On this basis the lia bilities at present existing on account of land purchases along the railway which are estimated to amount to about £20,000 out of £36,455 of the actual liabilities on account of Native land purchase will become a charge against the North Island Trunk line, and if this amount of £20,000 be deducted from the £515,705 of lia bilities before mentioned it leaves £495,705 as the amount of liabilities which will be chargeable to the funds available for general purposes in ad dition to the £768,784 to the credit of the gene ral public works fund at the end of March last. That fund is also entitled to be recouped from the North Island Trunk railway loan to the extent of £60,780 for expenditure on that railway up to 31st March last, so that the proper cash credit of the general fund, allowing for the repayment, was £829,560. Besides these assets we had also assets to the.extent of £300,241, being the value of railway sleepers and rolling stock in hand unlaid at the end of the year. Of this material there would be required rails and sleepers to the value of about £10,241 for railways to other than the North Island railway not covered by the proposed loan schedule, leaving material to the value of say £29,000 available for use on the North Island Trunk railway and the several rail ways in the loan schedule. Assuming that this material to the value of £290,000 (which was purchased out of the general loan fund) will be paid for from time to time as it is used out of the amounts provided for the North Island Trunk railway and railways included iv the loan schedule, £290,000 will be recouped to tho gene ral fund aud thus be available for works other than railways. Taking credit for this amount, then, our assets for general purposes at the end of March last would amount to £768,780. plus £60,780, plus £290 — equal in all to £1,119,560—as against liabilities amounting to £495,704; so that we will have available for voting for absolutely new works other than rail ways a sum of £623,855, in addition to re-voting liabilities on the same amounting to £495,705. Our votes for undertakings other than railways can therefore reach up to fully £1,100,000 for two years. 