FINANCIAL STATEMENT. (In Committee of Supply, 23rd July, 1924.) BY THE EIGHT HONOURABLE W. F. MASSEY, P.C., MINISTER OF FINANCE.

Appendix to the Journals of the House of Representatives, 1924 Session I, B-06

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INDEX. PAGI Abolition of War-tax on Gable Messages .. .. .. .. .. .. x Accrued Sinking Funds .. .. .. .. .. .. .. .. xxvi Accumulated Surpluses .. .. .'. .. .. .. .. .. iii Advances to Discharged Soldiers .. .. .. .. .. .. .. xiii Advances, State .. .. .. .. .. .. .. .. .. xiv Agriculture .. .. .. .. .. .. .. .. .. xvii Amusements-tax .. .. .. .. .. .... .. ■ '.. ix Assets . . .. .. ... .. .. .. .. . . . . xxvi Assistance towards Erection and Purchase of Dwellings .. .. .. .. xvi Balance-sheets: Departmental .. . . .. .. .. .. . • xxiii Balances on 31st March, 1924:— Consolidated Fund .. .. .. .. .. .. .. .. ii Public Works Fund .. .. .. .. .. .. .. . . vi Bank of New Zealand .. .. .. .. .. .. .. .. xxviii Beer Duty .. .. .. .. .. .. .. .. .. vii British Empire Exhibition .. .. .. .. .. .. .. .. xxxii British War Loan Stock .. .. .. .. .. .. .. .. iv Cable Messages, Abolition of War-tax on .. .. .. .. .. .. x Conclusion .. .. .. .. .. .. .. .. .. xxxvii Consolidated Fund: — Estimated Expenditure, 1924-25 .. .. .. .. .. .. xxxiii Estimated Revenue for 1924-25 .. .. .. .. .. .. xxxii Expenditure for 1923-24 compared with 1922-23 .. .. .. .. ii Result of Year's Operations .. .. .. .. .. .. .. ii Revenue Decreases .. .. .. .. .. .. .. .. i Revenue for 1923-24 compared with 1922-23 .. .. .. .. .. i Revenue Increases .. .. .. .. .. .. .. .. i Contribution to Naval Base . .. .. .. .. .. .. xi Cook and Niue Islands .. .. .. .. .. .. .. .. xii Cost-of-living Bonus to Annuitants .. .. .. .. .. . . .. xx Credits in Aid of Expenditure, Control of .. .. .. .. .. xxii Customs :— Revenue, 1923-24 .. .. .. .. .. .. .. .. vii Beer Duty .. .. .. .. .. .. .. .. .. vii Estimated, 1924-25 .. .. .. .. .. .. .. .. vii Death Duties .. .. .. .. .. .. .. .. ix Debt, Subdivision of .. .. .. .. .. .. .. .. xxv Defence Department: — Defence .. .. .. .. .. .. .. .. .. xi Naval Defence .. .. .. .. .. .. .. .. xi Repatriation .. .. .. .. .. .. .. .. .. xii War Expenditure .. .. .. .. ..' .. .. .. xii Departmental Balance-sheets .. .. .. .. .. .. .. xxiii Department of Health .. .. .. .. .. .. .. .. xxii Discharged Soldiers Settlement .. .. .. .. .. . • .. xiii District Treasury Offices .. .. .. .. .. .. .. • • xxix Dominion's Progress .. .. .. .. .. .. .. xxxi Dwellings, Assistance towards Erection and Purchase of .. .. .. .. XV] Economic Conference .. .. .. .. .. .. .. .. xxx Economies .. .. .. .. .. .. .. . . .. iv Education Department:— Education .. .. .. .. .. .. .. .. . ■ x Teachers' Superannuation Fund.. .. .. .. .. .. .. xx Electric Supply Account .. .. .. .. .. .. ...... vi

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Estimates:— PA()B Expenditure, 1924-25 .. .. .. .. .. .. .. .. xxxiii Revenue, 1924-25 .. .. .. .. .. .. .. .. xxxii Result for Year 1924-25 .. .. .. .. .. .. .. xxxiii Estimates and Proposals .. .. .. .. .. .. .. .. xxxvi Exchanges .. .. .. .. .. .. .. .. .. X xx Expenditure: — Expenditure, 1923-24, compared with previous Year .. .. .. .. ii Estimated for 1924-25.. .. .. .. .. .. .. .. xxxiii Public Works .. .. .. .. .. .. .. .. .. v Exports and Imports .. .. .. .. .. .. .. .. vii Five-million Loan, 1924 .. .. .. .. .. .. .. v Five-per-cent. British War Loan Stock .. .. .. ■.. .. .. iv Free-of-income-tax Securities .. .. .. .. .. .. .. xxii Funded Debt .. .. .. .. .. .. .. .. .. xxviii Government Insurance Department .. .. .. .. .. X vi Health Department .. .. .. .. .. .. .. .. xx ji Housing .. .. .. .. .. .. .. .. .. .. X vi Immigration .. .. .. .. .. .. .. .. ~ vi Imperial Debt; Funded .. .. .. .. .. ~ .. . . xxviii Imperial Economic Conference .. .. .. .. .. .. .. X xx Imperial Securities, Profit on .. .. .. .. .. .. .. [ v Imports and Exports .. .. .. .. .. .. .. ~ v ii Income-tax Receipts .. .. .. .. .. .. .. ~ v iii Inland Revenue Department .. .. .. .. .. .. .. viii Insurance on Public Buildings .. .. .. .. .. .. .. xxiii Interest-bearing Assets .. .. .. .. .. .. .. .. xxvi Irrigation .. .. .. .. .. .. .. .. .. xx i Kauri-gum Industry .. .. .. .. .. .. .. .. xx i Land-drainage .. .. .. .. .. .. .. .. .. xx j Land-tax Receipts .. .. .. .. .. .. .. . . .. v iii Land-settlement .. .. .. .. .. .. .. .. .. xx Loans: — 1924 Loan .. .. .. .. .. .. .. .. .. v Falling due .. .. .. .. .. .. .. .. .. xxviii Redemptions and Renewals .. .. .. .. .. ~ .. X xiv Main Highways .. .. .. .. .. .. .. .. .. vi Maori War Pensions .. .. .. .. .. .. .. .. x ix Marine Insurance .. .. .. .. .. .. .. .. ~ xxix Miners' Pensions .. .. .. .. .. .. .. ... .. x ix Mining .. .. .. .. .. .. .. .. .. .. xx ii Moratorium .. .. .. .. .. .. .. .. .. XX x National Provident Fund .. .. .. .. .. .. .. .. xx Native .. .. .. .. .. .. .. .. .. .. xv ii Native Land Settlement .. .. .. .. .. . . . . .. xv Ji Native Trust Office .. .. .. .. .. .. .. .. x ii Naval Base, Contribution to .. .. .. .. .. .. .. x i Naval Defence .. .. .. .. .. .. .. .. .. xi New Zealand Stock, Purchase of .. .. .. .. .. .. v Niue Island .. .. .. .. .. .. .. .. .. xii Old-age Pensions .. .. .. .. .. .. .. .. . , x i x Penny Postage .. .. .. .. .. .. .. .. .. x Pensions .. .. .. .. .. .. .. .. .. .. x j x Permanent Charges 1923-24 compared with 1922-23 .. .. .. .. .. ii Post and Telegraph Department .. .. .. .. .. .. .. jx Profit on Imperial Securities .. .. .. .. .. .. .. j v Progress of Dominion .. .. .. .. .. .. .. .. xxx i Proposals for Year, Summary of .. .. .. .. .. ~ XX xvi Public Debt .. .. .. .. .. .. .. .. .. xxiii Distribution and Annual Charges .. .. .. .. .. .. XX v Subdivision of Debt .. .. .. .. .. .. .. .. XXV War Debt .. .. .. .. .. .. .. .. .. xxv Funded Debt .. .. .. .. .. .. .. .. xxviii

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PAGE Public Debt Extinction .. .. .. .. .. .. .. .. xxvii Public Service .. .. .. .. .. .. .. .. .. xxix Public Service Superannuation Fund .. .. .. .. .. .. xx Public Trust Office .. .. .. .. .. .. .. .. xvii Public Works Fund .. .. .. .. .. .. .. .. v Purchase of New Zealand Stock .. .. .. .. .. .. .. v Railways .. .. .. .. .. .. .. .. .. .. ix Railways Superannuation Fund .. .. .. .. .. .. .. xx Redemptions and Renewals .. .. .. .. .. . . .. xxiv Reduction in Taxation .. .. .. .. .. .. .. xxxi Reduction of Public Debt .. .. .. .. .. .. .. .. xxiii Repatriation .. .. .. .. .. .. ■. . .. .. xii Result of Year's Operations .. .. .. .. .. .. .. ii Results, 1923-24, Summary of .. .. .. .. .. .. .. xxxiii Revaluation of Soldiers' Farms .. .. .. .. .. .. .. xiii Revenue: — Consolidated Fund, 1923-24 .. .. .. .. .. ~ .. i Customs—Estimated, 1924-25 .. .. .. .. .. .. .. vii Total estimated, 1924-25 .. .. .. .. .. .. .. xxxii Salaries and Wages of Public Service .. .. .. .. .. .. xxix Samoa .. .. .. .. .. .. .. . .. xii Savings in Departmental Expenditure .. .. .. .. .. .. iv Savings through Investments from Surpluses .. .. .. .. .. ~ iv Shipping Charges .. .. .. .. .. .. . . .. .. xxix Sinking Funds .. .. ... .. .. .. .. .. xxvi Soldiers :— Pensions .. .. .. .. .. .. .. .. .. xix Repatriation .. .. .. .. .. .. ~ . . .. xii Revaluation of Farms .. .. .. .. .. .. .. .. xiii Stamp and Death Duties .. .. .. .. .. .. .. .. ix State Advances Office .. .. .. . .. .. .. xiv State Assistance towards Erection and Purchase of Dwellings .. .. .. .. xvi Stores Control Board .. .. .. .. .. .. .. xxix Superannuation Funds .. .. .. ' .. .. .. .. .. xix Public Service .. .. .. .. .. . . .. .. xx Railways .. . .. .. .. .. .. xx Teachers' .. . . .. .. .. .. .. .. .. xx Surplus for Year 1923-24 .. .. .. .. .. .. .. .. ii Surpluses accumulated .. .. .. .. .. .. .. .. lii Swamp Drainage Reclamation .. .. .. .. .. .. .. xxi Tariff Alteration, Effect of .. .. .. .. .. .. . . .. vii Taxation :— Reduction in .. .. .. .. .. .. .. .. xxxi Amusements-tax .. ... .. .. .. .. .. .. ix Income-tax .. .. .. .. .. .. .. .. .. viii Land-tax .. .. .. .. .. .. .. .. .. viii Totalizator-tax .. .. .. .. .. .. .. .. ix Teachers' Superannuation Fund .. .. .. .. .. .. .. xx Telephone Rates .. .. .. .. .. .. .. .. .. x Treasury Bills .. .. .. .. .. .. .. .. .. iv Treasury, District Offices .. .. .. .. .. .. .. .. xxix War:— Debt .. .. .. .. .. .. .. .. .. xxv Expenditure .. .. .. .. .. .. .. .. xii Pensions .. .. .. .. .. .. .. .. .. xix Western Samoa .. .. .. .. .. .. .. .'. .. xii Widows' Pensions .. .. .. .. .. .. . .. xix Working Railways .. .. .. . .. .. .. .. ix Year's Operations, Result of .. .. .. .. .. . . .. ii Year's Surplus .. .. .. .. .. .. . . .. ii

1924. NEW ZEALAND.

FINANCIAL STATEMENT. (In Committee of Supply, 23rd July, 1924.) BY THE EIGHT HONOURABLE W. F. MASSEY, P.C., MINISTER OF FINANCE.

Mr. Young— I have again the pleasure to submit for the consideration of honourable members the annual statements of account, which furnish a record of progress and unmistakable evidence of a continued return to prosperity. The revenue has been equal to expectations, and the expenditure has been kept down wherever possible to do so without loss of efficiency, with the result that there is a substantial surplus of revenue over expenditure. The financial transactions of the year are set out in detail in the printed tables attached to, and accompanying, this Statement. CONSOLIDATED FUND. ORDINARY REVENUp ACCOUNT. Revenue, 1923-24. I estimated to receive during the year a total ordinary revenue of £27,969,000 : the actual amount received was £27,960,370, or £8,630 short of the estimate, but £380,927 in excess of the amount collected during the previous financial year. The principal increases over 1922-23 were, — £ Customs .. .. .. .. .. 1,205,923 Eailways .. .. .. .. .. 234,605 Marine .. .. .. .. .. 40,355 Registration and other fees .. .. .. 36,288 Territorial revenue .. .. .. .. 30,192 The principal decreases were — Interest on public moneys .. .. .. 657,075 Stamp and death duties .. .. .. .. 237,510 Departmental and other receipts .. .. .. 49,049 Land-tax .. .. .. .. .. 115,040 Income-tax .. .. .. .. .. 50,400 Post and telegraph .. .. .. .. 23,790 The decrease in interest on public moneys is owing to the fact that the yearly interest due to the Consolidated Fund on the amount advanced to the Discharged Soldiers Settlement Account is outstanding. It is expected, however, that the account will be able to meet its obligations for the current year. In view of the shortage of houses and the demand for homes by discharged soldiers, it was considered preferable to allow the account the temporary use of the interest, amounting to £540,000, for advances to soldiers, rather than to increase the public

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debt by further borrowing. To have borrowed for the purpose of paying this interest would have merely inflated the surplus and increased the annual charges of the public debt. The amount actually advanced to discharged soldiers for housing during 1923-24 was £571,000 for 714 homes. The revenue derived from the national endowments is now transferred direct from the National Endowment Account, instead of being passed through the Ordinary Revenue Account, consequently a nominal decrease is shown in that respect. With the exception of the death duties, the other decreases are attributable to reduced taxation and charges. Expenditure. The amount appropriated to meet the expenditure of the year was £27,483,378, but the expenditure was £26,148,005, which, when compared with the expenditure of the previous year, shows a net decrease of £115,755. The permanent charges on account of interest and sinking-fund payments, which included the Imperial funded debt contribution, have slightly decreased. The expenditure under special Acts is less by £505,347, but in the previous year £250,000 was paid to the Electric Supply Account under special enactment. In the departmental expenditure the principal increases over the expenditure of the previous year were, — £ Railways .. .. .. .. .. 206,960 Public buildings .. .. .. .. .. 14,782 Mines .. .. .. .. .. 10,838 Naval defence .. .. .. .. .. 74,498 Defence .. .. .. .. .. .. 63,519 Valuation .. .. .. .. .. 16,609 Education .. .. .. .. .. 89,517 Services not provided for .. .. .. .. 123,747 An amount of £70,000 for wheat purchased in Australia is included in the last item, but this will be recouped. Result of the Year's Operations, 1923-24. £ £ Balance brought forward, Ist April, 1923 ~ .. .. .. 5,637,090 Revenue .. .. .. .. .. 27,960,370 Expenditure .. .. .. .. 26,148,005 Add surplus of revenue over expenditure .. .. .. 1,812,365 7,449,455 Plus repayment by Native Land Settlement Account (Finance Act, 1923, sec. 7 (3)) (transferred to Loans Redemption Account) .. .. 22,600 7,472,055 Less transfers to —- £ Discharged Soldiers Depreciation Fund Account .. 50,000 Loans Redemption Account .. .. .. 1,367,341 Public Works Fund .. .. .. .. 1,000,000 Education Loans Account .. .. .. 100,000 — 2,517,341 Balance at 31st March, 1924 .. .. .. £4,954,714 The balance was held as follows : — £ Cash .. .. .. .. 1,727,746 Imprests .. .. .. 152,631 Investments .. .. .. 3,074,337 £4,954,714

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Included in the investments are debentures issued for State Advances purposes amounting to £2,326,150. This satisfactory result justifies the opinion expressed in last year's Financial Statement that the Dominion had reached the end of the period of unrest and uncertainty, and that natural causes, if supported by economical and careful administration, would ensure a speedy recovery. The trade returns disclose steady progress and prosperous conditions, and indicate that everything this country produces can be sold or exchanged. For the financial year ended 31st March, .1924, the value of the exports exceeded the value of the imports by £7,250,000, there being an increase both in volume and value. After making due allowance for the interest payable in the United Kingdom on Government and local bodies' loans there remained a balance in favour of the Dominion. It will, of course, be understood that any debit balance must ultimately be transferred to the permanent or semi-permanent debt; therefore, having regard to borrowing in the United Kingdom by the Government and local bodies, it is incumbent on me to point out that a credit balance can only be sustained by increased production. Borrowing abroad must therefore be kept within relative limits, and care taken that imported capital is strictly applied to productive purposes. Accumulated Surpluses. The balance of accumulated surpluses brought forward on the Ist £ April, 1923, amounted to .. .. .. .. 5,637,090 Less transferred, 1923-24 .. .. .. .. .. 2,517,341 3,119,749 Add surplus of revenue over expenditure, 1923-24 .. 1,812,365 Add recoupment from Native Land Settlement Account of amount previously transferred to Loans Redemption Account .. .. .. 22,600 Balance forward on Ist April, 1924 .. .. £4,954,714 Balance made up of — Investments — £ State Advances securities .. .. 2,326,150 Bank of New Zealand shares .. .. 375,000 Sundry securities .. .. .. 373,187 Cash, including imprests .. .. 1,880,377 £4,954,714 Statement showing how Accumulated Surpluses have been applied. To Total accumulated surplus, £ By Transfers to — £ 1920-24 .. .. .. 26,799,257 Discharged Soldiers Settlement Account .. .. 13,500,000 Discharged Soldiers Depreciation Fund Account .. '00,000 Public Works Fund .. 1,500,000 Reserve Fund securities .. 2,000,000 Loans redemption .. .. 4,264,712 Education Loans Account .. 100,000 Balance revenue and expenditure, 1921-22 .. .. 279,831 State Advances securities .. 2,326,150 Bank of New Zealand shares .. 375,000 Sundry securities .. .. 373,, 187 Cash balance, 31st March, 1924 1,880,377 £26,799,257 £26,799,257

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From the foregoing it will be seen that the accumulated revenue surpluses have been applied either to capital or to debt-reduction purposes. Education and soldier settlement have been provided for, whilst unemployment and the provision of homes for settlers and workers have received attention. The amounts transferred to the various funds and accounts have relieved the permanent charges for interest and sinking fund to the extent of £442,000 per annum, while the annual revenue of the interest-bearing investments amounts to no less than £775,000, thus affording an annual relief to taxpayers of approximately £1,217,000. To illustrate the a surplus of revenue from one year to finance the succeeding year, it may be pointed out that in April, 1923, £1,300,000 in cash was immediately required for advances to imprestees, and on the average this sum remained outstanding throughout the year. Indeed, the expenditure exceeded the revenue during the earlier part of the year. At the end of seven months, the disbursements from the Ordinary Revenue Account exceeded the receipts by over £2,500,000, consequently the surplus of £1,300,000 was not sufficient to meet requirements, and but for a previously accumulated surplus it would have been necessary to issue Treasury bills for ordinary revenue purposes, which would have meant increased interest charges. None were required, however, in New Zealand, although the State Advances and other accounts had to be financed. The country was fortunate in possessing a cash reserve that could be used for these purposes without borrowing—a course which, in the interest of sound finance, I was anxious to avoid. Economies. The expenditure of the Consolidated Fund for 1923-24 continues to reflect the policy of systematic economy inaugurated in 1921, the expenditure for the past three years being, — £ 1921-22 .. .. .. 28,466,838 1922-23 .. .. .. 26,263,760 1923-24 .. .. ..26,148,005 The reduction in expenditure in 1922-23 over that of the previous year totalled £2,203,078, and this contraction has not only been sustained but a still further reduction of £115,755 is recorded. Treasury Bills. It was not necessary to anticipate the receipt of revenue by the issue of Treasury bills in New Zealand, as the balance carried forward at the Ist April enabled requirements to be met during the difficult months of the year. In order, however, to provide additional cash for the State Advances Office, instead of selling investments held by the Ordinary Revenue Account, advantage was taken of the Dominion's credit in London to issue Treasury bills amounting to £2,250,000, and also £500,000 in anticipation of the 1924 loan for public works. The Treasury bills for the first-mentioned sum were redeemed before the 31st March, so that no bills against revenue were outstanding. The following liability of £2,100,000 existed in the shape of bills issued for loans-redemption purposes : £1,000,000 issued in 1922-23, £1,100,000 issued in 1923-24, and also the £500,000 bill against the new loan referred to above. The provision of cash by means of bills for short terms at low interest rates has meant a considerable economy in the annual interest charge. The saving effected by the renewal of the redemption bills, instead of incorporating them in the 1923 and 1924 loans, is estimated to amount to £51,700. British War-loan Stock. Temporary investments in British War-loan stock held by certain accounts were realized during 1923-24, totalling £945,000, of which £815,000 was purchased in 1917 at 95, and the remainder in 1922 at about 99. The profits on these transactions amounted to £46,424.

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The British Government recently offered an inducement to holders to convert this 5-per-cent. stock into 4|-per-cent., maturing in 1943, but after considering the advantages of retaining the present holding, which earns about £5 ss. per cent, until maturity in 1929, it was decided not to apply for conversion. New Zealand Inscribed Stock in London and Loan Charges. I referred last year to a reduction in the Bank of England charges for the management of New Zealand inscribed stock in London dating as from 1913, and that a refund of £30,676 Avould be made, but subject to Imperial taxation paid by the bank amounting to £14,383. Representations were made as to a remission of this taxation, and I have since been advised that altogether £23,293 has been refunded. As regards loan expenses, further minor reductions in charges should result in a saving of £3,750 on the last loan. Purchase of New Zealand Stock. A purchase was recently effected, at a profitable discount, of our 4-per-cent. stock maturing in 1929. An amount of £250,000 was secured for cancellation in terms of section 24 of the Finance Act, 1921-22. The transaction will represent a saving over the period of five years of about £60,000 in premium and interest. 1924 Loan. Although I was able to finance the last year and provide additional large sums for the Advances Office without outside borrowing, I decided in May to place a loan of £5,000,000 in London, £3,000,000 of which was for public works, £1,000,000 for advances to settlers, and £1,000,000 for advances to workers. The issue was 4J per cent, at £95, and I am pleased to state that the loan was subscribed fourfold, and, moreover, immediately went to a small premium. The interest-yield of the loan to investors is £4 14s. 9d. per cent, per annum. To assist in meeting the heavy demands that have been made, I have arranged to obtain some additional capital on the same terms for State-advances purposes. The following table of comparison with recent issues of other Dominions indicates the high credit of New Zealand in London : —■

PUBLIC WORKS FUND. The expenditure on public works was practically the same as that for the year 1922-23, and amounted to £3,749,160 —the bulk being for railway-construction, additions to open lines, roads, &c, and telegraph-extension. My colleague the Honourable the Minister of Public Works will at a later date submit important proposals making for continued progress with developmental works, and you will be asked to provide by legislation for next year's expenditure. I propose to meet the requirements of the current year with £3,000,000 of the loan recently raised in London, and to supplement this amount by again transferring the sum of £1,000,000 from surplus revenue.

Date. Borrower. Amount of Loan. Rate per Cent. Date Maturing. Issued at Interest Return per Cent. 1924. February 26 March 11 ». 25 April 4 May 8 ,, 19 South Africa New South Wales .. South Australia Queensland New Zealand Commonwealth of Australia New South Wales .. £ 4,000,000 16,419,000 1,650,300 12,700,000* 5,000,000 10,000,000 5 5 5 H 5 1933-43 1935-55 1932-42 1926-29 1944 1935-45 99 97f 98 99J 95 100 £ s. d. 5 1 0 5 2 7 5 2 0 5 10 7 4 14 9 5 0 0 „ 29 10,000,000 5 1935-45 95 5 5 3 * Approximat ;e.

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Statement showing the Position of the Public Works Fund as at 31st March, 1924. £ Balance brought forward on Ist April, 1923 .. .. .. 441,554 Receipts — Loan-money : Aid to Public Works and Land Settle- £ ment Act, 1922 .. .. .. .. 3,000,000 Treasury bills issued in anticipation of loans .. 1,000.000 Transfer from Consolidated Fund, Ordinary Revenue Account, in terms of section 14, Appropriation Act, 1923 .. .. .. .. .. 1,000,000 Other receipts .. .. .. .. .. 12,473 —— 5,012,473 5,454,027 Expenditure — Under appropriations .. .. .. .. 3,749,160 Other expenditure .. . . .. .. 6,552 Charges and expenses of raising loans .. .. 310,292 Treasury bills redeemed .. .. .. .. 500,000 —— 4,566,004 Balance at 31st March, 1924 .. .. £888,023* * The balance on 31st March, 1924, is made up as follows : — £ Cash in Public Account .. .. .. .. .. 589,417 Investments .. .. .. .. .. .. 150,000 Imprests in the hands of officers of Government .. .. 148,606 £888,023 Electric Supply Account. The expenditure under appropriation on development of hydro-electric schemes amounted to £812,975, as compared with, the sum of £472,874 expended during the previous year, an increase of £340,101. Full details in connection with works in operation and under construction will be furnished later by my colleague the Honourable the Minister of Public Works. The principal works undertaken were development works in connection with the Mangahao scheme for providing Wellington, Wanganui, and Hawke's Bay districts with hydro-electric power, and extensions at Horahora and Lake Coleridge, both of which schemes at present supply large areas with power. It is expected that current from Mangahao will be available during the present year. MAIN HIGHWAYS. Provision has been made for the finance of the Main Highways Board as constituted in terms of the Act of 1922. The Consolidated Fund estimates provide for the payment of £35,000 to the Main Highways Revenue Account, which has also at credit £249,681, the proceeds of the duty on motor-vehicle tires. In addition, the Main Highways Construction Fund is to receive £200,000 from the Public Works Fund and £300,000 from loan-money. Legislation empowering local bodies to borrow for main highways purposes is in course of preparation. IMMIGRATION. The immigration policy adopted by the Government has been the means of securing a steady flow of new arrivals into the Dominion during the past financial year. The conditions under which assisted passages may be secured are in every way favourable to the migrants, and, as the Imperial and New Zealand Governments are working together, the cost of each migrant to the Dominion is being kept well within bounds. Immigration of a desirable type of settler or tradesman will assist in the expansion of trade in the primary and secondary products, tending to open up additional markets abroad.

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The following extract from the remarks of the Right Hon. L. S. Amery, formerly Chairman of the Overseas Settlement Committee at the Imperial Economic Conference of last year, is of special interest: — " Migration by Families. —More particularly I should like to lay stress on what I referred to just now in connection with the ex-service free passages — the desirability of making it possible for the man who has a family to go across, because, from the point of view of future citizenship, that is the most valuable element we can send to you. It is true from the point of view of the individual employer a single man is preferred, but from the point of view of development the man who goes with a family of growing children —the citizens, the creators of the wealth of the future.—is the most welcome settler. I should like to draw attention to this fact: that New Zealand, in this respect, has agreed with us on assisted-passage schemes very substantially ahead of any other Dominion in the very liberal assistance they give to the man with a family—that is to say, that children up to a certain age go entirely free and the older sons and daughters at a very reduced rate. I think to-day a man with quite a large family can get to New Zealand on practically no more than it takes a man and his wife alone to go to Australia. I should, like to press very strongly the importance of that." CUSTOMS AND EXCISE. For the past financial year the Dominion's general prosperity consequent upon the buoyancy of our export trade was reflected in the Customs revenue. Including £123,568 tire-tax credited to the Main Highways Account, the Customs and excise duties totalled £7,361,783, or £361,783 over the estimate. The main items of Customs revenue were, — 1923-24. 1922-23. Increase. £ £ £ Spirits .. .. 1,079,784 796,577 283,207 Tobacco, cigars, cigarettes .. .. 1,271,135 1,239,212 31,923 Apparel and textiles 1,798,287 1,621,913 176,374 Motor vehicles, tires and parts.. .. 770,132 409,535 360,597 Other goods ad valorem 1,940,899 1,662,532 278,367 Primage .. .. 417,198 341,087 76,111 Totals .. £7,277,435 6,070,856 1,206,579 The values of imports and exports for the past six financial years are as under : — Imports. Exports. Excess of Exports. £ £ £ 1918-19 .. .. 26,437,284 32,263,792 5,826,508 1919-20 .. .. 32,162,029 50,776,650 18,614,621 1920-21 .. .. 67,463,269 48,219,672 19,243,597* 1921-22 .. .. 35,986,060 43,794,883 7,808,823 1922-23 .. .. 37,112,779 45,548,700 8,435,921 1923-24 .. .. 44,401,756 51,652,606 7,250,850 * Excess of imports. One of the chief factors has been the firm position of the wool-market, for, while wool no longer holds first place in our exports, it nevertheless is of such importance that fluctuations in wool-values may make all the difference between a favourable or an adverse trade balance. Customs and excise duties (other than beer duty) for the current financial year are estimated to produce £7,350,000. The Customs tariff of 1921, since modified to some extent, is, on the whole, working smoothly. On account, however, of the unstable conditions existing in various European countries, it is not possible to gauge definitely the effect of the increased preference granted by the 1921 tariff to goods of Empire origin. The operation of the preference provisions, moreover, does not work out as favourably to British manufacturers as was anticipated, owing to the fact that if only 25 per cent, of the factory or works cost of an article is due

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to expenditure on British material and labour it qualifies for preference, even though 75 per cent, of the cost may be of foreign origin. A proposal to increase the preference from 25 to 50 per cent, is under consideration. The following figures show the values of imports from Empire and foreign sources respectively in 1914 and during the past four years : —

The embargo against the importation of goods from Germany has been removed. Owing to the dislocation of industrial conditions in that country, due to depreciated currency and other causes, and uncertainty as to what special duties might be imposed on German goods, the amount of such goods imported into the Dominion has not reached large figures. In the year 1923 such imports were valued at £68,915, being 0-16 per cent, of total imports. During the first three months of 1924 German goods imported were valued at £47,009, equal to 0-4 per cent, of total imports during that period. The conditions governing imports from Germany have recently been modified, but it is too early yet to judge what will be the effect of the alteration. INLAND REVENUE DEPARTMENT. Land-tax. Compared with 1922-23 land-tax receipts decreased by £115,040, viz. : — £ 1922-23 .. .. .. 1,541,502 1923-24 .. .. .. 1,426,462 Decrease .. .. £115,040 This decrease represents a portion of the anticipated reduction in revenue following the removal of the super-tax, the balance being compensated for by the increased value of land in some of the districts revised under the provisions of the Valuation of Land Act and the collection of a considerable amount of arrears of tax. Income-tax. The. income-tax receipts compared with the year 1922-23 show a decrease of £50,400, the figures for the respective years being,— £ 1922-23 .. .. .. 3,831,932 1923-24 .. .. .. 3,781,532 Decrease .. .. £50,400 This decrease is due to the reduction of 20 per cent, made in the rates of tax. It was expected, however, that the decrease would have been much greater, but the augmented incomes of taxpayers generally, as a result of improved conditions, furnished a compensating factor. During the recess a Commission was set up to investigate the system of land and income taxation in New Zealand in all its aspects. The Commission, which was composed of eminent business men who had made a special study of the whole question of taxation, furnished an able report, which has been presented to Parliament. The recommendations of the Commission, and the evidence which was given, will be most useful when framing legislation which deals with taxation both during the present session and in future sessions of Parliament.

1914. 1920. 1921. 1922. 1923. Jnited Kingdom )thor British countries £ 11,257,720 5,059,776 £ 28,554,587 15,311,372 £ 20,832,520 10,317,074 £ 832,52( 317,07< 10 li '4 'i £ 18,296,173 7,709,179 £ 8,296,17c 7,709,17; 3 9 £ 22,532,205 9,334,796 Total British Empire foreign countries 16,317,496 5,538,600 43,865,959 ■17,729,869 31,149,594 11,792,849 26,005,352 9,007,209 31,867,001 11,511,492 Total all countries 21,856,096 61,595,828 42,942,443 35,012,561 43,378,493

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Stamp and Death Duties. The net revenue collected under the Stamp Duties, Death Duties, and Amuse-ments-tax Acts was £3,343,781. The following table shows the comparison with the previous year : —

Comparative Statement of Stamp and Death Duty Revenue for 1922-23 and 1923-24.

The increase derived from duty on instruments indicates increased activity in buying and selling property. The apparent decrease in the revenue from death duties is explained by the fact that in the previous year, owing to a change in the law making for earlier payment, more than a year's revenue was obtained from this source. The decrease in amusements-tax is accounted for by the increase in the limit of exempted admissions from 9d. to Is. This alteration of the law operated during the last seven months of the year. The estimated receipts for the current year are £3,310,800. RAILWAYS. The gross receipts from the Working Kailways amounted to £6,984,211, an increase of £256,409 on the previous year's figures. The working-expenses amounted to £5,403,766. The net revenue is therefore £1,580,445, which amount represents a return of £3 16s. 6d. per cent, on the capital cost. Although there has been a fair increase in the revenue, the amount fell short of the estimate by £15,789, due principally to the miners' strike at Westport during the period September to January. During the year the Department was confronted with considerable loss owing to heavy floods and slips which occurred in both the North and South Islands. The improvement in the financial position is the outcome of the savings effected during the year, but the need for exercising rigid economy still remains. It is still necessary to be conservative in the matter of estimating the revenue for the ensuing year, which I place at £7,100,000, and the expenditure at £6,050,000. A Commission has been appointed to inquire into and report upon the organization and running of passenger and goods traffic, and matters relating to the mechanical section of the system, as well as to the construction, renewal, and maintenance of the permanent-way. The Government has secured the services of Sir Samuel Eay and Sir Vincent Raven, two British railway experts of high standing, who are at present engaged on an investigation of the railway system of New South Wales under a similar order of reference. It is expected that as a result of their visit to this Dominion these gentlemen will be able to make recommendations which will be of great value to the management of the New Zealand railways and to the public who own and use them. POST AND TELEGRAPH DEPARTMENT. The revenue of the Department during the year was £2,681,240. The principal items were —Postages, £1,032,347 ; telegrams, £700,329 ; and tele-phone-exchange receipts, £825,178. Excluding interest charges on capital, the expenditure totalled £2,117,952.

ii—B. 6.

Item. 1922-23. i 1923-24. Increase. Decrease. Adhesive stamps Duty on instruments Death duty Gift duty Impressed stamps Licenses Bank composition Totalizator revenue Amusements-tax Rates, fines, and miscellaneous £ 72,375 537,726 1,779,177 50,674 122,597 58,106 210,577 607,657 137,546 4,856 £ 80,488 615,659 1,455,655 61,660 135,474 58,862 197,792 618,425 115,039 4,727 £ 8,113 77,933 £ 323,522 10,986 12,877 756 10,768 12,785 22,507 129 121,433 358,943 121,433 Totals 3,581,291 3,581,291 3,343,781 237,510

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X

Deposits in the Post Office Savings-bank amounted to £29,598,372, and withdrawals to £29,510,321 —an excess of deposits over withdrawals amounting to £88,051. The amount at the credit of 710,157 depositors at the 31st March, excluding interest for the year, was £44,448,444. Money-orders and postal notes to the total value of £5,239,485 were issued, and the payments on the same account amounted to £4,853,224. War-loan certificates redeemed during the year amounted to £1,293,705, making total redemptions to date of £4,642,779. Apart from the provision for statutory increases in salaries to lower-paid officers, the estimated expenditure for 1924-25 is practically the same as that voted last year. The following table shows the staff employed at the end of the financial year as compared with that employed twelve months earlier : — 31st Marcli, 1923. 31st March, 1924. Permanent staff .. .. .. 7,542 7,340 Temporary staff . . . . .. 395 417 Casual staff .. .. .. 637 1,246 Totals .. .. .. 8,574 9,003 The increased total is accounted for by the unusual development in telephone-line construction, which necessitated the engagement of over six hundred additional men during the year. If material is available it is likely that this casual staff will have to be further augmented to meet the many calls for additional telephonic communication. Penny Postage. On the Ist October, 1923, the penny postage was re-established within the Dominion, and to all parts of the British Empire, by the further decrease of onehalfpenny in the letter rates. Opportunity was taken at the same time to make appropriate reductions in rates of postage on other classes of mail-matter. When it is remembered that the cost of concessions in postage brought about by the reductions effected in February and October, 1923, was £600,000 per annum, there is cause for congratulation that revenue from postages last year was only £257,149 less than that derived from the same source in the previous year. With a continuance of prosperity this loss should shortly disappear. Telephone Rates. An amended scale of charges was brought into operation on the Ist October last, and the former method of collecting six months' rental in advance was reverted to. This alteration in the method of collection had the effect of inflating the revenue for the financial year, a sum of £825,178 being received,, as compared with £595,967 during the previous twelve months, but of this amount £149,000 has to be earned in the current year. Although the present charges are moderate, they are designed to earn interest on the capital outlay. Abolition of War-tax on Cable Messages. During the year it was decided to abolish, as from the Ist April, 1924, the tax of 2d. imposed since 1915 on all cable messages forwarded from New Zealand. The concession to the public in this instance amounts to approximately £2,200 per annum. EDUCATION. The expenditure from Government sources on education services during the past financial year was as follows : — Prom Consolidated Fund— £ Vote, Department of Education .. .. 2,604,508 Special Acts .. .. .. .. 96,506 Teachers' Superannuation Fund .. .. 68,000 Primary-education reserves revenue .. .. 108,071 Secondary-education reserves revenue .. .. 8,287 Native-schools endowment revenue .. .. 450 National-endowment revenue .. .. .. 77,788 Education loans for buildings .. .. .. 295,681 Public Buildings Fire Insurance Fund .. .. 12,490 £3,271,781

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If to this is added the amount derived by Secondary-school Boards and University College Councils from reserves vested in them —about £78,100 —the total expenditure from public sources is approximately £3,349,900, as compared with £3,286,000 in 1922-23. The total expenditure has grown from £1,233,328][in 1911-12 to £3,271,781 in 1923-24, or an increase of 166 per cent., whilst the total cost of education for the current year is estimated at £3,351,000. In 1911 the average salary for an adult primary-school teacher was only £160, but the salaries were increased by the 1914 Act, and were subsequently further increased until the average now is £268, or 67 per cent, higher. In the secondary scale the average salary of principals in 1911 was £464, and that of assistants only £204. First by increasing the capitation grant, and afterwards by providing a Dominion scale of salaries, these averages were increased to £636 and £315, while similar provision has been made for improving the salaries of technical teachers. The cost of education mounts up as the school population increases and extended use is made of the privileges of free secondary and higher education. While it is a matter for satisfaction that the number of children taking postprimary courses in our high schools is thus increasing, it is a question whether the present system does not tend rather to induce young people to follow a line of education and training that has a bias towards the professional and clerical, to the disadvantage of practical agricultural and industrial pursuits. The Department is giving its attention to this problem with the view of evolving a provision which should give a sound post-primary education to the pupils who do not go on to the University or the professions. The large sum of £1,993,985 has been expended since 1918-19 in meeting the pressing demand for school buildings, and suitable provision is being made for continued progress in this important connection. DEFENCE. The expenditure out of the Consolidated Fund for defence, including ordnance services, aviation, and the maintenance and training of the Territorial Force, for the year ended 31st March, 1924, amounted to £348,632, or £27,722 less than the amount appropriated. Naval Defence. The expenditure on naval defence for the financial year ended 31st March, 1924, amounted to £374,966, made up as follows :— Permanent charges— Naval Defence Act, 1909 —H.M.S. " New Zealand £ £ Interest .. .. .. .. .. £78,995 Repayment of funded debt . . .. .. 10,248 89,243 Annual appropriation-— Vote, Naval defence .. .. .. .. .. 285,723 £374,966 The estimates for the current year have been framed with a view to continuing as far as possible the policy embarked on by the Dominion. The total net expenditure for the Naval defence vote, 1924-25, is estimated at £330,465. H.M.S. " Chatham " is being relieved by H.M.S. " Dunedin," a more modern oil-burning cruiser ; and provision will require to be made for the entry and training of the young men who eventually will be required to man the second light cruiser. The sum of £16,500 has been inserted in the estimates for the hire and upkeep of the oiler " Nucula," which has been provided by the Admiralty, this ship now being a necessity with an oil-burning cruiser on the station. It is also proposed to proceed with the erection, at a cost of £24,000, of two oil-fuel tanks, one of which was approved last year, but on which no money has been expended. The contribution provided for the naval base at Singapore in 1923-24 was not expended, and, owing to the decision of the Imperial Government to incur no further expenditure on the scheme, an appropriation will not be required this year for the purpose ; but if Parliament approves, a similar amount may be applied towards the cost of the second light cruiser recommended by the Admiralty.

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War Expenditure. The gross expenditure from vote "War expenses " during the year ended 31st March, 1924, was £370,496, the principal items being £124,217 for the medical treatment of discharged soldiers for war disabilities, £110,808 on account of our liability for transport of troops, £12,182 towards erection of battlefield memorials in war areas, £31,952 towards cost of construction of cemeteries and war graves, £23,070 in connection with repatriation advances and expenses, and £08,267 for other miscellaneous war expenditure. Receipts from sales of surplus stores, medical stores, and other miscellaneous credits totalled £77,531, which with £133,834 received in repayment of repatriation loans left a net expenditure of £159,131 for the year. The balance of claims from the Imperial Shipping Liquidation for trooptransport charges against New Zealand, amounting to £800,000 net, was recently received. As the result of close examination, these were reduced to approximately £200,000, and a progress-payment of £100,000 was made in March last. The balance is provided for in this year's estimates. The War Expenses Account, will be closed at the end of the present financial year. Repatriation. Since the 31st December, 1922, the benefits under the Repatriation Act have been restricted to tubercular or other seriously disabled soldiers. Financial assistance paid out to such men during the twelve months ended 31st March, 1924, amounted to £17,379, making the total moneys advanced to soldiers by the Repatriation Department £2,371,831, of which sum £1,956,674 was by way of loan. The major portion of the work —namely, the collection of loans outstanding— was transferred to the State Advances Office as from the Ist April, 1923, and the total repayments now amount to £1,412,973, being over 72 per cent, of the total loan advances. The complete transfer of this branch to the State Advances Office will be effected this year. NATIVE TRUST OFFICE. As the purposes for which the Native Trust Office was established are becoming more widely known among the Maoris they are taking increasing advantage of the facilities afforded to borrow moneys for the improvement of their lands. Last year 438 applications were dealt with, and £85,516 was advanced, making a total of £157,900 to date. It was found possible during the year just ended to increase by \ per cent, the rate of interest on moneys held on behalf of beneficiaries, and this has given general satisfaction. WESTERN SAMOA. The trade of the Territory again suffered severely owing to the continuance of low prices and little demand for tropical products in the world's markets. One satisfactory feature, however, has been that, notwithstanding this depression, the export of copra during the period was the highest for many years past. It was almost double that of 1920, the total trade figures for which year constituted a record for Western Samoa. Since the beginning of the year prices have steadily risen, and are now satisfactory. In the circumstances the revenue of the Territory, though well maintained, fell short of the expenditure, which has been much increased on account of extended and improved medical and educational services. An additional grant of £6,000 is being provided to meet the deficit of .1923-24. The Administration has decided to offer the Crown Estates in sections by public tender, and it is anticipated that offers will be received for the greater part of the cultivated lands. COOK ISLANDS AND NIUE. The expenditure for 1923-24 was £17,446, being Jess than the amount voted (£18,713) by £1,267. The estimated amount to be voted for the year 1924-25 is

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£20,669, the increase over last year's appropriation being accounted for by grants for hospital and education purposes, a new freezing plant, and the installation of wireless systems at Mangaia and Niue. This year radio-stations will be opened on the islands of Aitutaki and Mangaia, in the Lower Cook Group, and a radio-telephone station will be installed on the Island of Niue. These services will do much to remove the greatest handicap to the development of trade with these isolated communities. The future for trade and revenue is bright. Revaluation of Soldier Farms. In conformity with the legislation passed last session authorizing the revaluation of soldier farms, a Dominion Revaluation Board was appointed, and twenty-three District Revaluation Committees set up. The duty of the Committees is to inspect and value the farms in their respective districts, and submit their reports to the central Board. The field-work- in some of the smaller districts has been finished, but it will be some time yet before the whole of the necessary inspections and valuations in the larger districts can be finalized. The Board and the Committee are impressed with the urgent nature of this important work, and everything possible is being clone to expedite early completion. Recommendations are coming to hand, and in many cases mortgages have already been, substantially reduced both as regards capital and interest liabilities, and substantial relief has also been afforded in the case of arrears. It is the policy of the Government to give industrious men every possible chance, and there are already indications of a great improvement in soldiers' settlements. DISCHARGED SOLDIERS SETTLEMENT. From the inception of the scheme of the discharged soldiers settlement in 1915 to the end of the financial year advances have been made to discharged soldiers as follows : — Section 6, Discharged Soldiers Settlement Act, 1915 —Advances on Current Account (including £1,345,000 for the erection of buildings on farms) — £ 4,845 returned soldiers .. .. .. .. .. 4,386,000 Section 2, Discharged Soldiers Settlement Amendment Act, 1917 —Advances towards purchase of farms, market gardens, orchards, and discharge of mortgages — 5,498 returned soldiers .. .. .. .. .. 8,905,400 Section 2, Discharged Soldiers Settlement Amendment Act, 1917 —Advances towards purchase and erection of dwellings and discharge of mortgages thereon in town and suburban areas— 11,870 returned soldiers .. .. .. .. .. 8,572,100 22,213 returned soldiers .. .. .. .. .. £21,863,500 During the period the mortgages have run, receipts from the sale of stock, wool, and other farm-produce, and repayment of loans under the instalment system, amount to £2,965,400. The receipts are 13-56 per cent, of the total capital advanced. The money received has been applied for the purpose of re-advances to purchase stock or improve properties, for loans on Current Account, and also to clear off liabilities contracted early in the year for the erection of dwellings. The receipts for the year amount to £1,513,544, being the largest amount received to date in any one year. Of this sum £792,268 represents repayment of advances, while receipts in respect of interest and sundries total £721,276.

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Arrears outstanding on interest and principal amount to £751,524, while the sum of £30,550 is outstanding as postponed instalments. The arrears of rent amount to £487,100. In 1923-24 loans were granted to 62!) soldiers, amounting to £585,300, of which £391,100 was granted to 507 soldiers for the erection of dwellings. The amount of £194,200 was advanced, principally for new loans on Current Account, to 122 settlers to assist them in improving and stocking their lands. The total expenditure for housing, including liabilities from 1922-23, was £571,000. A total of £1,196,400 was advanced to soldier settlers during the year ; the difference between this figure and the loans authorized is made up mainly of outstanding liabilities in respect of loans authorized during the previous year, and readvances from the Current Account to stock and improve farms, which thus improves the Crown's position. In addition, £21,320 was expended on behalf of mortgagors, and £15,000 in settlement of claims from the previous financial year. Under the regulations the Department handles the bulk of the proceeds from farms, which may be reinvested for the purpose of replacing culled stock and the purchase of such additional stock as may be deemed necessary, as well as effecting further improvements to bring farms up to a more profitable condition. Until farms are fully improved and stocked it is anticipated that sums will be re-advanced as charges on the Current Account for at least two years. The total amount involved in the settlement of discharged soldiers is as follows : — Loans raised under the Discharged Soldiers Settle- £ ment Act, 1915 .. .. .. ... 6,569,066 Advanced from accumulated surpluses . . . . 13,500,000 Loans for purchases of estates under Discharged Soldiers Settlement Branch of the Land for Settlements Account .. .. .. 3,222,050 Lands purchased out of the Land for Settlements Account and set aside for discharged soldiers. . 2,514,000 Purchases out of the Native Land Settlement Account (approximate) .. .. .. 750,000 Capital, therefore, provided from all sources for discharged-soldier settlements totals approximately .. .. .. .. .. £26,555,116 STATE ADVANCES OFFICE. The capital of the State Advances Office was increased by £3,114,750 in 1923-24, and since the 31st March, 1924, a further £2,300,000 has been borrowed, making the total capital of the Department at the 30th June, 1924, to be £24,483,525. 7,292 applicants received loans amounting to £6,205,686 in 1923-24. This constitutes a record since the State Advances Act was passed in 1894, and affords ample evidence of the assistance rendered to settlers and workers. The Amendment Act of last session authorized loans to workers up to- £1,250 and to settlers up to £3,500. To a worker desirous of purchasing a dwellinghouse an advance not exceeding 95 per cent, of the value of the security, in lieu of 75 percent., was authorized, whilst to a worker electing to purchase a section and erect a dwellinghouse, authority was given to advance not exceeding 95 per cent, of the cost of the land, building, and improvements. Authority was given to advance to settlers 75 per cent, of the value of the security, in lieu of 60 per cent. , i Amount. The new business for the year was as follows : — £ Loans granted to settlers .. .. ..6,194 5,416,987 Loans granted to workers .. .. 3,260 2,204,410 Loans granted to local authorities .. .. 194 444,805 Totals . . .. 9,648 £8,066,202

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For the purpose of building houses and acquiring homes a large sum has been advanced during the last five years. The following is a table of the loans authorized from the Ist April, 1919, to the 31st March, 1924 :— \r X Amount. housing purposes— iNumoer. £ To settlers .. .. .. 5,778 3,193,143 To workers .. .. .. .. .. 9,037 5,122,944 To release mortgages on house properties— To settlers .. .. .. .. .. 2,010 1,033,428 To erect workers' dwellings— To local authorities .. .. .. .. .. 577,195 Totals .. .. 16,825 £9,926,710 For the purpose of assisting borrowers to repay mortgages a considerable sum has been advanced. Since the month of October, 1922, when it was decided to entertain such applications, loans have been granted to 3,549 applicants, amounting to £3,584,205. Amounts advanced by Department during the following financial years : —

The following advances were made for the three months ended 30th June, 1924:- £ Settlers .. .. .. \. 561,350 Workers .. .. .. .. 475,360 Local authorities .. .. .. 69,925 Total .. .. .. £1,106,635 The temporary investment by the State Advances Office of floating cash balances, which for the time being could not be profitably employed, has been authorized by the different Finance Ministers since 1896. The object is a perfectly sound one. The State Advances Office, having moneys not immediately issuable, temporarily invests them and realizes the securities as cash is required. This is precisely what happened during the war period, when labour and material were not available. The investments outstanding at the end of 1919-20 were, during the period of reconstruction, speedily converted into cash for advances to local authorities, settlers, and workers, and by the end of 1923-24 had been wholly realized. These transactions are in no way connected with the new capital, £2,600,000, provided during 1923-24. From 1914-15 and onwards a large portion of these temporary investments was held in Imperial securities, the total holding of which in 1917-18 was £1,409,794.

Year ending 31st Marcli, To Settlers. To Workers. To Local Authorities. Total Advances. 1914 1915 1916 1917 1918 1919 1920 1921 1922 1923 1924 = .. r ! .. I .. ) .. ► £ 978,395 1,136,475 814,555 589,975 367,160 350,140 808,180 1,060,260 805,975 945,900 3,904,150 £ 272,860 313,025 275,680 214,965 125,855 87,590 225,055 660,790 407,580 724,830 1,863,331 £ 324,150 336,295 285,410 152,310 128,150 130,575 311,880 444,825 708,410 711,375 438,205 £ 324,150 336,295 285,410 152,310 128,150 130,575 311,880 444,825 708,410 711,375 438,205 £ 1,575,405 1,785,795 1,375,645 957,250 621,165 568,305 1,345,115 2,165,875 1,921,965 2,382,105 6,205,686 Totals 11,761,165 5,171,561 3,971,585 3,971,585 20,904,311

B._ 0

HOUSING. The housing shortage which has prevailed for some years, particularly in those urban areas where the increase in dwellings has not kept pace with the increase in population, has received the fullest possible consideration. The following indicate the large sums of money that were made available for the erection and purchase of homes during the financial year 1923-24 : — , T , Amount. Number. p State advances .. .. .. .. 4,481 3,291,609 Discharged soldiers .. .. .. .. 714 571,000 Railways .. .. .. .. .. 64 46,110 Totals .. .. .. .. 5,259 £3,908,719 £66,010 was also paid over to forty-one local bodies for housing. Statement showing State Assistance towards the Erection and Purchase op Dwellings prom the Ist April, 1919, to the 31st March, 1924. Number of Amount. Houses. £ State advances* .. .. .. .. 14,815 8,316,087 Discharged soldiers (urban areas) .. .. 11,341 8,253,311 Discharged soldiers (farm properties) .. .. 3,863 1,126,000 Railways .. .. .'. .. .. 276 289,314 Public Works Department (State employees) .. 164 158,099 To local authorities . . .. .. .. .. 577,195 Totals .. .. .. .. 30,459 £18,720,006 * Excluding amounts advanced to release mortgages on house property. In addition, considerable sums, approximating £13,000,000, were advanced by way of mortgage during the same period by Government lending Departments — viz., State Advances, £5,000,000; Public Trustee, £7,000,000 ; and other lending Departments, £1,000,000 —some proportion of which total was required either to complete buildings in course of erection or to purchase others recently erected, the cost of which had been temporarily financed in anticipation of a Government loan. GOVERNMENT INSURANCE DEPARTMENT (LIFE AND ACCIDENT). The operations of the Life Branch of this Department during the last year have been most satisfactory. The new business amounted to £1,581,722, and the number of policies in force at the 31st December, 1923, was 60,545, representing a total insurance, with bonus additions, of £17,906,612. The total income was £814,638, and the excess of income over expenditure is the largest in the history of the Department, amounting to £223,872. At the end of the year the Life Fund stood at £6,222,484. A favourable position was disclosed as a result of the triennial actuarial valuation as at 31st December. The valuation has not only been made on a most stringent basis, but it has been found possible to declare very markedly increased bonuses, the increase in the main tables being more than 25 per cent. The actuarial basis upon which the Department now stands is more solid than that of the majority of the best private offices, and constitutes a sound guarantee for future progress. A good year was also experienced by the Accident Branch. The premium income was £35,267, being an increase of £1,920 over the previous year, and the interest income, £6,207, after deducting taxes, establishes a record. Notwithstanding the fact that the claims have been heavier than usual, the funds have increased, by £8,020. The Statutory Reserve Fund is now £115,020, and the Accident Funds amount to £29,089, the two together being £144,109.

XVI

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NATIVE. During the year 29,560 acres of Native land were purchased for the Crown, at a cost of £206,385. The gross area of Native land acquired by Crown purchase since 1910 is 1,328,283 acres, for which £3,218,576 was paid. The figures comprise land purchased for European lessees, which includes Interests in the various Native townships, the purchase-money of which is being recouped by the tenants. This accounts for a higher average cost than usual. The receipts by the Native Land Courts and Maor Land Boards for fees and commission totalled £16,009, as against £13,913 for the previous year. PUBLIC TRUST OFFICE. The value of estates and funds actually under the control of the Public Trustee on the 31st March, 1924, was £32,404,724. This represents an increase of £3,499,926 for the financial year. The new estates accepted for administration during the year numbered 2,739, with assets of a total value of £3,781,155. The administration of 478 of these new estates was completed before 31st March, 1924, while 1,574 others were also closed —the total value being £.1,1.08,254, The rates of commission were reduced from the Ist April, 1923, and also made inclusive of certain fees previously charged to the estates, and there is no doubt that the volume of new business has been increased as a result. The investments held on the 31st March, 1924, on behalf of the Common Fund and on behalf of estates and funds, the moneys of which are specially invested, amounted to £19,895,285, made up as follows : — £ Mortgages .. .. .. .. .. 12,997,242 Local bodies'debentures .. .. .. 5,079,135 Government securities .. .. .. .. 1,364,543 Land Settlement Finance Act debentures . . .. 55,698 Fixed deposits with banks .. .. . . 7,062 Private debentures and shares in companies . . 4,943 Overdrafts by way of advances to estates and to beneficiaries .. .. .. .. 315,203 Properties acquired by foreclosure .. .. 71,459 £19,895,285 Of this sum the total advances made during the year amounted to £2,198,185, made up as follows £ Mortgages .. . „ .. .. .. 1,422,870 Local bodies' debentures .. .. .. 438,745 Government securities .. .. .. .. 336,570 £2,198,185 AGRICULTURE. The dry summer to a certain extent reduced the production of grass, cereals, and fodder crops, and as a consequence the output of butter was somewhat affected, but nevertheless the total value of the dairy-produce of all kinds exported during the year was well ahead of that for the previous year, the respective figures being £18,576,474 and £16,207,053. The importance to the country of the dairy industry is well illustrated by the fact of its exportable surplus being valued at over 18| millions sterling. The wool-clip for the 1923-24 season was good, and in clean condition, and a marked continuous increase in prices was maintained throughout the series of sales,

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the average price for the season being 16d. per pound, against 10-Jd. for the previous season. The declared value of the wool exported was £15,265,264, as compared with £11,955,567 for the previous period. The greater portion of the whole clip was sold at the local auctions, consequently the proceeds were promptly available to growers. It is very satisfactory to record a substantial increase in the number of cattle and sheep in the Dominion, and also an addition to the number of pigs. In cattle the increase is almost wholly in the dairy classes, and in sheep largely in the breedingewes. In both these directions a further increase may be expected. The health of all live-stock has been good. Lamb and mutton have realized very satisfactory prices during the year, especially lamb, and the prospects for a continuance of good returns are encouraging. The need of maintaining our export meat at the best standard of quality must never be lost sight of. Trial shipments of eggs to the London market during the year were successful, and should lead to a development of this trade in the near future. The quantity and value of the exports of the undermentioned products were as follows, the total value under these headings showing an increase of over six million pounds for the year : — r, ... Value. Quantity. „ Beef (frozen and salted) .. .. .. 712,533 cwt. 844,187 Mutton and lamb (carcases) .. .. .. 6,328,871 8,615,619 Other meats (including bacon and pork) .. .. 382,249 Tallow .. .. .. .. .. 26,358 tons 852,471 Casings .. .. .. .. .. 2,755,8451b. 507,819 Sheep-skins (woolly) and pelts .. .. .. 9,127,383 1 ,294,855 Hides and skins .. .. .. .. 999,181 774,125 Rabbit-skins .. .. .. .. .1.4,951,746 493,708 Live-stock .. .. .. .. .. .. 106,430 Other miscellaneous items .. .. .. .. 33,811 Wool-(bales).. .. .. .. ... 736,713 15,265,264 Dairy-produce .. .. .. .. .. 18,576,474 £47,747,012 Owing to a reduction in the areas sown, and to unfavourable weather conditions during the growing-period, the production of wheat and oats shows a decrease, and it will be necessary to import wheat and oats to the value of £l ,250,000 before next season's harvest is ready. The quantity of phormium hemp graded during the year shows an increase of nearly 6,000 bales. It is still necessary for millers to give greater attention to the output of fibre of a better and more uniform quality. The prospects of the fruit industry are improving. The substantial assistance granted to growers by the Government guarantee of a penny per pound net return on fruit exported, and by the help afforded in other directions, has improved the conditions of the industry. The exports for the year were not far short of 150,000 cases, and for the current season will show an increase to over 240,000. The export of honey is now well established, although the figures for the past year show a decrease, due mainly to unfavourable weather conditions having reduced the season's production. The prospects of the pastoral, agricultural, and horticultural industries of the Dominion were never better than at present, and this, in conjunction with the high degree of intelligence and industry for which our rural population is noted, give very substantial ground for confidence in the future of the Dominion. For the purpose of providing young men who intend to follow agricultural and pastoral pursuits with better opportunities for acquiring up-to-date and scientific knowledge by which production may be increased, it is intended to give Government support and assistance to the establishment of at least one, and later on possibly two, agricultural colleges under trained and competent instructors. The necessary equipment will be provided to enable our farmers to compete successfully with other countries which are apparently endeavouring even now to capture the markets of the world so far as agricultural and pastoral products are concerned.

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PENSIONS. The following payments were made during the year ended 31st March, 1924 : —■ £ War pensions .'. .. .. .. .. 1,306,652 Old-age pensions .. .. .. .. 765,392* Widows'pensions .. .. .. .. 202,364 Miners'pensions .. .. .. .. 36,060f Maori War pensions .. .. .. .. 30,326 Epidemic pensions .. .. . . . . 32,507 Pensions under Civil Service Act, 1908 .. . . 21,025 Military pensions under Defence Act, 1909 . . .. 3,146 Pensions under Judicature Act, 1908 .. .. 2,889 Police pensions . . .. .. .. .. 486 Sundry pensions and annuities .. .. .. 4,374 £2,405,221 * Includes £33,338 expended from national-endowment revenue. t Includes £3,49!) gold duly collected under Miner's Phthisis Act, 1915. War Pensions. The total of the actual payments made in respect of war pensions to the 31st March, 1924, is £10,139,996. The annual liability in respect of each class of war pension at the close of the year is shown in the following table : —

The amended War Pensions Act passed last session provided for a War Pensions Appeal Board and. the payment of economic pensions. Of 300 appeals, 144 were dismissed and 121 upheld, the remainder being in abeyance or otherwise dealt with. There are still some 400 appeals to be disposed, of. In regard to economic pensions, 924 claims were established between the Ist September, 1923, and the 31st March, 1924. These, with the 1,343 cases already in receipt of supplementary pensions when the Act was passed, made a total of 2,267 grants under this head, the annual value of which totalled £132,288. SUPERANNUATION. • The subsidies and contributions of the three funds for the year were as follows : — a , -j- Contributions Subsidies. , -<? , by Employees. £ £ Public Service .. .. 136,000 228,000 Teachers .. .. .. 68,000 102,000 Railways.. .. .. 125,000 133,000 £329,000 £463,000

Class of Pension. Number of Pensions. Annual Value. Average Pension. Class of Pension. uiass 01 -Tension. Soldiers (permanent) Soldiers (temporary) Dependants (temporary) Widows and guardians of children .. Other dependants of deceased soldiers 6,784 7,731 807* l,977f 5,867} £ 333,946 407,847 62,916 203,342 205,075 ! £ 49 53 78 103 35 23,166 £1,213,126 £52 * Covers 1,208 children. t Covers 2,138 c! ildren. t lovers 31 children.

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Since the inauguration of the three funds the State has paid in subsidies £2,100,000, while the employees' contributions during the same period amounted to £5,000,000. The requirements for the current year are: Public Service Fund, £136,000; Railways, £170,000; Teachers', £68,000: total, £374,000. Public Service Fund. The total number of contributors on the 31st March last was 15,021, and the total revenue for the financial year was £475,166, including members' contributions £228,313, interest on investments £110,146, and Government subsidy £136,000, including a special payment of £50,000 in addition to the annual charge of £86,000. The total amount expended during the financial year was £300,489, which comprised retiring and other allowances £240,611, refunds of contributions £53,722, cost of administration £6,156. The total, number of allowances existing at the end of the year was 2,356, representing an aggregate annual payment of £251,988. The amount of the total fund invested on the 31st March last was £2,007,766. Government 'Railways Fund. At the 31st March, 1924, the fund amounted to £671,827, an increase of £87,608 for the year. The receipts were : Contributions, £133,148 ; interest, £28,565 ; Government subsidy, £125,000, inclusive of a special payment of £50,000 in addition to the voted amount of £75,000 ; fines and donations, £437 : total, £287,1.50. The expenditure from the fund amounted to £199,542, including retiring-allowances, amounting to £157,238. Teachers' Fund. This fund amounted on the 31st January, 1924, to £858,662, an increase of £79,026 for the year. The revenue for the period was £214,190, including contributions £101,632, and interest £48,725. The Government annual subsidy is £68,000. The expenditure for the year amounted to £135,164, including retiring-allow-ances £112,861, and refund of contributions £19,179. COST-OF-LIVING BONUS TO ANNUITANTS. The cost-of-living bonus to Public Service annuitants in receipt of less than £100 per annum involved an expenditure in 1923-24 of £40,019, and you will be asked to make similar provision this year. The present bonus payment of £13 to widows in addition to the annuity of £18 per annum, and also the additional £13 for each child, is being made permanent. NATIONAL PROVIDENT FUND. The membership of the fund at the 31st December was 23,200, the contribution income £143,000, the State subsidy on contributions being £36,430. The accumulated fund was £980,000, an increase of £190,000. The sum of £15,000 was paid out during the year in allowances to annuitants and to widows and children. An amount of £40,000 was paid by the State through the fund by way of maternity allowances—£7,ooo to contributors and £33,000 to members of approved friendly societies. LAND-SETTLEMENT. Approximately 380,636 acres, subdivided in 977 holdings, and comprising practically every class of land, were opened for selection during the past year; whilst, excluding miscellaneous leases, approximately 459,289 acres of Crown, settlement, and national-endowment lands and reserves, subdivided into 942 sections, were taken up during the same period. The miscellaneous leases issued during the same period numbered 1,1.48 holdings, comprising an area of 59,190 acres. The subdivisions of Mount Pisa Run were all disposed of, and the Teviot sections and runs are open for selection.

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At the present time there is an area of about 508,000 acres available for settlement. Some 12,087 acres were set apart for selection by discharged soldiers during the year. The policy is now, however, to open practically all lands for general application. Proclamations were issued during the year revoking the settingapart for discharged soldiers of an area of (54,044 acres in order that the lands could be so re-offered. The principal officer's of the Lands Department are at present very fully occupied in connection with the pressing duty of revaluing discharged-soldier settlers' holdings. On the completion of this important work they will again concentrate on the Government's policy of vigorously promoting land-settlement, especially in making adequate provision for the youths who have reached manhood since the conclusion of the war. There are many such who are both capable and desirous of acquiring land and taking an active part in the settlement of their country. LAND-DRAINAGE. The various land-reclamation projects under construction have been energetically prosecuted throughout the year, and with the aid of the recently imported excavating machinery much work has been accomplished. On the Hauraki Plains some 43,000 acres have been reclaimed and settled in small areas. This settlement has been, as a whole, most successful, and is now one of the most prosperous dairying centres in the Dominion. The capital value of the reclaimed portion of the plains to-day is in the vicinity of £2,000,000. Works on the Rangitaiki area, which comprises some 90,000 acres, are on the verge of completion. The output of dairy-products in this district is steadily increasing. At Kaitaia, where an area of 20,000 acres of swamp country is under development, the works are well forward. The Waihi Swamp, 11,000 acres, should be reclaimed within two years. Of the Crown area some 1,700 acres have been or are about to be opened for selection, and the balance, which is particularly low-lying, is being developed with a view to disposal for flax-cultivation. Extensive exploration surveys of the swamp areas in the vicinity of Hamilton are now in hand, and from the information available it appears that there is a big field for future development in that locality. IRRIGATION. The large sum of £95,46(i was expended on irrigation-works for the year just ended, and considerable areas of land were brought into intensive cultivation. The localities operated on included, amongst others, Ida Valley, Tarras, Ardgour, Roxburgh, and Manuherikia Valley. To encourage settlement the rates charged to the farmers are levied on a graduated scale, commencing at a low figure for the first year, and rising to the maximum in the fifth year, the object being to avoid, unduly harrassing the settler when the calls upon his capital, are greatest i.e., when he is developing the land. It is proposed to proceed actively with the undertakings now under construction, and other works will be inaugurated as the land relating to schemes already completed is taken up. As the actual irrigation proceeds the necessity for drainage-works to carry off surplus waters becomes evident, and will be attended to as required. To minimize this work constant propaganda against water waste is being carried on. KAURI-GUM INDUSTRY. In 1923-24 a large volume of business has been done in the industry. The Department's sales for the year amounted to £23,000, whilst purchases were made to the amount of £6,500. Buying was carried on only in districts where acute

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distress existed and with a view to tiding the diggers over temporary difficulties. As private buyers commenced to operate the Department ceased making purchases for the time being. DEPARTMENT OF HEALTH. The subsidies payable to Hospital Boards for 1923-24 were £415,126, the actual amount paid being £412,945. It is estimated that an appropriation of £510,000 will be required for the year 1924-25, about £60,000 of which will be due to the new subsidy rates under the Act of 1923, and to the anticipated increase in proposed capital expenditure. It is expected that the relief to be afforded to the rates by the new subsidy scheme will enable Boards to meet capital expenditure by levy and subsidy rather than by loans. The net expenditure of the Department from the Consolidated Fund, other than subsidies, was £77,901 less than the amount appropriated. Considerable further savings were effected in the administrative cost of the institutions taken over from the Defence Department, apart from the saving effected by the closing of the Trentham Hospital, while recoveries considerably exceeded the estimates, particularly in regard to the collection of patients' fees. The amount asked for this year is £8,027 less than that appropriated last year. MINING. The value of the minerals, other than kauri-gum and coal, produced during 1923 was £.1,118,412, as against £903,259 for the previous year, an increase of £215,153, principally due to the increase of £162,182 in the production of gold and silver bullion. The quantity of coal produced during 1923 was 1,969,834 tons, an advance of 112,015 tons over the production of the previous year. In the past year 8,678 persons were employed in the metal-mines, coal-mines, and stone-quarries of the Dominion, an increase of 648 over the number employed during the year 1922. The output of coal]|from the State collieries for 151,403 tons, as against 123,531 tons for 1922, an increase of 27,872 tons. The greater part of this increase is from the James State Mine, which has now reached the productive stage. The indications are that the State coal-mines accounts will show a satisfactory profit. FREE-OF-INCOME-TAX SECURITIES. By means of redemptions, conversions, cancellations, and renewals a further reduction has been made in these securities, the amount so reduced in the past financial year being £3,265,355, the total holding now standing at £40,990,645. The amount held in 1921-22 was £51,733,405, so that the substantial reduction of £10,742,760 has been brought about. The amount paid for the purchase below par of these securities from the public from July, 1922, to 31st March, 1924, was £695,468, showing a net profit of £21,662. CONTROL OF CREDITS IN AID OF EXPENDITURE. Last session the Public Revenues Act was amended in the direction of providing that the total amount of receipts applied in aid of the gross expenditure of a vote must be limited by the amount of the estimated receipts shown in the estimates. Previously a Department having an excess of receipts was enabled to utilize them to the full extent, thus exceeding the appropriation made by Parliament. The change has improved parliamentary control, and tends to economy. If Departments fail to realize their estimated receipts, the shortage can only be made good either by reducing expenditure or by obtaining parliamentary authority for the deficiency. As a result, some slight alteration has been made in the form of the estimates of expenditure for the current year, in which the amount of expected credits is shown in reduction of the gross estimated expenditure of each vote. The expenditure of a vote must not exceed the net amount, plus the amount actually realized by the credits-in-aid, but may not exceed the amount so appropriated. This means that Parliament authorizes the appropriation of credits-in-aid up to the amount stated in the annual estimates, and that

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expenditure cannot therefore exceed the amount voted, even if credits in excess of the estimate are received. INSURANCE OF PUBLIC BUILDINGS. The claims against the Fire Insurance Fund for 1923-24 were £14,018, as against receipts amounting to £.12,503, thus reducing the balance of the fund from £46,825 at Ist April, 1923, to £45,310. The fund was established in 1913 for the purpose of the rebuilding or restoration of public buildings destroyed or damaged by fire. The receipts were the annual contribution of £10,000 from the Consolidated Fund, and £2,503 interest credited by the Public Trustee. The large number of fire losses in respect of school buildings accounted for £12,490 of the claims, and only £1,528 was required for other buildings. DEPARTMENTAL BALANCE-SHEETS. Owing to the early closing of the session last year a sufficient number of departmental balance-sheets in commercial form was not available for presentation before the House rose. These, however, are being submitted to honourable members this session, and similar accounts for the year ended 31st March, 1924, will be laid before you later. The publication of these balance-sheets has resulted in improved methods being adopted for the recording of assets and their disposition, and a more clearly defined procedure as regards the charging of expenditure against either capital or revenue. The examination of these accounts has also ensured that no losses are written off unless parliamentary authority is obtained. This reform is having a marked effect on the control of expenditure, Departments now being faced with the results of their estimates and decisions. Parliament, with these balance-sheets before it, should be in a better position to ensure effective results from the expenditure it authorizes. PUBLIC DEBT. Gross. Sinking Funds. Net Debt. £ £ £ 31st March, 1922 219,054,385 10,655.394 208,3«8,991 31st March, 1923 218,953,324 11,879,256 207,074,068 31st March, 1924 221,616,361 12,974,028 208,642,333 In 1922-23 the net debt showed a decrease of £1.324,923, notwithstanding the fact that £5,234,818 had been borrowed and expended for public works and other purposes. I have pleasure in recording that the operations of the year 1923-24 disclose a somewhat similar result. The sum of £2,679,450 was loaned out of the accumulated surpluses and other accounts to the State Advances Office, and as the securities issued by that Office are charged against the debt an increase is therefore disclosed by the accounts. If, however, this amount is excluded the gross debt shows a decrease of £16,413, added to which sinking-fund contributions and accretions amounting to £1,094,772 reduce the net debt by £1,111,185, although £4,600,000 was borrowed for work's and settlement purposes. The debt operations for the year 1923-24 may be summarized thus : — £ Gross debt, 31st March, 1924 .. .. .. 221,616,361 Accrued sinking fund .. .. .. 12,974,028 Net debt at 31 st March, 1924 .. .. 208,642,333 Less increase in State Advances debt .. 2,679,450 Net debt at 31st March, 1924 .. .. 205,962,883 Net debt at 31st March, 1923 .. .. 207,074,068 Decrease in net debt for 1923-24, excluding amount borrowed for State Advances purposes .. £1, 111 , 185

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The amount raised for all purposes, including redemptions, totalled £15,264,502. loans aggregating £12,601,465 being redeemed, £4,656,955 being provided by cash and £7,944,510 by the issue of fresh securities. The amount of £15,264,502 was raised for the following purposes Public Works Fund — £ General Purposes Account .. .. .. 4,000,000 Waihou and Ohinemuri Rivers Improvement Account .. .. .. .. 60,000 Education Loans Account .. .. .. 200 Discharged Soldiers Settlement Account .. .. 37,500 Native Land Settlement Account .. .. 320,000 State Advances Loan Account .. .. .. 2, 600,000* Hauraki Plains Settlement Account .. .. 80,000 Rangitaiki Land Drainage Account .. .. 52,000 Swamp Land Drainage Account .. .. .. 63,000 Samoan Loan .. .. .. .. .. 8,000 7,220,700 For redemption of loans .. .. .. 7,941,080 For charges and expenses of redemptions .. 102, 722 Total borrowed .. .. .. £15,264,502 * Does riot include charges and expenses of raising loans. Redemptions and Renewals. The loans which matured during the year amounted to £13,570,015, to which must be added £5,560 matured loans for which debentures had not been presented Tip to the 31st March, 1923, making a total of £13,575,575. Of this sum, securities amounting to £7,173,675 were redeemed (not including redemption of Imperial funded debt), and £6,397,965 renewed at rates of interest varying from 4 to 5 per cent., leaving £3,935 unpresented. In addition to the redemption of securities at maturity—viz., £7,173,675— other securities totalling £5,427,790 were redeemed as under: — In terms of section 24 of the Finance Act, 1921-22 £ (before maturity) .. .. .. .. 5,134,826 Funded debt .. .. .. .. .. 292,964 £5,427,790 making a total of £12,601,465 paid off from the Loans Redemption Account and surplus revenue, as follows : — Transfers from— £ Ordinary Revenue Account .. .. .. 1,367,401 Ordinary Revenue Account (for funded debt) . . 292,964 Public Works Fund .. .. . . 500,000 Electric Supply Account .. .. .. 31,400 Land for Settlements Account .. .. 47,550 Discharged Soldiers Settlement Account .. 3,100 War Expenses Account .. .. .. 2,212,840 Sinking funds set free .. .. .. 201,700 Debentures redeemed by issue of securities.. .. 7,944, 510 £12,601,465

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Subdivision of Debt. The gross debt at 31st March, 1924, may be subdivided as under : — Public debt— £ £ Ordinary debt .. .. .. 117,290,539 Discharged - soldiers settlement (including purchase of estates) .. .. .. .. 9,791,116 War debt .. .. .. .. 77,434,184 State Advances purposes .. 4,458,122 State Advances debt (incurred prior to 1913) .. .. 12,642,400 —— 17,100,522 £221,616,361 Distribution op Debt and Annual Charges The debt at the 31st March, 1924, was held as under : — Gross Annual Amount. charge _ Held in— £ £ New Zealand .. .. 104,632,868 4,554,057 Australia .. .. .. 2,106,600 86,828 London .. .. .. 114,876,893 4,977,563 £221,616,361 9,618,448 Annual sinking funds .. .. .. 739,442 Repayment of Imperial funded debt .. 307,718 Total gross charge .. ' .. 10,665, 608 Estimated recoveries from trading and other accounts .. .. .. .. 2,108,111 Net annual charge at 31st March, 1924 £8,557,497 War Debt. By the purchase of free-of-income-tax securities, the application of capital repayments to redemption purposes and Imperial debt repayments, the net war debt shows a reduction during the past three years of £6,279,673 The reductions represent a decrease in the annual interest and sinking-fund charges of £160,276. Year ended Gross Sinking Fund Net Decrease in 31st March. War Debt. accrued. War Debt. Net Debt. 1921 .. 81,538,570 2,507,165 79,031,405 1922 .. 81,843,543 3,451,107 78,392,436 638,969 1923 .. 80,563,885 4,160,066 76,403,819 1,988,617 1924 .. 77,434,184 4,682,452 72,751,732 3,652,087 Total reduction in net war debt .. £6,279,673

i v _B. 6.

8.—6.

Accrued Sinking Funds. The sink'ng funds accrued are, — £ Public-debt extinction .. .. .. .. 2,961,289 War loans .. .. .. .. .. 4,082,452 Naval defence. . .. .. .. .. 1,017,144 State Advances Office .. .. .. .. 1,834,680 State-guaranteed advances— (Lands for Settlement Branch) .. .. 1,117,328 State-guaranteed advances—(Other branches) .. .. .. ■.. 19,317 Local bodies' loans .. .. .. .. 799,601 Old War and Defence Loans .. .. .. 192,691 New Zealand Loans Act, 1863 .. .. .. 2,207 State coal-mines .. .. .. .. 35,407 Westport Harbour .. .. .. .. 303,230 Nauru and Ocean Islands Account .. .. 7,227 Samoan Loan Account .. .. .. .. 1,455 £12,974,028 Assets. The following State assets and capital expenditure may be set off against the debt:— Interest-bearing— £ Advances made by Treasury (Schedule I) .. .. .. .. .. 21,964,675 Bank of New Zealand shares, nominal value .. .. .. .. .. 1,500,000 Cash in the Public Account and in the hands of officers of the £ Government* .. .. .. .. .. 3,264,287 Less liabilities outstanding, 31st March, 1924 .. .. 1,780,503 1,483,784 Crown lands—Estimated value (including settlement lands, Native lands, and education reserves) .. .. .. .. .. .. .. 29,620,060 Electric-power supply and development (capital cost).. .. .. .. 2,923,853 Investments of cash balances (Schedule II)* .. .. .. .. .. 6,430,685 Land-drainage schemes .. .. .. .. .. .. .. 1,363,900 Nauru and Ocean Islands .. .. .. .. .. .. .. 6C0,000 New Zealand Consols—lnvestments and cash .. .. .. .. 475,992 Railways (capital cost —including unopened lines and assets taken over from provinces) .. .. .. .. .. .. .. .. 48,265,377 Reserve fund securities, at cost .. .. .. .. .. .. 2,000,000 Sinking funds accrued .. .. .. .. .. .. .. 12,974,028 State advances —Mortgages and property held .. .. .. .. 22,007,586 State coal-mines .. .. .. ~ .. .. .. .. 227,600 Telegraph extension (capital cost) .. .. .. .. .. .. 6,219,411 Westport Harbour works, dredging-plant, &c. —Estimated value of assets taken over 800,000 £158,856,951 Not directly Interest-bearing— £ Lighthouses, harbour-works, &c. .. .. .. .. .. 1,194,893 Pubic buildings (including school buildings) .. .. .. .. .. 10,515,970 Recoverable advances (to other Governments and in respect of silver and bronze coin) .. .. .. .. .. .. .. .. 65,598 Samoan Crown Estates—Estimated value (pending complete valuation) of late enemy property taken over in Samoa .. .. .. .. .. 500,000 State forests —Estimated value of forests, reserves, plantations, and nurseries .. 37,000,000 Tou.ist and health resorts.. .. .. .. .. .. .. 336,880 £49,613,341 Indirectly Productive— £ Development of mining .. .. .. .. .. .. .. 882,975 Immigration .. .. .. .. .. .. .. .. 2,689,075 I.ligation and water-supply .. .. .. .. .. .. 493,217 Lands improvement .. .. .. .. .. .. .. 195,505 Roads (including roads on Crown lands) .. .. .. .. .. 16,001,855 Timber-supply, sawmills, &c. .. .. .. .. .. .. 34,706 Waihou and Ohinemuri Rivers improvement .. .. .. .. 380,695 £20,678,028 Total .. .. .. .. ..f£229,148,320

* Does not inolude local bodies', deposits funds, sinking funds, Loans Redemption Account, or New Zealand Consols Account. t Stores and supplies on hand not included.

XXVI

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Advances made by Treasury: Schedule I. £ Mining .. .. .. .. .. .. .. .. .. 46,481 Kauri-gum .. .. .. .. .. .. .. .. .. 75,000 Loans to employers for workers' dwellings .. .. .. .. .. 3,620 Loans to local bodies (annual interest receivable £85,000, capitalized at 4 per cent.) .. 2,125,000 Samoa (loan) .. .. .. .. .. .. .. .. 95,000 Repatriation (advances outstanding 31st March, 1924) .. .. .. .. 579,674 Discharged soldiers settlement— £ Balance on mortgage .. .. .. .. .. .. 17,805,900 Securities acquired by the Crown and in course of realization .. .. 1,234,000 19,039,900 £21,964,675 Investments of Qash Balances of Public Account, : Schedule 11. £ Ordinary Revenue Account .. .. .. .. .. .. .. 3,074,337 State Forests Account .. .. .. .. .. .. .. 144,700 State Coal-mines Account .. .. .. .. .. .. .. 20,000 Public Works Fund (General Purposes Account) .. ... .. .. .. 150,000 Railways Improvement Authorization Act 1914 Account .. .. .. .. 821,000 Electric-supply Account .. .. .. .. .. .. .. 1,053,008 Cheviot Estate Account .. .. .. .. .. .. .. 202,640 General Purposes Relief Account .. .. .. .. .. .. 23,500 Education Loans Account .. .. .. .. .. .. .. 41,100 War Expenses Account .. .. .. .. .. .. .. 87,760 Land Assurance Fund Account .. .. .. .. .. .. 73,890 Main Highways Account Revenue Fund .. .. .. .. .. 237,000 Land for Settlements Account .. .. .. .. .. .. 100,000 National Endowment Account .. .. .. .. .. .. 75,000 National Endowment Trust Account .. .. .. .. .. .. 7,000 Discharged Soldiers Settlement Account .. .. .. .. ~ 68,500 Discharged Soldiers Settlement Loans Act 1920 Depreciation Fund Account . . 211,250 Nauru and Ocean Islands Account .. .. .. .. .. .. 40,000 £6,430,685 PUBLIC-DEBT EXTINCTION. The cost of the public debt is an outstanding problem in every country, especially in those that have war debts, the charges and repayment of which must be met out of revenue. A reduction in the charges of the debt lightens the annual burden and should be coincident with a reduction in taxation. In Great Britain since the Armistice there have been some very substantial surpluses—viz., £45,700,000 in 1921-22, £101,500,000 in 1922-23, and £48,000,000 in 1923-24. The British Government has steadily adhered to the application of surpluses for debt-reduction. New Zealand being in process of development and therefore a borrowing country, the Government thought it better to use the surpluses for revenue-earning purposes in the way of development rather than for reduction of debt. It is intended to proceed with the Public Debt Extinction Bill introduced last session, but which was, in view of the great importance of the proposals it contained, held over to afford honourable members ample opportunity to make themselves thoroughly familiar with its provisions. The Bill proposes to substitute a regular and definite programme for reducing the public debt, instead of continuing to pile up an asset of funds which is not readily available, and which eventually may occasion financial embarrassment. The safe-keeping of the accrued sinking funds is adequately provided for. They will be preserved intact, but the interest they earn is to be added to other funds available for public-debt reduction, and will be applied annually to that purpose and no other. There is nothing in the Bill which will prevent the continued application of surplus revenue to debt-reduction purposes for which provision was made in section 24 of the Finance Act of 1921-22. •" ' ; v ;

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FUNDED DEBT. Payments amounting to £1,651,930 have been made during 1923-24 in respect of £27,532,164, loans advanced by the Imperial Government, and which were funded in terms of the agreement dated 6th September, 1922. The half-yearly payments represent both principal and interest, and the following table shows how the debt has been reduced to £27,098,029 at the 31st March, 1924:—

The sum of £20,000 has been received from the Imperial Government, being proceeds of sale of materia] when the battle-cruiser H.M.S. " New Zealand " was broken up. As the original funded debt includes an amount of £963,131, part of the Naval Defence loan raised for the purpose of building this battle-cruiser, it is proposed to apply the £20,000 towards reducing the debt. A further sum of £180,000 has been received from the Public Trustee on account of sinking fund on the same loan, so that a total of £200,000 will be utilized for further reduction of the Imperial funded debt. In terms of the agreement the New Zealand Government has the right at any time, on giving three months' notice, to repay at par any part of the principal. Any such repayment, however, does not affect the amount of the total annual payment of £1,651,930, which continues unchanged until the whole of the principal is repaid, but the outstanding debt is reduced by each repayment. There is a possibility that I may be able to arrange a reduction in the annual charges as interest rates become easier. LOANS FALLING DUE. Loans falling due during the seven years ending with the year 1931, excluding Imperial debt repayments, are, —

BANK OF NEW ZEALAND. The following dividends were received from the Bank of New Zealand during the year 1923-24 :— £ Preference " A " shares (£500,000) .. .. .. 50,000 Preference " B " shares (£625,000) .. .. .. 62,500 £112,500 On the Ist October, 1923, the bank increased its share capital by £1,125,000. In terms of section 12 of the Bank of New Zealand Act, 1920, one-third of the new issue was in preference "B " shares, over which the Government had the first option of purchase.

Instalment paid. Interest. Principal. Balance of Debt outstanding. st December, 1922 st June, 1923 st December, 1923 £ 684,794 681,282 677,684 £ 141,171 144,683 148,281 £ 27,390,993 27,246,310 27,098,029

Year ending 31st March, London. Australia. New Zealand. Total. 1925 1926 1927 1928 1929 1930 1931 £ 327,000 80,000 3,900 £ 312,200 18,550 775,100 185,100 £ 11,252,307 14,144,746 3,838,480 6,086,816 9,305,485 5,545,854 7,668,970 £ 11,891,507 14,243,296 4,617,480 6,271,916 9,318,485 35,639,633 7,728,370 13,000 30,093,779 59,400 £30,517,679 £1,350,350 £57,842,658 £89,710,687

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Authority was obtained in section 8 of the Finance Act, 1923, to purchase 375,000 preference " B " shares at par out of the Consolidated Fund, and part of the accumulated surpluses was used for the purpose. This brings up the total holding of " B " preference shares to 1,000,000, which at present market-price equals a value of approximately £2,600,000. The total amount of cash invested, in Bank of New Zealand shares is now £1,250,000, and the Government holdings are, — £ 500,000 preference " A " shares, nominal value £l 500,000 1,000,000 preference "B " shares, nominal value £l 1,000,000 1,500,000 £1,500,000 If the bank's profits continue at present rates, the total shares "A" and "B" will earn an annual dividend of £162,500 —an increase of £50,000 over the dividend paid on the holding prior to the acquisition of the new shares last year. PUBLIC SERVICE. For some time past the question of generally extending the fortnightly payment of salaries and wages of State employees to the whole of the Public Service has been under consideration. This system has already been introduced in several branches of the Service, notably the Government Railways, Post Office, and Government Printing Office, but its extension had to be delayed on account of the increased administrative cost involved. It has now been decided to generally adopt the bi-monthly system, a concession which will doubtless be appreciated by the lower-salaried employees. STORES CONTROL BOARD. The total expenditure on stores for the year was, in round figures, £4,080,000. With the exception of a few small lines urgently required, tenders or quotations were invited for the whole of the stores purchased. The standardization of stores in common use by Departments has been proceeded with, and general contracts for the standardized article or line have been arranged with satisfactory results. It is found that merchants and manufacturers are prepared to quote exceptionally good terms and render the best service to a central authority which can make binding contracts on behalf of the whole of the Government Departments. The Board's effort in this direction has been fimited by a continuance of unstable markets, but the policy will be steadily pursued and extended as opportunities arise. The disposal of surplus and obsolete stores has been reviewed and placed on a much more satisfactory basis. Departments are now required to obtain the Board's authority before effecting a sale. In practically all cases an expert valuation is made, and the Treasury and Audit are advised of the prices fixed. SHIPPING CHARGES. The method of shipping material and stores for Government Departments from the United Kingdom has been reviewed and reorganized. As the result of an agreement arrived at with the shipping companies an annual saving in freight charges of about £5,000 has been effected. It is estimated that the action which is now being taken in connection with the marine insurance cover on such material and stores will further reduce the total cost of imported goods by not less than £2,000 annually. DISTRICT TREASURY OFFICES. In accordance with the policy announced in 1920, District Treasury Offices have now been established in Auckland, Christchurch, and Dunedin. The ability to settle claims locally without delay is proving a distinct advantage to the Government and a convenience to the public. A concurrent audit is in operation in these offices. The establishment of these offices renders it necessary to ask that the imprest for general services should be raised from £100,000 to £150,000. The system

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enables prompt payment of accounts locally, and consequently the State receives the usual trade discounts, the volume of which justifies the enlarged cash advance. The amount of the present imprest was fixed in 1916, when the Treasury Cashier at Wellington was practically the sole imprestee for general payments. EXCHANGES. The present cost of transferring money from the United Kingdom to New Zealand is tending to create social and economic difficulties, particularly affecting our producers, who are subject to a heavy impost by the high " selling " rate in London. The set-off in the shape of an easy " buying " rate is of doubtful utility, as it tends to encourage over-importing and to have a detrimental effect upon our secondary industries. The matter of exchange was considered at the recent Imperial Conference, when the highest experts examined proposals for surmounting the difficulties. The danger of adopting palliatives that, however advantageous they may be temporarily, might lead to other anomalies was recognized, and the Conference adopted the suggestion that the respective countries should establish central or federal banks, and by clearing and co-operation bring about an easing of the position. The traders in Great Britain have recently taken the matter up again, and I shall be glad to assist in any step that will lead to an exploration by the Governments concerned as to the actual causes of the abnormal position, now obtaining, upon which experts do not seem to agree. The Imperial Economic Conference adopted and endorsed the following resolution submitted to them by the Committee on inter-Imperial exchanges: "That, arising as they do from the suspension of an effective gold standard, the difficulties of inter-Imperial exchange will disappear when the currencies of Great Britain and the Dominions affected are again made convertible into gold." THE IMPERIAL ECONOMIC CONFERENCE. The Imperial Economic Conference which was held last year, commencing on the Ist October, was of great importance in itself, but the results so far as they have gone have been very disappointing. lam referring particularly to the subject of Empire preference, which was the principal business dealt with on the economic side of the Conference. Ido not think any one who has looked into this question can come to any other conclusion than that a well-thought-out scheme of preference as between British countries would be of immense benefit to the whole Empire ; and by " preference " I mean a drawing-nearer commercially and industrially of the nations within the Empire for their mutual benefit and advantage, and at the same time the strengthening of Imperial ties. I have no hesitation in saying that with the encouragement given by a reasonable policy of preference, in a comparatively short period the Dominions would be able to produce practically all the commodities which the United Kingdom requires, but which it cannot produce for itself. By such a policy the sparsely peopled territories of the Empire would gradually be brought into use and occupation, and become the homes of numbers of British citizens, who would otherwise be attracted to countries not under the British flag. Other countries could take no exception to such an arrangement, because they are most of them doing something of the sort for themselves. A policy of preference would undoubtedly increase inter-Imperial trade, increase production, and increase the demand for labour. Surely it is in the interest of British citizens to develop trade within the Empire rather than trade without the Empire. I do not say that we should have no dealings with people outside the Empire —that would be absurd ; but I do say that the encouragement of our own industries and the development of our own resources should be our first consideration. THE MORATORIUM. ', ; The effects of the post-war boom have not entirely disappeared. A number of people who bought land at prices beyond its value and left a very large proportion of the purchase-money on mortgage find, now that prices of most of the primary products have fallen somewhat, serious difficulties in paying their way and making ends meet. The problem of enabling such people to regain their financial stability is one not easy of solution, though in many deserving cases where the mortgagor is an industrious and energetic man mortgagees have met the

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difficulty by accepting a share of the responsibility and writing off part of the indebtedness. This is the proper thing to do. Unfortunately, there are sometimes faults on both sides, and it becomes impossible to make any arrangement to which both parties will agree. The Government has assisted and will assist struggling settlers wherever it is possible to do so, but it cannot encourage breaches of agreements lawfully entered into. There is some satisfaction, however, in knowing that these difficulties are gradually adjusting themselves and that on the whole production is being well maintained. The Mortgages Extension Act will cease to operate on the 31st December next. Under this Act the mortgagee can apply to the Supreme Court for exemption from the restrictions on the enforcement of his rights, and the Court, having considered the effect of continuance on the security, the ability or otherwise to redeem, and the question of hardship generally, is empowered to grant relief under special circumstances. The legislation just introduced will, if passed, have the effect of putting the law the other way about, so that the mortgagor may go to the Supreme Court, and, where he is able to prove to the satisfaction of the Judge in Chambers that actual hardship will otherwise ensue, the Court will be empowered to grant a limited extension. Otherwise the moratorium will be lifted as from the Ist January, 1925. REDUCTION IN TAXATION. The all-important question of taxation has continued to receive careful and detailed consideration. In pursuance of the policy the Government has adopted, of gradually reducing taxation as conditions permitted, you will again be asked to approve of further remissions. These will be adjusted in such a manner as to give Jbhe greatest relief to all classes of the community, and at the same time to stimulate the productive powers of the Dominion. On the present basis of taxation the revenue for the current year would probably produce £28,857,620, whilst the expenditure is estimated at £27,505,060, leaving a credit balance of £1,352,560. The remissions granted last year are valued at £l ,200,000, and this year, after providing for interest and debt-reduction charges, as well as for the efficient and economical administration of Departments and services, I hope to be aide to ask Parliament to reduce the burden of taxation by about £1,000,000, particulars of which will be supplied in the legislation dealing with the subject. I must, however, again remind those who, indifferent as to cost, and unable to say where the money is to come from, clamour in one voice for increased expenditure and a reduction in taxation that they cannot have both. I quite recognize that, as the population grows and the national wealth increases, the expenses of Government, no matter how economically administered, must expand, but that expansion must not be greater than the increase in income. There should be a sufficient margin to ensure safe finance and to provide some contribution towards reducing the dead-weight of our war debt—one of the best means of easing the taxpayer. PROGRESS OF THE DOMINION. It is now opportune to review the decade that has just passed and note the progress made by the Dominion. The period covers the Great War, on account of which, both during its continuance and since, the Dominion has passed through greater economic difficulties than ever before in its history. The position to-day will be seen from Table No. 7, which accompanies this statement. Such progress as is evidenced by the various figures given could not have been achieved without prudent and careful administration. During the period the population has increased by 18 per cent. The total trade, which per head of population is the highest in the world, increased by £50,271,277, or 110 per cent. Export of wool increased in volume 17 per cent, and in value 35 per cent.; frozen meat, 18 per cent, in volume and 103 per cent, in value; butter, by 236 per cent, in volume and 418 per cent, in value; cheese, by 136 per cent, in volume and 288 per cent, in value. In addition to encouraging the primary industries the Government has not been unmindful of the smaller industries. The exports of apples increased in volume by 295 per cent, and in value by 512 per cent., whilst in the case of honey the increase in volume was 375 per cent., and in value 624 per cent. Every assistance is being given to these producers to establish an export market for their commodities. The total exports for the

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year ended 31st March, 1914, were £23,471,246, but for the year ended 31st March, 1924, they were no less than £51,652,606 —an increase of £28,181,360, or 120 per cent. These figures are a tribute to the productivity of New Zealand, and also an indication of the increasing prosperity of its people. The solicitude of the Government is borne out by the greatly increased social services afforded, as evidenced by the expenditure for education and public health, and in free pensions. The salaries and wages of public employees have increased from an average of £162-40 to £245-744. New Zealand has led in the rein traduction of the penny post, and increased facilities are being provided for every section through the Post and Telegraph Department. There are now 4,174 more miles of telegraph and telephone lines than in 1914, being an increase of 27 per cent, during the period, and telegraph and telephone wire used increased by 156,990 miles, or 127 per cent. In 1914 there were 37,486 telephone subscribers, as compared with 85,031 in 1924 —an increase of 47,545, or 127 per cent. The progressive policy pursued in opening up the country and improving the means of communication is confirmed by the expenditure on roads and bridges, which in 1914 was £353,836, while in 1924 it was £749,737, being an increase of £395,901, or 112 per cent. During the decade 229 miles of water-races for irrigation purposes have been constructed, representing an increase of 276 per cent, on that in existence in 1914. The area of swamp land drained through the Government drainage operations was increased from 42,220 to 180,335 acres, representing an addition during the period of 138,115 acres, or 327 per cent. BRITISH EMPIRE EXHIBITION. The British Empire Exhibition at Wembley, which was opened in May last by His Majesty the King, affords striking proof of the Empire's capacity to become self-supporting without recourse to foreign countries. Some disappointment has been expressed with the exhibits in the New Zealand Court — apparently the Exhibition was opened before the buildings were completed, and before all the Dominion exhibits had arrived. Great improvements have since been effected in our court, and recent visitors have expressed "themselves very favourably, especially with regard to the excellence of the display of refrigerated products. The New Zealand Court is now thoroughly representative of our most important industries, and honourable members can rest assured that no effort is being spared to see that New Zealand's display is worthy of the Dominion. ESTIMATES OF REVENUE, 1924-25. I estimate the revenue under the main headings of each of the principal Departments at— £ Customs .. .. .. .. .. 7,350,000 Beer Duty .. .. .. .. .. 630,000 Stamp and Death Duties .. .. .. 3,310,800 Post and Telegraph .. .. .. .. 2,805,000 Land-tax .. .. .. .. .. 1,400,000 Income-tax .. .. .. .. .. 3,700,000 Railways .. .. .. .. .. 7,100,000 Registration and other fees .. .. .. 200,000 Marine .. .. .. .. .. 90,920 Interest on public moneys .. .. .. 1,234,000 Local Bodies' Loans Act, 1908, section 76 .. 23,000 Rents of buildings .. .. .. .. 26,000 Tourist and Health Resorts . . .. . . 45,000 Miscellaneous .. .. .. .. .. 215,000 Territorial ~ .. .. .. .. 197,900 Departmental and other receipts . . 530,000 28,857,620 Less proposed taxation remissions .. 1,000,000 Net revenue .. .. .. £27,857,620

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ESTIMATED RESULT FOR THE YEAR. £ Revenue .. .. .. .. .. 27,857,620 Expenditure .. .. .. .. .. 27,505,060 Leaving for supplementary estimates .. .. £352,560 which, in addition to normal requirements, must cover the increases in pay due to the regrading of public employees' salaries. RESULTS. Consolidated Fund — Ordinary Revenue Account— £ Revenue .. .. .. .. .. 27,960,370 Expenditure .. .. .. .. .. .. 26,148,005 Excess of revenue over expenditure .. .. £l ,812,365 Estimated revenue .. .. .. .. .. £27,969,000 Actual revenue .. .. .. .. .. £27,960,370 £ Revenue greater than in 1922-23 by .. .. .. .. 380,927 Expenditure below that of previous year by .. .. .. 115,755 Balance forward at 31st March, 1924 .. .. .. .. 4,954,714 No revenue Treasury bills outstanding. Transferred from accumulated surpluses to — Public Works Fund .. .. .. .. .. 1,000,000 Education Loans Account .. .. .. .. .. 100,000 Discharged Soldiers' Settlement Depreciation Fund .. .. 50,000 Loans Redemption Account . . .. .. . . 1,367,341 State Advances Office securities .. .. .. .. 2,326,150 Relief from use of accumulated surplus — £ Interest-earning investments produce.. .. .. .. 775,000 Reduced interest and sinking-fund charges .. .. .. 442,000 Total relief to taxpayers .. .. .. £l ,217,000 £ Economy in reduced expenditure since 1922 .. .. .. 2,318,833 Public Works expenditure .. .. .. .. .. 3,749,160 Electric-supply expenditure .. .. .. .. .. 812,975 Savings effected in interest charges through using short-dated bills .. 51 ,700 Profits on sales of British War-loan stock . . .. .. .. 46,424 Purchase of £250,000 of 4-per-cent. stock at £96, saving . . . . 60,000 1924 loan of 4| per cent., £5,000,000 at £95 oversubscribed —low interestrate compared with other similar loans— Purposes— Public works .. .. .. .. . . 3,000,000 State advances .. .. .. .. .. 2,000,000 Immigration system of New Zealand specially favours migration of families. Customs and excise revenue .. .. .. .. .. 7,238,215 Increase in Customs revenue over 1922-23 .. .. .. 1,205,923 £ Exports .. .. .. .. .. 51,652,606 Imports .. .. .. .. .. 44,401,756 Total trade .. .. £96,054,362 Excess of exports over imports £7,250,850

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Inland revenue — £ Land-tax.. .. .. .. .. .. .. 1,426,462 Income-tax .. .. .. .. .. .. 3,781,532 Stamp and death duties .. .. .. .. .. 3,343,781 Commission to investigate land and income taxation appointed. Working Railways— £ Receipts .. .. .. .. .. .. .. 6,984,211 Working-expenses .. .. . . .. . . .. 5,403,766 Net revenue .. .. .. .. £1,580,445 Earned on capital cost, £3 16s. 6d. per cent. Post and Telegraph — £ Receipts .. .. ... .. .. .. .. 2,681,240 Expenditure .. .. .. .. .. .. 2,117,952 Excess of receipts .. .. .. .. £563,288 Post Office Savings-bank— == Number of depositors, 710,157. £ Amount at credit .. .. . . .. . . .. 44,448,444 War-loan certificates redeemed .. .. .. . . .. 1,293,705 Penny postage established. Abolition of war-tax on cable messages. Education expenditure .. .. .. .. .. .. 3,271,781 Expenditure on school buildings, 1923-24 .'. .. .. 295,681 Expenditure on school buildings since 1918-19 .. .. 1,993,985 Defence expenditure —■ New Zealand Military Forces .. .. .. .. 348,632 War expenses (account to be closed this year) .. .. . . 370,496 Naval defence expenditure .. . . . . .. . . 374,966 H.M.S. " Dunedin " (oil-burning cruiser) replaces H.M.S. " Chatham." Repatriation — Total advances since inception .. .. .. .. 2,371,831 Total repayments .. .. .. .. .. .. 1,412,973 Western Samoa trade figures highest recorded. Crown estates offered to public tender. Cook Islands and Niue —Wireless extension. Discharged soldiers settlement — Total advanced in 1923-24 .. .. .. .. .. 1,196,400 Expended for housing, including liabilities from 1922-23 .. 571,000 Receipts . . . . . . . . .. . . . . 1,513,544 Total capital provided for soldiers settlement .. .. .. 26,555,116 State Advances- — Total number of loans granted, 1923-24 .. .. .. 9,648 Amount .. .. .. .. .. .. 8,066,202 Granted for repayment of mortgages from October, 1922 .. 3,584,205 Total advances by Department since 1914 .. .. .. 20,904,311 Housing — Paid out, 1923-24— . T , Amount. Number. „ ;: State advances .. .. .. <• 4,481 3,291,609 Discharged soldiers .. .. .. '"'.'.' 714 571,000 Railways .. .. .. .. .. 64 46,110 5,259 £3,908,719 Total assistance for housing granted from Ist April, 1919, £ to 31st March, 1924 .. .. .. .. .. 18,720,006 Other mortgage advances by lending Departments in last five years .. 13,000,000

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Government life insurance— £ New business .. . . .. . . . . 1,581,722 Total insurance .. .. .. .. .. .. 17,906,612 Triennial valuation shows sound results. Native Department —■ 29,560 acres purchased by Crown ; cost . . . . . . 206,385 Public Trust— Value of estates and funds at 31st March, 1924 ~ .. 32,404,724 Value of estates and funds increased by .. .. .. 3,499,926 Agriculture—■ Value of products exported .. .. .. .. .. 47,747,012 Value of dairy-produce exported .. .. .. .. 18,576,474 Value of wool exported .. .. .. .. .. 15,265,264 Satisfactory increase in cattle and sheep reported. Pensions — Paid in 1923-24 .. .. .. .. .. .. 2,405,221 Annual liability for war pensions .. .. .. .. 1,213,126 Economic pensions payable .. . .' .. .. .. 132,288 Superannuation,— Public Service Fund — Revenue .. .. .. .. .. .. 475,166 Expenditure .. .. .. .. .. .. 300,489 Funds invested .. .. . . . . 2,007,766 RailwaysRevenue .. .. .. .. .. .. 287,150 Expenditure .. .. .. .. .. .. 199,542 Fund.. .. .. .. .. .. .. 671,827 Teachers— Revenue ~ ... .. .. .. .. 214,190 Expenditure .. .. .. .. .. .. 135,164 Fund.. .. .. .. .. .. .. 858,662 Total subsidies paid to the three funds .. .. .. 329,000 National Provident Fund — Contributors, 23,200. Total fund .. .. .. .. .. .. 980,000 Maternity allowances paid .. .. .. .. .. 40,000 Land-settlement — 380,636 acres subdivided into 977 holdings opened for selection. 459,289 acres subdivided into 942 holdings taken up. HealthHospital and charitable-aid subsidies paid .. .. .. 412,945 Mmmg — Value of minerals produced .. .. .. .. 1,118,412 Increase in production of gold and silver bullion of .. . . 162,182 Coal produced, 1,969,834 tons. State collieries output, 1923, 151,403 tons. Free-of-income-tax securities reduced since 1922 by .. .. 10,742,760 Public debtGross debt at 31st March, 1924 .. .. .. ..221,616,361 Subdivided — £ Ordinary .. .. .. 117,290,539 War,j .. .. .. .. 77,434,184 Discharged soldiers settlement .. 9,791,116 State advances .. .. .. 17,100,522 221,616,361 Sinking Funds accrued .. .. 12,974,028 Net debt .. .. £208,642,333

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XXXVI

£ Loans matured, redeemed, and renewed .. .. .. .. 12,601,465 Net war debt reduced by .. .. .. .. .. 3,652,087 Imperial funded debt, annual payment .. .. .. .. 1,651,930 Assets of Dominion valued at .. .. .. .. .. 229,000,000 Bank of New Zealand— Dividend received .. .. .. .. .. 112,500 New shares purchased .. .. .. .. .. 375,000 Shipping charges : Economies effected. District Treasury Offices opened in principal centres. Ten years progress of Dominion — Increase in— Per Cent. Population .. .. . . .. .. 18 Total trade .. .. .. .. .. .. 110 Total exports .. .. .. .. .. 120 Exports frozen meat (volume) .. .. .. 18 Exports frozen meat (value) .. .. .. .. 103 Butter (volume) .. .. .. . . .. 236 Butter (value) .. ... .. .. ..418 Cheese (volume) .. .. .. .. 136 Cheese (value) .. .. . . . . .. 288 Wool (volume) .. .. .. . . 17 Wool (value) . . .. .. . . .. 35 Telephone subscribers . . . . .. .. ..127 Roads and bridges expenditure .. .. . . 112 Irrigation (miles of water-races) .. . . .. 276 Swamp-drainage areas.. .. .. .. .. 327 ESTIMATES AND PROPOSALS, 1924-25. Consolidated Fund — Ordinary Revenue Account — £ Estimated gross revenue .. . . . . .. 28,857,620 Less concessions in taxation .. . . .. .. 1,000,000 Net revenue .. . . .. .. 27,857,620 Estimated expenditure .. . . .. 27,505,060 Available for supplementary estimates .. . . .. .. £352,560 £ Estimated Customs and Excise .. .. . . . . .. 7,350,000 Estimated stamp and death duties .. .. .. .. 3,310,800 Estimated land and income tax .. .. . . .. . . 5,100,000 Preferential tariff amendment to secure greater advantage to British manufacturers. Wheat and oats purchases .. .. .. .. . . 1,250,000 Acceleration of public works and electric supply on developmental lines. Increased activity, electric-supply development. Loan for public works. Commission of experts to investigate railway system. Increased telephone facilities. Further provision for school buildings. Transfer from surplus revenue to Public Works Fund . . . . 1,000,000 Provision for Main Highways Construction Account .. . . 500,000 Local bodies to be empowered to borrow for main highways. Provision for second oil-burning cruiser. War Expenses Account to be closed.

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Repatriation branch to be transferred to State Advances Office. £ Additional grant for deficiency, Western Samoa .. .. .. 6,000 Further capital to be provided for State Advances Office. Housing : Continued assistance to be granted. Superannuation subsidies — Public Service .. .. .. .. .. .. 136,000 Railways .. .. .. .. .. .... 170,000 Teachers .. .. .. .. ... .. .. 68,000 Present cost-of-living bonus to widows and children of deceased superannuitants to be made permanent. Land-settlement, 508,000 acres available. Land-settlement to be actively promoted. Reclamation, of further swamp areas. Irrigation works to be extended. Revaluation discharged soldiers settlement lands to be completed. Increased subsidies for Hospital Boards. Control of credits in aid of votes becomes operative. Improved use of sinking funds by Public Debt Repayment Bill. Estimated reduction in interest and sinking-fund charges .. .. 141,042 Loans falling due, 1924-25, to be provided for .. .. .. 11,891,507 Dividend from Bank of New Zealand shares increased by .. 50,000 Payment of salaries and wages of public servants bi-monthly. Increased General Imprest for Treasury. Moratorium: Legislation to meet hardship at termination. Taxation to be reduced. CONCLUSION. Many suggestions have been made with regard to borrowing a large sum of money for mortgage purposes. It is my duty to point out that this is a matter about which we require to be very careful if we are to maintain our credit in London. The credit of New Zealand stands high at present, but any appearance of recklessness or extravagance in finance would have a very bad effect, and must be avoided by every means possible. Development is going on steadily, and our producers have done wonders during the last two years. Their industry and energy have made New Zealand the most prosperous country in the British Empire, but there are still enormous possibilities in front of us- —new land to be brought into cultivation, and that which is already cultivated made more productive still. Science has done much for the primary industries, but I believe it will do a great deal more in the future. I want particularly to strike a warning note about overborrowing, and in doing so I admit that we cannot go on developing without a certain amount of loan-money, but it has to be remembered that every million borrowed increases the annual charge upon the country and the burdens upon the taxpayer. This is the case whether the money is borrowed by the General Government or the local bodies; the effect is the same. Care should be taken, therefore, to see that borrowed money is, as far as possible, used only for revenue - earning purposes. This is the policy which the Government has followed since the end of the war —that of building up against the public debt a collection of assets which will go a long way towards providing the interest and sinking fund on the borrowed millions ; and I am glad to be able to say that both the values and the earning-power of these assets are steadily increasing. That the operations of countries borrowing are very closely watched by the financial authorities in London is quite evident from what took place quite recently, when a British country asked for a fairly large loan at what seemed a reasonable rate of interest, and the underwriters were left with 85 per cent, of the proposed amount on their hands. Our credit is a most valuable asset, and it requires to be safeguarded accordingly. The year's operations are a proof of the industry and energy of the people of New Zealand, especially of its producers. Economy and self-reliance are qualities

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that should be encouraged and must be observed if the character of the people is to be maintained and the country is to prosper as we hope and believe it will. We are now in a fairly good position. With proper management we should be able to retain our prosperity and keep development going for a long time to come. What we have to avoid is an era of extravagance, of which there are already indications; but I hope the good sense of the great mass of the people will be used to prevent any possibility of the earnings of the community being squandered for unnecessary purposes.

8.—6

TABLES TO ACCOMPANY THE FOREGOING STATEMENT. Page Table No. 1 —Abstract of Receipts and Expenditure of the Financial Year ended 31st March, 1921. See Parliamentary Paper 8.-l [Part I]. Table No. 2. —The Public Debt on 31st March, 1924. See Parliamentary Paper 8.-l [Part lII]. Table No. 3.—Balance-sheets and Statements of Accounts op Government Departments for Year, 1922-23. See Parliamentary Paper ST-! [Part IV]. Table No. 4. —Revenue for the Year ended-3 Ist March, 1924, compared with the Year ended 31st March, 1923 .. .. .. .. .. .. .. .. 2 Table No. 5.- -Statement of the Actual Expenditure of the Consolidated Fund (Ordinary Revenue Account) for the Financial Year ended 31st March, 1921, compared with the Year ended 31 st March, 1923 .. .. .. .. .. .. ..2,3 Table No. 0.— Comparative Statement of the Appropriated and Actual Expenditure of the Consolidated Fund (Ordinary Revenue Account) for the Financial Year ended 31st March, 1924 .. .. .. .. .. .. .. .. .. 4 Table No. 7. —New Zealand.—Statistical Comparisons for a Decennial Period .. .. .. 5 Table No. B.—Education Expenditure—Total Expenditure on Education out of Public Funds since 1911-12 .. .. .. .. .. .. .. .. (i Tables Nos. 9 and 9a. —Statements of the Estimated Liabilities of the Consolidated Fund outstanding on 31st March, 1913 to 1924 inclusive .. .. .. .. .. ..7,8 Tables Nos. 10 and 10a. —Statements of the Estimated Liabilities of the Public Works Fund and other Accounts outstanding on 31st March, 1913 to 1924 inclusive .. .. 9-11 Table No. 11.—Statement showing the Total Ways and Means of the Public Works Fund and the Total Net Expenditure to 31st March, 1924 .. .. .. .. .. 12,13 Table No. 12.—Estimated Expenditure for 1924-25, compared with the Actual Expenditure for 1923-24 .. .. .. .. .. .. .. .. ..14 Table No. 13. —Estimated Revenue for 1924-25, compared with the Actual Revenue for 1923-24 .. 15 Table No. L4.—Statement showing the Amount charged to "Unauthorized" in each Financial Year from Ist July, 1875, to 31st March, 1924 .. .. .. .. ..16 Table No. 15.—Return of Subdivisions of Rural Freeholds in New Zealand from Ist April, 1912, to 31st March, 1924 .. .. .. .. .. .. .. ..17 Table No. 10. —Statement showing the Financial Position of the Dominion on the 31st March, 1924, as compared with the 31st March, 1923 .. .. .. .. ..18-23 Table No. 17. —Statement of Assets held, and Capital Expenditure, as against the Public Debt on the 31st March, 1924 .. .. .. .. .. .. .. 23-24 Table No. 18.—Receipts and Expenditure of Accounts, 1923-24, with Balances at Ist April, 1923, and 31st March, 1924 .. .. .. .. .. .. .. ..25 Table No. 19. —Statement showing how Accumulated Surpluses have been applied .. .. 20

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2

Table No. 4. Revenue for the Year ended 31st March, 1924, compared with the Year ended 31st March, 1923.

Table No. 5. Statement of the Actual Expenditure of the Consolidated Fund (Ordinary Revenue Account) for the Financial Year ended 31st March, 1924, compared with the Year ended 31st March, 1923.

Year ended 31st March, 1921, Year ended 31st March, 1923. Increase. Decrease. Customs Beer duty Stamp and dentil duties Postal and telegraph Land-tax £ 7,238,215 632,094 3,343,781 2,681,210 I.126,462 3,781,532 6,951,469 215,321 90,934 645,892 22,952 26,081 47,103 121,360 222,378 £ 6,032,292 612,128 3,581,291 2,705,03(1 1,541,502 3,831,932 6,719,864 179,033 50,579 1,302,967 22,575 20,346 39,823 93,134 192,186 95,156 559,605 £ 1,205,923 19,966 £ 237,510 23,790 115,040 50,400 'Income-tax Railways Registration and other lees Marine 234,605 36,288 40,355 Interest on public moneys Looai Bodies' Loans Act, 1908, sec. 76 .. Rents of buildings Tourist and Health Resorts Miscellaneous Territorial National-endowment revenue Departmental and other (receipts 657,075 377 5,735 7,280 28,226 30,192 510,556 95.156 49,049 Totals .. .. 1,608,947 1,228,020 1,228,020 27,960,370 27,579,443 380,927

Year ended 31st Marcli, 1024. Year ended 31st March, 1023. Inorease. Decrease. 'ermanent appropriations—■ Civil List Interest Sinking Fund Reduction of Funded Debt Under special Acts— Advances to other Governments .. Butter subsidies Education purposes Endowments Miscellaneous Pensions— Old-age Widows' Military War Miners' Various Salaries and honoraria Subsidies paid to Hospital Boards Subsidies paid to local authorities Subsidies to Superannuation Boards Territorial revenue Transfer to Electric Supply Account Transfer to Westport Harbour Account £ 28,920 7,877,597 711,709 292,571 2,000 96,506 4,832 155,886 732,054 202,364 30,326 1,306,652 32,561 27,672 99,119 412,945 199,820 204,000 16,040 £ 28,833 7,904,260 854,526 141,171 22,693 13,161 90,393 99,229 .167,277 725,039 187,872 34,110 1,471,532 30,876 31,756 96,606 429,444 206,733 154,000 16,518 250,000 17,885 £ 87 151,400 6,113 7,015 14,492 £ 26,663 142,817 20,693 13,161 94,397 11,391 3,784 164,880 1,685 4,084 2,513 16,499 6,913 50,000 17,000 178 250,000 885 12,450,574 12,973,914 233,305 756,645

3

8.—6

Table No. 5— continued. Statement of the Actual Expenditure of the Consolidated Fund (Ordinary Revenue Account) for the Financial Year ended 31st March, 1924, compared with the Year ended 31st March, 1923— continued.

Year ended Year ended 31st March, 31st Maroh, 1924. 1923. Increase. Decrease. innual appropriations— Legislative Departments Treasury Department Land and Income Tax Department Stamp Duties Department National Provident and Friendly Societies Department Working Railways Post and Telegraph working expenses Public buildings .. Government domains Maintenance and improvement of roads Maintenance of irrigation works Native Department Department of External Affairs Cook Islands Department of Industries and Commerce Department of Justice Supreme and Magistrates' Courts Prisons Department Crown Law Office Police Department Pensions Department Minos Department Department of Internal Affairs Audit Department Public Service Commissioner's Office Printing and Stationery Mental. Hospitals Department of Health Naval defence Defence Customs Department Marine Department Department of Labour Department of Lands and Survey Valuation Electoral Agriculture Tourists Education Department lerviccs not provided for £ 51,603 34,077 51,754 67,181 21,383 5,153,141 2,117,952 92,657 4,738 63,158 2,318. 25,846 22,975 17,446 61,818 43,802 90,040 78,4-30 4,021 386,919 100,466 37,661 350,181 18,930 5,877 179,238 253,862 192,066 285,723 348,632 105,569 117,649 39,342 J 154,923 53,348 8,8.11 199,557 60,445 2,604,508 189,384 £ 70,091 33,390 60,268 74,851 19,992 4,946,181 2,112,543 77,875 4,470 55,948 1,345 25,685 19,332 19,732 95,321 4-7,300 95,315 77,301 5,927 377,788 122,453 26,823 344,783 19,599 7,055 175,551 245,206 233,823 211,225 285,113 103,352 117,204 38,096 152,377 36,739 101,320 208,197 59,647 2,514,991 65,637 £ 687 1,391 206,960 5,409 14,782 268 7,210 973 161 3,643 1,129 9,131 10,838 5,398 £ 18,488 8,514 7,670 2,286 33,503 3,498 5,275 1,906 21,987 669 1,178 3,687 8,656 4-1,757 74,498 63,519 2,217 445 1,246 2,546 16,609 92,509 8,640 798 89,517 123,747 13,697,431 13,289,846 655,465 247,880 Total expenditure .. 888,770 1,004,525 888,770 26,148,005 26,263,760 115,755

8.—6

4

Table No. 6. EXPENDITURE. Comparative Statement of the Appropriated and Actual Expenditure of the Consolidated Fund (Ordinary Revenue Account) for the Financial Year ended 31st March, 1924.

Appropriated, Actual, 1923-24. 1023-24. — More. Difference. J.OSS. I Permanent Charges— Civil List Interest Sinking Fund Reduction of funded debt .. .. Under special Acts. . £ £ 28,250 28,920 7,660,111 7.877.597 713,502 711.709 292,562 292,571 3,782,361 3,539,777 £ 670 217,186 £ 1,793 9 212,584 \nnual Appropriations, Legislative Departments Treasury Department Land and Income Tax Department Stamp Duties Department National Provident and Friendly Societies Department Working Railways. . Post and Telegraph working-expenses Public, buildings Government domains Maintenance and Improvement of roads Maintenance of Irrigation Works Native Department Department of External Affairs Cook Islands Department of Industries and Commerce Department of Justice Supreme and Magistrates' Courts Prisons Department Crown Law Office Police Department Pensions Department Mines Department. . Department of Internal Affairs Audit Department Public Service Commissioner's Office Printing and Stationery Mental Hospitals Department of Health Naval Defence Defence Department Customs Department Marine Department Department of Labour Department of Lands and Survey Valuation Electoral Agriculture Tourists Education Department Services not provided for 12,476,786 12,450,574 218,165 244,377 64,247 51.603 32,930 31,077 54,135 51,754 80,758 67,181 22,459 21,383 1,147 12,644 2.381 13,577 1,076 6,050,221 5.153.1II 2,237,731 2,117.952 100,270 92,657 5.612 4,738 80,000 63,158 3,000 "2,318 30,723 25.846 22,139 22,975 18.713 17,446 76,191 61,818 46,132 43,802 96,758 90,040 79,077 78,130 5,477 4,021 402,426 386,919 107,602 100,466 41.601 37,661 354,804 350,181 23,655 18,930 7,81(1 5,877 193,452 179,238 295.606 253,862 269,967 192,066 339,31)7 285,723 376,354 348,632 111.607 105,569 122,997 117,649 39,711 39.342 185,069 I ;,l,923 53,402 53,348 9,021 8,811 257,187 199,557 67,613 60,445 2,640,738 2,604,508 189,384 836 897,080 119,779 7,613 874 16,842 682 4,877 1.267 14,373 2,330 6,718 617 1,456 15,507 7,136 3,940 4,623 4,725 1,933. 14,214 4.1,744 77,901 53,674 27,722 6,038 5,348 369 30,146 54 210 57,630 7,168 36,230 189,384 15,006,592 13,697,431 191,367 1,500,528 109,532 1,744,905 409,532 Totals .. 27,483,378 26,148,005 1,335,373

8.—6

5

Table No. 7. New Zealand.-Statistical Comparisons for a Decennial Period.

Dates or Periods. Unit. Statlsl ilea for lucreasi e. Item. Second Date or Period. First Date or Period. Numerical. Per Cent. Population (inoluding Maoris) At 31st Maroh, 1014 and 1024 No. I,130,071 1,347,754 208,083 IS Total trade Years ended 31st March, 1014 and 1024 Years ended 3.1st March, 1914 and 1024 Years ended 31st March. 1014 and 1024 Calendar years 1013 and 1023 Calendar years 101.'! and 1023 Calendar years 1013 and 1023 Calendar years 1013 and 1023 Calendar years 1013 and 1023 1011 and 1023 .. 1011 and 1023 .. 1013 and 1023 .. 1011 and 1023 .. ION and 1021.. 1011 and 1021 .. Calendar years 1013 and 1023 £ 45,783,085 00,054,302 50,271,277 110 Imports • ■ £ 22,311,839 44,401,750 22,080,017 00 Exports .. £ 23,471,240 51,052,600 28,181,860 120 Exports nl wool Exports ol frozen meat Exports nl' butter .. Exports nf cheese Exports nf apples lb. £ cwt. £ cwt. £ cwt. £ lb. £ No. No. No. No. No. lb. lb. £ 186,533,036 8,057,020 2,578,693 4,449,933 372,258 2,001,051 (il 1,003 1,770,207 1,505,443 12,100 2,020,171 033,733 24,101,810 3-1,S, 754 71,605 1,457,420 204,000 8,536 217,500,001 10,004,058 3,043,010 9.012,030 1,250,140 10,089,200 1,441,460 0,870,307 5,0,50,739 74,408 :;, iso,091 I,248,643 23,081,439 400,88!) 85,861 2,807,340 072,038 25,585 31,033,055 2,847,038 405,217 4,502.007 877,882 8,027,540 820,707 5,100,100 4,445,290 02,248 1,400,523 614,910 — 1,110,371* 52,135 14,250 1,349,017 707,309 22,040 17 35 IS 103 236 418 136 28S 205 512 72 07 —5* 15 20 03 375 024 Cattle Dairy oows Sheep Pigs 11ives of bees Output of honey Exports of honey Industrial manufaoture —' Establishments Employees Wages paid Value of products Values of land, buildings, machinery and plant Length of telegraph and telephone lines Length of telegraph and telephone wire Telephone subscribers [' ► Years ended 31st March, <j 1911 and 1023 J L At 31st Marcli. 1914 and 1924 At 31st March, 1014 and 1024 At 31st March, 1014 and 1024 At 31st Marcli, 1914 and 1924 Years ended 31st March, 1014 and 1024 At 31st March, 1914 and 1024 At 31st March, 1014 and 1924 No. No. £ £ £ 3,524 17,63] 5,572,270 31,720,002 10,731,359 4,250 04,233 11,540,140 73.853,423 44,219,125 735 10,002 5,970,870 42,124,421 27,487,760 21 35 107 133 104 miles 15,558 10,732 4,174 27 miles 123,700 280,780 150,000 127 No. 37,486 85,031 47,545 127 Railways miles 2,854 3,053 100 7 (loverninent expenditure on roads and bridges Government water-races for irrigation purposes Area of swamp drained h}' Government £ 353,830 740,737 305,901 112 miles 83 312 229 270 acres 42,220 180,335 138,115 327 * Dccrci ISC.

8.—6,

6

Table No 8. EDUCATION EXPENDITURE. Total Expenditure on Education out of Public Funds, including University, Primary, Secondary, and Higher Education, Technical and Special Schools.

The following amounts were also paid out of the Government Fire Insurance Fund for rebuilding school buildings destroyed by fire : — £ 1916-17 .. .. .. -• ..2,127 1917-18 .. .. .. .. ..2,658 1919-20 .. .. .'. .. '.. 15,682 1920-21 .. .. .. .. ..16,162 1921-22 .. .. .. .. .. 27,103 1922-23 .. .. .. .. .. 8,542 1923-24 . . .. .. .. . . 12,490

Consolidated Eui id. Loan-monei of School and Res y: Erection Buildings ddonces. Per Head of Mean .Population. Spec ial Aots. AdministraNational tion: Endow- Vote, ment Education. Revenue. Salaries and other Chargos. Revenue from Subsidies to Teachers' Superannuation h'und. I 'ublic Works Fund. Education Loans Account. 'To lal. Reserves. i [911-12 L912-13 1913-14 [914-15 1915-16 1916-17 1917-18 1918-19 1919-20 1920-21 1921-22 1922-23 L923-24 £ 27,257 29,034 27,742 26,128 16,874 58,408 59,362 57,716 79,747 101,972 96,217 90,393 96,506 £ £ 43,656 1,012,048 41,589 1.084,042 50,681 1,131,756 55,139 1,207,983 64,858 1,329,166 60,180 1,406,264 70,345 1,511,256 76,177 1,602,995 78,988 2,031 ,'825 70,313 2,460,116 71,737 2,580,562 66,610 2,514,991 77,788 2,604,-508 £ 53,832 64,173 71.808 70,802 84,390 90,535 90,518 92,095 99,352 100,758 105,448 112,378* 116,808* £ 7,000 17,000 17,000 17,000 17,000 17,000 17,000 43,000 43,000 43,000 43,000 68.000 68,000 £ 89,535 105,000 121,954 122,940 97.972 70.367 63,082 115,656 195,500 244,722 2,469 £ £ 1,233,328 1,340,838 1,420,941 1,499,992 1,640,260 1.702,754 1,811,563 1.987,639 2,528,412 3,235,452 3,462.844 3,214,348 3,259,291 S s. d. 1 3 J J 4 6 I 5 3 1 6 2 1 8 6 1 9 8 1 11 5 1 14 1 2 1 10 2 11 8 2 13 10 2 9 2 2 8 11 214,571 563,111 361,976 295,681 * Net revenue after d leducting exj penses and cost of colic iction.

7

B.—C

Table No. 9. Statement of the Estimated Liabilities chargeable on the Consolidated Fund (Revenue Account) outstanding on the 31st March, each Year from 1913 to 1924.

1913. 1914. 1915. 1916. 1917. 1918. 1919. 1920. 1921. 1922. 1923. 1924. £ £ £ £ £ ! Revenue Account. £ £ £ £ £ Permanent Appropriations, — Civil List Under Special Acts of the Legislature Pensions £ £ 208 2,518 228 144 3,200 84 54 ' 14,937 8,615 15,508 1,013 2,351 68 .. 73 .. 270 j 15,233 8,759 18,781 1,097 : 2,675 24 2,746 312 ... 148 4,739 7,168 498 594 I 5,237 7,910 232 186 | 37,669 27,710 413 243 185 13,667 2,756 - 2,726 3,082 38,314 28,139 3,856 439 j 3,981 3,914 182,645 195,627 115,335 97,079 16,608 Annual Appropriations,— Legislative Departments Departments of Minister of Finance* Working Railways Post and Telegraph Department Public Buildings, Domains, Maintenance of Roads, and Maintenance of Irrigation Works Justice Departmentf Mines Department Internal Affairs Department* Defence Departments Customs Department ... Marine Department Labour Department Lands Department Agriculture Department|| Education Department- .. .. .. Valuation and Electoral Departments!! 104 182 150,514 58,832 J 3,487 t 3,516 12,179 62 10,969 12,959 152 217 400 84 956 593 ■ 897 393 1,589 7,708 136,909 157,575 113,679 129,112 136,976 63,566 79,467 63,474 65,245 81,068 1,719 9,195 6,281 4,964 I 6,099 ; 6,156 3,435 5,877 |J 14 > 4bd 8,884 6.707 7,044 6,863 ! 10,227 8,659 6,847 , 19,065 I 14,656 10,792 19,572 ; 20,796 7,056 25,369 20,409 7,792 | 17,292 1,448 1,234 1,249 3,351 5,144 958 i 33,828 170,311 88,463 11,131 8,692 33,587 20,288 30 1,818 10,992 51,929 262,551 408,363 174,127 125,013 20,400 16,078 J 8,137 20,885 1,300 2,455 j 16,115 32,600 5,-637 6,396 11,364 14,644 13.0J2 ! 14,463 | 1,350 1,358 59,835 27,211 -28,256 12,340 I 349 3,744 263,254 114,961 ! 14,364 ! 11,498 868 29,525 i 28,715 1 2,927 6,119 2,284 4,082 4,487 3,937 4,027 11,385 10,403 8,878 869 466 570 890 1,057 4,066 2,625 1,696 1,915 ! 1,105 8,420 3,134 6,500 4,060 8,016 2,403 13,862 41,060 20,332 j 14,196 447 2,999 50,173 18,585 1,244 362 1,344 829 4,528 2,061 14,988 4,122 11,616 1,471 I 642 2,302 752 5,835 3,123 50,951 9,393 25,963 22,520 2,306 3,052 961 2,686 48,830 22,200 1,897 286,397 j 269,908 327,937 276,982 271,646 319,004 276,982 271,646 319,004 446,825 510,418 702,737 511,478 409,852 547,879 Services not provided for Befunds of Revenue 6 3,873 710,653 549,792 441,864 •• .. •■ Totals •• 336,696 295,763 '[ 272,743 \ 449,907 __ 515,655 564,487 289,123 285,141 321,766 i I "Includes Treasury, Land and Income Tax, Stamp Duties, and National Provident Fund and Friendly Societies Departments. t Includes Native. External Affairs, Supreme and Magistrates' Courts, Prisons, and Police Departments, and Cook Islands. ; Includes Audit, Printing and Stationery, Public Service Commissioner's Office, Mental Hospitals, Pensions, and Health Departments. § Includes Naval Defence. I Includes Industries and Commerce and Tourists Departments. H Previous to 1918-19 Valuation Department was included in Lands Department and Electoral Department was included in Internal Affairs Department.

8.—6

8

Table No. 9a. Statement oe the Estimated Liabilities chargeable on the Consolidated Fund (Revenue Account) outstanding on the 31st Maboh, 1924. REVENUE ACCOUNT. Permanent Appropriations— £ s. d. Civil List... ... ... ■ ... ... ... ... ... 185 8 10 Under Special Acts of the Legislature ... ... ... ... 13,666 18 4 Pensions ... ... ... ... ... ... ... ... 2,756 6 2 Annual Appropriations — Legislative Departments ... ... ... ... ... ... 349 5 0 Treasury Department ... .. ... ... ... ... 919 13 4 Land and Income Tax Department ... ... ... ... ... 1,590 0 1 Stamp Duties Department ... ... ... ... ... ~. 712 14 8 National Provident and Friendly Societies Department... ... ... 522 0 0 Working Railways .. ... ... ... ... ... ... 263,254 0 0 Post and Telegraph Working-expenses ... ... ... ... 114,961 0 0 Public Buildings ... ... ... ... ... ... ... 8,593 0 0 Government Domains ... ... ... ... ... ... 123 0 0 Maintenance and Improvement of Roads ... ... ... ... 4,478 0 0 Maintenance of Irrigation Works ... ... ... ... ... 1,170 0 0 Native Department ... ... ... ... ... ... 250 8 3 Department of External Affairs ... ... ... ... ... 25 0 0 Cook Islands ... ... ... ... ... ... ... 979 0 0 Department of Industries and Commerce ... ... ... ... 40,735 18 10 Department of Justice ... ... ... ... ... .. 1,740 12 7 Supreme and Magistrates' Courts ... ... ... ... ... 1,027 2 5 Prisons Department ... .. ... ... ... ... 4,101 15 ll Police Department... ... ... ... ... ... ... 3,374 8 9 Pensions ... ... ... ... ... ... ... ... 65 12 6 Mines Department... ... ... ... ... ... ... 868 1 3 Department of Internal Affairs ... ... ... ... ... 3,009 16 5 Audit Department ... ... ... ... ... ... ... 260 10 ll Public Service Commissioner's Office ... ... ... ... ... 184 14 8 Printing and Stationery ... ... ... ... ... ... 13,033 10 5 Mental Hospitals .... ... ... ... ... ... 8,176 13 9 Department of Health ... ... ... ... ... ... 4,793 12 2 Naval Defence ... ... ... ... ... ... ... • 22,786 10 5 Defence Department ... ... ... .. ... ... 5,927 18 5 Customs Department ... ... ... ... ... ... 1,150 10 ll Marine Department ... ... ... ... ... ... 2,876 7 1 Department of Labour ... ... ... ... ... ... 961 4 ll Department of Lands and Survey ... ... ... ... ... 2,685 16 4 Valuation... ... ... ... ... ... ... ... 1,873 16 ll Electoral... ... ... .. ... ... .. ... 23 3 7 Agriculture ... ... ... ... ... ... ... 6,344 6 3 Tourists ... ... ... ... ... ... ... ... 1,749 12 5 Education Department ... ... ... ... ... ... 22,199 17 2 Total ... ... ... ... ... ... £564,487 9 8

9

8.-6

2—B. 6

Table No. 10. Statement of the Estimated Liabilities chargeable on the Public Works Fund outstanding on the 31st March, each Year from 1913 to 1924.

1913. 1914. 1915. 1916. 1917. 1918. 1919. 1920. 1921. 1922. 1923. I 1924. Annual Appropriations — Public Works, Departmental Bailways Development of Water-power Irrigation and Water-supply Public Buildings Timber-supply, &e. Lighthouses, Harbour-works, and Harbour-defences Development of Tourist Resorts Immigration Boads Development of Mining Telegraph Extension Contingent Defence Lands Improvement Plant, Material, and Stores Electric Supply £ 567 .. 255,340 80^910 "527 1,791 .. | 162,259 .. 1 .. I 171,297 .. 1,241 I £ £ ■ £ £ £ £ £ 106 1,930 710 1,316 691 973 869 287,777 417,718 293,522 233,271 150,492 229,397 240,240 1,424 681 , 1,360 4,322 235,149 175,041 188,640 150,935 117,774 71,646 64,969 "945 ' 133 i 53 140 56 .. 4,889 1,642 1,217 190 70 4,250 j 187 £ 818,593 3,257 112,904 49 2,182 £ 562 456,402 4,591 56,944 1,734 550 78 £ 513 261,910 3,512 93,346 141 3,918 493 £ 503 269,090 11,257 18,752 865 91 776 226,115 250,196 , 174,220 I 116,564 129,710 156,409 304,313 1,192 500 ! 235,666 247,114 11,468 .. 10,888 15,907 266,273 55 289 .. 113 510 321 204 399 35 7,801 2,980 13.962 38,621 72,898 372 992,098 1,094,961 ' 677,666 506,933 424,834 519,256 954,071 393,226 682 463,843 211,209 385,109 257,731 360,027 142^565 488',989 138,698 1,926 24,498 1J202 16,136 1,166 5,638 Services not provided for Totals 673,932 .. 673,932 1933.434 1,143,603 998,929 939,692 992,098 1,094,961 677,666 ' 506,933 j 424,834 519,256 954,071 1,933,434 1,143,603 998,929 939,692

8.—6

10

Table No. 10— continued. Statement of the Estimated Liabilities chargeable on the undermentioned Separate Accounts outstanding on the 31st March, each Year from 1913 to 1924.

1913. 1914. 1915. 1916. 1917. 1918. I 1919. 1920. 1921. 1922. 1923. 1924. £ Aid to Water-power Works Account .. .. .. 132,162 Cheviot Estate Account .. .. .. .. Discharged Soldiers Settlement Account Education Loans Account Deposits Account (Education Beserves Amendment Act, 1914) Electric Supply Account Government Aocident Insurance Account .. .. .. 293 Government Life Insurance Account .. .. .. 1,257 Hauraki Plains Settlement Account .. .. .. 163 Housing Account Irrigation and Water-supply Account .. .. .. 50 Kauri-gum Industry Account Land for Settlements Account .. .. .. .. 1,196 Land for Settlements Account (Discharged Soldiers Settlement Account) Land for Settlements Account (Opening up Crown Lands for Settlement Account) .. .. .. .. 9,396 Main Highways Account —Bevenue Fund National Endowment Account .. .. .. .. 2,733 Native Land Settlement Account .. .. .. 2,560 Native Trustee's Account .. .. .. ... Nauru and Ocean Islands Account Public Service Superannuation Fund Account Bailways Improvements Account .. .. .. .. 103,233 Bailways Improvement Authorization Act 1914 Account Bangitaiki Land Drainage Account .. .. .. 311 Scenery Preservation Account .. .. .. .. 76 State Advances Account .. .. .. .. .. 470 State Coal-mines Account .. .. .. .. 10,707 State Fire Insurance Account .. .. .. .. 712 State Forests Account .. .. .. .. .. 390 Swamp Land Drainage Account Telegraph Extension Account Waihou and Ohinemuri Bivers Improvement Account .. 8,050 Waimarino Bush-fire Relief Account War Expenses Account Wellington-Hutt Railway and Road Improvement Account .. 7,777 Westport Harbour Account £ £ £ £ 34,964 12,919 22,861 28,778 314 i 279 316 141 448 645 366 348 46 165 101 144 200 6J740 '.'. 188 1,354 738 3,386 3,452 2,452 " i " i 13,566 14,362 : 5,843 I 9,874 468 4,862 . 3,177 1,680 2,568 1,294 I 1,106 433 63,669 .. .. '.. 215,792 97,296 344 118 116 29 131 899 331 ; 361 362 2,045 .. 10,000 1,507 820 1,072 1,069 184 287 153 61 16,138 8,216 4,558 j 283 6,298 '.'. 596.710 916|436 3,415,111 3,679 200 : £ 18,603 219 253 130 311 £ £ £ .". .. 9,510 16,673 102,991 | 355,636 192 273 | 210 460 678 600 371 118 4,211 1,631 8,477 ; 3,761 .. 165 516 526 175 1,565 14,594 193 4,253 £ 1,692 299,214 397 3,741 7,544 982 1,282 6,584 £ £ 393 '.. Ui 9,274 583 ! 344,075 j 37,734 322 I 289 2,011 1,214 4,079 ! 2,741 .. V. 45 5 : 49 826 136 83 47 3 187 1,880 1,611 268 61 515 364 , -389 17 .. 12451 673 1^426 2,m •• 22,870 296 34,692 414 572 10,000 19 125 267 15,734 7,388 189 459 1,081 29 291 708 615 11,000 17,800 22,000 85 314 : 19 60 - .. 5,067 310 163 i 684 11,768 2,768 484 623 22,200 78 4,486 3,453 16,603 22,529 956 594 28 2,636 ■ 4,502 14,540 ! 10,631 15 4,032 3,240 3,409 3,233 8,066 5,415,000 4,853 j 500 1,877 2,696 ! 3,948,625 (2,216,349 603,000 5,298 11,004 1,522 724,278 | 182,409 498 j 526

8.—6

11

Table No. 10a. Statement of the Estimated Liabilities chargeable on the Public Works Fund OUTSTANDING ON THE 31ST MARCH, 1924. 1924. Annual Appropriations— £ a. d Public Works, Departmental .. .. .. .. .. .. 503 0 0 Railway-construction .. .. .. .. .. .. .. 106,064 0 0 Additions to Open Lines .. .. .. .. .. 163,026 0 0 Public Buildings, General .. .. .. .. .. .. 4 ,665 0 0 Courthouses .. .. .. .. .. .. .. .. 302 0 0 Prison Buildings and Works .. .. .. .. .. .. 1,961 0 0 Police-stations .. .. . .. •. .. .. .. 962 0 0 Postal and Telegraph .. .. .. .. .. .. .. 5,673 0 0 Agricultural .. .. .. .. .. .. .. .. 78 0 0 Mental Hospital Buildings .. .. .. .. .. .. 3,023 0 0 Hospitals and Charitable Institutions .. .. .. .. .. 2,088 0 0 Timber-supply, Sawmills, &c. .. .. .. .. .. .. 865 0 0 Lighthouses .. .. .. .. .. .. .. .. 600 Harbour-works .. .. .. .. .. .. .. .. 85 0 0 Development of Tourist Resorts .. .. .. .. .. .. 77600 Roads, &c 140,782 0 0 Roads on Goldfields .. .. .. .. .. .. .. 1,783 0 0 Telegraph Extension .. .. .. .. .. .. .. 488,989 0 0 Lands, Miscellaneous .. .. .. .. .. .. .. 1,166 0 0 Irrigation and Water-supply .. .. .. .. .. .. 11,257 0 0 Plant, Material and Stores .. .. .. .. .. .. 5,638 0 0 Total .. .. .. .. .. .. .. £939,692 0 0

8.—6

12

Table No. 11. STATEMENT showing the Total Ways and Means of the Public Works Fund and the Total Net Expenditure to the 31st March, 1924.

WAYS AND MEANS. Loans:— £ s. d. £ s. <3. Immigration and Publio Works Loan, 1870 .. .. .. 4,000,000 0 0 Immigration and Public Works Loan, 1873 .. .. .. 2,000,000 0 0 Immigration and Public Works Loan, 1874 .. .. .. 4,000,000 0 0 General Purposes Loan Aot, 1873 .. .. .. .. 750,000 0 0 New Zealand Loan Act, 1876 .. .. .. .. .. 750,000 0 0 New Zealand Loan Aot, 1877 .. .. .. •• •• 2,200,000 0 0 New Zealand Loan Act, 1879 .. .. .. .. .. 5,000,000 0 0 New Zealand Loan Act, 1882 .. .. .. .. .. 3,000,000 0 0 New Zealand Colonial Inscribed Stook Loan Act, 1882 .. .. 250,000 0 0 North Island Main Trunk Railway Loan Act, 1882 .. .. 1,000,000 0 0 Now Zealand Loan Act, 1884 .. .. .. .. .. 1,500,000 0 0 New Zealand Loan Aot, 1886 .. .. .. .. .. 1,325,000 0 0 District Railways Purchasing Aots, 1885 and 1886 .. .. 479,487 7 11 New Zealand Loan Aot, 1888 .. .. .. .. .. 1,000,000 0 0 Native Land Purchase Aot, 1892 .. .. .. .. 149,700 0 0 Lands Improvement and Native Lands Acquisition Aot, 1894 .. 500,000 0 0 Aid to Public Works and Land Settlement Aot, 1896 .. .. 1,000,000 0 0 Aid to Publio Works and Land Settlement Amendment Act, 1897 .. 250,000 0 0 Aid to Public Works and Land Settlement Amendment Aot, 1898 .. 500,000 0 0 Aid to Public Works and Land Settlement Act, 1899 .. .. 1,000,000 0 0 Aid to Public Works and Land Settlement Aot, 1900 .. .. 1,011,600 0 0 Aid to Publio Works and Land Settlement Aot, 1901 .. .. 1,250,000 0 0 Aid to Publio Works and Land Settlement Aot, 1902 .. .. 1,750,000 0 0 Aid to Public Works and Land Settlement Act, 1903 .. .. 997,690 0 0 Aid to Publio Works and Land Settlement Act, 1904 .. .. 750,000 0 0 Aid to Public Works and Land Settlement Aot, 1905 .. .. 1,000,000 0 0 Aid to Public Works and Land Settlement Act, 1906 .. .. 989,700 0 0 Aid to Public Works and Land Settlement Act, 1907 .. .. 1,000,000 0 0 Aid to Public Works and Land Settlement Act, 1908 .. .. 1,250,000 0 0 Aid to Public Works and Land Settlement Act, 1909 .. .. 1,000,000 0 0 Aid to Public Works and Land Settlement Act, 1910 .. .. 1,750,000 0 0 Aid to Publio Works and Land Settlement Act, 1911 .. .. 1,500,000 0 0 Aid to Publio Works and Land Settlement Act, 1912 .. .. 1,748,900 0 0 Aid to Public Works and Land Settlement Aot, 1913 .. .. 1,750,000 0 0 Aid to Public Works and Land Settlement Aot, 1914 .. .. 3,000,000 0 0 Aid to Public Works and Land Settlement Aot, 1921 .. .. 5,059,792 0 9 Aid to Public Works and Land Settlement Act, 1922 .. .. 3,000,037 8 11 Finance Aot, 1909 .. .. .. .. .. •• 1,250,000 0 0 Finance Act, 1915, and New Zealand Loans Act, 1915 .. .. 2,000,000 0 0 Finance Aot, 1916 .. .. .. .. .. .. 1,000,000 0 0 Finance Act, 1917 .. .. •• •• •• 850,000 0 0 Finance Aot, 1918 (No. 2) .. .. .. .. .. 2,500,000 0 0 Finance Aot, 1919, Seotion 5 .. .. .. .. .. 750,000 0 0 Finance Act, 1920, Seotion 15 .. .. .. .. .. 2,500,000 0 0 Finance Act, 1921, Section 10 .. .. .. .. .. 2,673,111 10 11 Post and Telegraph Act, 1908 .. .. .. .. .. 200,000 0 0 Midland Railway Petitions Settlement Acts, 1902 and 1903 .. 150,000 0 0 Paeroa-Waihi Railway Act, 1903 .. .. .. .. 75,000 0 0 Waikaka Branch Railway Act, 1905 .. .. .. .. 50,000 0 0 Wellington and Manawatu Railway Purchase Act, 1908 .. .. 1,000,000 0 0 Appropriation Act, 1912 .. .. .. .. .. 15,000 0 0 Irrigation and Water-supply Act, 1913 .. .. .. .. 100,000 0 0 Treasury Bills outstanding at 31st March, 1924 (issued in anticipation of loan) .. .. .. .. .. .. 500,000 0 0 75,075,018 8 6 Receipts in Aid:— Amount transferred from Consolidated Fund .. .. .. 12,805,000 0 0* Contributions of Canterbury Provinoe for Railways .. .. 56,000 0 0 Proceeda of Railway Material handed over to Cook County Counoil 4,963 7 4 Stamp Duties to 31st December, 1876 .. .. .. •• 264,657 16 4 Transfer from Confiscated Lands Liabilities Account .. .. 19,963 1 3 Reoeipts under Section 16 of the Reserves and other Lands Disposal and Public Bodies Empowering Act, 1912 .. .. .. 21,890 4 5 Special Receipts under Section 9 of the Railways Construction Act, 1878 .. .. .. .. •• •• •• 60,616 3 0 Special Receipts under the Ellesmere Lake Lands Acts, 1888 and 1893 f 59,557 14 5 Speoial Reoeipts under the Railways Authorization and Management Aot, 1891 .. . ■ .. •• •• •• 2,257 1 9 Speoial Reoeipts under the North Island Main Trunk Railway Loan Application Aot, 1886 .. .. .. •• •• 114,550 19 6 Sinking FundB released .. .. .. .. .. 506,819 19 3 13,916,276 7 3 £88,991,294 15 9 * £1,000,000 transferred through medium of Railways Improvement Authorization Aot 1914 Account in terms of seotion 5, subseotion (1) of Finanoe Aot, 1922.

13

8.—6

Table No. 11— continued. STATEMENT showing the Total Ways and Means of the Public Works Fund and the Total Net Expenditure to the 31st March, 1924— continued.

Expenditure on- NET EXPENDITURE. Immigration Public Works, Departmental Railways, including Surveys of New Lines and payment to Midland Railway Bondholders.. Roads Land-purchases Development of Mining .. Telegraph Extension Public Buildings Lighthouses, Harbour Works and Defonces Contingent Defence .. Rates on Native Lands Thermal Springs Development of Tourist Resorts Lands Improvement Plant, Material, and Stores .. .. .. .. Charges and Expenses of raising Loans Coal-mines Interest and Sinking Fund Irrigation and Water-supply Timber Supply, Sawmills, &e. Motor Transport Service £ s. d. 2,689,075 7 0 2,039,018 14 1 44,768,574 15 7 14,513,770 19 6 2,061,738 9 4 882,975 0 11 6,219,411 2 6 9,080,330 17 4 1,194,892 12 8 1,091,941 18 9 68,671 16 10 14,599 13 2 336,880 5 4 195,505 2 2 363,142 4 6 1,801,842 4 4 10,835 8 0 218,500 0 0 493,217 1 5 34,706 9 2 23,641 4 11 £ s. d. 88,103,271 7 6 Balance on 31st March, 1924,— Cash in the Public Account Imprests outstanding Investment Account 589,417 1 4 148,606 6 11 150,000 0 0 888,023 8 3 £88,991,294 15 9

8.—6

14

Table No. 12. Estimated Expenditure of the Ordinary Revenue Account for 1924-25, compared with Actual Expenditure for 1923-24.

Differences. Estimate for 1924-25. Actual for 1923-24. Increase. Decrease. Revenue Account. £ Permanent Charges,— Civil List Interest .. .. .. .. Sinking Fund Reduction of Funded Debt Under special Acts £ 29,600 7,745,097 688,442 307,296 3,556,611 £ 28,920 7,877,597 711,709 292,571 3,539,777 £ 680 132,500 23,267 14,725 16,834 12,327,046 12,450,574 32,239 155,767 Annual Appropriations,— Legislative Departments Treasury Department Land and Income Tax Department Stamp Duties Department National Provident and Friendly Societies Department .. Working Railways Department Post and Telegraph Working Expenses Public Buildings Government and other Domains Maintenance and Improvement of Bonds Maintenance of Irrigation Works Native Department Department of External Affairs Cook Islands Department of Industries and Commerce Department of Justice Supreme and Magistrates' Courts Prisons Department .. Crown Law Offioe Police Department Pensions Department Mines Department Department of Internal Affairs Audit Department Public Service Commissioner's Office .. Printing and Stationery Mental Hospitals Department of Health Naval Defence Defence Department.. Customs Department Marine Department Department of Labour Department of Lands and Survey Soenery Preservation.. Valuation Department Eleotoral Department Department of Agrioulture Tourist Department Education Department Servioes not provided for 60,494 32,816 50,765 75,837 22,300 6,050,000 2,376,618 111,736 6,134 45,068 4,000 29,882 37,732 20,669 84,562 46,065 96,680 84,971 5,283 416,962 97,354 41,154 265,470 25,313 8,367 203,606 295,620 261,940 330,465 387,923 112,425 121,544 40,510 173,658 4,580 55,287 5,245 263,717 66,440 2,758,822 51,603 34,077 51,754 67,181 21,383 5,153,141 2,117,952 92,657 4,738 63,158 2,318 25,846 22,975 17,446 61,818 43,802 90,040 78,430 4,021 386,919 100,466 37,661 350,181 18,930 5,877 179,238 253,862 192,066 285,723 348,632 105,569 117,649 39,342 154,923 8,891 8,656 917 896,859 258,666 19,079 1,396 1,682 4,036 14,757 3,223 22,744 2,263 6,640 6,541 1,262 30,043 3,493 i,'261 989 18,090 3412 6,383 2,490 24,368 41,758 69,874 44,742 39,291 6,856 3,895 1,168 18,735 4,580 1,939 84^711 53,348 8,811 199,557 60,445 2,604,508 189,384 64,160 5,995 154,314 31566 189"384 15,178,014 13,697,431 1,781,696 301,113 1,813,935 456,880 456,880 Total expenditure .. 27,505,060 26,148,005 1,357,055 * Previously paid out of Scenery Preservation Ac louiit.

15

8.—6

Table No. 13. Estimated Revenue of the Consolidated Fund (Ordinary Revenue Account) for 1924-25, compared with the Actual Revenue for 1923-24.

Differ ■ences. Estimate for 1924-25. Actual for 1923-24. Increase Decrease. Ordinary Revenue Account. £ 7,350,000 630,000 3,310,800 2,805,000 1,400,000 3,700,000 7,100,000 200,000 90,920 1,234,000 23,000 26,000 45,000 215,000 197,900 530,000 £ 7,238,215 632,094 3,343,781 2,681,240 1,426,462 3,781,532 6,954,469 215,321 90,934 645,892 22,952 26,081 47,103 121,360 222,378 510,556 £ 111,785 £ Customs Beer Duty Stamp and Denth Duties Postal and Telegraph Land-tax Income-tax .. Railways Registration and other Fees Marine .. .. .. Interest on Public Moneys Local Bodies' Loans Act, 1908, Section 70 Rents of Buildings Tourist and Health Resorts Miscellaneous Territorial Bevenue Departmental and other Beceipts 123,760 .. 145431 588|108 48 2,094 32,981 26462 81,532 is!321 14 81 2,103 93440 24478 19,444 1,082,316 185,066 185,066 Total 28,857,620 27,960,370 897,250

8.—6

16

Table No. 14. Statement showing the Amount charged to "Unauthorized" in each Financial Year from 1st July, 1875, to 31st March, 1924.

Consolidat] id Fund.—Revenue Account. Financial Year. Excess of Votes. Total. Other Accounts. PUBLIC WORKS TniTAi Fund. Total. Services not pro-l vided for. i 1875-76 .. 1876-77 .. 1877-78 .. 1878-79 .. 1879-80 .. 1880-81 .. 1881-82 .. 1882-83 .. 1883-84 .. 1884-85 .. 1885-86 .. 1886-87 .. 1887-88 .. 1888-89 .. 1889-90 .. 1890-91 .. 1891-92 .. 1892-93 .. 1893-94 .. 1894-95 .. 1895-96 .. 1896-97 .. 1897-98 .. 1898-99 .. 1899-1900.. 1900-1901 .. 1901-1902.. 1902-1903.. 1903-1904 .. 1904-1905 .. 1905-1906 .. 1906-1907 .. 1907-1908.. 1908-1909.. 1909-1910.. 1910-1911.. 1911-1912.. 1912-1913 .. 1913-1914 .. 1914-1915 .. 1915-1916.. 1916-1917.. 1917-1918.. 1918-1919.. 1919-1920.. 1920-1921.. 1921-1922 .. 1922-1923 .. 1923-1924.. £ s. d. 13,167 4 8 18,397 17 1 19,079 12 6 11,413 16 1 5,818 9 9 6,151 13 9 3,899 16 3 4,473 15 8 7,293 9 9 5,981 17 8 9,337 11 2 14,337 19 7 7,303 17 10 3,521 18 2 4,412 5 3 10,610 1 0 2,288 3 2 1,741 7 10 2,350 7 0 8,985 3 7 22,422 16 10 3,188 17 7 2,258 19 7 3,305 15 11 11,187 13 8 26,367 18 6 3,836 7 0 9,027 5 4 3,344 11 0 6,215 4 8 8,576 16 7 4,989 9 1 4,133 3 3 14,127 8 1 15,324 5 7 10,427 9 4 20,332 3 1 2,506 15 0 4,730 15 8 109,512 12 4 30,865 10 2 41,600 17 4 17,909 4 7 13,519 17 3 77,149 18 2 108,498 19 2 2,455 13 7 65,687 7 9 189,384 15 11 £ s. d. 19,195 17 1 13,398 7 0 58.709 17 2 47,466 4 5 18,466 2 1 37,825 6 6 38,474 18 9 64,631 0 2 45,284 2 6 39,039 17 11 47,106 10 3 38,117 13 5 42,104 15 10 35,157 16 5 43,257 1 0 76,778 5 11 21,026 16 4 28,283 15 11 7,376 7 4 9,148 0 5 16,229 5 9 24,195 2 9 39,314 13 4 36,468 0 10 60,652 13 7 62,788 3 2 68,866 10 9 101,076 10 4 47,775 11 4 22,109 12 2 52,385 3 7 28,559 6 2 37,713 8 11 50,890 5 1 23,100 14 0 27,200 14 6 62,950 14 7 115,428 2 5 80,228 10 11 68,004 2 1 47,222 13 9 106,454 9 0 48,886 8 7 66,701 19 8 362,295 0 5 392,596 5 9 105,962 14 10 76.710 6 9 1,983 3 1 £ s. d. 32,363 1 9 31,796 4 1 77,789 9 8 58,880 0 6 24,284 11 10 43,977 0 3 1 42,374 15 0 69,104 15 10 ! 52,577 12 3 45,021 15 7 56,444 1 5 52,455 13 0 49,408 13 8 38,679 14 7 i 47,669 6 3 1 87,388 6 11 23,314 19 6 30,025 3 9 I 9,726 14 4 18,133 4 0 38,652 2 7 27,384 0 4 ] 41,573 12 11 39,773 16 9 71,840 7 3 89,156 1 8 72,702 17 9 1110,103 15 8 51,120 2 4 i 28,324 16 10 60,962 0 2 33,548 15 3 41,846 12 2 65,017 13 2 i 38,424 19 7 37,628 3 10 83,282 17 8 117,934 17 5 84,959 6 7 177,516 14 5 78,088 3 11 148,055 6 4 66,795 18 2 80,221 16 11 439,444 13 7 501,095 4 11 108,418 8 5 142,397 14 6 191,367 19 0 £ s. d. 3,155 9 2 3,490 6 1 653 6 5 3,938 14 8 1,005 3 10 13,443 11 3 13,590 6 10 12,343 2 2 9,003 18 7 7,163 15 3 13,965 10 1 6,212 16 7 27,821 16 11 18,506 2 8 23,631 7 1 5,459 18 11 9,183 10 6 4,754 17 10 522 12 2 1,890 7 5 16,995 9 9 24,726 3 6 4,743 17 10 2,304 8 10 £ s. d. £ s. d. 63,875 11 8 99,394 2 7 2,197 4 5 37,483 14 7 22,009 14 0 100,452 10 1 32,179 1 1 94,997 16 3 17,096 9 9 42,386 5 5 34,133 17 3 91,554 8 9 2,217 9 8 58,182 11 6 8,137 17 11 89,585 15 11 31,741 17 10 93,323 8 8 872 0 11 53,057 11 9 6,465 17 5 76,875 8 11 28,633 10 8 87,302 0 3 30,407 2 3 107,637 12 10 18,033 2 10 70,819 0 1 12,287 18 10 83,588 12 2 7,097 19 9 99,946 5 7 7,594 1 2 40,092 11 2 11,149 14 2 45,929 15 9 1,335 12 11 11,584 19 5 330 8 1 20,353 19 6 33,245 2 4 88,892 14 8 7,051 0 8 59,161 4 6 53,648 14 0 99,966 4 9 8,222 10 6 50,300 16 1 7,990 18 7 79,831 5 10 17,518 3 7 107,336 12 10 6,955 4 10 79,911 11 5 12,837 3 6 123,140 19 2 9,584 9 11 62,952 18 9 31,862 8 3 73,734 16 8 19,965 16 2 104,884 6 2 55,556 14 10 101,973 0 9 80,170 3 3 122,446 4 5 16,641 15 7 96,916 19 10 11,638 18 8 53,564 5 3 12,833 7 5 51,471 0 10 4,982 8 7 89,125 11 7 73,404 8 3 191,403 0 8 16,671 3 3 101,767 15 6 8,189 3 10 186,559 1 8 2,363 3 9 95,193 13 5 6,636 4 1 189,543 15 10 7,693 0 5 100,499 11 6 80,221 16 11 11,072 14 6 451,756 13 5 168,745 11 6 671,591 8 11 292,233 1 4 403,633 11 3 41 4 2 143,193 9 6 41,944 10 2 266,435 12 3 662 7 7 253 8 10 200 0 0 2,248 6 6 13,547 11 7 23,956 9 10 12,867 10 8 429 9 0 15,257 11 1 3,500 7 0 1,009 9 7 860 5 4 63 15 0 137 5 8 853 3 5 14,742 5 9 34,852 5 5 26,010 17 11 1,239 5 4 1,750 12 6 2,982 1 6 754 10 10 33,123 3 1

13.-6.

Table No. 15. Return of Subdivisions of Rural Freeholds in New Zealand.

3—B. 6.

17

From To 1/4/12-31/3/13 1/4/13-31/3/14 1/4/14-31/3/15 1/4/15-31/3/16 1/4/16-31/3/17 1/4/17-31/3/18 1/4/18-31/3/19 1/4/19-31/3/20 1/4/20-31/3/21 1/4/21-31/3/22 1/4/22-31/3/23 1/4/23-31/3/24 Subdivision under Rnhriivtalnn under Hie Subdivision by Freeholders. the La „d for SeUlemeS,Tot. To O-m 0§0 0_ 4 t5g o„ „; Og O gvCo <d.S2~ A rfi m fl c o m m fl c <& & as Q a US 111 disposed of. HI || Arca - ||S 1| Area - Ifi 3oh2 IS| lis aS §oh2 §s icSa fe & 'Ag~ fe w fea fe M fea fe w From To Acres. Acres. Acres. 1/4/12-31/3/13 837 1,981 400,569 10 87 11,354 19 322 128,329 866 1/4/13-31/3/14 1,291 3,199 416,051 4 27 4,182 16 276 144,546 1,311 1/4/14-31/3/15 885 2,055 404,115 6 37 3,279 10 130 18,374 901 1/4/15-31/3/16 582 1,070 201,115 1 5 374 10 158 51,158 593 1/4/16-31/3/17 694 1,108 \ 184,799 .. Nil .. 15 165 58,334 - 709 1/4/17-31/3/18 643 1,096 194,672 1 6 1,545 16 222 35,891 06C 1/4/18-31/3/19 753 1,227 207,933 .. Nil ., 12 248 32,674 765 1/4/19-31/3/20 1,519 2,622 616,210 .. .. .. 64 416 219,259" 1,583 1/4/20-31/3/21 1,724 3,046 565,653 .. .. .. 60 474 114,711* 1,784 1/4/21-31/3/22 932 1,446 228,336 15 145 17,047* 947 1/4/22-31/3/23 732 1,149 170,300 .. .. .. 2 18 888* 734 1/4/23-31/3/24 687 1,032 128,690 .. 687 Totals .. 11,27921,031 3,718,343 22 162 20,734 239 2,574 821,211 11.54C Subdivision under the Land for Settlements Act. IH WH 2 o_ „; og t. rt be fc, .2 m a a ■. .'. lis if Arca - fe°W S-i Acres. 19 322 128,329 16 276 144,546 10 130 18,374 10 158 51,158 15 165 58,334 16 222 35,891 12 248 32,674 64 416 219,259* 60 474 114,711* 15 145 17,047* 2 18 888* 866 1,311 901 593 - 709 660 765 1,583 1,784 947 734 687 M « Ml n3 a a a oi 2 a til at _ I « Total Subdivisions. 2,390 3,502 2,222 1,233 1,273 1,324 1,478 3,038 3,520 1,591 1,107 1,032 23,767 Acres. 540,252 564,779 425,768 252,647 243,133 232,008 240,607 835,469 680,364 245,383 171,188 128,690 4,560,288 Area. Totals 239 2,574 821,211 11,5-10 Drdinary Crown land selected under settlement conditions during the twelve years ended the 31st March, 1924 Native land vested in the Maori Land Boards disposed of for closer settlement during twelve years ended the 31st March, 1924 8,918 1,658,805 458 167,156 Grand total made available for oloser settlement during twelve years ended the 31st March, 1924 33,143 6,386,249 Note.— Subdivisions of Native land not vested in the Maori Land Board but disposed of lease are not included in the above return. by way of sale or * Disposed of to discharged soldiers under the Discharged Soldiers Settlement Act.

8.—6

18

Table No. 16. Statement showing the financial position of the Dominion on the 31st March, 1924, as compared with the 31st March, 1923 : — [Note. —The term " liabilities " in these tables includes expenditure on public works for which contracts had been signed or material ordered on the 31st March, 1924.] CONSOLIDATED FUND.—ORDINARY REVENUE ACCOUNT. £ Balance on 31st March, 1923.. .. .. .. .. 5,637,090 Liabilities on 31st March, 1923 .. .. .. .. 441,864 Balance on 31st March, 1924 .. .. .. .. 4,954,714 Liabilities on 31st March, 1924 .. .. .. .. 564,487 STATE COAL-MINES ACCOUNT. £ £ Balance On 31st March, 1923.. .. .. .. 30,345 Unexhausted authority for raising loan .. .. 55,000 85,345 Liabilities on 31st March, 1923 .. .. .. .. 14,540 Balance on 31st March, 1924.. .. .. .. 36,739 Unexhausted authority for raising loan .. .. 55,000 ■ 91,739 Liabilities on 31st March, 1924 .. .. .. .. 10,631 STATE COAL-MINES SINKING: FUND ACCOUNT. £ Balance on 31st March, 1923.. .. .. .. .. 24,980 Liabilities on 31st March, 1923 .. .. .. .. Nil. Balance on 31st March, 1924.. .. .. .. .. 35,407 Liabilities on 31st March, 1924 .. .. . . .. Nil. SCENERY PRESERVATION ACCOUNT. £ £ Balance on 31st March, 1923.. .. .. .. 4,140 Unexhausted authority for raising loan .. .. 2,000 6,140 Liabilities on 31st March, 1923 .. .. .. .. 28 Balance on 31st March, 1924. . .. .. .. 3,144 Unexhausted authority for raising loan .. .. Nil. 3,144 Liabilities on 31st March, 1924 .. .. .. .. Nil. NAURU AND OCEAN ISLANDS ACCOUNT. £ Balance on 31st March,. 1923.. .. .. .. .. 16,395 Liabilities on 31st March, 1923 .. .. .. .. 515 Balance on 31st March, 1924. . .. .. .. .. 40,754 Liabilities on 31st March, 1924 .. .. .. .. Nil. NAURU AND OCEAN ISLANDS SINKING FUND ACCOUNT. £ Balance on 31st March, 1924 .. .. .. .. .. 7,227 PUBLIC WORKS FUND. £ £ Balance on 31st March, 1923.. .. .. .. 441,554 Unexhausted authority for raising loan .. .. 4,000,920 4,442,474 Liabilities on 31st March, 1923 .. .. .. .. 998,929 Balance on 31st March, 1924. . .. .. .. 888,023 Unexhausted authority for raising loan .. .. 5,000,920 5,888,943 Liabilities on 31st March, 1924 .. .. .. .. 939,692

B; g

19

Table No. 16 continued. WAIHOU AND OHINEMURI RIVERS IMPROVEMENT ACCOUNT. £ £ Balance on 31st March, 1923. . .. .. .. 15,143 Unexhausted authority for raising loan . . , . 124,000 139,143 Liabilities on 31st March, 1923 .. .. .. 11,004 Balance on 31st March, 1924. . .. .. .. 1,661 Unexhausted authority for raising loan . . . . 64,000 65,661 Liabilities on 31st March, 1924 .. .. .. .. 1,522 ELECTRIC SUPPLY ACCOUNT. £ £ Balance on 31st March, 1923. . .. .. .. 1,952,919 Unexhausted authority for raising loan .. .. 6,506,990 8,459,909 Liabilities on 31st March, 1923 .. .. .. .. 344,075 Balance on 31st March, 1924.. .. .. .. 1,106,174 Unexhausted authority for raising loan . . . . 6,506,990 7,613,164 Liabilities on 31st March, 1924 .. .. .. .. 37,734 ADVANCES TO OTHER GOVERNMENTS ACCOUNT. £ Balance on 31st March, 1923 .. .. .. .. .. 19,988 Balance on 31st March, 1924 . . .. .. .. .. 65,216 BANK OF NEW ZEALAND ACCOUNT. £ Balance on 31st March, 1923 . . .. .. .. .. 875,000 Balance on 31st March, 1924.. .. .. .. .. 875,000 CHEVIOT ESTATE ACCOUNT. £ Balance on 31st March, 1923.. .. .. .. .. 189,067 Liabilities on 31st March, 1923 .. . . . . . . 393 Balance on 31st March, 1924.. .. .. .. .. 208,418 Liabilities on 31st March, 1924 .. .. .. .. Nil. CONVERSION ACCOUNT. £ Balance on 31st March, 1923 . . .. .. .. .. 6,118 Balance on 31st March, 1924 . . .. .. .. .. 6,074 DISCHARGED SOLDIERS SETTLEMENT ACCOUNT. £ £ Balance on 31st March, 1923.. .. .. .. 355,782 Unexhausted authority for raising loan .. .. 923,120 1,278,902 Liabilities on 31st March, 1923 .. .. .. .. Nil. Balance on 31st March, 1924.. .. .. .. 237,974 Unexhausted authority for raising loan .. .. 885,620 1,123,594 Liabilities on 31st March, 1924 .. .. .. .. Nil. DISCHARGED SOLDIERS SETTLEMENT LOANS ACT 1920 DEPRECIATION FUND ACCOUNT. £ Balance on 31st March, 1923.. .. .. .. .. 155,939 Balance on 31st March, 1924. . .. .. .. .. 212,644 EDUCATION LOANS ACCOUNT. £ £ Balance on 31st March, 1923.. .. .. .. 243,626 Unexhausted authority for raising loan .. .. 2,126,970 2,370,596 Liabilities on 31st March, 1923 .. .. .. . . 144 Balance on 31st March, 1924.. .. .. .. 48,433 Unexhausted authority for raising loan .. .. 2,126,770 — 2,175,203 Liabilities on 31st March, 1924 .. .. ~ ..' 9,274

4—B. 6.

8._6

20

Table No. 16— continued. GENERAL PURPOSES RELIEF ACCOUNT. £ Balance on 31st March, 1923.. .. .. .. .. 34,801 Balance on 31st March, 1924.. .. .. .. .. 27,597 Liabilities on 31st March, 1924 .. . . . . . . Nil. HAURAKI PLAINS SETTLEMENT ACCOUNT. £ £ Balance on 31st March, 1923. . .. .. .. 9,049 Unexhausted authority for raising loan . . . . 70,000 79,049 Liabilities on 31st March, 1923 .. .. .. .. 4,079 Balance on 31st March, 1924.. .. .. .. 1,695 Unexhausted authority for raising loan . . . . 40,000 41,695 Liabilities on 31st March, 1924 .. .. .. .. 2,741 HUNTER SOLDIERS ASSISTANCE TRUST ACCOUNT. £ Balance on 31st March, 1923.. .. .. .. .. 1,371 Balance on 31st March, 1924.. .. .. .. .. 2,086 KAURI-GUM INDUSTRY ACCOUNT. £ £ Balance on 31st March, 1923.. .. .. .. 2,089 Unexhausted authority for raising loan . . . . Nil. 2,089 Liabilities on 31st March, 1923 . . .. . . .. Nil. Balance on 31st March, 1924.. .. .. .. 6,968 Unexhausted authority for raising loan .. .. Nil. 6,968 Liabilities on 31st March, 1924 .. .. . . .. 45 LAND ASSURANCE FUND ACCOUNT. £ Balance on 31st March, 1923.. .. .. .. .. 74,231 Balance on 31st March, 1924.. .. .. .. .. 80,034 Liabilities on 31st March, 1924 .. . . . . .. Nil. LAND FOR SETTLEMENTS ACCOUNT. £ £ Balance on 31st March, 1923.. .. .. .. 120,597 Unexhausted authority for raising loan . . .. 500,000 620,597 Liabilities on 31st March, 1923 .. .. .. .. 5 Balance on 31st March, 1924.. .. .. .. 146,799 Unexhausted authority for raising loan .. . . 500,000 646,799 Liabilities on 31st March, 1924 . . .. .. . . 49 LAND FOR SETTLEMENTS ACCOUNT. (Discharged Soldiers Settlement Account.) £ £ Balance on 31st March, 1923.. .. .. .. 10,725 Unexhausted authority for raising loan .. 1,500,000 1,510,725 Liabilities on 31st March, 1923 .. .. .. .. 826 Balance on 31st March, 1924. . .. .. .. 33,199 Unexhausted authority for raising loan .. 1,500,000 1,533,199 Liabilities on 31st March, 1924 .. .. .. . . 136 LAND FOR SETTLEMENTS ACCOUNT. (Opening up Crown Lands for Settlement.) £ £ Balance on 31st March, 1923.. .. .. .. 481 Unexhausted authority for raising loan .. .. 250,000 250,481 Liabilities on 31st March, 1923 .. ~., .. .. 83 Balance on 31st March, 1924.. .. .. .. 2,174 Unexhausted authority for raising loan .. .. 250,000 252,174 Liabilities on 31st March, 1924 .. .. . . . . 47

8.—6

21

Table No. 16 — continued. LOANS TO EMPLOYERS FOR WORKERS' DWELLINGS ACCOUNT. £ £ Balance on 31st March, 1923.. .. .. .'. 277 Unexhausted authority for raising loan .. .. 250,000 250,277 Balance on 31st March, 1924.. .. .. .. 91 Unexhausted authority for raising loan .. .. 250,000 250,091 MAIN HIGHWAYS ACCOUNT.—REVENUE FUND. £ Balance on 31st March, 1923.. .. .. .. .. 121,413 Balance on 31st March, 1924. . .. .. .. .. 249,681 Liabilities on 31st March, 1924 .. .. .. .. 3 MINING ADVANCES ACCOUNT. £ £ Balance on 31st March, 1923.. .. .. .. 2,618 Unexhausted authority for raising loan . .. 50,000 52,618 Liabilities on 31st March, 1923 .. .. .. .. Nil. Balance on 31st March, 1924.. .. .. .. 11,855 Unexhausted authority for raising loan .. .. 50,000 61,855 Liabilities on 31st March, 1924 .. .. .. .. Nil. NATIONAL ENDOWMENT ACCOUNT. £ Balance on 31st March, 1923.. .. .. .. .. 111,357 Liabilities on 31st March, 1923 .. ■ .. .. .. 187 Balance on 31st March, 1924.. .. .. .. .. 124,663 Liabilities on 31st March, 1924 .. .. .. .. Nil. NATIONAL ENDOWMENT TRUST ACCOUNT. £ Balance on 31st March, 1923 . . .. .. .. .. 1,400 Liabilities on 31st March, 1923 . . . . .. . . Nil. Balance on 31st March, 1924. . .. . . . . . . 10,007 Liabilities on 31st March, 1924 .. .. ~ .. Nil. NATIVE LAND SETTLEMENT ACCOUNT. £ £ Balance on 31st March, 1923.. .. .. .. 30,210 Unexhausted authority for raising loan .. .. 500,000 530,210 Liabilities on 31st March, 1923 .. .. .. .. 1,880 Balance on 31st March, 1924.. .. .. .. 29,150 Unexhausted authority for raising loan .. .. 500,000 529,150 Liabilities on 31st March, 1924 .. .. .. .. 1,611 RAILWAYS IMPROVEMENTS AUTHORIZATION ACT 1914 ACCOUNT. £ £ Balance on 31st March, 1923.. .. .. .. 850,530 Unexhausted authority for raising loan .. .. 1,458,310 2,308,840 Liabilities on 31st March, 1923 .. .. .. .. 16,603 Balance on 31st March, 1924.. .. .. .. 831,475 Unexhausted authority for raising loan .. .. 1,458,310 2,289,785 Liabilities on 31st March, 1924 .. .. .. .'. 22,529 RANGITAIKI LAND DRAINAGE ACCOUNT. £ £ Balance on 31st March, 1923.. .. .. .. 4,892 Unexhausted authority for raising loan .. .. 29,100 33,992 Liabilities on 31st March, 1923 . . . . .. . . 956 Balance on 31st March, 1924.. .. .. .. 1,148 Unexhausted authority for raising loan .. .. 27,100 28,248 Liabilities on 31st March, 1924 .. .. .. .. 594

8.^6

22

Table No. 16— continued, RESERVE FUND ACCOUNT* £ Balance on 31st March, 1923.. .. .. .. .. 2,000,000 Liabilities on 31st March, 1923 .. ..,, .. .. Nil. Balance on 31st March, 1924.. .. .. '~ .. 2,000,000 Liabilities on 31st March, 1924 .. .. .. ~ Nil. STATE FORESTS ACCOUNT. £ ' £ Balance on 31st March, 1923.. .. .. .. 179,789 Unexhausted authority for raising loan . . . . 3,225 183,014 Liabilities on 31st March, 1923 .. . . .. .. 4,032 Balance on 31st March, 1924.. .. .. .. 155,614 Unexhausted authority for raising loan . . . . 3,225 158,839 Liabilities on 31st March, 1924 .. .. .. .. 3,240 SWAMP LAND DRAINAGE ACCOUNT. £ £ Ba la nee on 31 st March, 1923 .. .. .. 3,714 Unexhausted authority for raising loan .. .. 150,000 153,714 Liabilities on 31st March, 1923 '..... .. .. .. 3,409 Balance on 31st March, 1924. . .. .. .. 5,860 Unexhausted authority for raising loan .. .. 150,000 155,860 Liabilities on 31st March, 1924 .. .. .. .. 3,233 WAR EXPENSES ACCOUNT. £ £ Balance on 31st March, 1923.. .. .. ..2,508,973 Unexhausted authority for raising loan .. .. 4,467,360 6,976,333 Liabilities on 31st March, 1923 .. .. .. .. 579,976 Balance on 31st March, 1924. . .. .. .. 145,881 Unexhausted authority for raising loan . . . . 4,467,360 4,613,241 Liabilities on 31st March, 1924 .. .. ..' .. 182,409 WESTPORT HARBOUR ACCOUNT. £ Balance on 31st March, 1923.. .. .. .. .. Nil. Liabilities on 3.lst March, 1923 . . . . . . . . 498 Balance on 31st March, .1924.. .. .. .. .. 19,408 Liabilities on 31st March, 1924 .. .. ... .. 526 NEW ZEALAND CONSOLS ACCOUNT. £ Balance on 31st March, 1923 . . . . . . . . . . 475,992 Balance on 31st March, 1924 . . ~ ... .. .. 475,992 STATE ADVANCES ACCOUNT. £ £ Balance on 31st March, 1923. . .. .. .. 427,188 Unexhausted authority for raising loan .. .. 5,464,250 5,891,438 Liabilities and commitments on 31st March, 1923 .. .. 2,636 Balance on 31st March, 1924. . .. .. .. 83,562 Unexhausted authority for raising loan .. .. 7,714,250 7,797,812 Liabilities and commitments on 31st March, 1924 .. ... 4,502

23

B—6

Table No. 16 — continued. ADDITIONAL UNEXHAUSTED AUTHORITIES FOR RAISING LOANS, 1924. Hutt Railway and Road improvement Acts, 1903, 1905, 1907, and £ 1910 .. .. .. .. .. .. 3,320 Government Railways Amendment Act, 1910 . . . . . . 55,470 Finance Act, 1917, Section 77 (Discharged Soldiers Settlement) .. 1,000,000 Main Highways Act, 1922, Section 12 .. .. .. 3,000,000 Finance Act, 1921-22, Section 26 (Samoan Loan) ... .. 5,000 Naval Defence Act, 1909 .. .. .. .". .. 299,400 Land Laws Amendment Act, 1913 (Waste Lands) .. .. 1,000,000 Government Accident Insurance Act, 1908 .. .. .. 23,000 State Fire Insurance Act, 1908 .. .. .. .. 98,000 Table No. 17. Statement of Assets held, and Capital Expenditure, as against the Public Debt on the 31st March, 1924, together with Supporting Schedules. Liabilities. Gross public debt— £ £ Ordinary purposes .. .. .. .. .. 117,290,539 State advances purposes .. .. .. .. .. 17,100,522 134,391,061 War purposes .. .. .. .. .. .. 77,434,184 Discharged soldiers settlement purposes (including purchase of estates) .. .. .. .. .. .. 9,791,116 87,225,300 Total .. .. .. .. .. .. .. .. 221,616,361 Less raised for redemption of loans maturing 1924/25 .. .. .. 46,590 221,569,771 Excess of assets over liabilities .. .. .. .. .. .. 7,578,549 £229,148,320 Assets. Interest-bearing — £ Advances made by Treasury (Schedule I) .. .. .. .. .. 21,964,675 Bank of New Zealand shares, nominal value .. .. .. .. .. 1,500,000 Cash in the Public Account and in the hands of officers of the £ Government* .. .. .. .. .. 3,264,287 Less liabilities outstanding, 31st March, 1924 .. .. 1,780,503 1,483,784 Crown lands —Estimated value (including settlement lands, Native lands, and education reserves) .. .. .. .. .. .. .. 29,620,060 Electric-power supply and development (capital cost).. .. .. .. 2,923,853 Investments of cash balances (Schedule II)* .. .. .. .. .. 6,430,685 Land-drainage schemes .. .. .. .. .. .. .. 1,363,900 Nauru and Ocean Islands .. .. .. .. .. .. .. 600,000 New Zealand Consols—lnvestments and cash .. .. .. .. 475,992 Railways (capital cost —including unopened lines and assets taken over from provinces) .. .. ..." .. .'. .. .. .. 48,265,377 Reserve fund securities, at cost .. .. .. .. .. .. 2,000,000 Sinking funds accrued (Schedule III) .. .. .. .. .. 12,974,028 State advances—Mortgages and property held .. .. .. . . 22,007,586 State coal-mines .. .. .. .. .. .. .. .. 227,600 Telegraph extension (capital cost) .. .. .. .. .. .. 6,219,411 Westport Harbour works, dredging-plant, &c. —Estimated value of assets taken over 800,000 £158,856,951 Not directly Interest-bearing — £ Lighthouses, harbour-works, &c. .. .. .. .. .. .. 1,194,893 Public buildings (including school buildings) .. .. .. .. .. 10,515,970 Recoverable advances (to other Governments and in respect of silver and bronze coin) .. .. .. .. .. .. .. .. 65,598 Samoan Crown Estates —Estimated value (pending complete valuation) of late enemy property taken over in Samoa .. .. .. .. ... 500,000 State forests —Estimated value of forests, reserves, plantations, and nurseriesf .. 37,000,000 Tourist and health resorts .. .. .. .. '.. .. .. 336,880 £49,613,341

* Does not ineJ ude local bodies', deposits funds, sinking funds, Loans Redemption Account, or New Zealand Consols Account. t Valuation not complete.

8.-6

24

Table No. 17 — continued. Assets —continued. Indirectly Productive — £ Development of mining .. .. .. .. .. .. .. 882,975 Immigration .. .. .. .. .. .. .. .. 2,689,075 Irrigation and water-supply .. .. .. .. .. .. 493,217 Lands improvement .. .. .. .. .. .. .. 195,505 Roads (including roads on Crown lands) .. .. .. .. .. 16,001,855 Timber-supply, sawmills, &c. .. .. .. .. .. .. 34,706 Waihou and Ohinemuri Rivers improvement .. .. .. .. 380,695 £20,678,028 Total .. .. .. .. ..*£229,148,320 Advances made by Treasury : Schedule I. £ Mining .. .. .. .. .. .. .. .. .. 46,481 Kauri-gum .. .. .. .. .. .. .. .. .. 75,000 Loans to employers for workers' dwellings .. .. .. .. .. 3,620 Loans to Local Bodies (annual interest receivable £85,000, capitalized at 4 per cent.) .. 2,125,000 Samoa (loan) .. .. .. .. .. .. .. .. 95,000 Repatriation (advances outstanding 31st March, 1924) ... .. .. .. 579,674 Discharged soldiers settlement— £ Balance on mortgage .. .. .. .. .. .. 17,805,900 Securities acquired by the Crown and in course of realization .. .. 1,234,000 19,039,900 £21,964,675 Investments of Gash Balances of Public Account: Schedule 11. £ Ordinary Revenue Account .. .. .. .. .. .. .. 3,074,337 State Forests Account .. .. .. .. .. .. .. 144,700 State Coal-mines Account .. .. .. .. .. .. .. 20,000 Public Works Fund (General Purposes Account) .. .. .. .. .. 150,000 Railways Improvement Authorization Act 1914 Account .. .. .. .. 821,000 Electric-supply Account .. .. .. .. .. .. .. 1,053,008 Cheviot Estate Account .. .. .. .. .. .. .. 202,640 General Purposes Relief Account .. .. .. .. .. .. 23,500 Education Loans Account .. .. .. .. .. .. .. 41,100 War Expenses Account .. .. .. .. .. .. .. 87,760 Land Assurance Fund Account .. .. .. .. .. .. 73,890 Main Highways Account Revenue Fund .. .. .. .. .. 237,000 Land for Settlements Account .. .. .. .. .. .. 100,000 National Endowment Account .. .. .. .. .. .. 75,000 National Endowment Trust Account .. .. .. .. .. .. 7,000 Discharged Soldiers Settlement Account .. .. .. .. .. 68,500 Discharged Soldiers Settlement Loans Act 1920 Depreciation Fund Account .. 211,250 Nauru and Ocean Islands Account .. .. .. .. .. .. 40,000 £6,430,685 Sinking Funds accrued : Schedule 111. £ Public Debt Extinction Act, 1910 .. .. .. .. .. .. 2,961,289 War loans (Finance Act, 1918 (No. 2), section 6) .. .. .. .. 4,682,452 Local Bodies' Loans Act, 1908.. .. .. .. .. .. .. 799,601 Naval Defence Act, 1909 .. .. .. .. .. .. .. 1,017,144 War and defence loans .. .. .. .. .. .. .. 192,691 New Zealand Loans Act, 1863 .. .. .. .. .. .. 2,207 State advances debt .. .. .. .. .. .. .. .. 1,834,680 State Coal-mines Act, 1908 .. .. .. .. .. .. .. 35,407 Westport Harbour loans .. .. .. .. .. .. .. 303,230 State Advances Act, 1913, section 26 — Land for settlements .. .. .. .. .. .. .. 1,117,328 Native-land settlement .. .. .. .. .. .. .. 11,977 Local authorities .. .. .. .. .. .. .. .. 6,497 Guaranteed mining advances .. .. .. .. .. .. 843 Samoan loan .. .. .. .. .. .. •■ .. .. 1,455 Nauru and Ocean Islands Sinking Fund Account .. .. .. .. .. 7,227 £12,974,028

* Stores and supplies on hand not inoluded in assets.

8.—6

25

Table No. 18. Receipts and Expenditure of Accounts, 1923-24, with Balances at 1st April, 1923, and 31st March, 1924.

Account. Balance 1st April, 1923. Receipts. Balance 3lst Expenditure. In Cash. March. 1924. In Investments. Consolidated Fund (Ordinary Revenue Account) iStatc Forests .. .. .. State Coal-mines State Coal-mines Sinking Fund Scenery Preservation Nauru and Ocean Islands Local Bodies' Deposits Public Works (General Purposes) Waihou and Ohinemuri Rivers Improvement Electric SupplyCheviot Estate Land for Settlements Land for Settlements (Discharged Soldiers Settlement) Land for Settlements (Opening up Crown lands) Native Land Settlement Conversion General Purposes Belief War Expenses Land Assurance Westport Harbour Hauraki Plains Settlement National Endowment Mining Advances Loans to Employers for Workers' Dwellings Education Loans National Endowment Trust Bank of New Zealand Reserve Fund New Zealand Consols Kauri-gum Industry Loans Redemption Rangitaiki Land Drainage Discharged Soldiers Settlement Discharged Soldiers Settlement Loans Act, 1920, Depreciation Fund Swamp Land Drainage Main Highways Revenue Fund Hunter Soldiers Assistance Trust Samoan Loan Suspense Advances to other Governments Nauru and Ocean Islands Sinking Fund Railways Improvement Howard Estate State Advances Loan Account Silver and Bronze Coinage £ 5,637.090 179,789 30,345 24,980 4,140 16,394 9,280 444,980 441,554 15,143 1,952,919 189,067 120,597 10,725 £ 30,282,970 312,614 300,03!) 10,427 2,224 98,213 31,406 1,292,678 5,012,473 62,152 201,289 30,236 532,044 46,754 £ 30.905,340 336,789 293,045 £ 1,880,377 10,914 16,739 407 3,144 754 14,472 152,002 738,023 1,661 53,166 5,778 46,799 33,199 £ 3,074,337 144,700 20,000 35,000 3,220 73,853 26,214 1,136,996 4,566,004 75,634 1,048,034 10,885 505,842 24,280 40,000 448,060 150,000 1,053,008 202,640 100,000 481 30,210 6,118 34,801 2,508,973 74,231 9,049 111,357 2,618 277 243,620 1,400 875,000 2,000,000 475,992 2,089 50,020 4,891 355,782 155,939 60,044 415,047 2,950 4,043 5,908 59,433 102,157 133,173 12,824 58,351 416,707 44 10,154 2,367,135 105 40,025 109,511 119,867 3,587 186 295,681 2,174 29,150 6,074 4,097 58,121 0,144 19,408 1,695 49,663 11,855 91 7,333 3,007 23,500 87,700 73,890 75,000 100,488 8,607 41,100 7,000 875,000 2,000,000 475,985 22,977 19,874,077 55,564 1,581,361 56,705 18,098 19,877,507 59,307 1,699,109 7 6,968 21,590 1,148 169,474 1,394 25,000 68,500 211,250 3,714 121,413 1,371 63,166 129,368 759 8,000 232,977 7,227 61,020 1,100 44 8,000 187,74!) 5,860 12,681 2,086 237,000 19,988 65,216 57 10,476 7,170 821,000 850,530 750 2,600,000 89 19,054 750 2,600,000 Cr. 471 Cr. 382 Totals .. 17,016,402 63,753,813 67,019,893 3,453,422 10,296, Note.—The State Advances Account, which in the above statement. In addition there are Fire Insurance Department, and the Public Trust ( is administer the funds of )ffloe, which ai •ed directly b; the Governn re administerci r the Advanci lent Insurance 1 by the Depai is Board, is not included • Department, the State rtments concerned.

8.—6

26

Table No. 19. Statement showing how Accumulated Surpluses have been applied. To Accumulated surpluses at £ By Transfers to — £ £ 31st March, 1920 ..17,538,976 Discharged Soldiers Settlement Surplus for financial year Account — 1920-21 .. .. 6,132,233 1920-21 .. .. 13,330,000 Surplus for financial year 1921-22 .. .. 170,000 1922-23 .. .. 1,315,683 -13,500,000 Surplus for financial year Discharged Soldiers Settlement 1923-24 .. .. 1,812,365 Depreciation Fund Account — 1920-21 .. .. 50,000 1921-22 .. .. 50,000 1922-23 .. .. 50,000 1923-24 .. .. 50,000 200,000 Public Works Fund. 1920-21 500,000 Public Works Fund, 1923-24 1,000,000 1,500,000 Reserve Fund Securities Account — For purchase of securities, 1920-21 .. .. 1,200,000 For redemption of loan, 1922-23 .. .. 800,000 2,000,000 Loans redemption, 1921-22. . 560,011 Loans redemption, 1922-23.. 2,359,960 Loans redemption, 1923-24.. 1,367,341 4,287,312 Less amount transferred in 1922-23 recovered from Native Land Settlement Account in 1923-24 .. 22,600 . 4,264,712 Education Loans Account, 1923-24 .. 100,000 Ordinary revenue — To balance revenue and expenditure, 1921-22 .. .. .. 279,831 Investments at 31st March, 1924 — State Advances securities* 2,326,150 Bank of New Zealand shares 375,000 Sundry Treasury securities 373.187 3,074,337 Balance at 31st March, 1924 .. 1,880,377 £26,799,257 £26,799,257

* £2,040,000 for new loan issues 1923-24, and £286,150 for redemptions and charges and expenses of raising loans.

Authority : W. A. G. SKINNBE, Government Printer, Wellington.— l 924.