THE NEW ZEALAND GAZETTE.
381

The Colonial Treasurer's Statement does not show clearly how the payments for Interest and Sinking
Fund are adjusted. On reference to page 90 there is found among the Disbursements out of the
Receipts arising from the disposal of Crown Lands, the following payments to the Colonial Treasurer,
on account of Interest and Sinking Fund on the Loan of £500,000:—

At Auckland ... ... ... £ s. d.
Nelson ... ... ... 3,377 4 1
Canterbury ... ... ... 2,475 0 0
Otago.. ... ... ... 4,440 0 0
Southland ... ... ... 3,780 0 0
1,080 0 0

Comparing these payments with the sums stated at page 5, under the head "Reimbursed by
Provinces," it will be seen that they are deficient in the following amounts, namely:—

Auckland... ... ... ... £ s. d.
Wellington ... ... ... 2,022 15 11
Hawke's Bay ... ... ... 1,620 0 0
Nelson and Marlborough ... ... 1,620 0 0
225 0 0

The deficiency on account of Nelson and Marlborough was paid into the Colonial Treasury on the 7th
July, 1866, and will appear as a payment in the Land Revenue Accounts of the Province of Nelson for the
year 1866-7: but, in respect of the deficiencies of the other Provinces, the amounts have not been
"reimbursed." They have been charged against the respective Provinces in the "Advance" Accounts,
(page 82).(a.) Repayment ought, however, to have been made at the time, or, seeing that the Interest
and Sinking Fund on the Half Million Loan are a first charge on the Ordinary Revenues of the Colony, the
deficient amounts should have been deducted from the Surplus Revenues payable to the respective
Provinces, instead of the recovery of the debt being deferred for an uncertain period by the course adopted.

New Zealand Loan Act, 1863.—Interest on £800, at 5 per cent., to 15th January, 1865, (page 5.)—£20.
This sum of £20 is a charge on the Revenues of the financial year 1864-5.

Interest on £1,000,000, at 5 per cent., from 15th January, 1865, to 30th June, 1866—£73,076 6s.
The sum of £73,076 6s. is partly made up as follows:—

Interest on £999,600, to 15th July, 1865 ... ... £ s. d.
Do. on £1,000,000, to 15th January, 1866 ... 24,980 0 0
Do. on do. to 15th July, 1866 ... 25,000 0 0
25,000 0 0
74,980 0 0
Less proportion of Interest on last-mentioned payment,
chargeable to year 1866-7, say 15 days at 5 per cent. ... 1,923 14 0
£73,056 6 0

On this the Auditor observes that the Interest for fifteen days computes to £2,054 15s. 10d., instead of
to £1,923 14s.(b); that the above sum of £24,980, instead of being charged against the Revenues of the year
1865-6, should have been treated as a liability of the year 1864-5, and should be £22,945 4s. 2d.,—(that is
to say £25,000, less fifteen days' Interest belonging to the subsequent year, and amounting to £2,054
15s. 10d.) The items would then stand as follows:—

Chargeable on Revenues of 1864-5 ... ... £ s. d.
Do. do. 1865-6 ... 22,945 4 2
50,000 0 0
£72,945 4 2

Sinking Fund on £1,000,000, at 1 per cent., from 15th January, 1865, to 15th January, 1866, (page 5)—
£10,000.
This includes a half-year (less fifteen days) of the financial year 1864-5. The account should,
therefore, stand as follows:—

Sinking Fund on £1,000,000, at 1 per cent., from 15th
January, 1865, to 30th June, 1865 ... ... £ s. d.
Do. do. 1st July, 1865, to 15th January, 1866 ... 4,589 0 11
5,410 19 1

There would then remain a sum of £4,589 0s. 11d. omitted on account of the period included between
the 15th January and 30th June, 1866, making, together with the sum already charged, £10,000
for Sinking Fund.

(a.) The particulars of the "Advance Accounts" are not stated.
(b.) Difference £131 1s. 10d.