under special Aots 2,851,298 2,670,973 Annual Appropriations,— Legislative Departments Colonial Secretary's Department Publio Health Department Industries and Commerce and Tourist Department Colonial Treasurer's Department Old-age Pensions Department Justice Department Crown Law Department Postal and Telegraph Department Customs Department Marine and Harbours, &c. Printing and Stationery Stamp and Deeds Department Education Department Mental Hospitals and Charitable Department Department of Labour Mines Department Department of Agriculture Working Railways Department Public Buildings and Domains Defence Department Police Department Lands and Survey Department Valuation Department 23,559 74,281 26,729 53,940 44,328 4,333 144,623 3,005 584,338 46,899 54,446 40,446 30,535 690,479 87,412 11,024 25,140 112,770 1,520,000 26,410 173,168 133,206 169,109 29,235 24,599 69,469 31,773 62,479 41,029 3,937 145,468 2,493 557,535 40,584 54,304 42,122 30,771 635,937 78,473 10,848 18,489 112,631 1,471,827 26,268 188,253 130,676 149,442 29,307 3,958,714 ' 4^812 31299 396 512 26,803 6,315 142 1,040 8,539 "845 i!676 236 54,542 8,939 176 6,651 139 48,173 142 15,085 19,667 72 4,109,415 183,238 32,537 Servioes not provided for 6,215 6,215 363,563 38,752 38,752 Total 6,960,713 6,635,902 324,811

Diffe] •ences. Estimate for 1905-6. Actual for 1901-5. Increase. Decrease. Revenue Account. £ 2,662,000 2,240,000 1,171,500 365,000 262,000 97,000 108,500 36,500 200,000 260,100 £ 2,631,984 2,217,767 1,160,119 352,854 253,952 96,210 103,465 36,120 170,378 260,021 £ 30,016 22,233 11,381 12,146 8,048 790 5,035 380 29,622 79 £ Customs Railways Stamps Land-tax Inoome-tax Beer Duty Registration and other Fees Marine Miscellaneous Territorial Revenue Sinking Fund inoreases 7,402,600 65,000 7,282,870 63,200 119,730 1,800 Total 7,467,600 7,346,070 121,530

13.—6.

Table No. 9. Statement showing the Amount charged to "Unauthorised" in each Financial Year from 1st July, 1875, to 31st March, 1905.

s—B. 6.

33

Financial Ybak. Consolidated Fund.—Bevenue Account. Ser vi C d e e 3 d n ior Pr °" BxceS8 of Votes - Totft1 ' Othek Accounts. Public Works Fund. Total. 1875-76 .. 1876-77 1877-78 1878-79 .. 1879-80 .. 1880-81 .. 1881-82 .. 1882-83 .. 1883-84 .. 1884-85 .. 1885-86 1886-87 .. 1887-88 .. 1888-89 .. 1889-90 .. 1890-91 .. 1891-92 .. 1892-93 .. 1893-94 1894-95 .. 1895-96 .. 1896-97 .. 1897-98 .. 1898-99 .. 1899-1900 .. 1900-1901 .. 1901-1902 .. 1902-1903 .. 1903-1904 .. 1904-1905.. £ s. d. 13,167 4 8 18,397 17 1 19,079 12 6 11,413 16 1 5,818 9 9 6,151 13 9 3,899 16 3 4,473 15 8 7,293 9 9 5,981 17 8 9,337 11 2 14,337 19 7 7,303 17 10 3,521 18 2 4,412 5 3 10,610 1 0 2,288 3 2 1,741 7 10 2,350 7 0 8,985 3 7 22,422 16 10 3,188 17 7 2,258 19 7 3,305 15 11 11,187 13 8 26,367 18 6 3,836 7 0 9,027 5 4 3,344 11 0 6,215 4 8 £ s. d. 19,195 17 1 13,398 7 0 58,709 17 2 47,466 4 5 18,466 2 1 37,825 6 6 38,474 18 9 64,631 0 2 45,284 2 6 39,039 17 11 47,106 10 3 38,117 13 5 42,104 15 10 35,157 16 5 43,257 1 0 76,778 5 11 21,026 16 4 28,283 15 11 7,376 7 4 9,148 0 5 16,229 5 9 24,195 2 9 39,314 13 4 36,468 0 10 60,652 13 7 62,788 3 2 68,866 10 9 101,076 10 4 47,775 11 4 22,109 12 2 £ s. d. 32,363 1 9 31,796 4 1 77,789 9 8 58,880 0 6 24,284 11 10 43,977 0 3 42,374 15 0 69,104 15 10 52,577 12 3 45,021 15 7 56,444 1 5 52,455 13 0 49,408 13 8 38,679 14 7 47,669 6 3 87,388 6 11 23,314 19 6 30,025 3 9 9,726 14 4 18,133 4 0 38,652 2 7 27,384 0 4 41,573 12 11 39,773 16 9 71,840 7 3 89,156 1 8 72,702 17 9 110,103 15 8 51,120 2 4 28,324 16 10 £ s. d. 3,155 9 2 3,490 6 1 653 6 5 3,938 14 8 1,005 3 10 13,443 11 3 13,590 6 10 12,343 2 2 9,003 18 7 7,163 15 3 13,965 10 1 6,212 16 7 27,821 16 11 13,506 2 8 23,631 7 1 5,459 18 11 9,183 10 6 4,754 17 10 522 12 2 1,890 7 5 16,995 9 9 24,726 3 6 4,743 17 10 2,304 8 10 £ s. d 3,155 9 2 3,490 6 1 653 6 5 3,938 14 8 1,005 3 10 3,443 11 3 3,590 6 10 2,343 2 2 3,003 18 7 7,163 15 3 3,965 10 1 6,212 16 7 7,821 16 11 3,506 2 8 3,631 7 1 5,459 18 11 9,183 10 6 4,754 17 1C 522 12 2 1,890 7 5 6,995 9 S 4,726 3 6 4,743 17 1C 2,304 8 1C 662 7 7 253 8 1C 200 0 C 2,248 6 6 3,547 11 7 i. £ s. d. 2 63,875 11 8 1 2,197 4 5 5 22,009 14 0 : B 32,179 1 1 0 17,096 9 9 3 34,133 17 3 0 2,217 9 8 2 8,137 17 11 7 31,741 17 10 3 872 0 11 1 6,465 17 5 7 28,633 10 8 1 30,407 2 3 8 18,633 2 10 1 12,287 18 10 1 7,097 19 9 6 7,594 1 2 0 11,149 14 2 2 1,335 12 11 5 330 8 1 9 33,245 2 4 6 7,051 0 8 0 53,648 14 0 0 8,222 10 6 7,990 18 7 7 17,518 3 7 0 6,955 4 10 0 12,837 3 6 6 9,584 9 11 7 31,862 8 3 £ s. d. 63,875 11 8 2,197 4 5 22,009 14 0 32,179 1 1 17,096 9 9 34,133 17 3 2,217 9 8 8,137 17 11 31,741 17 10 872 0 11 6,465 17 5 28,633 10 8 30,407 2 3 18,633 2 10 12,287 18 10 7,097 19 9 7,594 1 2 11,149 14 2 1,335 12 11 330 . 8 1 33,245 2 4 7,051 0 8 53,648 14 0 8,222 10 6 7,990 18 7 17,518 3 7 6,955 4 10 12,837 3 6 9,584 9 11 31,862 8 3 £ s. d. 99,394 2 7 37,483 14 7 100,452 10 1 94,997 16 3 42,386 5 5 91,554 8 9 58,182 11 6 89,585 15 11 93,323 8 8 53,057 11 9 76,875 8 11 87,302 0 3 107,637 12 10 70,819 0 1 83,588 12 2 99,946 5 7 40,092 11 2 45,929 15 9 11,584 19 5 20,353 19 6 88,892 14 8 59,161 4 6 99,966 4 9 50,300 16 1 79,831 5 10 107,336 12 10 79,911 11 5 123,140 19 2 62,952 18 9 73,734 16 8 662 7 7 253 8 10 200 0 0 2,248 6 6 13,547 11 7

8.—6

34

Table No. 10. Statistics for 1884, 1894, and 1904. Population : — Per Cent. As compared with 1884 564,304 1894 : ... 686,128 ... Increase 21-59 1884 1904 ... ... 857,539 ... „ 24-98 1894 Imports and Exports : — £ 1884 ... ... 14,755,555 1894 ... ... 16,019,067 ... Increase 8-56 1884 1904 ... ... 28,040,042 ... „ 75-04 1894 Imports, Total Value : — 1884 ... ... 7,663,888 1894 . . ... 6,788,020 ... Decrease 11-43 1884 1904 ... ... 13,291,694 ... Increase 9581 1894 Exports, Total Value : — 1884 7,091,667 1894 . .. 9,231,047 ... Increase 30-17 1884 1904 ... ... 14,748,348 ... „ 59-77 1894

Table No. 11. Value of some of the Principal Exports.

Article. 1884. 1894. 1904. Wool ... Grain Frozen meat Butter ... Cheese ... Flax, New Zealand Gold ... Gum, Kauri- £ 3,267,527 766,824 345,090 66,593 25,074 23,475 988,953 342,151 £ 4,827,016 226,183 1,194,545 251,280 115,203 66,256 887,865 404,567 £ 4,673,826 392,346 2,793,599 1,380,460 185,486 710,281 1,987,501 501,817

8.—6

35

Table No. 12. Trade Exchange between New Zealand and other Countries.

Table No. 13. Development of Shipping trading to and prom Places beyond New Zealand. Inwards. Outwards. Vessels. Tonnage. Vessels. Tonnage. 1884 ... 852 529,188 ... 872 534,242 1894 .. 609 631,100 ... 614 631,250 1904 ... 629 1,154,569 ... 620 1,144,764 # Totals Inwakds and Outwards. Vessels. Tonnage. 1884 ... 1,724 1,063,430 1894 ... 1,223 1,262,350 18-71 per cent, increase as compared with 1884. 1904 ... 1,249 2,299,333 82-15 „ „ 1894. Development of Coasting Trade. Inwards. Outwards. Vessels. Tonnage. Vessels. Tonnage. 1884 ... 16,911 2,924,722 ... 16,915 2,927,488 1894 ... 17,592 4,602,843 ... 17,384 4,568,179 1904 ... 23,811 9,687,803 ... 23,673 9,733,969 Totals Inwakds and Outwabds. Vessels. Tonnage. 1884 ... 33,826 5,852,210 1894 ... 34,976 9,171,022 1904 ... 47,484 19,421,772 3-40 per cent, increase in number of vessels comparing years 1884 and 1894. 35-76 „ , 1894 and 1904. 56-71 per cent, increase in tonnage of vessels comparing years 1884 and 1894. 111-77 ~ .. .. » 1894 and 1904.

Increase or Decrease as compared with 1884. Increase 1884. 1894. 1904. as compared with 1894. Imports from United Kingdom Australia South Africa ... India and Mauritius European countries United States of America Other places ... Import £ 4,934,493 1,635,762 83 331,137 26,024 348,557 387,832 £ 3,949,770 1,740,965 16 224,812 122,598 394,691 355,168 Per Cent. Decrease 19-96 Increase 6-43 Decrease 32-11 Increase371-10 13-24 Decrease 8-42 £ 7,982,340 1,893,036 804 462,598 581,520 1,527,915 843,481 Per CentIncrease 102-10 8-73 105-77 374-33 287-12 13749 Totals... 7,663,888 6,788,020 Decrease 11-43 13,291,694 Increase 95-81 Exports to United Kingdom Australia South Africa ... European countries United States of America Other places ... Expor, is. 5,158,078 1,591,524 12,659 7,903,493 870,400 2,545 7,217 287,196 160,196 Increase 53-23 Decrease 45-31 11,876,273 1,817,622 154,398 63,334 598,921 237,800 Increase 50-27 108-83 214,369 115,037 Increase 33-97 39-26 "„ 108-54 48-44 Totals... 7,091,667 9,231,047 Increase 30-17 14,748,348 Increase 5977

B.—H

36

Table No. 14. Registered Vessels belonging to New Zealand. Vessels. Tonnage. Average Tonnage. 1884 ... 583 ... 92,696 ... 159 1894 ... 475 ... 99,588 ... 210 1904 ... 579 ... 157,334 ... 271 7-44 per cent, increase in tonnage of vessels for year 1884 as compared with 1894. 57-98 , . 1894 . 1904.

Table No. 15. Increases for Two Decennial Periods, 1884-1894 and 1894-1904. 1884-1894. 1894-1904. Population (excluding Maoris and residents of Cook and other Pacific Islands) ... ... ... 121,824 No. 171,411 No. Occupied holdings ... ... ... ... 16,862 „ 22,004 „ Land in cultivation (including sown grasses) ... 3,577,677 acres 3,739,998 acres. Horses ... ... ■■■ •• 50,036 No. 76,904 No. Cattle 110,676 „ 772,816 „ Sheep ... ... ... ••■ ••■ 6,174,563 „ -1,950,023*,, Postal: Money-orders issued ... ... ... £204,117 £700,104 Telegraph revenue (including telephones) ... £13,028 £135,553 Railways (Government) open for traffic ... ... 514 miles 331 miles. receipts ... £105,139 £1,058,379 Dray-roads constructed ... ... ... 2,597 miles 4,329 miles. Shipping—Vessels (inwards) ... ... ... 101,912 tons 523,469 tons. „ (outwards) 97,008 „ 513,514 „ Wool ... ■•• 63,156,1261b. 352,2221b. Frozen meat £849,455 £1,599,054 Butter ... ... ■■■ £184,687 £1,129,180 Cheese £90,129 £70,283 Phormium fibre £42,781 £644,025 Gold ... ... ... ... ... -£101,088* £1,099,636 Provisions, tallow, timber, &c. ... ... ... £975,610 £1,005,946 Exports, New Zealand produce ... ... £2,142,662 £5,548,124 Imports ... ... ... ... ■•• -£875,868* £6,503,674 Output of coal ... ... ... ... 238,715 tons 818,292 tons. Banks : Deposits (average of four quarters) ... £4,284, 003 £5,147,743 Savings-banks deposits £2,139,835 £4,772,713 * Decrease.

Authority: John Mackay, Government Printer. Wellington. 1905.