., r 1’ t.

'x l

l f in: z ,

o a.

8 ROYAL

those amounts have been reduced into Sterling money, as printed in the margin or at the foot.

A reference to the annexed Papers and Returns will show that the Revenue of Prince Edward Island has very largely increased during the last ten (10) years, and that the trade of the Colony has also become rapidly expanded at the same time.

The increase in the Public Debt and apparent Expendi- ture (at least during the last six years) has been princi- pally caused by purchasing Lands under the Land Pur- chase Bill—a comprehensive and beneficial measure, hav- ing for its object the extinguisamcnt of LNG leasehold Tenure, and the settlement in lfi‘rcthold of all the actual occupants and cultivators of the soil, The amounts

1,

due upon them from the OCCUPIIRLS who have chasers from the Government, are assets in the hauls or the Government against, and in reduction of, the Public Debt and Expenditure, as is fully explained in the l and Commissioner’s Letter (E), and in Letters (it) and already referred to.

Thus, in the ye: r 1866, the Revenue is stated at £63,628 128. 9d. sterling, he llfxpenditure at £102,— 888 Is. 3d, stei'liiig-21.11 apparent excess of Expenditure overIncome of£39,259 8s. 6d, sterling. Yet there isnoreal excess of Expenditure ; but, in reality, a surplus of Incon’ie ; because, in the same year, £54,896 sterling, charged as expenditure, was only paid out. for the purchase-money of 220,469 acres of Land, [fee ll] the greater part of which Land, or balances of purchase-money due from occupants, still belong and are payable to the Government, and are assets in reduction of the lepeiirditurr') and Debt of the Colony, although not actually so credited in (D) annexed.

In the last year, also, a surplus of £6,857 10s. 2d. sterling, over and above expenses, [Sec ll] , on account of Public and Crown Lands, vas received and credited Revenue. Deducting this 1: ttor sum from the Revenue of last year as above, $63,613 9d. sterling, and also deducting the sum of £54,896 sterling (the amount, as above stated, paid out to purcl‘iase Lands in the same year) from the Expenditure of last year, £102,888 ls. 3t.

:1 ‘1 (I

ll ..A‘,L

sterling, leaves the acti al and ordinary Revenue and Ex—

penditure for 1866 (irrespective of any surplus, from Land receipts) as follows 1—-

1“) s. (1. Revenue — - - - - - - 56,771 2 7 Expenditure - - - - - - 47,992 1 3

8,779 1 4

Surplus of Ordinary Revenue over Ordinary Expendi- ture for 1866, £8,779 ls. dd. sterling.

Again, the Debt of the Colony on the 3lst January last was £89,028 11s. 9d. sterling, which includes and charges against the Government all sums paid for purchas- ing Lands, but does not give any credit for the Lands un- sold and balances due from occupants to the Government, wnich are real and valuable asscsts to go in reduction of the Debt. The Commissioner of Public Lands [see his

, Letter (E), annexed], states these assets at £75,492 78. 4d.

5; V l . l;

£89,028 113.

sterling, which, deducted from the apparent Debt,

9d sterling, will reduce the actual present

W

GAZETTE EXTRA.

Debt to 13,536 4s. 5d. sterling. If, however, in order to cover any deficiencies and expenses in realizing the above sum of £75,492 7s. 4d. in the Land Olhce, the Debt of the Colony at the present time be assumed to be £30,000 sterling, the case will, it is believed, be assumed un‘hvourably rather than otherwise for the Colony.

All sums raised under the present Loan Act will either be expended in purchasing additional Lands, (which is the main intention and ol,>ject,) or in substitution and payment of a portion of the now existing Debt. In-the one case the Lands purchas 2d will become additional assets to meet the increased Government liabilities ; in the other or latter, no increase will talte place in those liabilities, but thi Loan advances will take the place of an equal amount of the. new existing Debt.

"he Paper marked (A), annexed, will explain the rea- sons why it is preferable for the Government of Prince Edward Island to raise monies in London under the Act, riizthcr than within the limits of the Colony,

Au endeavour has been made, in this and the annexed papers, to lay ‘iel‘ore t- so who may be disposed to sub- scribe towards the proposed Loan an ac iurate and intelli- statcnient of the linaneial position of Prince Edward island; and the present :pplication for a Loan is new snlnuitted with the eonvie ion, and a feeling ot'confidence, that the Securit r oii'ered is good, and the Bonds issued under the Lean lill of Prince Edward Island, bearing In-

r‘ r.

Q4

l-«vl

terest at the rate of six oer cent. )01‘ annum will 1. ) prove a sale and desirable Investment. 'l‘h s i; the first foreign Loan for which Prince Edward

1 island has applied, and any local obligations or loans of its Government are all included in, and are inside of, the Statements of Debt and .lixpenditure, already referred to in this Memorandum or Statement.

Ollicial and authenticated cepies of the Loan Act, above referred to, and the original .h’eturns, (D), (E) and (G), in writing, have been deposited at the Union Bank of Lon- don, and can be seen on application at the Banking Ilouse, Princes e‘tcet, Mansion llouse.

JOSEPH HENSLEY, Attorney- General, Princc Edward Island.

C

(X?

GOVERNMENT TO FOR THE PUBLIC

AN AC'II TO AUTHORIZE THE RAISE A LOAN Oh‘ MONEY SERVICE OF THIS ISLAND. ; --.l

, __ IN order to enable the Government of Prince Edward Island to make further purchases of Land, where opportu- nity may o‘ll‘or, under the Act of the 16th Victoria, Chap- ter 18, intituled “ An Act to authorize the Government to raise a loan of money for he Public Services of this Is« land,” as well as to discharge already existing liabilities and engagements incurred, either for the same purpose, and under the same Act, or for the general Public Service of Prince Edward Island, it has been deemed advisable to authorize the Government to raise a Loan, either in Great

Britain or elsewhere, or in Prince Edwad Island, to an

amount not exceeding £100,000 Sterling, under Certain