Segae. — On the Trade and Public Debt of N.Z. 121 



1885 (the value being the greater in the latter year), but a 

 continuous fall did not set in until 1886, and practically the 

 recovery was complete by 1892. Since that year the increase 

 has been considerable in both values, but proportionally 

 greater in the nominal value than in the general exchange 

 value. To this difference the same remark may be made as 

 in the case of the exports. 



Public Debt. 



The following table indicates the application of the method 

 to the public debt of New Zealand : — 



Nominal Value. 



£ 

 28,185,711 

 28,179,111 

 29,445,011 

 31,071,582 

 32,195,422 

 33,880,722 

 35,741,653 

 36,758,437 

 38,375,050 

 38,667,950 

 38,830,350 

 38,713,068 

 39,257,840 

 39,826,415 

 40,386,964 

 43,050,780 

 44,366,618 

 44,963,424 

 46,938,006 

 47,874,452 



General Exchange, 

 Value. 

 (1880)£ 



28,185,711 

 29,484,224 

 30,847,150 

 33,345,092 

 37,278,912 

 41,409,771 

 45,583,560 

 47,569,742 

 48,242,920 

 47,260,829 

 47,459,313 

 47,315,972 

 50,804,270 

 51,540,060 

 56,413,544 

 61,104,340 

 64,004,336 

 63,819,052 

 64,539,761 

 61,955,168 

 58,187,096 



49,591,245 

 This table is illustrated graphically in Plate XIV. 

 A comparison of the two sets of values shows that until 

 quite recently the general exchange value of the amount of 

 the public debt, and therefore practically the burden of the 

 debt, has been increasing far more rapidly than the nominal 

 value. From 1880 to 1896 the debt increased in nominal 

 value from £28,185,711 to £44,366,618, this being an increase 

 of over 57 per cent, in sixteen years ; but owing to the in- 

 creased value of the sovereign, according to Sauerbeck's index 

 numbers, the amounts of commodities in general to which 

 these sums were equivalent were in the ratio of 28,185,711 to 

 64,004,336, which is equivalent to an increase of no less than 

 127 per cent. 



