PROGRESS OF THE DOMINION.

Press, Volume LIX, Issue 17806, 4 July 1923, Page 15

PROGRESS OF THE DOMINION.

Notwithstanding that during the past decade tho Dominion has be;n passing through crises of various kinds inore severe nnd trying than any before experienced in its history, a general survey of tho period 1912-13 to 1922-23 proves conclusively that most satisfactory progress has been mado in all the normal activities of New Zerland. No better evidence that the country hns been ivisely and carefully guided through these trying times is wanted than that afforded by tho figures set out in tho table attached. It. will bo seen that during tho period the population, including Natives, has increased! by 213,703, or 19 per cent. Tho total trade, which per head of population is tho highest in tho world, increased by >£37,514,849, or 83 per cent. Exports of frozen meat increased 37 per cent-, in volume tod 115 per cent, in value; wool by 71 per cent, in volume nnd 67 per cent, in value; butter by! 19G per cent, in volume and 333 per, cent, in value; cheese by 101 per ocnt. in volume and 179 per cent, in value. The tota' exports of the Dominion for the year ended March 31st, 1913, were £23,047,296, while lor tho year ended March 31st, 1923, they were no leas than £45,648,700, an increase of £22,501,404, or 98 per cent. This is a splendid testimony to sne productive power of New Zealand. The well-be-ing of the people has been promoted by the greatly improved social services which have been providfed through tho inoreased subsidies for education, publio health, and free pensions to which I have already referred. Greater facilities have also been provided through the Post and Telegraph Department: thero ano now 4300 more miles of telegraph and telephone lines than in 1913, being an increase! of 30 per cent, during the period, while tho telegraph and telephone wire in use inoreased by no less than 189,601 miles, or 213 per cent. In 1913 there were 32,252 telephone subscribers, while in 1923 tho number ia 82,4-59, an increase of 6(7,207 ? or 180 per cent. Continued attention has been paid to the need for' opening up the country and improving the means of communication in country districts. The annual Government expenditure ou roads and bridges in 1913 was £337,686, while in 1923 it amounted to £643,150, an increase of £305,571, or 91 por cent. It will also be seen that, whilst carefully managing tho oountry's affaira, with due regard to the health and comfort of the people, tho Government lias not overlooked the neoeßsity ior developing the waste spaces of the Dominion. During the decade 164 miles of water-races have been constructed for (irrigation purposes, representing am •increase of 108 per cent, on that previously in _ existence. The area of land drained in connexion with the swampdrainage'operations of the Government was increased from 80,010 to 172,358 acres, an increase of 142,348 acres, or 474 per cent.

ESTIMATE OF SEVENTHS, 1823-24. I estimate the revenue under the main heads of each of the important Departments, at:— £ Customs ... ... 7,000,000 Beer duty ... 750,000 Stamp and death duties ... ... 8,864,000 Post and telegraph ... 2*488,000 Land-tax ... 1,300,000 Income-tax ... 8,600,000 Registration and other fees ... : 167,000 Marine ... ... 81.000 Interest on publio moneys ... 1,287,000 Local Bodies' Loans Act, 1 1908, section 76 ... ( ... 22,000 Rent of buildinjs ... 20,000 Tourist and Health Resorts ... 40,000 Miscellaneous ... 27,000 Territorial ... 201,000 National endowment 128,000 Departmental and other reoeiptg ... 694,000 Total ... £27,969,000 ESTIMATED RESULT FOR THE YEAE. '£ Revenue ... _ 27,969,000 Expenditure ... 27,277,644 Available for supplementary estimates ... £691,856 For the convenience of honourable members I append a summary of the results of the year 1922-23, and the estimates and proposals for 1923-24. RESULTS, 1922-23. Consolidated Fund — £ Revenue ... ... 27,579,443 ' Expenditure ... 26,263,760 Exoess of revenue over expenditure ... £1,315,683 Revenue in exfcesa of estimate, £1,329,443. Expenditure below that of previous year, £2,203,078 Transferred to Loans Redemption Acct.| £3,159,960. Balance forward at March 31st, 1923, £5,637,090. Economies effected einoe 1921, £9,795,049. Accumulated revenue sttrpluces reduoad transfers to—- £ Discharged Soldier® Settlement Acct. 13,500,000 Soldiers Depreciation Fund Aoct. ... 150,000 Publio Works Fund ... 500,000 Reserve Fund, London 1,200,000 Loans redemption ... 3,719,971 Total ... £19,069,971 Total amount of interest-bearing investments of surplus revenue, £17,230,000; earnings, £712,870. Public-works expenditure, £8,912,889. Accrued profit on investments in British War Loan 5 per cent. Stock, £140,777. Loans matured, redeemed, and renewed, £9,004,986. No Treasury Bills outstanding. Gross Customs and exciso revenue, £6,769,873. Increase over estimate io Ooatoma and excise revenue, £959,873. Exports, £45,548,700. Imports, £37,112,779. Inland Revenue Department—- £ Land-tax ... 1,541,502 Income-tax ... 8,831,932 Stamp and death duties 3,581,291 Total ... ... £8,954,725 Land and income-tax concessions, £929,100. Working railways—- & Receipts ... 6,72/,802 Working expenses ... 5,502,497 Net revenue ... £1,225,305 Earned on capital cost, £3 Qs lOd p«r cent.

Post and Tolecraph—■ v £ Receipts ... ... 2,705,030 Expenditure ... 2,112, MS Excess of receipts 692,487 Post Office Savings-bank— Number of depositors, 690,700. Amount of credit, £42,754,868. Average each depositor. £64 4s 4d. War-loan cert-L'iontes redeemed to Maroli 31st, 19113, £3,349,074. Land Settlement— Total nror offered for settlement to March 31st, 1923, 1,397,339 acres. Total native lands purchased, 192323, 51,523 acres. Discharged Soldiers' Settlement Account— Advances authorised during year, £863,650 Total advances authorised, £21,278,221. Repayments, etc., £2,870,332. Arrears of payments reduceS. Instalments postponed where circumstances warranted relief. Gross receipts, 1922-23, £1,431,353. Total capital provided for discharged soldiers settlement purposes, £28,148,000. Repatriation— Number assisted, 63,108. Advanced, £2,329,992. Repayments, £1,260,545, or 65 per cent. Assistance con'anued to disabled soldiers.

Agriculture— 51 Total valuo of produce exported, £42,248,761, or 93 per oent. of total exports. Record export of cheese, 63,000 tons, valued at £5,484,417. Record export of butter, 60,000 tons, valued at £10,824,669. Area sown in wheat 285,000 acres. Improved prices for agricultural products maintained. Number of sheep in Dominion increased? bv 706,605, from 22,222,259 to 22,928,864. Increased demand for Nauru phosphates. Immigration—Satisfactory agreement with British Government; parage SSVtoa reduced from £26 to £lB per adult, Defence expenditure New Zealand Military Forces—£2Bs,ll3. "War expenses—Not expenditure during yoar, £160,75>9. Naval defence expenditure— £201!,244. Education expenditure', £3,208,207; increased school accommodation provided; expenditure on 6chool buildings since 1918-10, £1,098,304. £429,444 paid in subsidies to Hospital and Oharitabl* Aid Boards.

State Advances— Advanced during .year, £ 2,567,820, Advanced during four yeftrs to March 31st, 1923, £6,109,030. Pensions paid daring year, £2,589,838. Annual liability ior war pensions—£l,349,857. Medical treatment of discharged soldiers undertaken by Pensions department. Government Life Insurance — • New business for year, £1,288,609. Total insurance, £17,449,101. Total Income, 1922, £778,915. Accumulated funds, £5,922,825, largest yearly increase in fundß., f State Fire Insurance— Increased profit; reduced - expense ratio: Not profit, £.46,402. National Provident Fund— Contributors, 22,200. . Maternity allowances paid, £39,000. Funds, £79ofioo. Public Service Superannuation Fund—>• Eevenue for year, £573,908. Expended, 4.346,454. Investments at March Sllrt, 1923, £1,799,041. Railways Superannuation Fund— Eevenue for year, £230,089. ■ Expended, £178,470. Investments, £584,219. Teachors' Supewmnuation Fund Beyenue (13 months), £216,934. Expended (18 months), £119,079. Investments, £779,630, ■' Publie Trust OMce investments increased to £ 16,426,324. Western Samoa/—lmproved trade. Improvements in system of purchase and control of stores. - Froa of income-tax securities Outstanding reduced by £4,891,449 during year. Oost of management of New Zealand Inscribed Stock, London, reduced; refund of £130,676 obtained. Bank of England charges for issuing new loans reduced from 5s to 2s 6d per cent. 1923 Loan of £4,000,000 sflccessfnlly floated at 4 per cent, issued at 02; high ,c#Gdit Of Dominion endorsed by London financial circles. Funding of debt (£27,532,164) to British Government completed on 6 per cent, annuity basis. Public debt: Gross debt at Maroh 81st, 1923, ie 218,953,824 £ Ordinary .. >. 116,067,273 Soldiers .. .i - .. 9,759,216 War .. i».«i 80,563,885 State Advances .. 12,562,950 Total .. ~.£218,953,324 War debt reduced £1,279,658. A Bedeemed (Including -war debt) .. .. 8,466,201 Total loans during year .. 8,305,140 Net decrease in debt during year .. .. £101,061 Sinking Fundß accrued, £11,879,256. Tangible assets of State, £195,000,000. £1,000,000 obtained at 3 per cent, by the issue of temporary securities for redemption purposes, with se saving of interest for the year of £20,000. Eeserve Fund securities cleared of liability of £BOO,OOO, Third deduction from the cost of living increase not made. Taxation per head of population reduaod from £l7 14s 4d in 1921 to £ll 17s 8d in 1923. Ten years' process of the DominionIncrease in— Population, 19.23 per eent. Total trade, 83 per cent. Total exports, 98 per cent. Frozen meat (volume), 87 per cent. Frozen meat (value), 115 per cent. Wool (volume), 71 per cent. "Wool Rvalue), 67 per cent. Butter (volume), 196 pgr cent. Butter (value), 333 per cent. Oheeßo (volume), 101 per cent. Oheeaa (value), 179. per cent. New telegraph and telephone lines, 30 per cent. Telephone subscriber's, 156 per cent. Koada and bridges 91 per cent. Swamp land areas reclaimed, 4,74 per cent.

CONCLUSION. I have sot intended to suggest thai tho Government ia entitled to teSw *ll tho credit far the present prosper ity of tho Dominion,* but at the earn® time I am justified in claiming that « great measure «tf the iucH-«sa achieve! ia the outcome <ar sound finance, combined with prudent and careful administration. In 1918 the iSoverameai m ffcead with grave responsibilities. Snpswli. ture, owing to liauses which eotdd Soft bo controlled, irsa increasing si aa alarming rate, and its iracaodat© contraction was impracticable because of rising prices and tho increased cost af living. It was indeed &n ojserona aa& difficult task to undertake the oarfca&» meat of expenditure at a time vhes the whole world had lost- its sense dt proportion, and had jtot recovered from the habits of extravagances whick d**ft'eloped during a period of iftritji aspen dituro neoPsaitated by war. My anticipations regarding pos&Ua economies and charges hare been £»Qy realised, and I feel confidant that ih» improvement will continue daring; tho present year, provided aur finance rate on the solid basis of efficient and «eo» rtomical management. There are many who. although dessjw ons of economy,, press for increased expenditure in certain direction**, but I again point ©nil that the rate flf m> penditure musil be governed by tL» ability to proviide the means. Increased expenditure for sods! tai*. vices must be coincident with S3t# growth of the' population, Lsim eums have bean found for these jway poses during recent yean, and Use «{*£f of .official experts Has been fcacresaed. Their work is of great Take t» tlm State, although in some instances ifc embraces matters that wcro 'fooagrty individual resnonsibilitiee. I have pricfci in directing Rttanlßcs to the romarkitblo progress made daring the past ten years, and ia that the credit or New Zealand steeds so high on the London market, s?fce.re> recent loans hiire be«a to mewwafony floated. t The proposals 1 bawe outlined, both as regards capital and current expendituro, will, if igiven effect to, tend ta promote the settlement of fiartile lands, stimulate production, ud *6qbS encouragement and a.s*istanc® tfr && indiistrious people, while tit* prapaMS remission of taxation should slfcrarft•lief to all sLasqas- of the rasiniiuitf. The year. ju?t- ended was an eseep. tionally good <ine for the primary producers, and consequently for *ifiwrtry as a whole. Prices for snort of ear important products hare been aatis&e* tory. Production has taea treß toaiattamed; the quantity and vahie of ««ap exports have considerably iaereiwilE and the result has been » retwJFa 4e pro3pentv sdcjj as very few peopfe «x~ Ected for some time to com®. - lh^ s been done, hut there is still Hrtiefe to do, and jaany difficottita to |» overcome. In last year's Flnaaqia! &steau«t S reminded my lellow-citizat!» was no royal r£>ad to is only one w«iy to get thfre* gag titoi is by work, by each Jndiridnaj each section of tte eanuaaaity mKfaaf forth all the mercy they using all the- talents with whk& have been endlowed. Whether flsy vtoe reached many of them or fact remains that dnriag i&e twelve montlMt the csotmtsry ihse |hmi a> hive of mduiftrv, and 'ttji shown by i tho ffreatly improroi tion of both ipuolic end curate finwwift ' are exceedingly creditable to jll ««&• cerned, and nrasl te looked tqpoo: «{s& much aatisfacjtioo bqf tb» ifJwte MOMiil, tion of the IQomißi(m. lliare w. «, t proverb which! s»ys thai* ha«s» iSvldfS against itaslf stsM«./ < against itfwi! proqop. ' ■ Wit t&sg have ©sx differesM» but where the its; citizens fhonld father, and ,jaim at milllK Jl' - fature inteniM it happiest and taost prefflw^.«mtiito«l' of'we Britishj Empire. '