B—6b.

Dealing now with the interest, the position is as follows :— 3 i per cent, on £616,000 ... ... ... ... 21,560 0 0 Less 4 per cent, on £500,000 ... ... ... ... 20,000 0 0 Increase of £1,560 0 0 lo this must be added— Loss of interest on sinking fund of £260,073 at, say, estimated £ £ at 3% per cent. ... ... ... ... ... 9,102 Less saving of interest on sinking-fund debentures, £96,371 at H percent ... ... ... ... ... ... 4,337 4,765 Increased interest of ... ... ... ... £6 325 In considering the matter of interest, the question as to whether the net amount received from the sinking fund is or is not being used for reproductive works has not been taken into consideration, this being outside my province, and probably unascertainable. ot. ~ .. Yours, &c, W. F. Massey, Esq., M.P., Wellington. S. C. Leary.

Approximate Cost of Paper.— Preparation, not giveu ; printing (1,500 copies), £1 12s.

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