17

G.—s

From this it will be seen that the sales of water for the year have amounted to £1,454 lls. lid., and the cash received for the same, £1,445 7s. Id., while the expenditure on maintenance was £1,613 Is. 4d. The receipts for the previous year were £893 6s. 5d., and the expenditure £1,338 2s. sd. This shows an increase in the revenue derived from this water-race during the last year of £561 os. Bd., and in the expenditure of £274 18s. lid. The outstanding moneys due for water at the end of December last were £1,135 3s. 4d., while the outstanding moneys at the end of the previous year were £1,125 18s. 6d.; which shows that the arrears have increased £9 4s. lOd. This water-race is managed by a Trust, but the Government has to find any deficiency to keep up the maintenance. During the last year the Trust received £350 towards maintenance and clearing away slips. The total cost of constructing this work was £65,766 3s. Bd., and the loss on the working during last year was £167 14s. The average number of miners employed working claims with water from this water-race last year was 130, and the approximate quantity of gold obtained by them was 3,2000z., representing a value of £12,000. Deducting the value of the sales of water from the value of the gold obtained, the average earnings of each miner amount to £1 lls. 2d. per week. SUMMAEY OF WaTEK-RACES. In order to show the results accruing from the construction of water-races constructed by the State, either worked directly by Government or by a Trust, the direct profit does not show the whole of the collateral advantages derived by their construction. They have been treated as any private commercial venture; but the State derives other revenues, which may be termed indirect profits, such as Customs and goldfields revenue. It may be said that if those miners who are employed by aid of these works had turned their attention to something else, it would not have affected this source of revenue. Possibly some of them might have done so, but to take the majority of the mining population, they are of a migratory character, and believe in following up the occupation which years of hard labour have accustomed them to; so that when they do not find profitable employment in one place at their accustomed avocation, they seek fresh fields. These water-races have been the means of a large amount of gold being obtained that otherwise would have been still lying buried in the ground. It is therefore only fair to take into account the duty on the gold obtained by their aid as direct profit to the State. On this basis, the profits accruing from their working last year would be as follows : Waiinea Water-race and Sludge-channel gave a profit of £6,221 4s. Id., which gives interest at the rate of nearly 3|- per cent, on the capital invested ; Nelson Creek Water-race, £106 6s. 10d., which is J^ per cent.; Argyle Water-race, £158 25., which is a little over 1 per cent.; and Mount Ida Water-race, £152 ss. 9d., which is a little over $ per cent, on Ihe cost of construction. Even taking this into account, they do not appear to be profitable investments, as there is no provision for the redemption of capital, which may be considered as entirely sunk. The following table shows the results of water-races and sludge-channels constructed by the State, and either worked directly by the Government or by a Trust: —

It will be seen from the foregoing table that the total cost of these works has been £344,661 19s. 4d.; the total receipts from sales of water and channel-fees, £105,302 3s. lOd.; the total value of gold duty obtained by their aid, £21,328 4s. : making the total revenue £126,630 7s. lOd. The total expenditure on maintenance is £31,493 15s. 64.; leaving a profit of £-15,136 12s. 4d. during the nine years they have been in operation. The Mount Ida Water-race stands in the worst position, showing a direct loss of £917 5s. for the period named. 3—C. 5.

Name of Water-race. Receipts. 31 Expenditure. »&££" |f C CD P h si 82 Value of Gold obtained. Duty received on Gold obtained. Total Profits or Losses, and Value of Duty. Total Cost of Construction. Waimea-Kumara and Sludgechannel. Eight years ending Mch. 31,1886 Year ending 31st March, 1887 £ s. a. 60,887 10 2 13,003 4 4 £ s. a. 42,543 16 9 8,473 0 3 £ s. d. 17,793 13 5 4,530 4 1 451 310 Oz. 140,861 10,912 £ s. a, 538,359 5 6 04,269 15 0 £ s. £ s. a. £ s. a. Total 73,340 14 6 51,016 17 0 22,323 17 G 4.3G 157,773 002,629 0 6 15,777 6 38,101 3 G 173,463 7 1 Nelson Creek. Eightyears ending Moh. 81, 1886 Year ending 31st March, 1887 13,719 14 9 1,071 19 2 9,533 15 8 1,173 10 4 4,185 19 1 •101 11 2 60 59 20,341 2,179 100,754 6 6 8,334 13 6 Total 14,791 13 11 10,707 6 0 4,084 7 11 00 28,520 109,089 0 0 2,852 C 6,936 7 11 90,721 4 8 Argyle. Eight years ending Mch. 31,1886 Year ending 31st March, 1887 3,528 18 10 480 8 5 3,218 10 11 382 0 5 310 7 11 98 2 0 17 19 5,478 600 20,953 7 0 2,280 0 0 Total 4,009 7 3 3,600 17 4 408 9 11 007 1G 1,010 5 11 14,711 3 11 17 6,078 23,233 7 0 Mount Ida. Eightyears endingDec. 31,18S5 Year ending 31st Dec, 1886 .. 11,713 1 1 1,445 7 1 14,555 13 10 1,613 1 4 *2,840 12 9 •167 14 8 87 L30 17,711 3,200 07,493 0 0 12,000 0 0 Total 13,100 8 2 16,108 15 2 •3,008 7 0 92 20,911 79,493 0 0 2,091 2 *917 5 0 65,766 8 8 Grand Totals 81,493 15 6 23,808 8 4 005 213,2S2 814,444 7 6 21,328 4 45,136 12 4 344,661 19 4 105,302 3 10 * Loss on working.