B.— 21

Statements, etc., relating to the Balances op the Public Wouks Fund— continued.

On the 31st March, 1888, the following were the cash balances of the several funds in the Treasury Accounts: — £ s. d. £ s. d. ' "Con solidat ed Fund ... ... ... £665 , 136 7!! Public Works ... ... £408,715 811 Less Conversion Account overdrawn... ... 12,125 4 6 396,590 4 5 Government Loans to Local Bodies Account 16,159 0 0 Suspense Account ... ... ... 303 8 3 1,078,189 0 5 Cash in the colony ... ... ... 6454,380 5 1 Cash hi London ' ... ... .. 423,808 15 !. Bank drafts for remittances to London ... 200,000 0 0 §1,078,189 0 5 The balance actually at credit of the Government in the bank in London on the 31st March, 1888, was £537,778 15s. sd. ; for explanation see page 13. Of this sum £350,225 13s. lid. was placed to credit on that day. On the 3rd April the Agent-General applied £100,000 to the redemption of Imperial-guaranteed debentures upon which advances had been obtained, and on the 18th April he applied £50,000 more to the same purpose. After the application of further sums, amounting to £611,048 Is. 10d., to the payment of interest and other charges, in April, there was left in the account on the 30th of that month £3,043 2s. 4d. The balance of £454,380 ss. 4d. at credit of the Public Account in Wellington on the 31st March, 1888, was due mainly to the receipt of about £355,000 for property-tax in February, and to the usual telegraph remittances on the last day of the financial year, amounting to about £65,000. These large receipts, together with the absence! of remittances to London, caused the daily balances of the accounts included in the bank agreement to be for a time in excess of the limit of £400,000 upon which interest is allowed; but interest at 3 per cent, was allowed on the excess from the 6th February to the 3rd May by special agreement with the bank. On the 3rd May the Treasury remitted to the Agent-General £100,000, on the 19th May £100,000, and on the Kith June £150,000. The provision otherwise made for replenishing the London account obviated the necessity for remittances at an earlier date. Balances at 31st March, LBB9. £ s. d. £ s. d. Part I.—Public Works Account... ... ...£303,801 7 10 Part ll.— „ ... ... ... 435,817 1 5 Part lII.— „ .. ... ... 618,077 15 1 Conversion Account ... ... ... . . 2,606 19 10 (1 overnment Loans to Local Bodies Account ... 8,623 14 4 1,368,92,'; 18 6 Deduct Conversion and Government Loans to Local Bodies Accounts: the balances being at call ... ... .. ... ... 11,230 1! 2 1,357,(5( .m; ! 4 Deduct also Public Works money in the hands of officers of the Government ... ... ... ... ... ... ... 56,606 19 8 1,301,0HD 4 8 Deduct Amount in Investment Account ... ... ... ... 786,000 0 0 Cash balance ... ... ... ... ... £515,089 4 8 On the 31st March, 1889, the following were the cash balances of the several funds in the Treasury Accounts : — 6 s. d. Consolidated Fund ... .... ... ... ...£477,506 14 2 Public Works Fund ... ... ... ... 515,089 4 8 Loans to Local Bodies Account ... ... ... 8,623 14 4 Conversion Account ... ... ... ... 1,654 15 6 Suspense Account ... ... ... ... ... 618 2 3 1,003,492 10 11 Cash in the colon)- ... ... ... ... £368,584 1.1 9 Cash in London ... ... ... ... ... 59,907 19 2 Bank drafts for remittances to London ... ... 575,000 0 0 - £1,003,492 10 11 ■i " r - - r The balance actually at credit of the Government Account at the Bank of New Zealand, London, on-the 31st March, 1889, was £236,771 Bs. ; for explanation see page 13. This balance, together with £200,000, forming a portion of the investments amounting to £786,000, was used in April for the payment of interest and other charges. On~the 30th April, 1889, the balance at credit of the account in London was £79,656 2s. lid.; and by the 31st July it had declined to £4,458 14s. 9d.

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