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/.
