Without being able to see the cables as they enter the cabinet; or the ability to touch or trace them, here is what I assume is going on.
Definitions:
Grounded (neutral) from the service
A typical single split phase service is made up of 3 wires. Two ungrounded (hot) conductors, and one grounded (neutral) conductor. The ungrounded (hot) conductors will connect to the main service panel through a disconnect (usually a large breaker), while the grounded (neutral) connects to the neutral lug. The neutral lug will be bonded (electrically connected) to the neutral bus bar, and all grounded (neutral) branch circuit conductors will terminate at the neutral bus.
Grounding Electrode Conductor
This conductor is used to connect the grounding electrode (ground rod, etc.), to the grounding bus in the panel. All equipment grounding conductors will be connected to this bus.
Bonding Jumper
The bonding jumper is used to bond (electrically connect), the un-energized metal parts of the panel to the grounding system.
Assumption:
Since it appears that (what I assume is) the grounding electrode conductor terminates at the neutral bus, I'm also assuming that this is the main service disconnect. This leads me to believe that the neutral and grounding buses are bonded (electrically connected). In which case, technically, grounded (neutral) branch circuit conductors can terminate at the grounding bus.
So you have two options:
Terminate the grounded (neutral) from the new circuit to the grounding bus.
Move the green wire that is terminated on the neutral bus, to the grounding bus. Then terminate the grounded (neutral) from the new circuit, to the freed up slot on the neutral bus.
Additional Information and Code Compliance:
Number of Conductors
Since this is a new circuit, it has to be installed to current code standards.
National Electrical Code 2011
ARTICLE 250 — GROUNDING AND BONDING
VI. Equipment Grounding and Equipment Grounding Conductors
250.140 Frames of Ranges and Clothes Dryers. Frames of electric ranges, wall-mounted ovens, counter-mounted cooking units, clothes dryers, and outlet or junction boxes that are part of the circuit for these appliances shall be connected to the equipment grounding conductor in the manner specified by 250.134 or 250.138.
Which in this case means installing a NEMA 14 receptacle for the dryer, and a proper grounding conductor.
You'll have to follow the dryer manufacturers installation instructions for upgrading to a 4 wire cord. For more information see this answer, and this answer.
Since you've said that you're already using 4 wire cable, you'll simply have to terminate the grounding conductor in the cable to the grounding bus in the service panel. Then connect the other end of the grounding conductor to the grounding terminal in the dryer receptacle.
Size of Conductors
You'll also want to be sure that you're using the proper size breaker and conductors. In the case of a dryer, you'll typically use a 30 ampere breaker and 10 AWG conductors (depending on the length of the run). However, you'll want to check the dryer manufacturers installation instructions to verify this.
Turn off all loads on the circuits in question.
Turn off the main for this panel. Possibly overcautious, but that's part of what's let me get old.
Either: short the dead circuit, or turn on an incandescent bulb on it (main off, circuit dead, still dead - just the bulb/fixture/lamp turned on.)
Pull neutrals and look for one with low resistance from the hot in question. There should be only one. Unshort the circuit or turn off the lamp and make sure the resistance changes (if nothing else is turned on, should be infinite, but if there are things that are not able to be switched off, may be non-infinite. But you should see a difference when you switch the incandescent lamp off or remove the short - it's a form of verification.
I think you have enough neutrals not to worry too much about this, but: beware of "Multi-Wire-Branch Circuits" where one neutral serves two hots.
As for the wire colors, only white and green (with or without yellow stripe) are reserved (and IIRC, you can retag white to another color, but you can't retag green - and you can't retag anything else to white.) If your wiring is run in conduit, using the full range of available colors makes figuring out (what is connected to) the hot side of circuits much, much easier. Most household wiring is not run in conduit, so it's not often seen at home.
Best Answer
It is likely #8 wire. Why this is allowed is not clear. #8cu THHN IS rated for 50A, but #8 NM cable is not. It is most likely that this wire is rated 75 deg C so it is fine for 50A.
Also, the neutral is only carrying the 120V loads, and even then only the imbalance, which on a hot tub are definitely far less than the full load amperage draw since the heavy loads, such as the heaters, are 240v.