8.—6

IX

Non-interest-bearing. Loans for— £ Roads ani bridges .. .. .. .. 6,871,251 Immigration .. .. .. .. .. 2,463,002 Maori war .. ... .. .. .. 2,357,000 Defence .. .. .. .. .. 2,783,727 Harbours and lighthouses .. .. .. 573,683 Development of goldfields and coal-mines .. .. 987,598 Tourist and health resorts .. .. .. 131,507 Scenery-preservation .. .. .. .. 40,000 Charges and expenses of raising loans, increase by conversions, &c, together with provincial liabilities taken over on the abolition of the provinces 9,244,990 Total .. .. .. .. £?5,45?,75S Percentage ot The public debt may be summarized thus :— £ Whole. (1.) Paying interest and making a profit .. 47,923,946 58 per cent. (2.) Indirectly interest-bearing .. .. 7,701,418 .11 „ (3.) Non-interest-bearing .. .. .. 25,452,758 31 If the period of the Dominion's borrowing is divided into two —that before 1891 as the first, and after that date the second—it will be seen that the burden of our debt is really decreasing, although the total has largely increased during the second term. The interest-bearing and non-interest-bearing portions of our debt up to 1891, and from 1891 to the present date, are— Before 1891. Interest-bearing. I Non-interest-bearing. Borrowed for— £ j Borrowed for — £ Railways .. .. 14,580,000 Maori wars .. .. 2,357,000 Public buildings .. 1,800,000 Defence .. .. 1,638,000 Telegraph and telephone Roads and bridges .. 5,106,000 line 3 .. .. 769,000 ; Harbours ai d lightPurchase of Native landw 1,546,000 houses . . .. 484,000 Loans to local bodies .. 325,000 Immigration.. .. 2,459,000 Goldfields and coalfields development .. 571,000 Costs of raising loans, di counts and conversion into stock, &c, provincial liabilities taken over .. 7,195,350 Total .. .. £19,020,000 j Total .. .. £19,810,350 In 1891 49 per cent, of the debt was directly or indirectly interest-bearing, and 51 per cent, non-interest-bearing.

ii—B. 6,