FINANCIAL STATEMENT (In Committee of Supply, 28th August, 1906.) BY THE COLONIAL TREASURER, THE HON. SIR J. G. WARD, K.C.M.G.

Appendix to the Journals of the House of Representatives, 1906 Session II, B-06

CONTENTS.

Page. INTRODUCTION .. .. .. .. .. .. .. .. i CONSOLIDATED FUND, 1905-6 :— Ordinary Revenue Account .. .. .. .. .. .. .. i Balance .. .. .. .. .. .. .. .. .. ii THE PUBLIC WORKS FUND .. .. .. .. .. .. .. ii THE LAND FOR SETTLEMENTS ACCOUNT .. .. .. .. .. .. iii THE CONVERSION ACCOUNT .. .. .. .. .. .. .. iii THE NEW ZEALAND CONSOLS ACCOUNT .. .. .. .. .. .. iii THE LOANS TO LOCAL BODIES ACCOUNT .. .. .. .. .. .. iii THE PUBLIC DEBT .. .. .. .. .. .. .. .. iv RECENT LOAN TRANSACTIONS .. .. .. .. .. .. .. v DEFENCE .. .. .. .. .. .. .. .. .. vi PROSECUTION OF NEW RAILWAYS .. .. .. .. .. .. .. vi CHRISTCHURCH TO HANMER SPRINGS .. .. .. .. .. .. vii ROADING IN BACKBLOOKS .. .. .. .. .. .. .. .. vii RAILWAY CONSTRUCTION .. .. .. .. .. .. .. .. vii OVERSEA TRADE .. .. .. .. .. .. .. • .. .. vili SCIENTIFIC AGRICULTURAL METHODS .. .. .. .. .. .. viii WORKERS AND THE LABOUR LAWS .. .. .. .. .. .. viii NATIONAL PENSIONS .. .. .. .. .. .. .. .. ix POSTAL REFORMS .. .. .. .. .. .. .. ix TELEGRAPH REDUCTIONS .. .. .. .. .. .. .. .. x Wireless telegraphy .. .. .. .. .. .. .. .. x TELEPHONES TO OUTLYING DISTRICTS .. .. .. .. .. .. x CLASSIFICATION AND SUPERANNUATION .. .. .. .. .. .. xi AUDIT .. .. .. .. .. .. .. .. .. .. xi PROPOSAL TO ESTABLISH SINKING FUNDS .. .. .. .. .. .. xi TREASURY BILLS TO BE PAID OFF .. .. .. .. .. .. xi MINING .. .. .. .. .. .. .. .. .. .. xii ENDOWMENTS FOR EDUCATION, OLD-AGE PENSIONS, AND HOSPITALS AND CHARITABLE INSTITUTIONS .. .. .. .. .. .. .. ..xii REFORM OF THE LAND LAWS .. .. .. .. .. .. .. xii NATIVE LANDS .. .. .. .. .. .. .. .. .. xiii RECIPROCITY WITH THE COMMONWEALTH .. .. .. .. .. .. xiv PUBLIC AND PRIVATE WEALTH .. .. .. .. .. .. .. xiv MONEYS REQUIRED FOR ADVANCES TO SETTLERS .. .. .. .. .. xv PROVISION IN THE CONSOLIDATED FUND FOR MAINTENANCE OF ROADS, &c. .. .. xv FINANCIAL YEAR 1906-7 :— Expenditure .. .. .. .. .. .. .. .. xv Revenue .. .. .. .. .. .. .. .. .. xvi Estimated Results at the Close of the Current Year, 1906-7 .. .. .. xvi FURTHER LOAN FOR PUBLIC WORKS PURPOSES .. .. .. .. .. xvi CONCLUSION .. .. .. .. .. .. .. .. .. xvii

8.—6.

Session 11. 1906. NEW ZEALAND.

FINANCIAL STATEMENT (In Committee of Supply, 28th August, 1906.) BY THE COLONIAL TREASURER, THE HON. SIR J. G. WARD, K.C.M.G.

Mr. McKenzie, — In submitting the first financial statement of the present Administration, I am not unmindful of the obligations we owe to our predecessors. When the Liberal party took office under the late Hon. Mr. Balance, it was predicted by those opposed to him, and feared by some of his friends, that his legislation would be reckless and his finance unsound. It was the same when the late Rt. Hon. Mr. Seddon succeeded him. In both cases these prophesies and fears have been falsified by the event. The policy that Mr. Ballance started and Mr. Seddon so brilliantly extended has made New Zealand prosperous at home and noted abroad, as indeed I believe that in the secret recesses of their hearts and consciences many of the Hon. gentlemen opposite are constrained to admit. Our former leaders have gone to their rest and we have entered into their labours. It will be the aim of this Government to maintain the high traditions they established, in showing that sound finance is not inconsistent with progressive legislation and vigorous administration. The abstract of receipts and expenditure of the Public Account, covering the transactions of the last financial year, have already been placed before honourable members, and they have been informed, through the medium of the public addresses of my lamented leader, the late Rt. Hon. Mr. Seddon, of the successful results of the past year's financial operations, so that it is stale news to tell them of the very handsome balance at credit upon closing the books on the 31st March last. The transactions for the year were exceptionally large upon both sides of the ledger, a total of over seven millions and a half having been received and expended in the Ordinary Revenue Account of the Consolidated Fund. I do not intend to detain you at any great length concerning last year's transactions, but it is as well to set them down in their sequence.

CONSOLIDATED FUND, 1905-6. Ordinary Revenue Account. The ordinary and territorial revenue for the year amounted to ,£7,584,359, and, compared with the revenue of the previous year, showed an increase of £301,489. The estimated revenue was set down at £7,402,600 ; the increase of the actual revenue against the estimate was therefore £181,759. Comparing the principal items of revenue the one year with the other, I find that the receipts from Railways open for traffic exceeded the previous year's returns by £120,651; the Customs by £65,427 ; the Stamps by £41,144; the Land and. Income Tax by £40,766; Miscellaneous by £25,433; and other smaller items by £19,831. There was a decrease of £11,763 in receipts from Cash Land Sales.

i—B. 6.

8.—6.

A comparison of the actual receipts with the estimate produces also satisfactory results. The actual revenue from Customs, Railways, Stamps, and Land-tax yielded £184,348 more than was anticipated, and some other small items £2,063, making a total of £186,411 in excess of the estimate. On the other hand Income-tax, Registration and other Fees, and Miscellaneous had been overestimated to the amount of £4,652. The result is a net increase over the estimate of £181,759, as I have already stated. By authority of law £65,000 to provide for sinking-fund payments was credited to this account, as also some refunds and minor receipts amounting to £740. Turning now to the expenditure side, I find that the permanent charges and annual appropriations totalled £7,122,340, in addition to which £500,000 was paid over to the Public Works Fund. Comparing the expenditure of £7,122,340 with the figures of the previous year (£6,635,902), an increase of expenditure of £486,438 is shown. Under Permanent Charges there was an increase of £199,135, consisting of £93,475 for interest and sinking fund, £59,988 for old-age pensions, under special Acts £24,547 (principally for subsidies to hospitals and payments for the promotion of education), and £21,125 distributed over '_' Civil List " and payments to local bodies, including subsidies and local territorial revenue. The expenditure under the annual appropriations showed a considerable increase—namely, £287,303—but lam sure that upon making a careful examination of the increased expenditure of the various Departments honourable members will not find fault. Take, for instance, the expenses connected with the general election ; the postal and telegraph services ; the cost of education ; the care of the mentally afflicted ; the increased expenditure on railways consequent upon increased revenue coming in; and, lastly, towards the development of the lands by survey, &c, and we shall find the whole of the increased expenditure accounted for. The small increases amongst the minor Departments are counterbalanced by the savings effected in the Defence and Public Health Departments. Comparing the actual expenditure with the estimates, it will be seen that the permanent charges were exceeded by £18,800, while under the annual appropriations a saving of £189,000 was effected. The tables attached to my Budget give very full particulars both of actual receipts and expenditure, and also for purposes of comparison. 1905-6 Balance. As I have already stated, the revenue proper, together with other receipts, amounted to £7,650,099; to this amount the balance brought forward from the previous year must be added—namely, £761,036— making a total on the receipt side of £8,411,135. The expenditure, including payments of surplus revenue to the Public Works Fund, amounted to £7,622,340, which amount deducted from the £8,411,135 leaves a balance of £788,795. This I consider a very comfortable sum to commence the current year with; and I may mention that it is the largest balance brought forward at any time in the colony's history. THE PUBLIC WOKKS FUND. My colleague the Minister for Public Works will presently have the opportunity of placing before honourable members a complete statement of the transac - tions in the Public Works Fund; it will therefore be sufficient for me to briefly outline the financial operations. We opened last year with a balance of £861,670, and received £850,851 of loan-moneys and £2,679 of miscellaneous receipts; £500,000 was also transferred from the surplus of the Consolidated Fund, thus making a total of £2,215,200 on the receipt side of the account. On the expenditure side the annual appropriations absorbed £1,722,590 and other charges £311, making a total expenditure of £1,722,901, and leaving a balance available of £492,299 to commence the current year with. In addition to this balance, £182,086 of the 1905 loan of one million had yet to be received, which will give a cash balance for public works expenditure of £674,385, irrespective of the contributions which may bo made from the Consolidated Fund during the present year.

II

8.—6.

The transactions in the accounts of the Paeroa-Waihi Railway, the Hutt Railway and Road Improvement, the Railways Improvements Authorisation Act, and the Cheviot Estate Act are fully set out in the several separate accounts accompanying my Budget, and do not call for special remark THE LAND FOR SETTLEMENTS ACCOUNT. The acquisition of lands for close settlement was vigorously pushed forward during the past year, with the result that the purchase-money of estates and incidental expenses relating thereto represent a total outlay of £820,652, or very nearly double the amount expended during the previous year. My colleague the Minister of Lands has placed before you a full report upon these transactions. The position of the account at the close of the past year stood thus: Balance brought forward, £716,698; loan and other receipts, £492,428 ; receipts derived from estates, £185,763 ; making a total of £1,394,889 : the expenditure was represented by the purchase-moneys as above, £820,652; management expenses, £2,445; charges and expenses of raising loans, £4,957; and £162,760 for interest; making in all £990,814: thus leaving an available balance of £404,075 at the close of the year. THE CONVERSION ACCOUNT. The operations within the Conversion Account have been numerous and of magnitude during the past year. Three-and-a-half-per-cent. inscribed stock has been created to the amount of £1,663,913 to provide for £892,800 of debentures converted, and £724,600 of debentures redeemed at maturity; charges and expenses amounted to £26,089. THE NEW ZEALAND CONSOLS ACCOUNT. Deposits in our New Zealand Consols did not find much favour, owing to the higher rates for interest universally prevailing. Only £1,117 was lodged during the year. THE LOANS TO LOCAL BODIES ACCOUNT. Up to the 31st March last the total amount of debentures created and carried into this account was £2,563,100. The total net disbursements have been—to local bodies, £2,046,023 ; to Lands and Survey Department, towards opening up blocks of land for settlement, £426,493; and to the Public Works Fund, £89,800, in exchange for debentures under " The Roads and Bridges Construction Act, 1882 " ; or, in all, £2,562,316 The balance at credit of the Loans to Local Bodies Account on the 31st March, 1905, was £5,521. Debentures for £151,000 were created and issued during the past year. Payments on account of loans were made —to local bodies, £116,936 ; and towards opening up blocks of land for settlement, £38,801 ; leaving at the end of the year a balance of £784 to the credit of the account. Of the total amount of debts inscribed to the Ist February last (which does not include grants to the Lands Department), the following figures indicate the rates and the amounts thereunder of the loans granted. £ Loans at 5-per-cent. rate .... .... .... 22,102 4| „ .... .... .... 1,050,423 4 „ .... .... .... 110,582 3J „ .... 972,007 £2,155,114 On account of the strain on the funds of this account caused by the constant demands for loans, applications amounting to £70,465 were declined in order that assistance might be distributed amongst areas in the backblocks, where the necessitous condition of the roads and bridges must claim priority in dealing with applications for loans. I am glad to be enabled to report that the payments of the half-yearly instalments in respect of their debts continue to be fully and punctually made by the local authorities,

III

B.— 6.

THE PUBLIC DEBT. On the 31st March last the gross public debt stood at £62,191,040; at the close of the preceding year the amount was £59,912,000, showing an increase of £2,279,040 for the twelve months. The net public debt shows an increase of £2,266,839 for the same period. Over two millions and a quarter of increased debt for the year is undoubtedly a large sum, but I am satisfied that honourable members having the advancement and welfare of the colony at heart will not find fault when the additional loan items are explained to them, which I proceed to do :— For public works we raised £1,000,000, and for the improvement of our working railways £197,660. For the purpose of closer settlement, £607,750. For advances to local bodies, to enable them to improve their roads, build bridges, and attend to their hygienic requirements, £151,000. For advances to settlers, £210,000. The above sums amount to £2,166,410, and, with the exception of £1,000,000 for ordinary public works, the money borrowed should be deemed to be directly remunerative. Some small items, such as £1,117 New Zealand Consols, £65,000 for sinking-fund accretions, and £46,513 increase arising out of conversion operations, make up a further total of £112,630.

Public Debt, Reproductive and Non-reproductive, as at 31st March, 1906. Approximate.

IV

;eproi luclive. [on-reproi lud jive. Public Debt up to 1870,— Maori War, exclusive of provincial charges and losses sustained Land purchases Immigration Railways ... Lighthouses .. .. .. • Telegraphs Roads, surveys, &e. Charges and expenses of raising loans Miscellaneous £ £ 2,357,000 306,000 314,000 350,000 47,000 139,000 1,487,000 583,000 1,907,516 795,000 6,695,516 Public Debt, 1870 to 1891,— Defence Land purchases Immigration Railways LighthouseB and harbours Telegraphs Roads and bridges Provincial liabilities Goldfields and coal-mines Publio buildings Other publio works Deficiencies in revenue Charges and expenses Loans to local bodies Miscellaneous 1,240,000 14,230,000 630,000 1,638,000 2,145,000 437,000 3,619,000 786,000 571,000 1,800,000 3U,000 1,982,000 1,054,000 325,000 508,834 16,425,000 14,914,834 Public Debt, 1891 to_1906 — Land purchases Railways Roads and bridges Loans to local bodies Advances to Settlers New Zealand Consols deposits Bank of New Zealand preference shares.. Coal-mines Telegraphs Goldfield development.. Charges and expenses Inorease by conversion Miscellaneous 5,619,016 6,340,214 2,238,100 3,410,000 476,851 500,000 140,000 195,000 2,315,000 3^781 415,000 250,000 727,621 730,107 4,437,728 18,922,962 Total 36,142,962 £62, r 26,048,078 J 11,040 Debt on 31st March, 1906

8.—6.

RECENT LOAN TRANSACTIONS. Concerning the raising of the Million Loan for public works purposes, authorised by " The Aid to Public Works and Land Settlement Act, 1905," I may inform honourable members that, after careful consideration of the state of the London money-market, it was decided that it would not be wise to place a loan there at the time it became necessary to augment the Public Works ways and means, more especially as at that juncture valuable offers of assistance were received from prominent brokers and moneyed institutions in Australia. As a result of these offers the Government was able to arrange for the flotation of a 4-per-cent. loan of £500,000 at a premium of £1 15s. per centum. The following is a copy of the prospectus issued :— NEW ZEALAND GOVERNMENT LOAN OF £500,000 IN 4-PER CENT. DEBENTURES, DUE 1921. The loan is issued, being balance of loan of £1,000,000 authorised under " The Aid to Public Works and Land Settlement Act, 1905," for land-settlement, railway-construction, and various public works. The debentures will bear interest at 4 per cent, per annum, payable half-yearly on Ist January and Ist July. Principal and interest will be payable in London, Melbourne, Sydney, and Wellington, to be declared in tender. The first coupon for six months' interest is payable on Ist January, 1907. The bank's receipt showing payment prior to Ist July, 1906, will entitle the holders to interest on their payments at the rate of 4 per cent, per annum from the date of such payment to Ist July, 1906. Upon all payments made on or subsequently to the Ist July, 1906, accepted tenders must rebate the proportional accrued interest represented in the coupon. Tenders will be received by the Bank of New Zealand, in Melbourne and Sydney, up to 15th February, 1906, accompanied by a deposit in cash or by a bank-cheque equal to 10 per cent, of the face value of the debentures applied for, and, if the tender be accepted, balance must be paid on or before 31st August, 1906. Holders of debentures, principal and interest payable in London, have the option at any time during the currency of the debentures of converting into 3-J-per-cent. Inscribed Stock, pari passu with that quoted on the London Stock Exchange and due 1940 in London, at the rate of £103 of 3-|-per-cent. Inscribed Stock for every £100 debenture; and Government have option of converting in July, 1911, those payable in London on giving six months' notice. The debentures will be issued in denominations of £100, £500, and 1,000, and applicants must state in their tenders the number and value of the debentures they desire to receive. No tender below £101 15s. per £100 will be entertained. Tenders of the highest premium have preference, and to tenders of even rates debentures will be allotted proportionately to the applications. Tenders at a price including a fraction of a shilling other than sixpence will not be preferentially accepted in respect of such fraction. Failure to pay the balance on the final date will cause the deposit of 10 per cent, to be forfeited. Members of recognised stock exchanges of Australasia will be allowed brokerage of £ per cent, upon their accepted tenders. For further information or particulars apply to Fred. Thronemann and Co. or Bank of New Zealand. Upon opening the tenders it was found that £814,300 had been tendered for by the public. The average price of the accepted tenders was £101 16s. lid. per centum; and, as the cost of flotation was only £1 15s. per centum, there remains a yield of something over par. I think our venture in the Australian money-market may be considered a pronounced success, more especially as one of the State Governments issued a 3|-per-cent. loan of £1,600,000 at £97 about the same time, but which cost them £4 2s. lOd. per centum per annum. With regard to the balance of the Million Loan, an offer of £500,000 at 4 per cent, at par was accepted without commission or other charges—currency to Ist July, 1916. A considerable business has been done in over-counter sales of 4-per-cent. debentures at par, and these sales have enabled us to supply funds for the purchase of lands for closer settlement and for Maori-land settlement purposes. The sales have been gradual, and very plainly indicate that our thrifty and successful colonists look on these securities as a satisfactory means of investment of their savings. Our 4-per-cents presented an attractive investment to our friends in the Australian States, and I, therefore, am now asking and have obtained a premium of £2 per cent, upon all sales, whether in Australia or in this colony; but Ido riot anticipate doing much business in New Zealand at the premium quoted. I

V

If.-£

am looking forward, however, to an early lowering of the Bank of J England discount rate, which, when it takes place, will enable us also to reduce our rate of interest on Government issues, and this may have the effect of lowering interest rates all round. It may be of interest to honourable members to append a statement showing particulars of the sale in London of £750,000 of 3j-per-cent. Inscribed Stock. The sale of this stock enabled us to provide for debentures amounting to half a million due in August last, for the debentures due Ist January last for £150,000 issued in settlement of the Midland Eailway petition, and for other loans falling due early last year. Statement showing Particulars of Sale in London op £750.000 New Zealand Inscribed Stock at £99 per Cent, between June, 1905, and February, 1906. Dr. £ a. d. Cb. £ s. d. To Price of £750,000 3J-per-eent. Stock By Commisston at 1 per cent, 'on sale of at 99 per cent. .. .. .. 742,500 0 0 £750,000 .. .. .. 7,500 0 0 Interest due at 3 per cent, and per Half-yearly dividend oent. on Stock unsold at varying on £750,000, due dates.. .. .. .. 5,285 16 6 Ist July, 1905 ..£13,125 0 0 Less income-tax 656 5 0 12,468 15 0 Half-yearly dividend due Ist January, 1906, on £225,000 3J-per.cent. Stock, less income-tax£l96l7s. 6d. 3,740 12 6 Contract stamp .. .. .. 0 10 Amount paid into the New Zealand Publio Account .. .. 724,076 8 0 Total .. .. .. £747,785 16 6 Total .. .. .. £747,785 16 6 DEFENCE. As the Commandant's term of office is on the point of expiry, this appears to be a convenient time for considering many matters in connection with the Defence Forces, with a view to increasing the efficiency of the service, making it more popular, and devising means by which the colony may get greater value for the moneys expended upon defence. In England the control and administration of the army has been handed over to an Army Council. A similar Council, or Board, has been established in Australia, and the Government is considering the expediency of establishing a similar Board in New Zealand for the control of Defence affairs, but subject to the authority of the Minister of Defence. The adult and cadet corps will be encouraged to take greater interest in their work. The capitation of the cadets will be increased. Steps will be taken to see that every adult Volunteer has a uniform overcoat, waterproof sheet, and mess tin. Efforts will be made to induce the Volunteers and members of rifle clubs to give greater attention to rifle practice, and also to get the male population of the colony to take up rifle shooting as a national pastime, as in the case of football and cricket. The Volunteer Eegulations will be altered so that the earning of the annual capitation shall depend upon the individual Volunteer, and not upon his comrades. A school of instruction for officers, non-commissioned officers, and men will shortly be established upon a sound basis. A transport and supply service will be inaugurated. A training-ship is being put in commission, which will accommodate some eighty youths. From the numerous inquiries made, and the interest evinced in her from all parts of the colony, it is believed that another and a larger trainingship will soon be required. The Government also looks forward to the establishment of a naval training college in connection with the training-ship. It is proposed to increase the reserve in the colony of small arms of the latest pattern; also the reserve of small-arms ammunition. PBOSECUTION OF NEW BAILWAYS. With the completion of the North Island Main Trunk Eailway at the end of 1908 and the formation-works of the Midland Eailway finished by the same period, together with the fact that the Otago Central Eailway will have been

VI

8.—6.

carried to the present point of stoppage by the end of March next, honourable members will see that three of the largest railway-works in hand at present are now within sight of completion—at least so far as the greater portion of the expenditure for them is required. With these three great works out of hand, the remaining lines can be pushed on with more vigour, and by an expenditure of a much larger sum upon them individually than hitherto has been possible. The colony can only set aside a certain amount tor the prosecution of new railways yearly, and it will be imprudent to increase the amount beyond what we are now spending, but I hope that the next few years will see a greater impetus given to the construction of railways, and there ought not to be any difficulty in obtaining the necessary amounts required for this purpose without going upon the London money-market. CHRISTCHURCH TO HANMER SPRINGS. In view of the early opening of the International Exhibition the question of speedier communication between Christchurch and Hanmer Springs becomes of importance, and it is proposed to establish a motor-car service in connection with our railways. ROADING IN BACKBLOCKS. Notwithstanding the unfavourable weather' experienced in many parts of the colony, fair progress has been made, and there will be provision in the Public Works Estimate for continuing road formation in the back blocks and newlysettled districts. Honourable members are aware that the borrowing powers of counties, under the Local Bodies Loans Act, are limited irrespective of the area and rateable value. The Government proposes to extend the power in the larger counties which are at present restricted in their operations. RAILWAY CONSTRUCTION. The work of railway construction has been steadily proceeded with throughout the year, the expenditure on new works under the control of the Public Works Department having amounted to £670,221. In addition to this, a considerable sum was expended by the Working Eailways Department on additions to open lines, and out of the " Hutt Eailway and Eoad Improvement" and " Eailways Improvements Authorisation Act " accounts. Full details regarding the work will be given in the Public Works Statement, but, in the meantime, it may be of interest to honourable members to take a forward look as regards the more important lines. On the North Island Main Trunk Eailway, the rail-heads at the north and south ends of the line will advance during the coming summer to within forty miles of each other, and work on the intervening section will be vigorously pushed on. A coachroad will also be completed, between the two rail-heads, so that it will be possible to travel overland from Auckland to Wellington by the route of the North Island Main Trunk Eailway. The completion of the formation, including the viaducts and bridges on the central section, and the laying of the rails thereon, may be looked forward to by the end of 1908. As regards the Midland Eailway between Springfield and Brunnerton, the position at date is as under:— On the West Coast side the line is open for traffic to Otira, and the section between Otira Station and the mouth of the proposed Arthur's Pass Tunnel is well in hand. Tenders for the tunnel contract were recently invited, but, as the response was not satisfactory, fresh tenders are now being called for. On the eastern side of the range the line is already open for goods traffic between Springfield and Staircase Gully. The Staircase Viaduct is complete, the Broken Eiver Viaduct is nearing completion, and the rails between the two viaducts are now being laid. My colleague, tho Minister for Eailways, hopes to be able to run passenger trains to the temporary station at Broken Eiver in November next. A coach road has been formed thence to the Cass, so as to admit of the through journey between Greymouth and Christchurch being

ii—B. 6,

VII

8.—6.

accomplished in one day. The formation works on the railway are well in hand from Broken Eiver onwards, and can be finished to the Bealey Station by the end of 1908, so that the east and west coast portion of the Midland Eailway will be entirely finished before the tunnel is available for traffic. Good progress has also been made with the Otago Central line; and the section between Omakau and Chatto Creek has recently been opened for traffic. The rails between this point and Alexandra are now being laid, and the bridge over the Manuherikia Eiver, near the Alexandra township, is nearing completion. The railway will be available for traffic to Alexandra by November next, and to Clyde by the end of the financial year. OVER-SEA TRADE. I am pleased to state that this Government, conjointly with the Canadian Government, has concluded a contract with E. A. Alley and Co., of Tacoma, for a direct bi-monthly cargo service between New Zealand and Canada. The company's steamers have already taken up the running, and it is anticipated that good results will follow, as the opposite seasons of the two countries offer excellent prospects for the export of our butter, frozen meat, &c. In order to facilitate trade in these products, negotiations are now in progress for the substitution of boats fitted with refrigerating plant in lieu of those at present employed in the service, and arrangements will be made to prevent them from combining with any other line of steamer trading to Vancouver, so as to insure the lowest possible rates being obtained for the producers of the colony. The possibilties of establishing export trade to the Far East is receiving the attention of the Government, it having been ascertained that the Australian States had developed a considerable trade with Japan, China, and the Straits Settlement. Our Trade Commissioner was directed to visit these countries, and it is now evident that our wool, frozen mutton, and butter should there find a market. Inquiries have already been instituted in the direction of providing for a direct steam trade-service from New Zealand. The advantages of having a line of steamers trading fortnightly from Great Britain to New Zealand, via Suez, are considerable, and the High Commissioner will be instructed to enter into negotiations in order to arrange that the steamers which are now being built to carry out the contract with the Commonwealth of Australia, shall come direct from Adelaide to New Zealand. Should these negotiations result in tangible proposals, they will, as in all such cases, be submitted to Parliament for ratification before any commitment on the part of the colony is made. The Trade Commissioner, upon his return from the East, will be directed to proceed to Canada in order to assist in the development of trade from New Zealand to that country. SCIENTIFIC AGRICULTURAL METHODS. Following up the line of scientific development and the application of the most up-to-date methods to agriculture, the Government intends to establish at an early date in connection with the dairy industry a complete experimental station and school of instruction in which the scientific lessons of other countries will be analysed and investigated under New Zealand conditions of food, climate, and soil, and the necessary modifications obtained and applied to the production of butter and cheese. By this course only can the top position be obtained and retained on the London market for our produce. WORKERS AND THE LABOUR LAWS. In the best interest of both labour and capital it is essential that the work of the Arbitration Court should be expedited, and for this purpose the Government proposes that the President shall be relieved from judicial work in the Supreme Court. In other respects the labour legislation has been working satisfactorily, though one or two improvements are contemplated.

VIII

8.—6.

■;.'" As the time is approaching when some of the principal railway-lines in course of construction will be completed, and a consequent reduction in the number of men employed on them will take place, honourable members will agree that some practical scheme should be devised to enable those employed on these works to secure homes for themselves and their families. For this purpose Parliament will be asked to set aside 20,000 acres of land along the North Island Main Trunk line, the Otago Central, and the Midland Eailway lines, which the Lands Department will survey and cut up into suitable areas. Assistance will be given towards erecting suitable dwellings for those settling on this land. NATIONAL PENSIONS. Honourable members will recollect that the late Prime Minister propounded a scheme of national pensions or annuities. The Government hopes to be able to circulate a Bill containing matured provisions for this laudable object. lam doubtful whether there will be sufficient time to enable it to be placed upon the statute-book this session. It will, however, give the opportunity to honourable members and to the people of the colony to carefully consider it, so that as soon as possible legislation may be passed whereby all classes in the country may provide themselves with an annuity in their old age, or when through physical disabilities or accident they are compelled to cease active labour. POSTAL REFORMS. My attention has for some time been given to the anomalous postal rates under which inland letters are charged eight times as much as commercial papers and book-packets. The method of charging for letters by \ oz. stages is a survival of a time when modern systems of transportation were unknown, and there is no reason, other than a traditional one, why this should continue. I have therefore decided, while not interfering with the rate for book packets and other articles not over 2 oz. in weight, and for newspapers, to abolish all other distinctions, and to fix a uniform rate of postage for inland letters of Id. for each 4 oz. It is estimated that this will mean an imtnediate concession to the public of £17,000 per annum, but experience has shown that every concession in postal rates creates a new class of business which is ultimately to the profit of the Post Office, and I have no doubt whatever that this new class of business will insure a sufficient increase in the number of letters to recoup a considerable portion of the toes to the Department in the first year, after which it may be safely anticipated that the deficiency will gradually disappear. Even if it were conceivable that the concession would not insure any new business, the fact that the number of letters increased in 1905 by nearly 7 per cent., and that the increase for the current year promises to exceed last year's, makes it apparent that the time is ripe for a reform which will remove the present restrictions against the transmission in closed envelopes of all classes of postal matter. Incidentially there will be a saving of time and money to the Post-Office in the relief from the examination of open packets to discover whether the regulations are being infringed. It is intended to bring this concession into force on the Ist November next, in commemoration of the opening of our International Exhibition, and, making safe allowance for the increase and for the period of the financial year that the change will be in operation, I calculate that the resulting loss to the postal revenue will not exceed £4,000 up to the 31st March next. As the new letter rates will be cheaper than the present inland parcel postage, I have under consideration the desirability of reducing the latter. The question of reducing the commission on money-orders is also being considered. I have also pleasure in announcing that the initial weight of letters to places beyond the colony will be raised to one ounce, and that the postage rates to countries which do not yet accept our penny letters will be reduced after the first ounce. Thus, a letter for Germany weighing two ounces which at present

IX

8.—6.

costs tenpence will, under the new arrangement, cost fourpence. The change as regards the British Dominions may, it is hoped, by mutual arrangement come into force early in the year, and as regards foreign countries on the Ist October following. It remains to say one word about the staff. There is a great block in some of the grades, owing to the enormous expansion of business, and the rigid limitation of the number of officers within each grade. Proposals to meet the difficulty will be submitted. TELEGRAPH REDUCTIONS. The success of the sixpenny telegram, introduced in 1896, has been so marked that I am justified in now announcing a reduction, as from the Ist November next, of the rate charged after the first twelve words. It is proposed to reduce this from Id. to Jd., making a uniform rate of Jd. per word, with a minimum charge of sixpence. The immediate value to the public of this concession will be about £14,000. The normal increase of inland telegrams in 1905 was almost 9J per cent.; and to make good the concession now decided upon, an increase of about 12J per cent, on last year's business would be required. After providing fully for the period that the telegrams will be carried at the new rates, I calculate that the resulting loss of revenue for the balance of this financial year will not be more than £3,000, if so much. I have little doubt but that the additional 3 per cent, may be looked for in the first year, and I expect to find that the whole of the revenue will be made up within twelve or, at the outside, eighteen months. As every class in the country is interested in the efficiency and usefulness of the Post and Telegraph Service, I am confident that these improvements will materially add to the benefits conferred by these two great Departments of the State. In connection with these reductions it is intended that the present system of franking telegrams and letters by the various Government Departments shall cease from the Ist January next, and from that date each Department will provide for payments of both letters and telegrams. This change will at once result in considerable economy, besides freeing the telegraph-wires at 'times to a marked extent, and better enable them to carry the increased work that the concession to a |d. rate per word is certain to create. When the reforms I have sketched are given effect to, New Zealand will have one of the most liberal and up-to-date post and telegraph systems in the world. WIRELESS TELEGRAPHY. Captain Walker, representative of the Marconi wireless-telegraph system, was in Wellington during February of this year, and the subject of wireless communication with New Zealand, the Auckland Islands, Tasmania, and Australia was discussed. Draft specifications were prepared and copies forwarded to the Commonwealth with a view to the matter being mutually considered and some action taken, but nothing definite has yet resulted. Experimental stations have been erected at Queenscliff and the north of Tasmania. Communications have been made by these stations, but no official report has been received from the Commonwealth. As Parliament has given authority to establish this system I hope shortly to have tenders invited with a view to the most up-to-date system being adopted. TELEPHONES TO OUTLYING LOCALITIES. As telegraphic and telephonic communication is a matter of very great importance to our outpost settlers, who make great sacrifices in comparison with those who enjoy the comforts and conveniences of town life, authority will be asked for a special vote of £25,000 for the provision of telephones in the more remote parts of the country; and, in cases where the construction of telephone-lines in the ordinary way is not warranted, the material will be

X

8.—6.

supplied free to those willing to undertake the work. Arrangements will also be made for all places connected by telephone to be within communication of a medical man both by day and night all the year round. CLASSIFICATION AND SUPERANNUATION. The importance of having the Civil Service classified is generally conceded, and I hope to have the opportunity this session of placing before honourable members proposals for the classification and superannuation of the whole of the service. This can be done with advantage to the country as well as to its employees. AUDIT. Criticism has at various times been directed against the system of audit in the case of several Departments. Though lam satisfied that there has been no genuine cause for this criticism, yet it is felt that no good can result from its continuance; and, in order to remove the cause, I propose to put the whole of the Government Departments under the Audit Department. For this purpose all officers employed as auditors in any Department will be placed under the control of the Audit Office. The additional number of audit officers thus made available will ensure the more effective and speedy audit of the accounts of local bodies. PROPOSAL TO ESTABLISH SINKING FUNDS. I am aware that of late years it has become an axiom that while a young colony is borrowing for public works and purposes, it is not sound finance to set aside moneys as a sinking fund for such loans. Be that as it may, there can be no doubt that such an axiom cannot be held to apply to loans of an absolutely non-remunerative character, such as "war" loans, and moneys obtained for kindred purposes, such as the defence of the. colony. On looking over the summary of our public debt which I have just read I find that in respect of our old war loans the sum of £2,357,000 is set down as a liability, and for defence purposes £1,638,000. These two items amount to £3,995,000, and although non-existent so far as the original loans are concerned, conversion operations have merely changed the form of the security. In my opinion we ought to set to work to absolutely pay off these non-productive loans, and not leave them indefinitely as a legacy to our successors. I shall therefore arrange to provide a sinking fund of 1 per centum per annum, which ought to extinguish the liability in about thirty-five to forty years hence. In more recent years we have borrowed largely for the purpose of acquiring lands for close settlement. I am sure honourable members and the colony generally are agreed that this policy of closer settlement has been successful, resulting in the prosperity of a large number of our industrious colonists who otherwise would not have been able to '-get upon the land." In carrying out this closer-settlement policy we have borrowed some £4,560,000, which is returning in rents a very large income and proving a remunerative investment; but, thus far, no attempt has been made to establish a fund for the repayment of these loans at maturity. Under these circumstances I propose to make a charge upon the Land for Settlements Account at the rate of 1 per centum per annum as a sinking fund. This amount safely invested and improved at best rates ought to extinguish the debt in about thirty-five to forty years. TREASURY BILLS TO BE PAID OFF. Honourable members are aware that we have an amount of £700,000 outstanding in respect of the issue of Treasury bills. These debentures, although not originating from the financial operations of the present party's administration, should be cleared off our books as soon as possible, and I therefore hope to be able to redeem a substantial amount by the close of the current year, and to make further redemptions from time to time until the bills are paid off.

XI

8.-6.

MINING. With respect to the mining industry the outlook is of a very hopeful character. The export of gold for 1905 was the highest for a period of thirtyfour years, and during the first six months of the present year the export showed a substantial increase compared with the first six months of 1905. The industrial life of a people is, to some extent, indicated by its coal output; that mineral shows an increase for the year 1905 over that of 1904, which was the highest on record. It is intended to give additional assistance and special facilities in order to enable prospecting for gold to be carried out more generally. There must be other mineral deposits awaiting discovery in this country, and money spent in this direction should be regarded in the same way as that expended for pioneering, either in the commercial or any other branch of the industrial world. There has been an increase in the output from the two State coahmines, and the financial aspect is equally satisfactory. The briquette plant for the utilisation of small coal is now in course of erection, and should shortly be in operation. Coal depots, for the sale of coal direct from the mines to the consumer, have been opened at Wellington and Christchurch, and arrangements are in contemplation for opening depots at other large centres throughout the colony. ENDOWMENTS FOR EDUCATION, OLD-AGE PENSIONS, AND HOSPITAL AND CHARITABLE INSTITUTIONS. The Government is strongly of opinion that, in the interests of these important matters, a specific fund should be ear-marked for them, instead of leaving them to be wholly provided for out of the ordinary appropriations. For this purpose we propose to make a beginning by setting aside as an endowment all the ordinary Crown lands now unsold or unleased. The net proceeds hereafter derived from them will be paid into an Endowment Fund, within the Public Account. The fund will be available solely for purposes of education, old-age pensions, and hospital and charitable institutions, and, of course, will only be drawn upon pursuant to appropriations by Parliament. Until it becomes selfsupporting it will be supplemented by the ordinary appropriations, or be available in aid of them. It is confidently anticipated that with the expansion of the colony the fund will grow, until in time it will suffice to meet all the charges. In the meantime it is the first step towards making specific provision for these important services without disturbing the ordinary finances. Legislation will be introduced to give effect to the proposal. REFORM OF THE LAND LAWS. The Government has given careful consideration to the important question of land tenure. On the one band, the country cannot prosper unless the settlers are prospering, and to that end they must hold their land in moderate areas and under liberal conditions. On the other hand, we of to-day are trustees for those who are to follow us, and we are not justified in recklessly sacrificing the public estate. The problem is how best to reconcile these apparently conflicting interests. The Government is of opinion that reform is necessary on lines which I will briefly indicate. Full details will be given in the Bill which my colleague the Minister for Lands will submit in order to give effect to our proposals. Honourable members will recollect that, as part of our scheme of land reform, all existing waste lands of the Crown are to be set aside as an endowment for education, old-age pensions, and hospitals. So far as relates to land-tenure the scheme extends to all Crown lands, and whilst sacredly preserving existing contracts, will in its main principles be as follows :— (a.) Sale of Crown lands to be discontinued, except in the cases specified below; (b.) The lease-in-perpetuity system (999 years) to be discontinued and a term of 66 years substituted, with valuation for improvements at end of term ;

XII

8.—6.

(c.) The tenant under a 66-years lease to have power to pay capital sums to the extent in all of not more than 90 per cent, of the total capital value of the land, the rent being reduced by the interest on the sums so paid; (d.) When 50 per cent, of the capital value has been so paid, all restrictive covenants to be removed, and the tenant to hold thereafter on terms of paying the abated rent. (c.) All capital sums so paid to be refunded at the end of the term. (/.) At the end of the term the land to be offered again for lease, burdened with the value of improvements to be paid by the incoming to the outgoing tenant. (g.) Tenants under 999-years leases (including leases under the Land for Settlements Act) to have the option of converting into the new— and this at either the original or the present value. (It.) Tenants under old leases (not including leases under the Land for Settlements Act) to have the additional option of surrendering the leases, when the land will be sold by public competition, burdened with valuation for improvements; the proceeds of all such sales to be paid into the Land for Settlements Account, so as to be solely available for acquiring improved lands for disposal under the Land for Settlements Act. This means that the tenant of a Land-for-Settlement lease may convert, but cannot surrender. Other tenants- may either convert or surrender, and if they surrender they will receive the value of their improvements when the land is sold. Another modification of the law will be made enabling a person to add to his holding in cases where its area does not exceed the statutory limit. The Government is strongly of opinion that the aggregation of large areas in single hands is not to the advantage of the State. It therefore proposes to fix a limit—say, £50,000 capital unimproved value—beyond which it shall not be lawful for any person to hold land, with provision for the gradual reduction, say, within ten years, of areas now in excess of the limit. The residential conditions of the Land Act are essential to the satisfactory settlement of the land, but the Government thinks that they may be safely modified in favour of persons whose avocations confine them to the town, but are desirous of taking up land as a provision for themselves or their families. Proposals will be submitted for granting this concession under regulations carefully framed to prevent abuse. I trust that in considering these proposals honourable members, whether favouring the leasehold or the freehold system, will recognise that the Government is making an honest and straightforward attempt to meet defects which undoubtedly exist. The necessity of reform is admitted on all sides, and lam hopeful that, having regard to the magnitude of the public and private interests involved, the matter will be approached in the calm and dispassionate spirit its importance demands. My colleague will place before you facts and details which I cannot be expected to give in this statement, and in the meantime I express my hope that the proposals will be acceptable to the people of the colony, and also to the Crown tenans concerned, whether they hold under the Land for Settlements Act or otherwise. NATIVE LANDS. There are large areas of Native land lying idle and uncultivated. This is not entirely the fault of the Maori owners, who have had great difficulties to contend with, though, too often, they are saddled with the blame. The Maori dare not cultivate land until his ownership to it has been ascertained: what person would cultivate land on the off chance that he might afterwards get a title to it ? There are other cases where the title has been ascertained, but the block has not been partitioned up to such a point that each owner can say where his own piece of land is, or a family can feel assured as to the allocation of their estate, ,

XIII

8.—6.

The individualising of their titles will manifestly be beneficial to the Maori people, but experience has shown that since, by ramifications of their genealogies, titles to even small and worthless blocks are overloaded with owners, it is not possible to effect this in every case. Provision must accordingly be made at the proper stage, either to partition the lands according to family groups, or to consolidate the holdings by a system of incorporation under an efficient management. The object will be in every case to put the Natives in a position to deal with their lands, or use them to the best advantage. To carry out such a scheme an efficient and complete Native Land Court staff is required, as also a sufficient number of surveyors to mark off individual or family interests, or other partitions that may be necessary. It is not only desirable to settle Native titles as quickly as possible, but also to devise some means to bring the land under cultivation in the meantime. To meet these points the policy of the Government is— (1.) To set aside a sufficiency of Native lands for the maintenance of the Natives; (2.) To as far as possible give the Natives a " start " to farm these lands and to guide them in making the lands productive ; (3.) To throw the balance open for settlement and cultivation—by (a) the Crown purchasing at the Government valuation, (b) vesting it in the Boards for lease in limited areas for terms not exceeding sixty-six years, and (c) allowing the Natives to lease it themselves for such a term under the supervision of the Boards ; (4.) To settle all disputes in Native titles as quickly as possible by the Land Court; (5.) Where the Natives cannot be dealt with individually by the Crown, on account of pending appeals, partitions, &c, that the Crown deal with them collectively in the meantime and open their land for settlement, so that when their cases are disposed of by the Court they will get the resulting revenue. In order to increase the efficiency of the Native Land Court staff, and to overtake the large arrears of work, it is proposed to establish Native Land Court districts, co-terminous with the present Maori Land Board districts, with a Judge in charge of each, each Judge to fix a circuit and attend on circuit at stated periods to dispose of cases. Moreover, to constitute the Appellate Court two additional Judges are required whose duties will be confined to Appellate Court business. RECIPROCITY WITH THE COMMONWEALTH. As honourable members are aware, the late Prime Minister, Mr. Seddon, made a provisional agreement with the Commonwealth Government for reciprocal concessions of Customs duties in certain cases. The agreement is subject to ratification by Parliament and will be submitted accordingly. Its operations will have very important results to New Zealand, both financially and otherwise, and honourable members will, I am sure, give very full and careful consideration to the matter when it comes before them. PUBLIC AND PRIVATE WEALTH. I should like to say a few words with regard to the large and interesting question of our public and private indebtedness as compared with our public and private wealth. In other words, upon making up a statement of the colony's assets and liabilities, what do we find the balance to be ? During the years when a property-tax was imposed the private indebtedness could in its cumulative form be fairly well ascertained, but since the substitution of a land and income tax it has become a very difficult matter to obtain a really definite estimate. The probate method of calculating private wealth affords approximately reliable results, and that, in my opinion, is the only safe method that can be followed. . To attempt to set down a balance-sheet of the assets and liabilities of the colony in detail would, I fear, be misleading, and I must content myself with

XIV

8.—6.

some figures which may give honourable members a fair idea of the colony's position. I must guard myself, however, by remarking that the figures must be taken as approximate. They are, however, carefully compiled in the most reliable method available. Briefly, then, I put down the— Assets— Net private wealth .... .... £258,710,000 Public property .... .... 67,520,387 — £326,230,387 Liabilities Net public debt (loans) .... £59,670,471 Local bodies' debt „ .... 11,544,595 71,215,066 Balance of assets over liabilities.... £255,015,321 MONEYS REQUIRED FOR ADVANCES TO SETTLERS. The policy of making advances to settlers has proved a great boon to numbers of our worthy colonists, enabling them to improve their holdings at small cost to themselves, and with absolute security to the Government. The report of the Advances to Settlers Office will inform you of how singularly successful its operations have been. The alteration of the law enabling the office to invest its own profits has had the effect of lessening the amount required to be borrowed to lend out to our settlers, and I do not anticipate that it will be necessary to find more than about £400,000 per annum, which can be arranged for through the Post-Office Sayings-Bank. Meanwhile there has been no falling-off in the amount and number of advances made; indeed, last year showed a record for the largest amount of business done by the office. It may be well to mention that the cumulative authorities, amounting to £4,000,000, for borrowing purposes are almost exhausted, and will have to be extended to £5,000,000, in order that our settlers may have the benefits of the cheap-money scheme. A Bill to give effect to this will be introduced. PROVISION IN THE CONSOLIDATED FUND FOR MAINTENANCE OF ROADS, ETC. At various times comment has been made upon the system of making provision for repairs and additions to public buildings and for the maintenance of roads out of the Public Works Fund. This would be a proper criticism if the Public Works Fund consisted of loan-money only ; but, as for a number of years past it has been largely supplemented from the consolidated revenue, and at many periods of each financial year has consisted wholly of Consolidated Fund money, the unfairness of this criticism is obvious. In order, however, to remove any possible colour for suggestions of the kind, I propose to make an alteration by providing for repairs and additions to public buildings, as well as for maintenance of roads, upon the Consolidated estimates. For these purposes the amount this year will be about £35,000. FINANCIAL YEAR 1906-7. Expenditure. The estimated expenditure for the financial year ending 31st March, 1907, I have set down at £7,575,972; therefore, as the actual expenditure last financial year amounted to £7,122,340 (not including the transfer of £500,000 to the Public Works Fund), the increase of expenditure for the current year is estimated at £453,632. This is undoubtedly a large amount, and I shall proceed to explain how it arises. There is an increase of £-18,842 in the charge for interest and sinking fund, consequent upon the large amounts we have raised by way of loans; but, as I have already stated, the major portion of these loans was for purposes which would be returning interest at even better rates than those charged, and therefore there will be no burden upon the taxpayer.

iii—B. 6.

XV

8.—6.

Under special Acts there will be found an increased estimated charge of £96,092, represented by payments to be made to old-age pensioners. There is a net estimated increase of expenditure under the annual appropriations amounting to £320,661, and the Departments of the Post and Telegraph (£38,039), Education (£85,247), and Working Eailways (£155,080), are answerable for a total of £278,366. The cost of the general elections has lessened the Colonial Secretary's departmental expenditure by £40,000, and in the Industries and Commerce Department there is a reduction of estimated expenditure of £29,350, represented chiefly by the withdrawal of the subsidy for the South Africa direct steam service. Other Departments are represented by increases or savings of small amounts respectively. Be venue. The estimated revenue for the current year, including sinking fund increases, may be stated aa £7,867,000, or £217,641 in excess of the actual receipts during the previous financial year. Such figures as these are startling when it is remembered that our population does not yet reach a million; and it is proved in every direction that our revenue is paid by our people without being a burden upon them individually, as is evidenced by the wonderful prosperity which exists from one end of New Zealand to the other. Honourable members sitting opposite have from time to time adversely criticized the results of the previous years' receipts, alleging that the Government in office has purposely underestimated the revenue for the purpose of swelling the surplus, although they did not explain how such a result could be effected. Other critics have stated that the underestimates were the result of want of proper knowledge of the matter dealt with. The real fact is that year after year the Colonial Treasurer has believed that the revenue of the previous year could not be largely exceeded, and that it would be unsafe to increase the estimated revenue beyond the figures set down. But it has been made clear that the zenith of our prosperity has not been reached, and the large increases in our receipts have been tangible proofs of this. With these remarks I will now proceed to explain some of the estimated increases for the current year. I have estimated the Customs revenue at practically the same amount as came in last year; the increase of population and of closer settlement on the land, together with the general prosperity, justify the belief that we shall reach the sum set down. The same arguments apply to the estimated increase from Working Eailways receipts, amounting to £161,582. Stamp revenue is estimated to reach £42,237 in excess of the actual receipts of last year. Land-tax is expected td expand by nearly £20,000, but the income-tax will not, I think, produce more than was received the previous year. The remaining heads of revenue are estimated at much the same amounts as the actual figures of last year, excepting territorial revenue, which I have estimated at nearly £16,000 less than last year's receipts, arising principally from the falling-off of cash land-sales. Estimated Eesults at the Close op the Cureent Year, 1906-7. To provide for an estimated expenditure of £7,575,972, we have receipts to come to hand amounting to £7,867,000, which would leave a surplus on the year's transactions of £291,028. To this amount the balance at the beginning of the year must be added—namely, £788,795 —making a total of £1,079,823; but as we voted £750,000 last year for transfer to the Public Works Fund, we may estimate a similar transfer during the current year, which when made would reduce the balance to £329,823, and this amount would be available for supplementary estimates and unforeseen expenditure.

XVI

8.—6

FURTHER LOAN FOR PUBLIC WORKS JPDEPOSES. We come now to the question of the necessities of the Public Works Fund. It is our policy to vigorously push on with the works in progress. The large undertakings in hand must as rapidly as possible be brought to completion in order to reach a remunerative point. To enable this to be done we must ask the Parliament for further borrowing-powers, which will, I am sure, be recognised as necessary where the life-blood of our country is so dependent upon the provision of railways, roads, telegraphs, telephones, and other public facilities. The timorous assert that we should never spend more than our income; but the practical colonist will agree that where we can create an asset in 'exchange for our borrowed moneys we are fully justified in raising funds in aid of a vigorous policy of progression. Admitting this to be economically sound further borrowing is necessary, as it is not safe finance to depend upon surpluses' The Government has therefore decided to ask for authority to raise £1,000,000 in aid of public works. At the same time, it is not proposed to go to London for the loan, as there is little doubt but that it can be easily raised locally at a reasonable rate of interest. CONCLUSION. The policy of this Government is a progressive development of what has always been the policy of the Liberal party—to advance, but on safe lines, sparing no effort to further the social, industrial, and commercial welfare of the colony, and taking care to keep on lines that are financially and economically sound. J The proposals I have indicated include amongst other important matters sinking funds to redeem unremunerative loans, ear-marked endowments for education and other specified purposes, national annuities for the encouragement of thrift, reductions in postal and telegraph rates and increases in postal and telegraph conveniences, vigorous prosecution of railways, roads, and other public works, reform of the land laws, and settlement of Native lands. I feel confident that with the help of our friends on this side of the House, and not being deprived of the benevolent criticism of honourable members opposite, these proposals will be given effect to in such a way as to further promote the prosperity of New Zealand and the happiness of her people.

XVII

TABLES TO ACCOMPANY THE FOREGOING STATEMENT.

Table No. I.—Abstract of Recess and Expenditure op the Financial Year ended 31st March, Table No. 2.—Comparative Statement of the Estimated and Actual Receipts and Expenditure of the Consolidated Fund for the Financial Year ended 31st March, 1906 .. 25 Table No. 3.—The Public Debt on 31st March, 1906 . oc Table No. 4.—Statement of the Estimated Liabilities of the Consolidated Fund outstanding on 31st March from 1896 to 1906 inclusive .. a«i««u ujx • • • • • • .. ~ zy Table No. 5.-Statement of the Estimated Liabilities of the Public Works Fund outstanding on 31st March from 1896 to 1906 inclusive .. .. .. .. "* Table No. 6.—Statement showing the Total Ways and Means of the Public Works Fund and the Total Net Expenditure to 31st March, 1906 oi '***•■ • • • 4 OX Table No. 7.-Estimated Expenditure of 1906-7 compared with the Actual Expenditure of 1905-6 .. 32 Table No. B.—Estimated Revenue of 1906-7 compared with the Actual Revenue of 1905-6 .. 32 Table No. 9.-Statement showing the Amount charged to " Unauthorised " in bach Financial Year from Ist July, 1875, to 31st March, 1906 Table No. 10.—Statistics for 1885-1895-i905 .. „. Table No. 11.—Value of some of the Principal Exports .. Q/l 12.—Trade Exchange between New Zealand and other Countries .. .. 35 Table No. 13.—Development of Shipping trading to and from Places beyond New Zealand .. 35 Table No. 14.—Registered Vessels belonging to New Zealand .. .. .. 35 Table No. 15.—Increases for Two Decennial Periods, 1885-1895 and 1895-1905 .. .. ..36

I—B. 6.

8.—6.

Table No. 1.

REVENUE 1905-1906. RECEIPTS. 1904-1905. £ s. d. £ s. d. £ s. d. ,126,830 10 11 Balance at beginning of Year,— Cash in the Public Acoount Advances in the hands of Officers of the Government,- g In the Colony •• 5£ .' g51 „ 1 In London .. •• •• •• IS 10 On account of Imperial Pensions .. • ■ • • • • qia n 1 On account of other Governments 1,278,053 12 7 30,718 11 2 30,837 10 9 658 7 4 695 17 1 82,982 11 8 100,000 0 0 160,000 0 0 Investment Account 1,349,740 17 3 700,000 0 0 Less Treasury Bills outstanding ... 1,461,036 4 3 700,000 0 0 761,036 4 8 649,740 17 3 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 Ordinary Revenue, — Customs .. .. • • ■ • , _ ; • _ . '' Stamps, including Postal and Telegraph Cash Receipts Land-tax Income-tax Beer Duty Railways Registration and other Fees Marine Miscellaneous 2,697,410 13 1 1,201,262 18 3 385,755 16 0 261,815 11 6 98,134 19 4 2,338,418 3 5 108,222 7 5 36,738 18 0 195,810 13 4 7,022,849 14 1 7,323,570 0 4 44,168 13 8 5,357 3 9 210,494 16 9 Territorial Revenue,- £32,406 1 4 Cash Land Sales .. •• •• 5 440 9 8 Deferred-payment Land Sales .. .. •• 999 'q 42 q 4 Pastoral Runs, Rents, and Miscellaneous .. .. •• a t 260,789 0 4 260,020 14 2 7,584,359 0 8 7,282,870 8 3 R Deb P entu I res 1 issued under " The Consolidated Stock]Act,fl884,"For Increases of Sinking Fund 65,000 0 0 63,200 0 0 1,126 17 9 Recoveries in respect of Expenditure of previous YearsIn respeot of payments made on acoount of Cook Islands .. .. In respect of payments made on account of South Afr.ca Contingents Recoupment of interest paid under State Fire Insurance Act Recoupment of interest paid under the Dairy Industry Act .. Unauthorised 502 12 0 34 9 6 15 3 0 187 0 0 0 0 10 739 5 4 1,126 17 9 Totals £8,411,134 10 3 £7,996,938 3 3 TREASU Y BILLS £ s. d. £ s. d. 700,000 0 0 £ s. d 700,000 0 0 Treasury Bills outstanding at beginning of Year Treasury Bills issued during Year,— In renewal of Bills matured 700,000 0 0 700,000 0 0 700,000 0 0 Totals £1,400,000 0 0 £1,400,000 0 0

8.-6.

STATEMENT of the RECEIPTS and EXPENDITURE of the CONSOLIDATED FUND for the Year ended 31st March, 1906, compared with the Financial Year ended 31st March, 1905.

3

OUN 1904-1905. EXPENDITURE. 1905-1906. £ s. d. 34,159 0 0 1,993,729 5 7 286,376 13 7 73,639 18 5 Permanent Appropriations,— Civil List Interest and Sinking Fund.. Under Special Acts of the Legislature Subsidies paid to Local Bodies Amounts paid over to Local Bodies and to Deposit Accounts— Payments under the Land Acts .. .. .. .. £32,418 4 3 Payments under the Timber and Flax Royalties Act .. 6,494 15 7 £ s. d. 38,942 19 0 2,087,204 0 8 310,923 18 1 80,662 3 4 I £ s. d. 30,759 11 10 38,912 19 10 3,135 17 4 12,964 6 3 42,233 14 5 193,973 13 5 Endowments— New Plymouth Harbour Board Greymouth Harbour Board Westport Harbour Board Old-age Pensions 3,076 10 1 13,973 12 11 42,448 11 11 253,962 5 6 2,870,107 1 4 2,670,972 0 10 24,599 0 7 69,469 7 2 31,772 17 8 62,478 15 1 41,029 7 5 3,936 18 0 145,468 6 5 2,492 18 0 557,535 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 Annual Appropriations,— Class I.—Legislative II. —Colonial Secretary III.—Public Health IV.—Industries and Commeroe and Tourist Department .. .. V. —Colonial Treasurer VI.—Old-age Pensions VII.—Minister of Justice „ VIII.—Crown Law Department IX.—Postmaster-General X.—Commissioner of Trade and Customs XI.—Marine and Harbours and Inspection of Machinery Departments .. XII. —Printing and Stationery XIII.—Commissioner of Stamps XIV.—Education Department XV.—Lunacy and Charitable Department XVI.—Department of Labour „ XVII.—Minister of Mines „ XVIII.—Minister for Agriculture XIX.—Working Railways XX.—Minister for Public Works XXI.—Defence Department .. „ XXII.—Police Department „ XXIII.—Department of Lands and Survey „ XXIV.—Valuation Department Services not provided for .. 25,094 4 3 112,738 6 8 23,215 0 3 68,131 13 1 40,488 17 8 4,758 3 7 146,873 10 4 2,913 2 0 576,809 12 6 47,127 5 5 57,837 3 10 43,846 3 2 30,731 2 3 697,956 8 7 89,878 5 5 12,219 11 2 23,314 3 0 115,815 14 11 1,594,919 9 1 26,880 3 7 159,459 1 11 135,406 17 11 177,626 6 3 30,272 0 10 7,920 11 2 4,252,232 18 10 3,964,929 18 2 Amount transferred to the Public Works Fund, in termB of section 13 of " The Appropriation Act, 1905 " .. 500,000 0 0 600,000 0 0 1,278,053 12 7 24,161 12 8 56,951 0 1 956 18 10 913 0 1 100,000 0 0 Balance at end of Year, — Cash in the Public Account Advances in the hands of Officers of the Government — In the Colony In London On account of Imperial Pensions On account of other Governments Investment Account 1,405,531 4 9 37,749 1 1 43,828 18 9 718 8 7 966 16 11 1,461,036 4 3 700,000 0 0 Less Treasury Bills outstanding 1,488,794 10 1 700,000 0 0 788,794 10 1 761,036 4 3 Totals i £8,411,134 10 3 [£7,996,938 3 3 ACCOUNT, £ s. d. 700,000 0 0 Treasury Bills renewed during Year .. £ jfc s. d. 700,000 0 0 700,000 0 Treasury Bills outstanding at end of Year 700,000 0 0 Totals £1,400,000 0 0 SI,400,000 0 0

8.—6.

Table No. 1-continued.

STATE FORESTS RECEIPTS. 1905-1906. 1904-1905. £ s. d. Balance at beginning of Year, — Cash in the Public Account Advances in hands of Officers of the Government— In the Colony £ s. d. £ s. d. 32,510 7 7 26,637 9 4 161 9 1 143 4 7 26,780 13 11 32,671 16 8 Rents from Lands set apart Miscellaneous 3,246 10 2 9,537 12 6 2,792 4 5 11,593 2 10 14,385 7 3 12,784 2 8 Totals £41,166 1 2 £45,455 19 4 STA E COAL- £ s. d. 2,168 18 9 Balance at beginning of Year, — Cash in the Public Acoount Advances in the hands of Officers of the Government — In the Colony In London £ s. d. 93,519 14 6 £ s. d. 1,863 19 0 4,078 15 6 350 14 10 97,949 4 10 4,032 17 9 " The State Coal-mines Act, 1901," — Debentures created 33,000 0 0 108,502 2 9 Proceeds of sale of coal .. .. • ■ • • • • •; Transfer from Public Works Fund, being amount expended in acquiring and partially completing the Point Elizabeth Railway 152,438 3 10 62,540 11 10 204,042 14 7 £208,075 12 4 | Totals £250,387 8 8 SCENERY PRESERVATION £ s. d. Balance at beginning of Year, — Cash in the Publio Account Advances in the hands of Officers of the Government— In the Colony £ s. d. 7,779 16 5 £ s. d. 130 1 6 7,909 17 11 10,000 0 0 Debentures oreated under " The Scenery Preservation Act, 1903 " Totals £10,000 0 0 £7,909 17 11 ACC UNTS OF £ s. d. 7,866 16 5 92 15 10 Balance at beginning of Year, — Cash in the Public Account Advances in the hands of Officers of the Government— In the Colony .. .. .. .. •. > • £ s. d. 9,938 14 1 56 13 11 £ s. d. 9,995 8 0 7,959 12 3 8,340 7 2 19,688 0 9 20,485 17 1 22,219 13 1 Revenue received for Local Fees, Fines, &c. .. .. •• •. '• •• " Endowments of Land, &c. Goldfields Revenue Gold Duty 8,016 11 1 17,069 10 2 18,979 18 10 24,778 7. 2 68,844 7 3 70,733 18 1 Counties Separate Accounts, — Revenue of Counties in which " The Counties Act, 1886," is not in full operation 158 14 8 234 18 10 30,274 4 9 93 18 0 Advance Account, — Amount repaid by Local Bodies Ditto on account of Unauthorised Expenditure previous years 40,725 5 3 53 10 10 40,778 16 1 30,368 2 9 Totals £109,296 11 H £119,777 6 0

B.—-6.

STATEMENT of the RECEIPTS and EXPENDITURE of the CONSOLIDATED FUND for the Year ended 31st March, 1906, compared with, the Financial Year ended 31st March, 1905.

5

ACCOUNT. 1904-1905. EXPENDITURE. 1905-1906. £ s. d. £ s. d. £ s. d. 18,675 5 5 Annual Appropriation,— Vote 115—State Forests Branch 20,188 5 8 Balance at end of Year, — Cash in the Public Account Advances in the hands of Officers of the Government— In the Colony 20,488 5 6 20,977 15 6 26,637 9 4 143 4 7 489 10 0 26,780 13 11 Totals £45,455 19 4 £41,166 1 2 MINES ACCOUNT. £ s. d. 106,348 1 3 Annual Appropriation,— Vote 116 —State Coal-mines £ s. d. £ s. d. 138,608 9 3 3,778 6 3 Interest on Debentures 4,900 0 0 93,519 14 6 4,078 15 6 350 14 10 Balance at end of Year, — Cash in the Public Account Advances in the hands of Officers of the Government— In the Colony In London 101,298 3 3 106,878 19 5 3,704 1 0 1,876 15 2 97,949 4 10 Totals £208,075 12 4 £250,387 8 8 ACCOUNT. £ s. d. 2,090 2 1 Annual Appropriation,— Vote 117 —-Scenery Preservation Act £ s. d. £ s. d. 5,084 19 2 7,779 16 5 130 1 6 Balance at end of Quarter, — Cash in the Public Account Advances in the hands of Officers of the Government— In the Colony 2,777 18 10 2,824 18 9 46 19 11 7,909 17 11 £10,000 0 0 Totals £7,-909 17 11 LOCAL B DIES. £ s. d. 8,553 4 4 19,773 0 9 18,812 18 3 21,766 4 3 Revenue paid over to Local Bodies, — Fees, Fines, &c. Endowments of Land, &c. Goldflelds Revenue Gold Duty £ s. d. 7,863 17 1 17,369 12 0 18,784 4 9 23,825 15 10 £ s. d. 67,843 9 8 68,905 7 7 Counties Separate Accounts, — Amount distributed amongst Local Bodies where " The Counties Act, 1886 " is not in full operation 128 0 8 230 12 9 30,165 3 7 Advance Aooounts, — Payments on behalf of Looal Bodies 40,795 12 4 9,938 14 1 56 13 11 Balance at end of Year, — Cash in the Public Account Advances in the hands of Officers of the Government— In the Colony 10,934 13 1 11,010 3 4 75 10 3 9,995 8 0 Totals £109,296 11 11 £119,777 6 0

8.—6.

Table No. 1-continued.

6

1904-1905. RECEIPTS. 190 -1906. £ a. A. 134,803 11 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. 116,392 16 7 £ s. A. 2,710 12 8 6,066 9 9 2,463 6 11 11,589 10 9 130,445 14 3 143,580 13 8 1,790 10 10 51,263 10 0 125 0 0 Lodgments,— Cyanide Process Gold-extraction Act, 1897 Emigrants' Deposits General Assembly Library Fund Greymouth Harbour Board Act, 1884, Special Coal Rate Account Hospitals and Charitable Institutions Acts, 1885-86 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 Fees Native Township of Hokio .. „ Karewa Parata .. • .. „ Parawai „ Pipiriki Potaka „ Rotoiti „ Te Araroa Te Puia Te Puru Tokaanu Tuatine „ Waipiro Nelson Rifle Prize Fund New Zealand International Exhibition 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 Te Aroba Domain Board Thermal-springs Districts Act, 1881 Trustee Act, 1883 Unclaimed New Zealand Bonds Westport Harbour Board Act, 1884, Special Coal Rate Aocount 993 11 7 65,745 15 1 23 10 4 1,867 3 5 152 12 6 121 18 0 819 14 3 42,y38 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 4,326 6 2 4 15 5 9,579 14 9 471 19 5 119 9 6 1,087 16 8 121,769 6 8 85,920 16 0 1,256 10 7 8 5 0 11 15 0 68 7 8 19 0 0 145 2 11 160 1 3 14 0 0 83 3 9 44 8 0 12 0 0 193 19 2 71 6 9 165 15 8 53 10 0 1,886 15 4 195 0 0 290 6 2 7 10 0 47 0 0 390 0 0 580 14 1 416 9 6 47. 0 3 9,010 18 8 18,731 19 8 3,270 0 0 9,427 12 9 27,686 2 3 3,089 10 0 59 6 5 2,271 7 7 18 0 0 30 5 0 1,888 14 10 344,258 2 8 800 0 0 6,152 15 2 213,078 12 10 Totals £356,659 6 6 £474,703 16 11

8.—6.

STATEMENT of the RECEIPTS and EXPENDITURE of the CONSOLIDATED FUND for the Year ended 31st March, 1906, compared with the Finanoial Year ended 31st March, 1905 DEPOSIT ACCOUNTS.

7

1904-1905. EXPENDITURE. 1905-1906. £ s. d. 53,719 10 0 125 0 0 16 3 2 5,747 12 IC 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 Withdrawals, — Emigrants' Deposits General Assembly Library Fund .. .. .. .. .. Hospitals and Charitable Institutions Acts, 1885-86 Imperial Government (South Africa Contingents) Land Transfer Act, 1883-85 Mining Districts Land Occupation Act, 1894.. .. Miscellaneous Moiety of Rotorua Bath Fees Money-order Settlement Native Township, Parata Pipiriki Potaka Te Puru Tokaanu Tuatine Waipiro New Zealand International Exhibition New Zealand University Endowment, Taranaki New Zealand University Endowment, Westland Ngatirahiri Compensation North Island Main Trunk Railway Loan Application Act 1886 Amendment Act, 1889 .. Public Health Act, 1900 Public Trust Office Remittance Account Railways Thermal-springs Districts Act, 1881 Trustee Act, 1883 £ s. d. 65,285 15 0 23 10 4 5,380 4 9 466 19 5 447 19 9 69,652 12 4 87,320 16 0 56 4 10 148 3 8 172 12 3 75 10 4 233 12 3 1 16 3 60 18 0 215 0 0 5,169 11 1 £ s. d. 20 6 0 .406 9 6 25 6 5 18,740 1 1 6,153 7 3 0 7 6 22,535 4 3 1,620 0 0 47 1 7 1,865 14 10 17,957 4 8 2,913 4 2 6 . 9 10 266,933 1 8 226,213 12 3 116,392 16 7 Balances at end of Year, — Cash in the Public Account Advances in the hands of Officers of the Government— In the Colony In London 147,053 8 11 2,463 6 11 11,589 10 9 2,272 9 7 58,444 16 9 207,770 15 3 130,445 14 3 Totals £474,703 16 11 £356,659 6 6

8.—6.

Table No. 1-continued.

8

1904-1905. RECEIPTS. 1905-1906. £; s. d. 320,790 ";,8 4| Balanoe at beginning of Year, — Cash in Public Account Advances in the hands of Officers of the Government — In the Colony .. .. .. .. .. .. £4,123 2 8 In London .. .. .. .. .. .. 24,506 0 5 Investment Acoount £ ifl! s. d.f 833,041 5 i; £ . d. 22,891 9 7 12,545 6 10 37,575 2 5 861,670 8 2 28,629 3 1 393,802 7 2 The Aid to Publio Works and Land Settlement Act, 1899,— Provision for repayment of £300,000 advanoes — 3J-per-cent. Stock created 4-per-oent. 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, 1905, £250,000 — Debentures issued in renewal .. Debentures sold Premium received on sale of debentures Provision for debentures due 1st April, 1904, £500,000 — Temporary advances against issue of debentures Debentures sold Debentures issued in renewal 149,000 0 0 101,000 0 0 510 0 0 203,500 0 0 301,000 0 0. 204,500 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 Provision for Debentures due 1st December, 1905, £15,000 — Debentures sold 250,510 0 0 70,100 0 0 179,600 0 0 300 0 0 15,000 0 0 15,300 0 0 249,700 0 0 The Aid to Publio Works and Land Settlement Aot, 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 Interest on overdue instalments 717,063 0 0 32,937 0 0 32,983 12 11 200,000 0 0 46 12 11 917,063 0 0 The Aid to Public Works and Land Settlement Act, 1905, £1,000,000 authorisedProceeds of debentures and scrip issued .. .. .. .. 817,913 12 6 817,913 12 6 The New Zealand Loans Aot, 1904,— 3J-per-cent. Inscribed Stock created to oover expenses of raising £1,000,000 Loan 22,833 0 0 22,833 0 0 1,633 6 7 Special Receipts in connection with the Ellesmere and Forsyth Reclamation and Akaroa Railway Trust 1,631 19 7 Amount transferred from the Consolidated Fund in terms of section 13 of " The Appropriation Act, 1905 " .. 500,000 0 0 600,000 0 0 Amount transferred from North Island Main Trunk Lean Application Act Deposit Account 10,000 0 0 Recovery on account of expenditure of previous year— Contribution towards oost of combined road and railway bridge over the Mat ura River on the Riversdale-Switzers Railway.. 1,000 0 0 S3,597,248 13 9 Totals £2,503,842 13 2

8.—6.

STATEMENT of the RECEIPTS and EXPENDITURE of the PUBLIC WORKS FUND for the Year ended 31st March, 1906, compared with the Financial Year ended 31st March, 1905.

2—B. 6.

9

1904-1905. EXPENDITURE. 1905-1906. s. d. £ s. d. £ s. A. 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 Annual Appropriations,— Class XXV.—Public Works, Departmental XXVI.—Railways .. XXVII.—Utilisation of Water-power .. .. .. .. „ XXVIII.—Public Buildings .. .. .. .. XXIX.—Lighthouses, Harbour-works, and Harbour Defences XXX.—Tourist and Health Resorts.. , XXXI.—Immigration , XXXII.—Roads „ XXXIII.—Development of Goldfields XXXIV.—Purchase of Native Lands XXXV.—Telegraph Extension XXXVI. —-Rates on Native Lands . XXXVII.—Contingent Defence , XXXVIII.—Lands Improvement Charges and Expenses of raising Loam 13,516 17 10 1,012,403 15 1 2,901 17 1 160,214 7 1 4,946 0 3 15,438 0 8 8,75.3 2 4 352,187 12 7 18,532 12 6 10,763 10 11 77,186 7 2 547 9 11 35,568 12 0 1,051 16 9 1,714,012 2 2 1,205,383 10 10 Unauthorised, — Services not provided for 8,677 19 0 3,549 1 10 300,000 0 0 The Aid to Publio Works and Land Settlement Aot, 1899,— Repayment of advances ... 203,500 0 0 295,500 0 0 204,500 0 0 The Aid to Public Works and Laud Settlement Act, 1900, — Debentures due 1st April, 1905, redeemed Debentures due 1st April, 1905, renewed Temporary advances, as per contra, repaid Debentures due 1st April, 1904, redeemed Debentures due 1st April, 1904, renewed 101,000 0 0 149,000 0 0 250,000 0 0 703,500 0 0 70,100 0 0 The Aid to Public Works and Land Settlement Act, 1901,— Debentures due 1st December, 1904, paid off Debentures due 1st December, 1905, paid off Debentures due 1st December, 1904, renewed 300 0 0 15,000 0 0 179,600 0 0 15,300 0 0 249,700 0 0 The Aid to Publio Works and Land Settlement Aot, 1904,— Temporary advances, as per oontra, repaid 200,000 0 0 2,219 13 0 5,369 16 9 2,332 12 9 438 0 7 Charges and Expenses in respaot of loans raised under— Aid to Publio Works and Land Settlement Act, 1899 Aid to Public Works and Land Settlement Act, 1900 Aid to Public Works and Lani Settlement Act, 1901 Aid to Public Works and Land Settlement Act, 1903 Aid to Publio Works and Lan 1 Settlement Act, 1904 Aid to Public Works and Land Settlement Act, 1905 New Zealand Loans Act, 1904 .. .. .. .. .. 296 ?, 4 461 19 7 3,956 10 1 18,801 14 2 3 15 0 133 15 9 10,360 3 1 The Appropriation Act, 1904, seotion 24, — Transferred to State Coal-mines Accouut, being amount expended in acquiring and partially completing Point Elizabeth Railway, now being treated as part of the Government railways 23,653 17 11 62,540 11 10 544 18 0 The Ellesmere and Forsyth Railway Trust Aocount, — Expenditure 833,041 5 1 4,123 2 8 24,506 0 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 Aocount 428,019 6 2 11.647 16 8 41,631 11 3 8,000 0 0 492,298 14 1 861,670 8 2 Totalf S3,597,248 13 9 ! £2,503,842 13 2

8.—6.

Table No. 1-continued.

10

PAEROA-WAIH 1904-1905. RECEIPTS. 1905-1906. £ s. d. Balance at beginning of Year, — 23,537 4 10 Cash in the Publio Account Amount received for purchase of £26,738 3-per-cent. Debentures under " The . 25,000 0 0 Paeroa-Waihi Railway Act, 1908 " .. £48,537 4 10 Totals £ s. d. 8,861 13 7 £8,861 13 7 £8,861 13 7 HUTT RAILWAY AND ROAD IMPROVEMENT ACCOUNT for the £ s. d. ! Balance at beginning of Year, — Cash in the Public Aooount : The Hutt Railway and Road Improvement Acts, 1903 and 1905, — 45,000 0 0 Debentures issued 545,000 0 0 Totals .. .. .. .. £ s. d. 12,896 11 5 80,000 0 0 £92,896 11 5 £45,0Q0 0 0 .! • i .-... THE RAILWAYS IMPROVEMENTS AUTHORISATION ACT ACCOUNT £ s. d. i Balance at beginning of Year, — Cash in the Public Account The Railways Improvements Authorisation Act, 1904, — 88,437 0 0 1 In respect of 4-per-cent. issue of £92,500, raised in London Further issue of Debentures in the Colony .. Interest on overdue instalments The New Zealand Loans Act, 1904,— 3J-per-ctnt. Inscribed Stock, created to cover cost of raising loan in London £88,437 0 0 : Totals ... .. £ i £ s. d. s. d. £ s. d. lnmg of iblic Ace aprovem< t-per-cen Year, — count lents Authorisation it. issue of £92,500, I Act,'1904,— , raised in London /. 4,063 ( 0 0 88,437 0 0 of Debei erdue ins d Loans sntures in the Colon istalments a Act. 1904 — ay .. 92,500 ( ill 4,063 0 0 92,500 0 0 4 15 1 0 0 .5 1 I | 96,567 15 1. l id Loans iscribed S Act, iyu4,— , Stock, created to c sover cost of raising loan in ! London 2,327 0 0 £187,331 15 1 STATEMENT of the RECEIPTS and EXPENDITURE of the CHEVIOT EST A 1 'E ACCOUNT £ s. d. Balance at beginning of Year, — Cash in Public Account £ s. d. 27,347 1 6 33,711 11 6 15,279 6 4 Receipts under " The Cheviot Estate Disposition Act,'1893,"— Rents from Lands 13,377 3 7 Totals £47,088 15 1 £42,626 7 10

B.—6^

STATEMENT of the RECEIPTS and EXPENDITURE of the PUBLIC WORKS FUND for the Year ended 31st March, 1906, compared with the Financial Year ended 31st March, 1905.

11

1904-1905. EXPENDITURE. 1905-1906. £ s. d. 39,675 11 3 Expenditure Balance at end of Year, — 8,861 13 7 Cash in the Public Aooount £48,537 4 10 j Totals ..- .. : .. .. i £ s. d.: £ s. d. 8,861 13 7 £8,861 13 7 £8,861 13 7 i Year ended 81st ar ended 31st March, 1906, compared with the Financial Year ended 31st March, 1905. I £ s. d. 32,103 8 7 Annual Appropriation,— Vote 119—Hutt Railway and Road Improvement .. £ s. d. £ s. d. 44,739 4 5 12,896 11 5 The Hutt Railway and Road Improvement Aot, 1903 — Charges and Expenses Balance at end of Year, — Cash in the Public Account .. .. Advances in the hands of Officers of the Government— In London .. .. ■ ■ • • ■ ■ 38,982 7' 0 | 125 0 0 9,050 0 0 48,032 7 0 £45,000 0 0 Totals .. ........ £92,896 11 5 'or the Year ended I 31st March, 1906, compared with the Financial Year ended 31st March, 1905. £ s. d. £ s. d. £ s. d. 8,566 9 0 Vote 120—Railways Improvements .. .. • The Railways Improvements Authorisation Aot, 1904, — Charges and Expenses The New Zealand Loans Act, 1904, — Charges and Expenses 3,2,64 5 3 17 15 0 88,437 0 0 Balance at end of Year, — Cash in the Public Account 175,483 5 10 Totals £187,331 15 1 £88,437 0 0 or the Year ended 1 31st March, 1906, compared with the Financial Year ended 31st March, 1905. £ s. d. 8,866 2 6 48 13 10 £ s. d. 8,866 2 6 48 13 10 Interest .. .. .. .. .. .. ., .. Surveys, Roading, &c. £ s. d. . 8,866 2 6 99 13 2 £ . 8,8 i £ 366 99 s 5 i ) 16 s. 2 3 d. 6 2 £ Q Oi £ s. d. 8,914 16 4 8,9i 8,965 15 8 8,914 16 4 33,711 11 6 Balance at end of Year,— Cash in the Publio Account 38,1! L22 33,711 11 6 38,122 19 5 £42,626 7 10 -; £42,626 7 10: Totals .. .. .. ........ £47, Oi £47,088 15 1 188 j

8.—6;

Table No. 1-continued.

1904-1905. RECEIPTS. 1905-1906. £ s. d. £ s. d. £ i. d. 93,069 19 2 588 19 7 325,000 0 0 Balance at beginning of Year, — Cash in the Public Aocount .. .. •• Advances in hands of Officers of the Government — In London Investment Account 379,097 17 7 20,000 0 0 317,600 0 0 716,897 17 7 418,658 18 9 The Land for Settlements Consolidation Act, 1900,— Provision for Debentures issued under " The Land for Settlements Act 1894 Amendment Act, 1897," due 1st April, 1905 (£56,000)— Debentures sold Debentures issued in renewal 17,500 0 0 38,500 0 0 56,000 0 0 Provision for Debentures due 1st November, 1905 (£10,000)— Debentures sold 10,000 0 0 Provision for Debentures due 1st February, 1906 (£10,000)— Debentures sold 10,000 0 0 780,200 0 0 Debentures sold for purchase of estates .. .. 473,725 0 0 456,100 0 0 330,450 0 0 Provision for Debentures due 1st April, 1904 (£250,000), and 1st May, 1904 (£527,950)— Debentures sold.. Debentures issued in renewal 786,550 0 0 2,400 0 0 18,600 0 0 Provision for Debentures due 1st November, 1904 (£21,000)— Debentures sold.. Debentures issued in renewal 21,000 0 0 115,400 0 0 299,600 0 0 415,000 0 0 Provision for Debentures due 1st February, 1905 (£416,000)— Debentures sold.. Debentures issued in renewal .. .. .. • • • ■ Temporary advances against Debentures issued to provide for the redemption of maturing securities 584,500 .0 0 Receipts derived from Estates, — Rents, &c. .. .. .. • • • • 185,762 18 6 149,606 0 11 12,875 0 0 Other Receipts,— Interest on Investments held by the Land for Settlements Investment Aocount.. 12,493 2 11 Credits in reduotion, — BickerstaSe Estate .. .. .. • • • • Okauia Estate Willows Estate 3,300 6 1 0 10 6 25 0 0 3,325 6 1 0 10 6 23 13 0 3 5 0 622 18 5 Recoveries, — Barnego Estate Edendale Estate .. .. .. .. • • • • Elstborpe Estate Epuni Estate .. .--.-■ Kapua Estate Langdale Estate Lindsay Estate Maungaraki Estate Mead Estate Normandale Estate Opouriao Estate Rosewill Estate Tokarahi Estate Waikakahi Estate.. Windsor Park Estate 25 0 0 1,335 15 0 8 0 0 269 0 0 310 16 0 24 16 0 31 5 0 20 0 0 679 8 0 20 0 0 30 0 0 151 7 6 2,885 7 6 669 16 5 Carried forward 3,119,060 6 7 1,470,889 7 7

8.—6.

STATEMENT of the RECEIPTS and EXPENDITURE of the LAND FOR SETTLEMENTS ACCOUNT for the Year ended 31st March, 1906, compared with the Financial Year ended 31st March, 1905.

13

19 14-1905. EXPENDITURE 190 i-1906. £ s. d. £ s. A. £ s. d. £ s. d. £ s. d. 4,803 9 8 4,141 10 4 Annual Appropriations,— Vote 118—Land for Settlements Expenses Vote—Land for Settlements Roads 2,444 17 2 2,444 17 2 8,945 0 0 Acquirement of Estates, — Total. 574 3 10 3,105 4 7 110 4 10 Name of Estate. Annan (Highfield) Argyll Barnego Beaumont Bickerstaffe Braco Cadman (E. Wood) .. .. Chamberlain Clandon Cradock .. .. .. . • Duncan Dyer (Trustees of the late Jacob Joseph) Eccleston Eccleston No. 2 (Trustees of the late M. A. M. W. Fairburn Edendale (New Zealand i Australian Land Company, Limited) Elsthorpe .. Epuni Fencourt Flaxbourne (Clifford Bros.) Forest Gate Glenham Greenfield (John, James, and W. M. Smith) Hall-Jones (D. and J. Love) .. : Hatuma Hawtrey (F. M., F. L., and H. C. Hawtrey) .. Hekeao Heretaunga (A. Coles) Hetana Highbank .. Hikawera (G. and F. G. Tully and H. H. Wolters) Holworthy (J. Knight) Horsley Downs Kaimahi Kapuatohe Kinloch (S. B. Harris and H. D. and J. F. Buchanan) Karapiro Kitchener Kumeroa Langdale Lawry (G. Bishop) Lindsay (Mount Vernon) Linton Longbush Lyndon No. 1 Lyndon No. 2 Maerewhenua Mahora Mahupuku (Maata Mahupuku's trustees, G. Tully, F. G. Tully, and exeoutors of the late C. J. Tully) Makareao (Waihemo Grange) Manga-a-toro Mangawhata Matamata Maungaraki Maytown Mead Melling (E. Kingdon) Merrivale Methuen Mills (W. J. Hardie and N. MoGoverin) Momona Morice (H. White) Normandale North Bank Opouriao Orakipaoa Otahu .. .. .. Otarakaro Papaka Pareora .. .. Pareora No. 2 Purcbase-money. Incidental Expenses. 432 11 1 19 10 9 14 0 17 9 1,051 18 1 19 12 0 10 10 0 I Total. 432 11 1 19 10 9 14 0 17 9 1,051 18 1 19 12 0 3,230 10 0 5,424 3 3 3,220 0 0 241 18 5 120 3 3 56 17 0 32 9 10 16 13 9 106 1 8 0 16 0 75,000' 0 0 32 9 10 16 13 9 75,106 1 8 0 16 0 8 17 3 4,539 0 0 4,589 0 0 116,714 9 6 6 4 11 304 17 6 36 7 3 4,793 15 9 32 4 9 1,198 16 3 1,231 1 0 326 16 0 59,248 6 4 183,04315 6 20,006' 0 0 6,075 0 0 11 9 6 0 16 4 11,836 3 11 58 3 5 285 5 5 2,577 10 4 16 10 3 37 8 3 65 5 3 11 9 6 0 16 4 194,879 19 5 58 3 5 285 5 5 22,577 10 4 6,091 10 3 37 8 3 5,942 9 0 648 12 0 5,877 9 2 0 0 9,000 0 0 747 16 11 56 5 0 0 19 6 102 2 8 59 3 6 2 2 0 399 4 9 6 5 6 9,380 0 0 3,256' 0 0 12,340 18 9 9,747 16 11 56 5 0 0 19 6 3,352 2 8 12,400 2 3 2 2 0 2-1 3 58 18 9 105' 0 0 105 0 0 10 19 3 98 9 0 433 18 7 67 4 11 116,382 18 7. 940 12 9 117,323 11 4 97,777 9 11 7 1 3 416 13 1 5 3 2 10 8 9 0 12 6 6 4 11 6,603 0 0 9 8 0 27 1 0 9 2 0 4 8 0 4,991 12 6 2 8 4 144 8 0 9 17 3 35 8 8 9 8 0 27 1 0 9 2 0 6,607 8 0 4,991 12 6 2 8 4 144 8 0 9 17 3 35 8 8 9 9 0 171 18 2 646 10 1 473 2 11 132,807 12 1 294 5 8 79 17 9 1 16 0 33,250 0 0 189 7 11 121 3 1 1 1 0 3 16 1 283 17 1 8 6 0 16 6 5 12 9 33,439 7 11 121 3 1 110 3 16 1 283 17 1 8 6 0 16 6 5 12 9 2,358 15 0 34 8 11 89 18 3 16,571 1 3 2,35815 0 34 8 11 89 18 3 175 2 8 111' 5 2 189 6 0 16,39518 7 0 2 0' 40,632'19 6 543 14 0 1,475 7 3 44 2 0 41,176 13 6 1,475 7 3 44 2 0 2,764 17 4 60 0 8 33 1 4 34 15 6 610 5 610 5 2 8 6 21 10 0 27 16 4 55 3 3 :38,188 15 0 Carried forward 538,001 14 5 28,011 13 10 566,013 8 3 2,444 17 2

8.—6.

Table No. 1-continued.

14

1904-1905. £ s. d. 3,119,060 6 7 Brought forward £ sV d. £ s. d. 1,470,889 7 7 £3,119,060 6 7 Totals £1,470,889 7 7 STATEMENT of the RECEIPTS and EXPENDITURE of the M. ORI LAND SETTLEMEN The Maori Land Settlement Act, 1905— Debentures and scrip issued Premium, 2 per oent. on £100,000 .. £ s. d. £ s. d, 134,025 0 0 2,000 0 0 136,025 0 0 Total £136,025 0 0

8.—6.

STATEMENT of the RECEIPTS and EXPENDITURE of the LAND FOR SETTLEMENTS ACCOUNT for the Year ended 31st March, 1906, compared with the Financial Year ended 31st March, 1905-continued.

15

04--EXPENDITURE. 1905906. £ s. d. 438,188 15 0 Brought forward .. .. .. 538,00114 5 28,011 13 1( £ s. d. 538,001 14 5 £ s. d. 28,011 13 10 £ s. d. 566,013 8 3 £ s. d. 2,444 17 2 107 10 2 123 8 7 4 16 0 5 2 0 tV 6 2 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 2 135 2 8 Acquirement of Esta.tea-r-continued. m Name of Estate. Purchase-money. ™™i. Kx - Pawaho .. .. .. ., 1 6 ( Pitt (W. G. Somerville) .. " " 2,50o" 0 0 burner .. 122 2 S Poerua ........ Pomahaka ...... 2-' 8 c Prescot (W. Hall) .. .. ['. [[ 2,096'l0 0 .. £ uhu . ka .. 66 8 \ Rangiatea Raureka .. .. .. ,. 0 12 4 Richmond Broo .. .. \\ Ringway .. .. .. \\ \\ \\ 1 16 C Roimata .. .. .. t . 0 9 C J?" 3 !™ 11 , ■• '■'■ '■'■ 2,218 2 11 St. Helen s Selwyn (Thames,Valley Land Company, Limited) 63,74911 6 5,111' 9 5 Spotswood .. .. .. .. .. ,, 133 12 1 btarborough .. .. .. _ _ 10 14 2 Steward (St. J. M. Buckley) .. .. " 85,68912 6 236 10 7 Tablelands .. 190 2 5 Takitu Tamai •• •• •• '' '.'. '.'. 7011 0 Tarawahi .. .. .. ,. _ _ 145 0 0 Tawaha (trustees late C. R. Bidwill) .. .. 34,132 14 0 1088 13 4 Toka-ora .. .. ., ., _ -249 Tokarahi Tomoana .. .. '.'. " " ;; 6' 6 6 Waan •• •• •• •• 543 18 9 Waddington (J. M. Leigh) 21,472* 10 Oi 409 5 7 Waikakahi .. ., .. _ _ 119 9 Waipapa ..... • : :: ;; ;; 5 6 Whiteha Wigan ■■ •• ••' '' .. '.'. 977' 0 11 Wilford (Mudgway Estate Company, Limited) .. 30,240 0 0 125 13 9 Windle (J A. Park) 2,750 0 0 538 1 3 Windsor Park f7QA coo m r ! as* /,-to ,/. in Purclmse-money. 2,500 0 0 2,096 10 0 63,749 11 6 85,689 12 6 Incidental Exreuses. 1 6 6 122 2 2 2 8 9 66 8 7 0 12 4 1 16 0 0 9 0 2,218 2 11 5,111 9 5 133 12 1 10 14 2 236 10 7 190 2 5 Total. 16 6 2,500 0 0 . 122 2 2 2 8 9 2,096 10 0 66 8 7 0 12 4 1 16 0 0 9 0 2,218 2 11 68,861 0 11 133 12 1 10 14 2 85,926 3 1 190 2 5 53' 0 3 110 19 9 34,132'l4 0 70 11 0 145 0 0 1,088 13 4 ■ 2 4 9 70 11 0 145 0 0 35,221 7 4 2 4 9 751 10 11 21,472 10 0 0 6 6 543 18 9 409 5 7 11 9 9 0 6 6 543 18 9 21,881 15 7 11 9 9 1616 7 497 17 1 820,652 12 3 • 3' 3 0 884 8 7 0 5 6 0 5 6 30,240 0 0 2,750 0 0 977 0 11 125 13 9 538 1 3 977 0 11 30,365 13 9 3,288 1 3 26 8 0 446,129 16 2 780,632 12 5 40,019 19 10 820,652 12 3 780,632 12 5 1 4.0,019 19 10 The Land for Settlements Consolidation Act, 1900,— Debentures issued under " The Lands for Settlement Act 1894 Amendment Act, 1897 " — Redeemed £17,500 0 0 Renewed .. .. .. .. ,, 38,500 0 0 56,000 0 0 189,000 0 0 258,500 0 0 2,400 0 0 115,400 0 0 565,300 0 0 Debentures redeemed— Due 1st November, 1905 Due 1st February, 1906 Due 1st April, 1904 Due 1st May, 1904 Due 1st November, 1904 .. .. " Due 1st February, 1905 10,000 0 0 10,000 0 0 61,000 0 0 269,450 0 0 18,600 0 0 299,600 0 0 648,650 0 0 Debentures renewed— Due 1st April, 1904 Due 1st May, 1904 .. .. ,\ Due 1st November, 1904 .. .. .. Due 1st February, 1905 .. .. .. Charges and Expenses on issue of Debentures under the Act 76,000 0 0 14,133 19 3 4,957 3 5 1,812,583 19 3 j 134,703 13 7 j 584,500 0 0 Interest recouped to Consolidated Fund in respect of Debentures issued 162,760 3 7 Temporary Advanoes repaid ' 379,097 17 7 20,000' 0 0 317,600 0 0 Balance at end of Year, — SCash in the Publio Account Advances in the hands of Officers of the Government— In the Colony In London .. Investment Aooount .. 3,508 7 7 566 3 7 404,074 11 2 400,000 0 0 716,697 17 7 £3,119,060 6 7 * Totals 1,470,889 7 7 CT ACCOU T for the Year ended 31st March, 1906. Charges and Expenses under authority of " The New Zealand Loans Act, 1904 " .. £ s. d. 36 12.8 Balance at end of Year, — Cash in the Publio Aooount 135,988 7 4 Total £136,025 0 0

8.—6.

Table No. 1-continued.

16

1904-1905. j RECEIPTS. 1905-1906. £ s. d. £ . d. £ s. d. 4,816 2 2 222 17 6 Balance at beginning of Year,— Cash in the Publio Acoount In the hands of Stock AgentsCash 1,137 11 8 1,824 16 7 2,962 8 3 5,038 19 8 60,000 0 0 92,791 0 0 2,000 0 0 3|-per-cent. Inscribed Stock,— Issued for redemption of Debentures Issued in exchange for Debentures .. Issued for expenses 750,000 0 0 907,323 0 0 6,590 0 0 1,663,913 0 0 154,791 0 0 3-per-oent. Inscribed Stock, — Issued in exchange for Debentures .. 848 0 0 87 10 0 Premium received on sale of Stock t Totals j £1,666,875 8 3 . £160,765 9 8 STATEMENT of the RECEIPTS and EXPENDITURE of the STEW zeala: D CONSOLS £ s. d. £ s. d. £ s. d. 76 1 1 474,200 0 0 Balanoe at beginning of Year,— Cash in Deposit Account .. . • • • • • • • ..... Investment Account 284 1 1 475,450 0 0 £475,734 1 1 474,276 1 1 Deposits insoribed 1,117 0 0 1,458 0 0 Totals £476,851 1 1 £475,734^1__1

B.— 6.

STATEMENT of the RECEIPTS and EXPENDITURE of the CONVERSION ACCOUNT for the Year ended 31st March, 1906, compared with the Financial Year ended 31st March, 1905.

3—B. 6,

17

1904-1905. EXPENDITURE. 1905-1906. £ s. d. £ s. d. £ s. d. 54,200 0 0 600 0 0 Debentures redeemed, — Consolidated Loan Act, 1867, 5 per cent, (annual drawing) District Railways Purchasing Act, 1885 ; due 1st April, 1905 Aid to Public Works and Land Settlement Act, 1899; due 15th August, 1905 Midland Railway Petition Settlement Aot, 1902 ; due 1st January, 1906 Auokland Loan, 1863 53,600 0 0 21,000 0 0 500,000 0 0 150,000 0 0 724,600 0 0 54,800 0 0 12,360 0 0 Debentures converted into 3£-per-cent. Insoribed Stock, — Amount „ . _ , converted. Rate - Premium. £ £ £ Consolidated Stock Act, 1884 .. .. 332,600 Par District Railways Purobasing Act, 1885 .. 76,100 Laud for Settlements Consolidation Act, 1900.. j 103,000 103 3 090 Aid to Public Works and Land Settlement Act, 1899 .. .. .. .. .. 200,000 103 6,000 Aid to Public Works and Land Settlement Act, 1900 .. .. 77,000 103 2,310 Aid to Public Works and Land Settlement Act, 1903 .. .. .. .. .. 89,300 103 2,679 Railways Improvement Authorisation Aot, 1904 14,800 103 444 Consolidated Loan Act, 1867 £892,800 .. £14,523 80,031 0 0 400 0 0 £892,800 £14,523 907,323 0 0 907,823 0 0 92,791 0 0 Debentures oonverted into 8-per-oent. Stock, — Land for Settlements Consolidation Aot, 1900, at rate of £106 for every £100 ., Premium 800 0 0 48 0 0 848 0 0 305 0 0 7,660 0 0 1,103 14 3 288 14 2 Expenses Account, — Brokerage and Commission Discount Stamp Duty .. .. .. .. .. .. .. Bent and Office Expenses Law Costs Interest .. 7,516 17 3 7,532 19 0 10,238 17 3 789 10 4 11 5 6 6 13 0 9,364 1 5 26,089 9 4 1,137 11 8 Balance at end of Year, — Cash in the Public Account In the hands of Stock Agent3— Cash 8,377 14 5 8,862 18 11 1,824 16 7 485 4 6 2,962 8 3 £160,765 9 8 Totals £1,666,875 8 3 lCCOUNT for the Year ended 31st March, 1906, compared with the Financial Year ended 31st March, 1905. £ s. d. £ s. d. £ s. d. 284 1 1 475,450 0 0 Balance at end of Year, — Cash in Deposit Account Investment Account Ill 476,850 0 0 476,851 1 1 475,734 1 1 •r £475,734 1 1 Totals £476,851 1 1

8.—6.

Table No. 1-continued.

1904-1905. RECEIPTS. 1905 1906. 2,052 6 7 Balanoe at beginning of Year, — Cash in the Public Account Advances in hands of Officers of the Government— In the Colony .. .. £ s. d. £ s. d. 13,417 19 1 4,970 15 9 549 19 5 5,520 15 2 185,000 0 0 The Local Bodies' Loans Aot, 1901— Debentures oreated 151,000 0 0 590 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 1 6 1 Repayments under section* 61 and 70 of " The Looal Bodies' Loans Aot, 1901," — Counties— Clifton Clutha Kiwi tea Masterton ..' Pahiatua Rangitikei Wairarapa South .. .. .. .. Road Boards— Drury .. .. .. .. Manganui .. .. .. Porangahau Pukekohe West .. .. .. Te Horo Boroughs— Blenheim Port Chalmeri Temuka Whangarei 2 19 2 39. 1 4 9 2 9 6 19 4 9 15 7 113 13 11 1,890 12 10 180 8 10 * Carried forward 200,308 11 11 156,651 4 0

19

B.—; 6.

STATEMENT of the RECEIPTS and EXPENDITURE of the LOANS TO LOCAL BODIES ACCOUNT for the Year ended 31st March, 1906, compared with the Financial Year ended 31st March, 1905.

1904-1905. EXPENDITURE. 1905-1906. £ s. d. Grants under " The Local Bodies' Loans Act, 1901,"— Counties— Akitio Bruce Castlepoint Clifton Clutha Cook Eketahuna Featherston Hawera Hobson Horowhenua Inangahua Kairanga Kiwitea Manawatu Masterton Mauriceville Opotiki Oroua Pahiatua Pohangina Raglan Rangitikei Selwyn Stratford Taieri Taranaki Waimarino Waipa Waipawa Wairarapa South Wairoa Waitaki Waitotara Wanganui Weber Whakatane Woodville £ s. d. S >. d. 950 0 0 700 0 0 150 0 0 1,800 0 0 2,150 0 0 4,700 0 0 675 0 0 150 0 0 1,500 0 0 5,200 0 0 810 0 0 2,800 0 0 1,500 0 0 150 0 0 2,100 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 0 250 0 0 4,401 0 0 1,900 0 0 2,300 0 0 150 0 0 1,000 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 0 920 0 0 1,400 0 0 2,200 0 0 6,000 0 0 1,750 0 0 6,000 0 0 1,077 0 0 4,000 0 0 175 0 0 1,000 0 0 5,165 0 0 100 0 0 2,900 0 0 129 7 5 250 0 0 1,317 0 0 3,000 0 0 700 0 0 3,486 0 0 5,530 0 0 230 0 0 60 0 0 600 0 0 67,047 7 5 56,062 0 0 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 Boroughs— Akaroa Alexandra Balolutha Carterton Eltham Feilding Foxton Gisborne Greymouth Hamilton Hawera Hokitika Inglewood Kaitangata Lower Hutt New Brighton New Plymouth Oamaru Pahiatua Palmerston North Petone Ross Stratford Sumner Temuka Waihi Westport Winton 1,200 0 0 7,250 0 0 0,736 0 0 300 0 0 1,900 0 0 500 0 0 1,000 0 0 200 0 0 2,172 0 0 9,000 0 0 419 0 0 2,000 0 0 500 0 0 1,500 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 0 600 0 0 3,600 0 0 600 0 0 200 0 0 180 0 0 500 0 0 26,566 0 0 84,116 0 0 140,178 0 0 Carried forward 93,613 7 5

20

8.—6.

Table No. 1-continued.

19O4-1905, RECEIPTS. 1905■1906. £ s. d. 200,308 11 11 £ s. d. £ s. d. 156,651 4 0 m Brought forward Totals [ £200,308 11 11 £156,651 4 0

8.—6.

STATEMENT of the RECEIPTS and EXPENDITURE of the LOANS TO LOCAL BODIES ACCOUNT for the Year ended 31st March, 1906, compared with the Financial Year ended 31st March, 1905—continued.

21

URE. 1905-1906. £ s. d. 140,178 0 0 £ s. d. £ s. d. 93,618 7 5 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 0 100 0 0 Brought forward Grants under "The Local Bodies' Loans Act, 1901 "—continued. Road Boards— Akaroa-Wainui Arai .. .. .. ... Arch Hill Barrett Eden Terrace Egmont Frankley Heathcote .. .. ' Manganui .. Matacngaonga Mauku Moa Newcastle Okato Otaki Papakura .. .. .. ., Parihaka Porangabau .. Riocarton Waimate Waipipi .. ., .. Waitara West .. .. Waiuku Waiwakaiho Whangamarino 2,500 0 0 690 0 0 1,000 0 0 400 0 0 550 0 0 900 0 0 1,760 0 0 800 0 0 800 0 0 2,288 0 0 2,000 0 0 800 0 0 363 0 0 1,724 0 0 727 0 0 400 0 0 789 0 0 300 0 0 400 0 0 600 0 0 400 0 0 1,200 0 0 550 0 0 600 0 0 1,600 0 0 16,308 0 0 17,468 0 0 300 0 0 300 0 0 Town Boards— Bull's Opotiki Otautau 500 0 0 300 0 0 200 0 0 600 0 0 5,000 0 0 1,000 0 0 1,100 0 0 7,100 0 0 River Boards— Hutt Upper Orari West Winton 8,000 0 0 8,000 0 0 100 0 0 350 0 0 Drainage BoardsBerwick Eltham .. .. .. .. Maungatua West Taieri '200 0 0 700 0 0 600 0 0 150 0 0 1,680 0 0 97 0 0 547 0 0 Annual Appropriation,— Vote 122—Roads to open up Crown lands 38,801 4" 5 28,894 16 9 Balance at end of Year,— Cash in the Publio Account Advanoes in hands of Offioers of the Government— In the Colony 779 12 2 4,970 15 9 549 19 5 4 0 0 783 12 2 5,520 15 2 Totals £200,308 11 11 £156,651 4 0

8.—6.

Table No. 1-continued.

22

RECEIPTS. 1905-1906. 1904-1905. £ s. d. 9,393 15 7 Balanoe at beginning of Year, — Investment Acoount £ s. d. £ s. d. 10,000 0 0 143 2 6 The Government Advanoes to Settlers Act, 1894, — Debentures issued .. .. Dividend on £10,000 3-per-oent Stock received by the Agent-General .. 310,000 0 0 310,000 0 0 4,688 1 3 Investments realised .. .. .... . • £314,6S8 1 3 Totals £19,536 18 1 STATEMENT of the RECEIPTS and EXPENDITURE of the STATE FIRE INSURANC £2,000 0 0 Debentures issued under " The State Fire Insuranoe Aot, 1903 " STATEMENT of the RECEIPTS and EXPENDITURE of the BAN OF NEW ZEALAND ACT, £ s. d. £ s. d. 500,000 0 0 Balanoe at beginning of Year,— Investment Account 500,000 0 0 Totals .. £500,000 0 0 £500,000 0 0

8.—6.

STATEMENT of the RECEIPTS and EXPENDITURE of the GOVERNMENT ADVANCES TO SETTLERS OFFICE LOAN ACCOUNT for the Year ended 31st March, 1906, compared with the Financial Year ended 31st March, 1905.

JAMES B. HEYWOOD, Secretary to the Treasury. ROBERT J. COLLINS, Assistant Secretary and Acoountant.

23

1904-1905. EXPENDITURE. 1905-1906. £ s. d. 19,536 18 1 "Amount paid'over to Government Advances to Settlers Office Account £ a. d. £ s. d. ~ 214,688 1 3 Temporary Advances paid off 000 0 0 Total* £19,536 18 1 £314,688 1 3 iOAN ACCOUNT for the Year ended 31st March, 1906, compared with the Financial Year ended 81st March, 1905. £2,000 0 0 Amount paid over to the State Fire Insuranoe Office 'T 'or the Year ended 31st March, 1906, compared with the Financial Year en. 903, ACCOU led 31st March, 1905. £ s. d. 500,000 0 0 Balance at end of Year,— Investment Account— 75,000 preference shares issued by the Bank of New Zealand £ s. d. 500,000 0 0 £500,000 0 0 = £500,000 0 0 Totals

8.-6

Table No. 1— continued. SUMMARY of BALANCES on 31st MARCH, 1906.

24

Balances. Cash. Advances. Investments. i Total. I Consolidated Fund :— Ordinary Revenue Account* State Forests Account State Coal-mines Account Scenery Preservation Account .. Accounts of Local Bodies Deposit Accounts £ s. d. £ s. d. 1,488,794 10 1 20,977 15 6 | 106,878 19 5 2,824 18 9 11,010 3 4 1 207,770 15 3 i 1 1,838,257 2 4 Consolidated Fund :— Ordinary Revenue Account State Forests Account State Coal-mines Account Scenery Preservation Account Accounts of Local Bodies Deposit Accounts £ s. d. 1,405,531 4 9 20,488 5 6 101,298 3 3 2,777 18 10 10,934 13 1 147,053 8 11 £ s. d. 83,263 5 4 489 10 0 5,580 16 2 46 19 11 75 10 3 60,717 6 4 £ s d. £ s. d. 1,488,794 10 1 20,977 15 6 106,878 19 5 2,824 18 9 11,010 3 4 207,770 15 3 Public Works Fund 1,688,083 14 4 150,173 8 0 1,838,257 2 4 492,298 14 1 Public Works Fund .. 428,019 6 2 56,279 7 11 8,000 0 0 492,298 14 1 Maori Land Settlement Act 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 135,988 7 4 48,032 7 0 175,483 5 10 38,122 19 5 1 ' 404,074 11 2 8,862 18 11 783 12 2 476,851 1 1 Dr. 1,000,000 0 0 Maori Land Settlement Act 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 of New Zealand Act, 1903, Account 135,988 7 4 38,982 7 0 175,483' 5 10 38,122 19 5 3,508 7 7 8,377 14 5 779 12 2 111 Cr. 1,000,000 0 0 9,050 0 0 566 3 7 485 4 6 4 0 0 400,000 0 0 135,988 7 4 48,032 7 0 175,483 5 10 38,122 19 5 404,074 11 2 8,862 18 11 783 12 2 476,851 1 1 Cr. 1,000,000 0 0 476,850 0 0 500,000 0 0 3,118,754 19 4 500,000 0 0 500,000 0 0 Total Totals 3,118,754 19 4 1,517,346 15 4 216,558 4 0 1,384,850 0 0 * Against this Treasury Bills amounting to £700,000 are outstanding.

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, 1906.

RESULTS OF YEAR. £ 8. d. £ s. d. Actual receipts, 1905-6 .. .. •• •• 7,650,098 6 0 Actual expenditure, 1905-6 .. .. ■• ■• 7,122,340 0 2 Excess of receipts over expenditure .. .. .. .. .. 527,758 510 Balance, 31st March, 1905 .. .. .. • • • • • • 761,036 4 3 Total 1,288,794 10 1 Transferred to Public Works Fund .. .. .. •• •• 500,000 0 0 Balance, 31st March, 1906 .. .. • • • ■ • • • • £788,794 10 1

4—B. 6.

25

Hfferences. Estimated. Actual. More Less than Estimate, than Estimate. RECEIPTS. Revenue Account :— Customs Railways Stamps Land-tax Income-tax Beer Duty Registration and Fees Marine Miscellaneous TerritoriaLRevenue .. .. £ s. d. 2,662,000 0 0 2,240,000 0 0 1,171,500 0 0 365,000 0 0 262,000 0 0 97,000 0 0 108,500 0 0 36,500 0 0 200,000 0 0 260,100 0 0 £ s, d. 2,697,410 13 1 2,338,418 3 5 1,201,262 18 3* 385,755 16 0 261,815 11 6 98,134 19 4 108,222 7 5 36,738 18 0 195,810 13 4 260,789 0 4 £ s. d. 35,410 13 1 98,418 3 5 29,762 18 3 20,755 16 0 1,134 19 4 £ s. d. 184 8 6 277 12 7 238 18 0 4,189 6 8 689 0 4 Sinking Fund Increases Recoveries on account of Expenditure of previous years 7,402,600 0 0 7,584,359 0 8 186,410 8 5 4,651 7 9 65,000 0 0 65,000 0 0 739 5 4 739 5 4 187,149 13 9 4,651 7 9 4,651 7 9 Totals 7,650,098 6 0 17,467,600 0 0 182,498 6 0 EXPENDITURE. Revenue Account :— Permanent Appropriations, — Civil List Interest and Sinking Fund Under Special Acts Subsidies paid to Local Bodies Territorial Revenue Endowments Old-age Pensions Annual Appropriations, — Legislative Department 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 and Marine Department Marine and Harbours, &o. Printing and Stationery Stamps and Deeds Department Education Department Lunacy 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 £ s. d. 34,900 0 0 2,076,746 0 0 273,752 0 0 90,500 0 0 26,300 0 0 64,100 0 0 285,000 0 0 25,889 0 0 98,537 0 0 39,120 0 0 88,885 0 0 45,061 0 0 5,033 0 0 165,612 0 0 3,005 0 0 585,285 0 0 48,953 0 0 59,912 0 0 43,792 0 0 31,097 0 0 718,278 0 0 88,959 0 0 11,669 0 0 29,550 0 0 125,007 0 0 1,653,518 3 5|29,022 0 0 177,198 0 0 137,999 0 0 200,261 0 0 29,620 0 0 £ s. d. 38,942 19 0 2,087,204 0 8 310,923 18 1 80,662 3 4 38,912 19 10 59,498 14 11 253,962 5 6 25,094 4 3 112,738 6 8 23,215 0 3 68,131 13 1 40,488 17 8 4,758 3 7 146,873 10 4 2,913 2 0 576,809 12 6 47,127 5 5 57,837 3 10 43,846 3 2 30,731 2 3 697,956 8 7 89,878 5 5 12,219 11 2 23,314 3 0 115,815 14 11 1,594,919 9 1 26,880 3 7 159,459 1 11 135,406 17 11 177,626 6 3 30,272 0 10 • £ s. d. 4,042 19 0 10,458 0 8 37,171 18 1 12,612 19 10 14,201 6 8 £ - s. d. 9,837 16 8 4,601 5 1 31,037 14 6 794 15 9 15,904 19 9 20,753 6 11 4,572 2 4 274 16 5 18,738 9 8 91 18 0 8,475 7 6 1,825 14 7 2,074 16 2 54 3 2 365 17 9 20,321 11 5 919 5 5 550 11 2 6,235 17 0 9,191 5 1 58,598 4 4 2,141 16 5 17,738 18 1 2,592 2 1 22,634 13 9 652 0 10 Services not provided for 7,114,419 9 0 7,920 11 2 7,920 11 2 88,583 16 0 258,803 19 3 88,583 16 0 Totals 7,292,560 3 5 [7,122,340 0 2 170,220 3 3 ♦Includes £152,031 4s. 3d. Post and Telegra] authorised by " The Public Revenues Acts Amendir. 3h cash receipts, ient, 1900," section 5. t Includes £98,418 3s. 5d. additional appropriation

8.—6.

Table No. 3. The PUBLIC DEBT of NEW ZEALAND on 31st March, 1906.

26

Amount outstanding. Due Date. Sinking Net Funds Indebted- j Rate ACCBUED. NESS. Int. j S.F. Annual Charge. Remarks. Amount. When payable. £ 266,300 £ 173,690 £ 92,610 % 5 % 1 £ 15,978 15 Jan. and 15 July. New Zealand Loan Act, 1863 15 July, 1914 Consolidated Loan Act, 1867 72,300 Ann. drawing 72,300 5 3,615 Quarterly, 15 Jan., &c. Immigration and Publio Works Loan Act, 1870 .. 1,000,000* 1 June, 1907 911,983 88,017 4 2-4 64,000 1 June and 1 Dec. Sinking Fund payable 13 Mar. and 13 Sept. Canterbury Loan Ordinance, 1862 .. j 3,000 12,200 \ 15,200 f 2 Jan., 1915 \ 2 July, 1916 I 16,802 Cr. 1,602 6 1 1,064 30 June . 31 Dec. •Only £200,000 has actually been issued to the public. Consolidated Loan Act, 1867 13,000 15 April, 1913 13,000 4 520 15 April „ 15 Oct. Immigration and Public Works Loan Act, 1870 j 363,000 27,900 j 390,900 (15April,"1913 (15 April,1913 I 363,000 27,900 4 14,520 1,256 15 April „ 15 Oct. 15 April „ 15 Oct. Defence and other Purposes Loan Act, 1870 j 25,000 75,000 1 100,000 ( Uuly, 1910 (15 April, 1913 25,000 75,000 4J 4 1,125 3,000 30 June „ 31 Dec. 15 April „ 15 Oot. General Purposes Loan Act, 1873 .. j 17,400 10,800 54,700 1 82,900 (15 Oct., 1913 \ 15 May, 1914 (28 Nov., 1914 I I 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 A <t'. 40,000 Uuly, 1909 40,000 6 2,400 1 April . 1 Oot. Government Loans to Local Bodies Aot, 1886 250,300 1 Sept., 1907 250,300 3* t 38,701 1 Mar. , 1 Sept. tThe Sinking Fund is payable on £2,563,100 (LJ per cent. on £1,683,422, 1 per cent, on £57,953, and 1 per cent, on £821,725); the Land Assurance Fund is also charged with J per cent, as a contribution towards Sinking Fund. J £89,700 of this amount will be recouped by the Government Advances to Settlers Office. Consolidated Stook Act, 1877 .. .. j 29,150,302 8,105,031 9,573,845 I 46,829,178 ( 1 Nov., 1929 •j 1 Jan., 1940 | 1 April, 1945 29,150,302 8,105,031 9,573,845 4 31 3 1,166,012 283,676 287,215} 1 May „ 1 Nov. 1 Jan. „ 1 July. 1 April „ 1 Oct. Consolidated Stock Act, 1884 — Colonial Issue 509,500 65,000 100,000 128,200 L 802,700 (31 Dec, 1907 1 4 Jan., 1909 1 4 Jan., 1909 { 1 Feb., 1912 509,500 65,000 100,000 128,200 3* 3 3i 3* 17,833 1,950 3,500 4,487 j- 1 Mar. „ I Sept. I " 1 Feb. „ 1 Aug. Native Land Purchases Act, 1892 (Benewed under "The Aid to Public Works and Land Settlement Act, 1899") Land for Settlements Act, 1892 (Benewed under " The Land for Settlements Acts Amendment Act, 1899") 125,000 31 Oct., 1906 125,000 31 4,375 30 April „ 31 Oct. 45,276 31 Oct., 1906 45,276 31 1,585 30 April . 31 Oct. Carried forward 50,033,054 1,102,475 48,930,579 1,920,675

Table No. 3 — continued. The PUBLIC DEBT of NEW ZEALAND on 31st March, 1906—continued.

Treasury bills amounting to £700,000 are not included.

8.—6.

27

Due Date. Sinking Funds accrued. Annual Charge. Amount outstanding. Indebtedness. Bate. Remarks. Int. I S.F. Amount. When payable. Brought forward Lands Improvement and Native Lands Acquisi-) tion Aot, 1894 J £ £ 50,033,054 £ 1,102,475 £ 48,930,579 I 283,000 1 117,000 % % £ 1,920,675 11,320 4,095 400,000 30 Sept., 1908 4 31 Mar. and 30 Sept. 31 Mar. „ 30 Sept. New Zealand Consols Act, 1894 Land for Settlements Act, 1894, and Amend- { ment Act, 1897 1 r i 769,490 349,000 62,000 476,851 1 [l,180, 490 1 Feb., 1910 [31 Oct., 1906 1 April, 1909 { 1 April, 1909 476,851 769,490 349,000 62,000 3i Si 3! 31 16,690 26,932 13,088 2,170 1 Feb. „ 1 Aug. 30 April „ 31 Oct. 1 April „ 1 Oct. 1 April „ 1 Oct. Land for Settlements Consolidation Act, 1900 10,000 10.000 10,000 50,000 3,000 100,000 50,000 559,600 250,000 230,650 106,450 263,350 38,500 337,400 69,000 185,800 400,000 137,800 36,975 8,600 5,000 82,800 205,000 3,149,925 r 1 April, 1906 1 Jan., 1909 1 Jan., 1911 30 June, 1906 1 Nov., 1906 1 Dec, 1906 30 June, 1907 1 Feb., 1908 1 April, 1908" 1 Aug., 1908" 1 Jan., 1909 1 May, 1909 1 April, 1909 1 May, 1909 1 July, 1909 30 Sept., 1909 1 Jan., 1910 1 Feb., 1910 1 Jan., 1911 1 Nov., 1911 1 Jan., 1912 1 Feb., 1912 30 June, 1914 10,000 10,000 10,000 50,000 3,000 100,000 50,000 559,600 250,000 230,650 106,450 263,350 38,500 337,400 69,000 185, 800 400,000 137,800 36,975 8,600 5,000 82,800 205,000 31 Si 3* 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 350 350 350 2,000 120 4,000 2,000 22,384 10,000 9,226 4,258 10,534 1,540 13,496 2,760 7,432 16,000 5,512 1,479 344 200 3,312 8,200 1 April „ 1 Oct. 1 Jan. „ 1 July. 1 Jan. „ 1 July. 30 June „ 31 Dec. 1 May „ 1 Nov. 1 June „ 1 Dec. 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 April „ 1 Oot. 1 May . 1 Nov. 1 Jan. „ 1 July. 31 Mar. „ 30 Sept. 1 Jan. „ 1 July. 1 Feb. „ 1 Aug. 1 Jan. „ 1 July. 1 May . 1 Nov. 1 Jan. „ 1 Julv. 1 Feb. „ 1 Aug. 30 June „ 31 Dee. I I ! Aid to Public Works and Land Settlement Act," 1896 15 Aug., 1921 500,000 3i 17,500 15 Feb. „ 15 Aug. 500,000* *Loan may be paid off at any time after 15th February. 1907, on six months' notice being given. Aid to Public Works and Laud Settlement Act,-; 1900 I 173,000 175,000 3,500 20,000 20,000 352,400 149,600 893,500 1 April, 1909 1 April, 1906 1 May, 1907 1 Feb., 1908 1 April, 1908 1 April, 1908 1 May, 1909 173,000 175,000 3,500 20,000 20,000 352,400 149,600 4 4 4 4 4 4 4 6,920 7,000 140 800 800 14,096 5,984 1 Jan. „ 1 July. 1 Anril , 1 Oct. 1 May „ 1 Nov. 1 April „ 1 Oct. 1 April . 1 Oct. 1 April „ 1 Oct. 1 May „ 1 Nov. Carried forward I i6,633, 820 1,102,475 55,531,345 2,174,057

Table No. 3— continued. The PUBLIC DEBT of NEW ZEALAND on 31st March, 1906— continued.

8.—6.

28

Amount outstanding. Due Date. Sinking Funds acobued. Net Indebtedness. Bate. Amount. Annual Chabge. Remarks. Int. [ S.F. When payable. £ £ 56,633,820 I 250,000 - £ 1,102,475 £ 55,531,345 15,000 1,000 152,700 63,400 17,900 750,000 % % £ 2,174,057 525 40 6,108 2,536 716 30,000 Brought forward Aid to Public Works and Land Settlement Act,-! 1901 j Aid to Public Works and Land Settlement Act, 1902 Aid to Public Works andJLand Settlement Act, 1903 Aid to Publio Works and Land Settlement Aot, 1904 Aid to Publio Works and Land Settlement Act, j 1905 1 15,000 1,000 152,700 63,400 17,900 _ •• I 1 Jan., 1909 1 Dec, 1906 - lDec, 1908 lDec, 1911 { 1 Jan., 1909 1 Deo., 1906 (lFeb., 1924 j 1 Feb., 1909 1 1 Jan., 1909 ( Uan., 1912 1 Jan., 1912 | 1 July, 1916 I 1 Jan., 1921 (15 Aug., 1906 5 June, 1908 \ 23 Oct., 1912 10 July, 1906 (.15 Aug., 1906 ( 1 Aug., 1908 \ Uan., 1911 I Uan., 1916 I 1 Jan., 1909 I 1 Mar., 1911 1 1 Jan., 1909 [ 1 June, 1911 1 April, 1907 131 Mar., 1912 130 Sept.,1912 j 1 May, 1911 ( 1 May, 1911 3J 4 4 4 4 4 1 Jan. and 1 July. 1 June „ 1 Dec. 1 June „ 1 Dec. 1 June „ 1 Dec. 1 Jan. „ 1 July. 1 June „ 1 Deo. 299,800* 200,200 342,500 68,200 750,000 •• L 910,700 j \ ■ 500,000 4 20,000 1 Feb. „ 1 Aug. * Loan may be paid off at any time after 1st February, 1909, on six months' notioe being given. 500,000 500,000 30,000 80,000 200,000 30,000 80,000 438 843 500 735,000 51,000 55,000 50,000 750,000 1 1,000,000* | J 420,000 h 1,781 - I 891,000 - 342,500 68,200 750,000 500,000 500,000 30,000 80,000 200,000 30,000 80,000 4 4 4 4 4 4 31 34 34 34 13,700 2,728 30,000 20,000 20,000 1,200 2,800 7,000 1,050 2,800 1 Jan. „ 1 July. 1 Jan. „ 1 July. 1 Jan. „ 1 July. 1 Jan. „ 1 July. 1 Jan. „ 1 July. 1 June „ 1 Dec. 31 July » 31 Dec. 1 June „ 1 Dec. 1 June „ 1 Dec. 1 June „ 1 Dec. * £182,036, instalments of loan received subsequent to 31st March, 1906. Government Advances Act, 1894 Dairy Industry Act, 1898 .. .. j ) - 1,781 31 62 1 Feb. „ 1 Aug. Local Bodies' LoansfAct, 1901 735,000 51,000 55,000 50,000 140,000 31 34 4 4 31 25,725 1,785 2,200 2,000 4,900 1 Mar. „ 1 Sept. 1 Mar. „ 1 Sept. 1 Mar. „ 1 Sept. 1 June „ 1 Dec 1 April „ 1 Oct. 31 Mar. „ 30 Sept. State Coal-mines Act, 1901 Paeroa-Waihi Railway Act, 1903 .. j Hutt Railway and Road Improvement Acts, 1903 j and 1905 1 53,476 26,738 100,000 25,000 140,000 \ 80,214 ) 1 125,000 •• 80,214 3 34 4 31 4 34 4 2,406 3,500 1,000 52 20 350 1 May „ 1 Nov. 1 May „ 1 Nov. 1 May „ 1 Nov. 1 May „ 1 Nov. 1 May „ 1 Nov. 2,000 1 May, 1911 100,000 25,000 f 1,500 \ 500 10,000 State Fire Insurance Act, 1903 Scenery Preservation Aot, 1903 Railway Improvements Authorisation Act, 1904 \ Maori Land Settlement Act, 1905 .. j 17,500 75,000 100,000 34,025 10,000 I 92,500 I 134,025 62,191,040 IMay, 1911 f 30 June, 1910 (30 June, 1914 f 1 Jan., 1921 I 1 Jan., 1911 92,500 134,025 4 3,700 5,361 30 June „ 31 Dec. 1 Jan. „ 1 July. Add— Accrued Sinking Fund in respeot of the Government Loans to Local Bodies Acts Sinking Fund, Government Advances to Settlers Office Account Investments in Securities included above on account New Zealand Consols Investment Account Bank of New Zealand Preference Shares held by Government .. 1,102,475 61,088,565 475,156 83,888 359,050 500,000 1,418,094 Totals 62,191,040 2,520,569 2,388,321 59,670,471 Treasury bills amounting to .£700,000 are not iucl ided

8.—6.

Table No. 4. STATEMENT of the Estimated Liabilities chargeable on the Consolidated Fund (Revenue Account) outstanding on the 31st March, 1896, 1897, 1898, 1899, 1900, 1901, 1902, 1903, 1904, 1905, and 1906.

29

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. 1st March, 1905. 31st March, 1906. 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. | £ s. d. £ s. d. £ s. d. £ s. d. £ s. d. £ s. d. £ s. d. £ s. d. £ s. d. £ s. d. 350 0 0 894 11 8 950 0 0 991 15 0 505 0 0 793 6 6 622 14 5 15,000 0 0 588 12 11 951 4 11 859 10 4 460 7 6 I ■ 155 2 0 163 4 6 214 8 0 731 14 11 930 1 4 881 7 0 36 3 4 1,284 3 9 372 14 8 895 6 1 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 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 1,757 0 1 4,228 7 1 j 4,262 13 3 3,620 10 2 4,348 2 6 I 3,328 19 5 3,803 16 9 I. 3,940 10 0 j j 3,112 13 8 I 1,984 18 5 3,744 14 7 17,541 17 10 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 Commis ioner of Stamps Ministeisof Education Mental H ospitals and Charitable Institutions, &c Minister of Labour Minister of Mines Minister for Agriculture Working Railways Public Buildings Minister of Defencet Minister of Lands Valuation Department 15 17 7 3,876 19 10 123 9 0 3,974 13 2 15,912 0 0 3,936 1 8 2l6' 2 7 1,268 8 9 6,430 5 9 2,610 0 0 3,590 0 0 17,452 0 0 3,469 1 2 45l' 2 0 1,361 4 7 87 4 11 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 3 785 18 4 3,789 12 2 17,830 0 0 4,564 12 3 745' 3 11 651 17 4 33 19 4 6,583 4 6 908 7 9 2,397 14 3 21,247 0 0 4,646 10 9 529 16 8 1,970 19 7 51 1 2 12,893 9 7 2,933 0 4 2,542 4 7 28,276 0 0 5,750 17 1 506 14 2 1,724 2 11 85 11 8 10,604 5 11 365 9 5 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 7 440 9 9 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 7 12 6 3,794 16 9 449 14 10 1,614 17 2 1,142 3 11 1,778 13 11 34,910 0 0 203 15 0 1,662 13 1 2,417 15 10 1,061 0 5 3 0 11 815 10 5 2,037 4 3 52,542 7 4 108 14 4 4,000 0 0 6,659 0 0 213 10 10 2,266 17 3 65,971 3 1 181 14 9 3,463 0 0 4,142 10 9 149 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 42 9 0 4,335 1 5 74,911 6 6 185 0 0 9,925 0 0 4,908 10 5 600 0 0 112 19 6 6 0 11 3,202 6 2 90,777 9 3 81 0 0 44,050 0 0 9,587 1 9 980 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 4 836 17 11 62915 4 I 8,390 2 0 109,375 4 0 470 5 7 10,740 12 3 6,029 1 10 811 19 2 378 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 1,117 18 2 156 2 6 292 10 2 8,794 0 0 108,054 11 6 724 11 5 12,854 8 4 5,250 14 2 856 14 11 378 9 6 351 3 9 4,419 1 4 103,381 3 5 723 15 11 11,009 13 7 1,710 1 5 675 8 1 4,500 0 0 10,175 11 4 460 0 0 •• 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 8 182,963 3 0 175,710 2 3 177,390 15 7 171,695 1 4 Services not provided for 522 8 0 3 7 6 25 0 0 21 9 0 •■ - •• Totals 99,717 16 0 116,387 11 5 143,515 3 7 116,640 15 3 137,576 10 2 206,828 6 10 184,319 19 3 200,505 0 10 179,513 19 0 .181,331 5 7 174,829 4 0 *Im sludes Bates on C] own Lands. 1 Includes Police.

8.—6.

Table No. 5. STATEMENT of the Estimated Liabilities chargeable on the Public Works Fund outstanding on the 31st March, 1896, 1897, 1898, 1899, 1900, 1901, 1902, 1903, 1904, 1905, and 1906.

STATEMENT of the Estimated Liabilities chargeable on the undermentioned Accounts outstanding on the 31st March, 1896, 1897, 1898, 1899, 1900, 1901, 1902, 1903, 1904, 1905, and 1906.

30

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. 31st March, 1906. Annual Appropriations — Immigration Railways Roads Development of Goldfields Utilisation of Water-power Telegraph Extension Tourist 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. A. 155 19 4 103,638 4 6 316,562 16 9 5,375 9 5 £ s. d. £ s. a. £ s. d. £ s. d. £ s. d. £ s. d. 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 5 196,099 10 8 139,080 6 4 2,886 10 5 3 18 6 83,295 0 0 39,046 16 7 51,967 11 8 158 10 8 360 0 C 51 5 4 13,329 0 C 393 9 4 4,000 0 0 16,283 0 0 11,722 0 0 •■ .. - 20,273 0 0 26,989 0 0 43,873 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 •• 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 0 715 18 11 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 - - I 1,025 3 0 i .. Totals 330,636 3 11 435,636 17 7 394,427 5 2 446,282 19 2 I 494,895 4 10 1,292,095 12 0 316,274 7 4 586,565 19 3 293,422 7 11 425,802 0 9 526,671 19 6

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. 31st March, 1906. £ 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 £ s. d. 225 19 0 State Forests Account State Coal-mines Account Scenery Preservation Aocount Cheviot Estate Account Land for Settlements Account Loans to Local Bodies Account Paeroa-Waihi Railway Aooount Hutt Railway and Road Improvement Account Railways Improvements Authorisation Act Account Government Advances to Settlers Office Management Account Government Life Insurance Account State Fire Insurance Account 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 16' 8 3 6,194' 3 8 6,087 13 6 19,707 1 6 7,856 11 8 23 18 0 1,214 0 6 48 12 9 1,238 5 4 450 0 0 28 7 2 1,019 2 6 ■• ■■

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, 1906.

31

WAYS AND MEANS. Loans : — Immigration and Public Works Loan, 1870 Immigration and Publio Works Loan, 1873 Immigration and Public Works Loan, 1874 General Purposes Loan Act, 1873 New Zealand Loan Act, 1876 New Zealand Loan Act, 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 Public Works and Land Settlement Act, 1896 Aid to Publio Works and Land Settlement Amendment Act, 1897 Aid to Public Works and Land Settlement Amendment Act, 1898 Aid to Publio Works and Land Settlement Act, 1899 Aid to Public Works and Land Settlement Act, 1900 Aid to Public Works and Land Settlement Act, 1901 Aid to Public Works and Land Settlement Act, 1902 Aid to Public Works and Land Settlement Ace, 1903 Aid to Public Works and Land Settlement Act, 1904 Aid to Public Works and Land Settlement Act, 1905 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. NET EXPENDITURE. Expenditure on — Immigration Publio 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 £ s. d. 2,163,228 10 7 533,456 7 4 21,816,578 11 4 7,190,256 1 9 2,024,422 9 10 766,960 7 8 1,210,176 11 9 3,351,536 8 3 1,013,152 13 3 854,720 3 8 67,112 17 2 14,599 13 2 71,247 15 8 9,409 2 6 1,249,302 12 10 10,835 8 0 218,500 0 0 150,000 0 0 3,369 10 4 £ s. d. 500,000 0 0 1,000,000 0 0 250,000 0 0 8,865 5 1 500,000 0 0 1,000,000 0 0 1,005,500 0 0 1,250,000 0 0 1,750,000 0 0 1,000,000 0 0 750,000 0 0 817,913 12 6 150,000 0 0 37,377,601 0 5 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 4,855,000 0 0 56,000 0 0 264,657 16 4 19,963 1 3 4,963 7 4 60,616 3 0 Balance on 31st March, 1906,— Cash in the Public Account Advances in the hands of Officers of the Government 35,704 4 10 2,257 1 9 27,581 5 0 506,819 19 3 428,019 6 2 64,279 7 11 5,833,562 18 9 £43,211,163 19 2 492,298 14 £43,211,163 19 * Has been redi iced b' £89,800 received under section 31 if " The Government Loans to Local Bodies Act, 1886."

8.—6.

Table No. 7. Estimated Expenditure of the Consolidated Fund (Revenue Account) for 1906-7, compared with Actual Expenditure of 1905-6.

Table No. 8. Estimated Revenue of the Consolidated Fund (Revenue Account) for 1906-7, compared with the Actual Revenue of 1905-6.

32

ierences. Estimate for 1906-7. Actual for 1905-6. Increase. Decrease. Revenue Account. Civil List Interest and Sinking Fund Under special Acts £ 34,900 2,136,046 840,052 £ . 38,943 2,087,204 743,960 £ 48,842 96,092 4,043 i 3,010,998 2,870,107 144,934 I 4,043 Annual Appropriations, — Legislative Departments Colonial Treasurer's Departments Postal and Telegraph Department Industries and Commerce and Tourist Departments Old-age Pensions Department Working Railways Department Public Buildings, Domains and Roads Printing and Stationery Department Stamp and Deeds Departments Native Department Justice Department Police Department Mines Department Colonial Secretary's Departments Crown Law Department Defence Department Customs Department Marine and Inspection of Machinery Departments Labour Department Lands and Survey Department ... Agriculture Department Valuation Department Education Department Public Health Department Mental Hospitals and Charitable Department .. 25,611 46,605 614,849 38,782 5,215 1,750,000 64,437 41,888 33,564 18,867 134,345 146,765 31,120 72,263 3,050 167,244 46,642 61,125 13,715 189,322 122,328 31,156 783,204 25,372 97,505 25,094 40,489 576,810 6S,132 4,758 1,594,920 26,880 43,846 30,731 14,370 134,860 135,407 23,314 112,738 2,913 159,459 44,771 57,837 12,220 177,626 115,816 30,272 697,957 23,215 89,878 517 6,116 38,039 457 155,080 37,557 4,497 11J358 7,806 29,350 1,958 "515 40,475 137 7,785 1,871 3,288 1,495 11,696 6,512 884 85,247 2,157 7,627 392,959 •• 4,564,974 4,244,313 72,298 Services not provided for .. .. 7,920 7,920 537,893 84,261 84,261 Total 7,575,972 7,122,340 453,632

Diffe: •ences. Estimate for 1906-7. Actual for 1905-6. Increase. Decrease. Revenue Account. £ 2,700,000 2,500,000 1,243,500 405,000 262,000 98,500 110,000 37,000 200,000 245,000 £ 2,697,411 2,338,418 1,201,263 385,756 261,815 98,135 108,222 36,739 195,811 260,789 £ 2,589 161,582 42,237 19,244 185 365 1,778 261 4,189 £ Customs Railways Stamps Land-tax Income-tax Beer Duty Registration and other Fees Marine Miscellaneous Territorial Revenue 15,789 Sinking Fund inoreases .. 7,801,000 66,000 7,584,359 65,000 232,430 1,000 15,789 233,430 15,789 Total 7,867,000 7,649,359 217,641

8.—6.

Table No. 9. Statement showing the Amount charged to "Unauthorised" in each Financial Year from 1st July, 1875, to 31st March, 1906.

s—B. 6.

33

Consolidate 5D Fund.—Reve> iue Account. Financial Year. Other Accounts. Public Works Fund. Total. Services not provided for. Excess of Votes. 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 1905-1906 £ 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 7,298 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 8,576 16 7 £ 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 52,385 3 7 £ 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 60,962 0 2 £ 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. 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 19,965 16 2 £ 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 8 104,884 6 2 662 7 7 253 8 10 200 0 0 2,248 6 6 13,547 11 7 23,956 9 10

8.—6.

Table No. 10. Statistics foe 1885, 1895, and 1905. Population :— Per Cent. As oompared with 1885 ... ... 575,226 1895 ... ... 698,706 ... Increase 21-47 1885 1905 882,462 ... „ 26-30 1895 Imports and Exports : — £ .1885 ... ... 14,299,860 1895 ... ... 14,950,353 ... Increase 4-55 1885 1905 28,484,804 ... „ 90-53 1895 Imports, Total Value : — 1885 7,479,921 1895 . . ... 6,400,129 ... Decrease 14-44 1885 1905 ... ... 12,828,857 ... Increase 100-45 1895 Exports, Total Value : — 1885 ... ... 6,819,939 1895 ... ... 8,550,224 ... Increase 25-37 1885 1905 15,655,947 ... „ 83-11 1895

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

34

Artiole. 1885. 1895. 1905. Wool 3-rain Frozen meat Butter ... Dheese ... Flax, New Zealand jcold jriim, Kauri- ... j ... | £ 3,205,275 513,697 373,857 102,387 35,742 16,316 890,056 299,762 £ 3,662,131 215,783 1,262,711 227,601 150,909 21,040 1,162,181 418,766 £ 5,381,333 294,574 2,694,432 1,408,557 205,171 696,467 2,093,936 561,444 i

8.—6.

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

Table No. 13. Development op Shipping trading to and from Places beyond New Zealand. Inwards. Outwabds. Vessels. Tonnage. Vessels. Tonnage. 1885 ... 786 519,700 ... 780 513,000 1895 ... 611 672,951 ... 597 648,946 1905 ... 627 1,139,410 ... 627 1,141,552 Totals Inwards and Outwards. Vessels. Tonnage. 1885 ... 1,566 1,032,700 1895 ... 1,208 1,321,897 27-14 per cent, increase as compared with 1885. 1905 ... 1,254 2,280,962 72-55 „ „ 1895. Development of Coasting Trade. Inwards. Outwards. Vessels. Tonnage. Vessels, Tonnage. 1885 ... 16,594 3,526,627 ... 16,531 3,523,683 1895 ... 18,054 4,854,937 ... 18,051 4,858,976 1905 ... 25,389 10,329,409 ... 25,380 10,412,289 Totals Inwards and Outwards. Vessels. Tonnage. 1885 ... 33,125 7,050,310 1895 ... 36,105 9,713,913 1905 ... 50,769 20,741,698 9-00 per cent, increase in number of vessels comparing years 1885 and 1895. 40-61 „ „ 1895 and 1905. 37-78 per cent, increase in tonnage of vessels comparing \ears 1885 and 1895. 113-53 „ „ „ „ 1895 and 1905.

35

1885. 1895. Increase or Decrease as com- j pared with 1885. ] 1905. Increase as compared with 1895. i Import; Imports from United Kingdom Australia South Africa ... India and Mauritius European countries United States of America Other places ... £ 5,227,551 1,254,908 315 268,710 27,647 401,532 299,258 £ 3,992,359 1,261,125 58 245,609 129,517 394,233 377,228 Per Cant. Decrease 23-63 Increase 0-49 Decrease ... 8-59 Increase 368-47 Decrease 1-82 Increase 26-05 £ 7,795,284 1,815,717 559 485,382 519,445 1,438,501 773,969 Per Cent. Increase 95-26 43-98 97-62 301-06 264-88 10517 Totals... 7,479,921 6,400,129 Decrease 14-44 12,828,857 Increase 100-45 Exports to United Kingdom Australia South Africa ... European countries United States of America Other places ... Expor 4,906,%7 1,350,158 4,066 1,482 404,878 152,448 7,045,646 1,035,753 10,255 4,440 316,639 137,491 Increase 43-59 Decrease 23-28 Increase 152-21 „ ' 199-59 Decrease 21-79 9-81 12,087,818 2,294,971 176,937 106,315 716,301 273,605 Increase 71-56 121-57 126-22 98-98 Totals... 6,819,939 8,550,224 Increase 25-37 15,655,947 Increase 83-11

8.—6

Table No. 14. Registered Vessels belonging to New Zealand. Vessels. Tonnage. Average Tonnage. 1885 ... 597 ... 95,887 ... 161 1895 ... 479 ... 100,988 • ... 211 1905 ... 609 ... 171,753 ... 282 5-32 per oent. increase in tonnage of vessels for year 1885 as compared with 1895. 70-07 „ , 1895 . 1905.

Table No. 15. Increases for Two Decennial Periods, 1885-1895 and 1895-1905. 1885-1895. 1895-1905. Population (excluding Maoris and residents of Cook and other Pacific Islands) ... ... ... 123,480 No. 183,756 No. Occupied holdings ... ... ... ... 21,027 „ 17,152 „ Land in cultivation (including sown grasses) ... 4,029,889 acres 3,416,116 acres Horses ... ' ... ... ... .. 50,036 No. 89,119 No. Cattle ... ... ... ... ... 194,543 „ 763,035 „ Sheep ... ... ... ... ... 5,279,803 „ -695,729* „ Postal: Money-orders issued ... ... ... '£231,209 £729,108 Telegraph revenue (including telephones) ... £10,334 £150,799 Railways (Government) open for traffic ... ... 401 miles 393 miles „ " receipts ... ... ... ... £135,623 £1,166,663 Dray-roads constructed Shipping —Vessels (inwards) ... ... ... 153,251 tons 466,459 tons. „ (outwards) ... ... ... 135,946 „ 492,606 „ Wool ... ... ... ... ... 29,507,739 lbs. 23,897,567 lbs. Frozen meat ... ... ... ... ... £888,854 £1,431,721 Butter ... ... ... ... ... £125,214 £1,180,956 Cheese ... ... ... ... ... £115,167 £54,262 Phormium fibre ... ... ... ... £4,724 £675,427 Gold £272,125 £931,755 Provisions, tallow, timber, &c. ... ... ... £392,158 £2,839,256 Exports, New Zealand produce ... ... £1,798,242 £7,113,377 Imports ... ... ... ... ... -£1,079,792* £6,428,728 Output of coal ... ... ... ... 215,591 tons 859,102 tons. Banks: Deposits (average of four quarters) ... £3,461,119 £7,001,186 Savings-banks deposits ... ... ... £2,478,136 £5,153,258 Decrease.

By Authority: John Mackay, Government Printer, Wellington.—l9o6.

36