8.—6.

nounced to you himself. I am glad to find from the statements rendered by heads of departments to the Audit Office that our " Liabilities " show no undue increase.. .. ~...■ i. It will be noticed that the form of the Ordinary Eevenue, Account in the tables attached has been altered by the elimination of the Treasury - bills transactions, which are now shown in a separate account. The effect of the alteration is to allow the exact surplus to be shown as the balance at the close of the year, an improvement which I am sure will commend itself to honourable members. PUBLIC WOEKS FUND. Part I. I now pass on to the Public Works Fund accounts. On the 31st March, 1892, there was an available balance at credit of Part I. of £298,700 os. 3d. These funds were added to during the year by £6,313 135., balance of released sinking funds belonging to the loan of 1863 which had been converted; £10,437 15s. 4d., transferred from Part 11. to restore moneys which had be.en temporarily used in the purchase of Native lands for the North Island Main Trunk Eailway; £1,404 Is., traffic receipts of the Kaihu Valley Eailway; and some miscellaneous sums amounting to £1,287 17s. 6d. Of the asset of £878 Bs. 9d. under section 31 of " The Government Loans to Local Bodies Act, 1886," a further sum of £800 was raised and credited hereto, and, in accordance with the decision arrived at during last session, the sum of £200,000 was transferred from revenue in aid of the available funds of this Part. These receipts increased the balance to £518,943 7s. Id., and, deducting the ordinary departmental expenditure, amounting to £341,337 6s. 7d., there remained a balance of £177,606 os. 6d., to which £78 Bs. 9d. may be added, being the balance of the asset of £878 Bs. 9d. before referred to. As may be expected, the liabilities were much smaller this year: they amounted to £183,749 7s. 3d., and are detailed in a table attached. Pact 11. Part 11. calls for little comment. We commenced the year with a balance of £276,976 19s. Bd., and under the provisions of section 4 of the Eailway Loan Application Act of 1889 we were able to transfer a sum of £7,581 ss. from the Deposit Account (where the proceeds of the disposal of land subject to the provision of the Act are credited in the first place). The available funds thus became £284,558 4s. Bd. The expenditure during the year amounted to £131,614 17s. 10d., and the balance at the close of the year was £152,943 6s. 10d. The liabilities are returned at £45,611.

Treasury-bills transactions eliminated.

Table No. 1. Balance on 31st March, 1893, £177,084 9s. 3d.; and liabilities, £183,749 7s. 3d.

Table No, 5. Table No. 1. Balance on 31st March, 1893, £152,94365.10 d.; and liabilities, £45,611.

Table No- 5-

SUMMARY.

Table No. 1£27,700 debentures issued.

" NATIVE LAND PUECHASES ACT, 1892." For facilitating the acquirement of Native lands, an Act entitled " The J Native Land Purchases Act, 1892," was passed, and in accordance with the ? provisions of section 3 of the Act debentures were created and issued to the amount of £27,700, and it was found convenient to place the moneys derived from the sale of the debentures to a separate account. Land was purchased to the amount of £19,575 2s. 10d.— £11,875 2s. 10d. in cash, and £7,700 in debentures bearing 5 per cent, interest—leaving £8,124 17s. 2d. available for further

3

Tart I. Part II. Total. Cash in the Public Account Advances in the hands of officers of the Government Temporary Investments, — Guaranteed debentures of the loan of 1870 Government Loans to Local Bodies debentures £ s. d. 129,407 17 0 14,098 3 0 £ s. d. 48,063 14 10 4,879 12 0 £ s. d. 177,471 12 4 19,577 15 0 20,000 0 0 13,500 0 0 100,000 0 0 120,000 0 0 13,500 0 0 Balance of asset under section 31 of " Tho Government Loans to Local Bodies Act, 1886 " 177,006 0 6 152,943 6 10 330,549 7 4 78 8 9 78 8 9 Totals 177,084 9 8 152,943 6 10 330,627 16 1