.S58
THE BRITISH EMPIRE: — NEW ZEALAND
the maximum tax of 21. per centum being then reached. Previous Acts were consolidated under the Statute of 1908. The graduated tax is increased by 50 per cent, in the case of absentees, but the absentee tax does not apply to companies, but to shareholders in companies. For and after the year ended March 31, 1910, the new progressive graduated scale over 40,000Z. is increased by 25 per cent, in the case of all land other than *' business premises." The average taxation per head of the population, excluding Maoris, in 1911-12, was 51. 3.9. lOd.
The public debt is shown in the following table: —
Year
ended
March Debentures
31 and Stock
Public debt
Debt charge
1908 1909 1910 1911 1912
£
6fi,453,897 70,938,534 74,890,(545 81,078,122 84,353.913
Sinking Fund
~jf
2,928,936 3,136,980 3,112,065 3,389,720 2,160,6031
Net debt
£~
63,524,961 67,781,545 71,778,580 77,688,896 82,193,310
Interest
£ 2,085,018 2,149,739 2,282,182 2,381,000 2,446,493
Sinking Fund
£~ 81,842 91,438 95,124 54,104 198,388
Total
T
2,106,860 2,241,177 2,377,-306 2,435,104 2,644,881
Interest
on
Treasury
Bills
~£" 20,559 17,188 20,150 23,348 11.459
1 The reduction in the amount of the sinking funds shown in 1912 is due to the fact that a new system of accounts has been introduced into the Treasury, and tlu* following items included with the Sinking Funds in previous years are now excluded as not being strictly part of the Sinking Funds proper, i.e., Reserve Funds Securitie.-!, 800,000/.; Bank of Ne'sf Zealand Preference Shares, 500,000/.; and New Zealand Consols held by the New Zealand Government, 347,180?., on March 31, 1912. For each of the years 190*8 to 1911,
he first two items were the same, and the last item amounted to 300,575/. in 1908;
77,7651. in 1909; 308,840/. in 1910; and 335,240/. in 1911.
The net debt per head of population on March 31, 1912, amounted to 79/. 135. 8d.
Local Finanoe.
The following table shows receipts and expenditure of the local governing bodies: —
Year ended
Receipts
Outstanding Loans
March 31
From Rates
Prom other Sources
(not Government loans)
£
£
£
£
1907
1,233,049
2,806,864
3,897,515
11,616,048
1908
1,356,257
3,161,659
4,491,113
12,532,334
1909
1,890,698
3,374,868
4,800,711
13,303,622
1910
1,526,317
4,296,205
4,898,482
- 14,937,685
1911
1,592,601
3,948,688
5,360,261
■ 15,727,613
The following figures for 1891 and 1911 deal with the land:—
1891
1911
£
£
Unimproved value .
. 76,832,465
184,002,798
Value of Improvements .
. 46,392,564
109,054,267
Increase, 1891 to 1911.
Amount Rate per £ cent.
108,280,838 142-72
02,661,703 135-07
Total
122,225,029] 293,117,00,-) 170,892,036 139-S2
