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.”
|1. Reproductive Works—|
|Total Revenue Yield||£16,828,818|
|2. Other Works—|
|Roads and Bridges||£3,855,455|
|Other Public Works||2,266,873|
|Land Purchases (chiefly from Maoris)||1,297,517|
|Rates on Native Lands||61,072|
|Charges and Expenses of Raising Loans||1,026,828|
|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.
|Total, 31st March, 1895 £40,386,964|
|(c) Annual Charge for Debt, on 31st March, 1895.|
|1929 (Inscribed Stock London)||29,150,302|
|1940 (Inscribed Stock London)||5,308,326|
|Total, Mar. 31, 1895||£40,386,964†|
* Portion of expenditure on Defences included under Harbours, &c., and portion under “Unapportioned.”