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1893. NEW ZEALAND.

PUBLIC WORKS STATEMENT, BY THE MINISTER FOR PUBLIC WORKS, THE HON. R. J. SEDDON. 21st September, 1893.

Mr. Speaker,,— The Public Works Statement of to-day, as compared with former Statements, has lost its attractiveness. The moneys available for expenditure now are much smaller than the large amounts we were accustomed to deal with in the days of borrowing and excessive expenditure on works. For the last three years the colony has practised a policy of self-reliance, and the cost of our public works is now being charged largely to revenue. It is now nearly six years since the placing of a loan on the London moneymarket was authorised by Parliament. In 1890 it was considered by the Government of the day that it would be impossible to go on without raising another loan, and year by year this cry has been raised anew. Yet we now find ourselves—six years since the last loan was authorised—in a position to find a fairly substantial sum for our necessary public works without resorting to borrowing. It may be of interest and also serve a good purpose if attention is here directed to the fact that the cost of and discount on raising our several public-works loans has amounted to no less a sum than £1,026,828. Loan-conversion has proceeded, and released Sinking Funds, amounting to some ,£160,000, have become available for public-works purposes in accordance with law, and are being credited to Part I. of the Fund. I may here make a fitting reference to the memory of my colleague, the late Hon. John Ballance, who so recently occupied the positions of Premier and Colonial Treasurer, and who took so great an interest in and so materially forwarded our financial operations. I deeply regret that the late Premier was not privileged to see the very successful termination of his latest efforts; and I am sure that the House and the country will very cordially re-echo my sentiments in this matter. As stated by the present Colonial Treasurer in the Financial Statement, it is proposed to further augment the ways and means of the Public Works Fund by a transfer of £250,000 from the consolidated revenue. This sum, together

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