National Development Programme

Grey River Argus, 19 August 1949, Page 8

National Development Programme

The 1948 Appropriation Act authorised the raising of £32,000,000 to finance the National Development Programme for 1948-49. Less work than anticipated was carried out, so that the borrowing for the works portion was £26,724.000. Additional amounts, totalling £1,560,000, were raised and invested in the New Zealand National Airways (£685,000), the British Petroleum Company of New Zealand, Ltd. (£765,000), and the Linen Flax Corporation (£110,000), making the total borrowed for the year £28,284,000. It is estimated that for ordinary purposes £35,268,000 will be required during the present year, and this compares with the actual expenditure last year from loan-moneys, as follows:—

An additional sum of £BBl,OOO will be required from which to advance capital moneys to trading corporations. The foregoing programme will be financed from proceeds of the current loan securities on sale to the public, together with departmental and k other investment funds.

Expenditure Estimates 1948-49 1949-50 £ £ Housing 7,738,000 9,250,000 Education buildings 1,629,000 2,250,000 Electric supply 5,000,000 6,350,000 Highway construction 1,970,000 2,500,000 Land settlement 2,450,000 4,2'50,000 Railways: improvements and additions 1,746,000 2,990,000 State coal mines 1,500,000 2,000,000 State forests 813,000 1,2'50,000 Telegraph extension 4 2,500,000 Christmas Island phosphates 1,375,000 125,000 Other works 2,503,000 1,803,000 £26,724,000 £35,268,000