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The Pamphlet Collection of Sir Robert Stout: Volume 74

The Public Debt

The Public Debt

was one of the most important things that concerned each man, woman, and child in the Colony, for they had to pay the interest on it. Leading politicians had stated the position with regard to the public debt, and each differently. Mr Ward, speaking in the House said that the debt since the Government took office had increased by £1,556,614. Sir Robert Stout said that it had increased £2,281,624, and Captain Russell shortly after had declared that the increase was £3,811,218. Which was right? As far as he went the Treasurer was. He stated that in 1891, when the Government took office, the gross debt was £38,880,850, and upon March 31st last it had increased to £40,386,964, the difference being the amount already named. Sir R. Stout had, in the house, disputed the Treasurer's assertion, and asked for a return of the debt for ten years. The proposal for this return was refused in the House, but carried by the Council to the return of whose order it was obtained from the Audit Department. This return showed that to the amount for 1891 named by Mr Ward there was to be deducted credits of £389,000, and to be added for deficiency and Treasury bills £716,100, which gave a gross debt of £89,157,450 ' and to Mr Ward's figures for 1895, £493,000 was to be deducted for credit, and £810,000 added for deficiency bills, making the gross amount of debt £40,703,964. The increase to gross debt between the periods was thus shown to be £10,100 less than given by Mr Ward, but it was also stated in the return that in 1891 there was Sinking Fund of £1,487,042, which had decreased to £751,932 in 1895. The difference between these two amounts, less the page 5 £100,100 added to Mr Ward's figures, gave the amount of increase stated by Sir Robert Stout to a shilling. (Applause.)