Whereas, under and by virtue of the Act of Assembly intituled “The New Zealand Loan Act, 1856,” the General Revenue of the Colony is or will become charged with the repayment of the principal sums to be borrowed under the said Act, amounting in the whole to the sum of £500,000, and with interest thereon at the rate of Four per centum per annum, and with a further payment at the rate of Two per centum per annum on the amount of such principal sums, for the purpose of providing a sinking fund for the liquidation of the said debt;

And Whereas by the said Act it is provided that the money to be borrowed under the authority thereof, shall be applied as follows, (namely) First, the sum of £200,000, in liquidation and full discharge of the debt then due to the New Zealand Company and towards repayment of such sums as the Province of Ackland should have paid towards liquidation of the said debt; Secondly, any sum not exceeding the sum of £120,000, in payment of any public debt of the Colony which should be due on the 1st day of January, 1858; Thirdly, any sum not exceeding the sum of £180,000 for the purpose of extinguishing the right of the Aboriginal Inhabitants to lands in the Northern Island of New Zealand;

And whereas the said sum of £200,000, has been fully raised, and began to bear interest on the 1st day of January 1858; And whereas it is expedient to provide, as between the several Provinces of the Northern Island, in what proportions the said sum of £180,000 shall be applied for the extinction of the rights of the Aboriginal Inhabitants, to lands within the present limits of the said Provinces respectively. And whereas it is also expedient to provide, as between the Colony and the several Provinces thereof, that the Provincial Revenues of the several Provinces shall be chargeable in exoneration of the Revenue of the Colony with specific portions of the said sums of £180,000 and £200,000; And whereas, in consideration of the limited extent of land over which the Title of the Aborigines to lands within the Province of New Plymouth has been extinguished, and on other grounds, it is also expedient to make special provision respecting the charge of such extinguishment within that Province; and to make temporary provision for making good to the same Province the deficiency in its Land Revenue in any year in which the same shall not amount to the sum of £2,200. And whereas it is expedient that the sum of £911 8s. 9d., being the principal money secured by certain outstanding debentures issued under an Ordinance of the Lieutenant-Governor of New Zealand and the Legislative Council thereof, Session VII, No. 22, intituled, “An Ordinance to authorise compensation in Colonial Debentures to be made to certain claimants to land in the Colony of New Zealand,” should be charged against the Province of Auckland in exoneration of the General Revenue of the Colony; And whereas in pursuance of the provisions of the “New Zealand Loan Act, 1856,” and of Resolutions of both Houses of the General Assembly to the effect that a Refund ought to be made to the the Province of Auckland of such sums as should have been contributed from its Revenues towards liquidation of the New Zealand Company’s Debt, the sum of £32,973 9s. 3½d., being the Balance of the said sum of £200,000 remaining after the discharge of the same Debt, has been paid, or is in course of payment, to the Treasurer of the said Province on account of such refund; And whereas after making the said payment of £32,973 9s. 3 1/2 d., and after charging against the Province of Auckland the said sum of £911 8s. 9d., there will remain payable into the Treasury of the said Province, on account of the said Refund a Balance of £11,151 10s 1 1/2 d; And whereas the said Balance of the said Refund is payable out of monies raised under the “New Zealand Debentures Act, 1856,” but will be ultimately charged against the said sum of £120,000; And whereas it is expedient that provision be made for relieving the Provincial Revenue of the Province of Auckland from any part of the annual charge of such part of the said sum of £120,000 as shall be applied in discharge of the said Balance;