Page:Statesman's Year-Book 1899 American Edition.djvu/628

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280

THE BRITISH EMPIRE: — NEW ZEALAND

of about 270,000Z. In addition to the ordinary land-tax there is a graduated tax on land, rising from one-eighth of a penny in the pound on values from 5,000Z. to 10,000Z., up to twopence in the pound on values of 210,000/. and upwards. The income tax rate is 6d. in the pound on the first taxable 1,000Z. {i.e. after deducting the 300/. exemption), and Is. in the pound on taxable incomes over 1,000/. The indirect taxation is by way of customs duty and excise duty on beer made in the colony. The average per head of taxation in 1896-97 was 3/. lis. Od., excluding Maoris.

The public debt for five years ending March 31 is shown in the following table : —

Years

1894 1895 1896 1897 1898

Debentures

Sinking

and Stock

Fund

£

£

39,826,415

951,924

40,386,964

751,932

43,050,780

778,891

44,366.618

814,294

44,963,424

881,903

Net debt

£ 38,874,491 39,635,032 42,271,889 43,552,324 44,081,521

Net debt per head.

57 60 60 60

8. d.

8 10

9 9 2 4

13 9 4 11

Interest

£ 1,761,993 1,658,910 1,642,592 1,73^,622 1,750,659

Sinkinc Fund

£ 123,703 57,979 41.183 42,710 44,852

Total Charge

£ 1,885,690 1,716,889 1,683,775 1,781,332 1,795,011

By the provisions of * The Consolidated Stock Act, 1884,' the Government is empowered to issue debentures in every year equivalent to the annual increase of the sinking fund, the proceeds to be paid to the consolidated revenue. By the conversion of some of the loans into consolidated stock, the sinking funds relating to such converted loans have been set free.

Local Finance.

For the purposes ot local government the colony is divided into 97 boroughs and 81 counties, the latter being subdivided into 243 road districts and 40 town districts.

The following table shows receipts from rates and from Government and all other sources (including loans), and the expenditure and outstanding loans, of the local governing bodies (counties, boroughs, town, road, river, drainage, and harbour boards), for five years ended March 31 : —

Year

Receipts

Expenditure

Outstanding Loans

From Rates

From other Sources

£

£

£

£

1893

508,157

1,050,214

1,482,548

6,203,869

1894

551,412

1,304,869

1,589,124

6,614,824

1895

581,868

1,012,655

1,584,518

6,685,510

1896

592,903

1,007,291

1,627,079

6,737,578

1897

598,526

1,011,966

1,636,716

6,793,398

The aggregate value of real property in the colony (as returned by local bodies) on March 31, 1897, was : boroughs, rateable ])roperty, 40,085,665/. ; counties, rateable property, 74,528,519/. ; not rateable (unoccupied crown and native lands) 7,396,844/. ; rateable and other property not distinguished, 1,231,413/. ; total of counties, 83,156,776/. ; total of real proj^erty, 123,242,441/.