I.—6c

34

In all of these Tables (A, B, C, D, E, and F) it must be noted that, if the three equal instalments are assumed to be payable at the end of 1894, 1895, and 1896 respectively, the ten years will not expire until the end of 1904, or eleven years from next December. The above present values, therefore, need to be discounted for one year at the several rates of interest, to arrive at the present values at the end of this year, 1893, which will give the present values hereunder : Table A, £582,928 ; Table B, £577,368 ; Table C, £641,221; Table D, £635,104 ; Table E, £670,366; Table F, £663,975.

There is a similar error in these two Tables, but, as specific years are given, I cannot correct in quite the same way. For the first year, ending 31st December, 1894, the first instalment of £200,000 has been accumulated at interest, whereas I understand this first instalment is not supposed to be due until 31st December, 1894 ; if £200,000 is due 31st December, 1894, £200,000 due 31st December, 1895, and £218,000 due 31st December, 1896, then the sum of their present values at the end of this year, 1893, at 4 per cent, and G per cent., will be, respectively, Table G, £571,020 ; Table H, £560,198. Moebis Fox, 28th August 1893. Actuary.

APPENDIX L>.

RAILWAY BETURNS.

The Seceetaey, Eailway Department, to the Chairman, Public Accounts Committee. Sib, — Eailway Department, Head Office, Wellington, 29th August, 1893. In accordance with the request made by the Hon. the Colonial Treasurer to the Eailway Commissioners, I am directed to forward the enclosed return of cost of construction, net revenue, &c, of the New Zealand Eailways for ten years ending the 31st March, 1893. I have, &c, E. G. Pilchek, Secretary. The Chairman, Public Accounts Committee, House of Eepresentatives.

'able 'able £618,250+15 per cent. ( = £710,987), payable in three sums of £236,996, as stated, and accumulated for 10 years at 3 per cent. 3J per cent. £927,947. £969,385. Proof. 'resent value of £236,996 due £236,996 due in 1 year £236,996 due in 2 years £ .. 236,996 .. 230,092 .. 223,392 Proof. Present value of £236,996 due £236,996 due in 1 year £236,996 due in 2 years £ .. 236,996 .. 228,981 .. 221,238 Total present value 'resent value of £927,947 duo in 10 years .. £690,480 .. £690,480 Total present value .. £687,215 Present value of £969,385 due in 10 years .. £687,215

'able j. 'able £618,000, payable in three sums of £200,000, £200,000, ,nd £218,000, as stated, and accumulated for 9J years at 4 per cent. 5 per cent. £862,154. £935,317. Proof. 'resent value of £200,000 duo £200,000 due in 1 year £218,000 due in 2 years £ .. 200,000 .. 192,308 .. 201,554 Proof. Present value of £200,000 duo £200,000 due in 1 year £218,000 due in 2 years £ .. 200,000 .. 190,476 .. 197,732 Total present value .. £593,862 Total present value Present value of £935,317 due in 9J years .. £588,208 .. £588,208 'resent value of £862,154 due in 9J years .. £593,862