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I have now to state for your information how far the intentions of the Council, as expressed in the annual Appropriation Act for the year just expired, have been carried out by the Executive. On this subject I am enabled to inform you that the whole of the works under the head of "Roads and Bridges," have been completed, or are in course of completion under contracts, except the Whiteman’s Valley road, which was not undertaken because the vote was quite inadequate.

You will naturally be anxious to be informed of the actual state of our finances at the conclusion of the financial year; and I am happy to be able to inform you that at that date viz., the 31st March last, not only had we no overdraft whatever with our Bankers, but that our account showed a small available balance to credit amounting to £884 8s. 3d. I proceed to show you how this balance is arrived at. On the 31st of March there was standing to the credit of the Province at the Bank of New Zealand—

At Wellington ... £3574 13 6 (as per certificate, Appendix K)

At Wanganui ... 452 19 1

...................... 4027 12 7

There was also revenue due 31st March, 1874, but not received at that date ... 4175 10 5

Making a total of ... £8203 3 0

Against this is to be placed the amount of outstanding liabilities on 1st of April, 1874, for services belonging to the financial year ended 31st March, 1874 ... 7318 14 9

Thus leaving an available balance of ... £884 8 3

Now, if I take into account (as I am justly entitled to do) the considerable amounts advanced out of last year’s revenue, on account of works authorised under "The Roads and Bridges Appropriation Act" of last session, I may state not merely the bare fact that the year begins with the credit balance I have named; but that this available balance to credit of £884 8s. 3d., remains, not only after providing for all the Services belonging to the year, but also after making advances, to the amount of several thousand pounds, for services not properly chargeable on that year’s revenue. I may also remark that we might fairly have anticipated that the balance of last year would have been augmented by an award in our favor in respect of lands taken in the Manawatu-Rangitiki Block. Although the claim was referred to arbitration last session, under Act, the General Government has up to this time sent me no official intimation on the subject.

I may here state that the public accounts of the Province for the December quarter have been audited, and that those for the March quarter are now in the hands of the Auditor. I have now passed in review before you the salient points connected with the past year’s administration of the affairs of the Province, and exhibited the final financial result at the end of the year. But it will be as well, before adverting to other topics, not to confine your attention to the last year only; but to invite you to take a brief retrospect of the result of the Provincial Administration for the past three years; during which time I have held the office of Superintendent.

On my advent to office, I found the Province considerably in debt. By means of a loan, the various creditors were at once paid off (notably, the Colony itself received from the Province upwards of £25,000); and the whole amount of the loan (viz: £75,000) was covered by the sale of a block of land to the Emigrant and Colonists Aid Corporation. By other sales and negotiations, I have reduced the permanent debt of the Province (as chargeable on its general revenue, and contingently chargeable on the Colony) by the sum of £56,000 (See Appendix L.) While these operations were being effected great care was bestowed on the revenue; and the increments during the three years under consideration, viz., from 1st April, 1871, to 31st March, 1874, will be best explained by the following Schedule which shows the estimated and actual Revenue.