Note 17 — V.

When the Transvaal was annexed, in 1877, the public debt of that country amounted to £301,727. "Under British rule this debt was liquidated to the extent of £150,000, but the total was brought up by a Parliamentary grant, a loan from the Standard Bank, and sundries to £390,404, which represented the public debt of the Transvaal on the 31st December, 1880. This was further increased by monies advanced by the Standard Bank and English Exchequer during the war, and till the 8th August, 1881, (during which time the country yielded no revenue,) to £457,393. To this must be added an estimated sum of £200,000 for compensation charges, pension allowances, &c., and a further sum of £383,000, the cost of the successful expedition against Secocoemi, that of the unsuccessful one being left out of account, bringing up the total public debt to over a million, of which about £800,000 was owing to this country. This sum the Commissioners (Sir Evelyn Wood dissenting) reduced by a stroke of the pen to £265,000, thus entirely remitting an approximate sum of £500,000 or £600,000. To the sum of £265,000 still owing must be added say another £150,000 for sums lately advanced to pay the compensation claims, bringing up the actual amount owing to England to about a quarter of a million."—Report of Assistant Secretary to the British Agent for Native Affairs. (Blue Book 3917, 46.)