8.—6.

X

Some small parcels of debentures fell due during the year and were renewed by conversion or otherwise. Much comment has been made from time to time about the increase to our public debt. Of course, Ido not deny that the debt has increased, but what I particularly desire to impress upon honourable members is the fact that such increase has not imposed any appreciable amount of extra burden on the taxpayers. To substantiate my statement it will be advisable to place before you a short analysis of the building-up of our national debt; and the following table succinctly shows the remunerative character of the purposes of the loans obtained during the Ballance and Seddon administration as compared with those for which loans under former Governments were asked :—

Honourable members must understand that I do not pretend that the above figures represent the actual expenditure which was incurred in the stated services, but they are sufficiently accurate to enable an estimate to be formed of the pur-

Reproductive. Non-produc-tive. On the 30ih June, 1870, the public debt was £7,490,516, chiefly for the following services (approximately) : — Maori war, exclusive of provincial charges and losses sustained Land-purchases Immigration Railways ... Lighthouses Telegraphs Public works, including surveys Charges and expenses of raising loans ... Miscellaneous £ 306,000 350,000 & 2,357,000 314,000 47,000 139,000 1,487,000 583,000 1,907,516 Between the last date and the 31st March, 1891, the debt had been increased by £31,339,b34, for the following services (approximately) :— Defence Land-purchases Immigration Railways ... Lighthouses and harbours Telegraphs Roads and bridges ... Provincial liabilities Goldfields and coal-mines Public buildings Other public works ... Deficiencies in revenue Charges and expenses of raising loans Loans to local bodies Miscellaneous 795,000 6,695,516 1,240,000 1,638,000 14,230,000 2,145,000 630,000 437,000 3,619,000 786,000 571,000 1,800,000 374,000 1,982,000 1,054,000 325,000 508,834 16,425,000 14,914,834 Between the 31st March, 1891, and the 31st March, 1897, the debt had been further increased by £5,536,268, for the following services (approximately) :— Land-purchases Railways ... Lands improvement (roads and bridges) Loans to local bodies For advances to settlers New Zealand Consols deposits Bank of New Zealand preferred shares Goldfields... Miscellaneous ... ... ... ... 1,362,000 234,500 437,500 729,000 1,500,000 297,000 500,000 150,000 326,268 4,622,500 913,768