The Short Title of this Act shall be “The Public Revenues Act 1870” and this Act shall be read and construed as part of “The Public Revenues Act 1867” and of all Acts of the General Assembly incorporated therewith.

For the purposes of this Act the Colonial Treasurer shall keep an account to be termed the “Reserve Account” hereinafter referred to as “the said account.”

Immediately after the expiration of every financial year or period for which appropriation shall have been made by the General Assembly the Colonial Treasurer shall prepare a statement from the returns furnished to him from the several Departments of the Public Service showing the then estimated liabilities of the Government on account of works or services contracted for or undertaken during such financial year or period and shall charge upon the several votes as “Amount reserved” so much of the revenue appropriated for such works and services for the preceding financial year or period and then unexpended as shall be sufficient to discharge such liabilities and shall carry to the credit of the said account sums equal to the several sums so charged.

The Colonial Treasurer shall within forty-two days after the expiration of each financial year or period lay before each House of the General·Assembly if then in session and if not then in session then within ten days after the commencement, of the Session a statement showing the several sums credited to the said account for the then preceding financial year or period and shall as soon as any such statement has been prepared and whether the General. Assembly be then in session or not transmit a copy of such statement to the Comptroller of the Public Account.

Every sum carried to the credit of the said account in manner aforesaid may during the currency of the financial year or period next succeeding that in which the appropriation from which the same was reserved as aforesaid was made and after the said account or so much of it being not less than for one vote as the Colonial Treasurer requires to operate on for the time being has been transmitted to the Comptroller be issued on the requisition of the Colonial Treasurer countersigned by the Comptroller in manner set forth in the twenty-fifth and twenty-sixth sections of “The Public Revenues Act 1867” and may be expended for the service in respect of which the same shall have been so reserved Provided that as to such or so much of each of the said outstanding liabilities as shall not be provided for in such Reserve Account it shall not be lawful to satisfy such liabilities out of any fresh appropriations unless such appropriations are specifically made for the discharge of such liabilities and are stated in the Act making such appropriations to be for past services.

So much of every sum carried to the credit of the said account as aforesaid as shall not have been actually issued and expended as provided by section five of this Act at the end of the financial year or period within which the same is authorized to be issued and expended as aforesaid shall be returned to Revenue and the said account shall so far as the same shall relate to the financial year or period then next preceding be deemed to be absolutely closed.

At the end of each financial year or period in respect of which the said account shall be closed as directed by section six of this Act the Colonial Treasurer shall prepare an account showing the transactions in relation to the said account during the preceding financial year or period and the balance if any returned to Revenue as aforesaid and a copy of the account so to be prepared shall be laid before each House of the General Assembly within thirty days after each closing of the said account if the General Assembly be then in Session and if not then within ten days after the commencement of the then next Session.

The provisions of section forty-two of “The Public Revenues Act 1867” shall not apply to any moneys heretofore credited or paid or hereafter to be credited or paid out of the Reserve Account created under “The Public Revenues Act 1869” or out of the said account.

Section five of “The Public Revenues Act 1867” is hereby repealed and in lieu thereof be it enacted as follows that is to say— All revenue now or hereafter legally payable to the Government of New Zealand which shall be derived from the following sources that is to say—

All loans which shall be raised for the public service under the authority of any Act of the General Assembly except such loans as may be by law specially excepted

All moneys arising from the sale letting disposal and occupation of lands confiscated from the Natives by virtue of any Proclamation issued under the authority of “The New Zealand Settlements Act 1863” “The New Zealand Settlements Act Amendment and Continuance Act 1865” and “The New Zealand Settlements Acts Amendment Act 1866”

All moneys arising from the sale letting disposal and occupation of lands of the Crown under “The East Coast Titles Investigation Act 1866” and “The East Coast Lands Titles Investigation Act 1867”

All moneys paid into the Rangitikei-Manawatu Account under the authority of “The Wellington Land Purchase Loan Sanction Act 1866”

shall be taken and deemed to be part of Her Majesty’s Revenues of the Colony of New Zealand and shall be paid into the Public Account to the credit of the Special Fund and shall be appropriated in the manner directed by any Act or Acts appropriating the same or in such manner as the General Assembly shall direct.

All revenue hereafter to be derived from the sources mentioned in sub-section two of section five of “The Public Revenues Act 1867” shall henceforth be deemed to be Land Revenue payable and applicable in manner provided by section forty-five of the said Act and section twelve of “The Public Revenues Act 1868.”

The fund known as the “Special Fund” in the accounts of the Colonial Treasurer shall hereafter be placed and kept in a separate banking account and the Paymaster-General and all officers accounting to him shall keep and render separate accounts of all sums advanced from the Special Fund and of all payments made out of such advances.

The person appointed Auditor under the provisions of section fifty of “The Public Revenues Act 1867” shall henceforth be styled “The Auditor-General of New Zealand.”

Sections seven eight and nine of “The Public Revenues Act 1869” are hereby repealed.

This Act shall come into operation as from the first day of July one thousand eight hundred and seventy.