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History of New Zealand. Vol. III.

11. Public Debt, 1894–5

11. Public Debt, 1894–5.

Note.—Affairs connected with the New Zealand Bank are not embodied here; being inchoate. At page 385 in this volume the hasty manner in which in 1894 the New Zealand ministry contracted an obligation of Two Millions Sterling has been recorded. Their confidence in themselves and their proposals was speedily exposed to a rude shock. In 1895, they made another hurried application for help for the institution to which they had linked themselves; and their Parliamentary opponents magnanimously aided in devising measures of relief. Statistics are sometimes sneered at as deceptive; but they do not fail to teach that a community led by men who flout at wisdom and deride experience will have to pay for its own experiments. “The injuries which wilful men procure must be their schoolmasters.”

(a) Purposes for which Contracted.
1. Reproductive Works
Water Supply587,041
Harbours, &c.906,958∗
Total Revenue Yield£16,828,818
2. Other Works
Roads and Bridges£3,855,455
Defence Works429,719
Other Public Works2,266,873
Total£6,552,047page 450
3. Miscellaneous
Land Purchases (chiefly from Maoris)1,297,517
Rates on Native Lands61,072
Revenue Deficiencies218,500
Charges and Expenses of Raising Loans1,026,828
Total Debt, 31st March, 1894£39,826,415
Total Debt, 31st March, 1895£40,386,964

Note.—The above figures represent the net expenditure out of the “Public Works Fund” since 1870, as there is no other existing record of the loans’ expenditure. This fund, however, includes, besides loan moneys, receipts in aid from stamp duties, &c. The balance unaccounted for, set down above as “Unapportioned,” includes the old provincial loans, loans not accounted for, and unexpended balances. Treasury Bills, amounting to £810,000—of which £334,000 were in aid of revenue, and £476,000 to redeem guaranteed debentures—are not included. As a set-off against the public debt there was an Accrued Sinking Fund amounting to £951,924 on 31st March, 1894, and £751,932 on 31st March, 1895.

(b) Rates of Interest.
Rate. Amounts Outstanding.
7 £15,000
6 ¼ 35,000
6 176,900
5 1,137,300
4 ½ 2,388,400
Rate. Amounts Outstanding
4 £31,167,702
3 ½ 5,466,351
Nil (overdue) 311
Total, 31st March, 1895 £40,386,964
(c) Annual Charge for Debt, on 31st March, 1895.
Amount. Average Rate.
Annual Interest £1,616,225 3·30%
Sinking Fund 40,746 £10%
Total £1,656,971 4·40%
(d) When Repayable.
Year. Amount.
1895 {£311*
1896 491,200
1897 305,890
1898 1,540,200
1899 279,302
1900 50,000
1905 102,600
1907 1,000,000
1908 184,000
1909 40,000
1910 183,025
1913 £506,500
1914 367,100
1915 3,800
1916 12,200
1929 (Inscribed Stock London) 29,150,302
1940 (Inscribed Stock London) 5,308,326
Annual drawings 725,800
Total, Mar. 31, 1895 £40,386,964

* Portion of expenditure on Defences included under Harbours, &c., and portion under “Unapportioned.”

* Overdue.

Consisting of £34,616,653 Inscribed Stock issued in London, £1,888,308 Stock in the Colony, and £3,882,003 Debentures.