FINANCE.

King Country Chronicle, Volume VII, Issue 592, 9 August 1913, Page 2

FINANCE.

It is proposed to amend the Public Revenue Act in order that Treasury bills may be issued in London. This will facilitate the raising of temporary loans for the purposes oi' the Consolidated Fund in anticipation of revenue.

During the financial year the sum of £750. OuO was transferred from the Consolidated to the Public Works Fund, making the total amount of revenue transferred to the Public Works Fund since 1891 £9,250,000.

In accordance with the recommendations contained in the report of the Commisisoner appointed to report en the unclassified Departments of the Public Service, a simplification in the publication of the public accounts of the Dominion has been introduced. The public accounts, instead of being issued in separate accounts as well as in a combined publication known as 8.-l, will be issued in two parts only, and a great deal of duplication will be avoided.

The principle adopted, for the first time, last year of referring the estimates for the consideration of the Public Accounts Committee will be continued.

Full details of ali expenditure for the year ended March 31st, 1912, have been prepared at some expense to the country. It will be remembered that the Commissioners above referred to raised the question of the necessity for the publication of details, and I propose therefore, that the continuance of the printing of this infoi (nation for future years shall be referred to the Public Accounts Committee for consideration. It is estimated that the cost of the preparation of the return for the year ended March 31st, 1912, was, approximately, £400". The cost of raising the £3.0u0.00(> loan in London will be laid before honourable members 30 soon as the filial accounts are received ..from the High Commissioner. Th 9 proceeds cf this loan have been to a very large extent devoted to the current needs of the Dominion, whereas circumstances made it im perative that the previous loan should be largely utililsed for the purpose of redeeming existing loans then maturing, or repaying advances.